8/11/2019 A Practical Guide - PSD Implementation From a to Z
1/35
PRACTICLE GUIDE FROM A to ZPRACTICLE GUIDE FROM A to Z
TOWARDS THE IMPLEMENTATION OF THETOWARDS THE IMPLEMENTATION OF THE
PAYMENT SERVICES DIRECTIVEPAYMENT SERVICES DIRECTIVE
AND THE ESTABLISHMENT OFAND THE ESTABLISHMENT OF
A SINGLE MARKET FOR PAYMENT SERVICESA SINGLE MARKET FOR PAYMENT SERVICES
The preset!t"o "s #"$%& prep!re$ !$ $e%"'ere$ to &o(The preset!t"o "s #"$%& prep!re$ !$ $e%"'ere$ to &o(
)& Yor$! R!$e')& Yor$! R!$e'
Se"or E*pert+ EU P!&,et Ser'"-es Re.(%!t"o !$Se"or E*pert+ EU P!&,et Ser'"-es Re.(%!t"o !$
ECB/ESCB O'ers".ht Po%"-&ECB/ESCB O'ers".ht Po%"-&
8/11/2019 A Practical Guide - PSD Implementation From a to Z
2/35
Legal Basis for the Payment ServicesLegal Basis for the Payment Services
Market in the European UnionMarket in the European Union
The provision of payment services in theThe provision of payment services in theEuropean Union is given a legal foundationEuropean Union is given a legal foundation
through the adoption of the Directive on Paymentthrough the adoption of the Directive on Payment
Services - PSD (Directive 2007!"E#$%Services - PSD (Directive 2007!"E#$%
The aim of the PSD is to esta&lish a modern andThe aim of the PSD is to esta&lish a modern andcomprehensive set of rules applica&le for allcomprehensive set of rules applica&le for all
payment services in the European Union%payment services in the European Union%
The PSD strives to &ring a level playing field forThe PSD strives to &ring a level playing field for
the harmoni'ation and coordination of thethe harmoni'ation and coordination of therespective EU-mem&ers national legislations )ithrespective EU-mem&ers national legislations )ith
regard to the access of payment servicesregard to the access of payment services
providers to the payment services mar*et%providers to the payment services mar*et%
8/11/2019 A Practical Guide - PSD Implementation From a to Z
3/35
Legal Basis for the Payment ServicesLegal Basis for the Payment Services
Market in the European UnionMarket in the European Union
The PSD specifies the all the e+isting categoriesThe PSD specifies the all the e+isting categories
of authori'ed payment services providers, )hichof authori'ed payment services providers, )hich
legitimate to provide payment serviceslegitimate to provide payment services
Directive 2007!"E# introduces alsoDirective 2007!"E# introduces also a newa new
categorycategoryof payment services providers, namelyof payment services providers, namely.payment institutions (P/$.payment institutions (P/$
PSD esta&lishes a single license for P/s providingPSD esta&lishes a single license for P/s providing
payment servicespayment services
8/11/2019 A Practical Guide - PSD Implementation From a to Z
4/35
Legal Basis for the Payment ServicesLegal Basis for the Payment Services
Market in the European UnionMarket in the European Union
The provisions of the PSD are implemented &y allThe provisions of the PSD are implemented &y allEuropean Union em&er States and areEuropean Union em&er States and aretransposed in their national legislationstransposed in their national legislations
em&er States had around t)o years to adoptem&er States had around t)o years to adoptthe national rules implementing the Paymentthe national rules implementing the PaymentServices Directive into their domestic la)Services Directive into their domestic la)
The provisions of the PSD are implemented inThe provisions of the PSD are implemented in1ulgaria through the adoption of the a) on the1ulgaria through the adoption of the a) on thePayment Services and Payment Systems (PSPS$Payment Services and Payment Systems (PSPS$on 3 4ovem&er 2005on 3 4ovem&er 2005
8/11/2019 A Practical Guide - PSD Implementation From a to Z
5/35
Legal Basis for the Payment ServicesLegal Basis for the Payment Services
Market in the European UnionMarket in the European Union
6or the efficient application of the reuirements6or the efficient application of the reuirements
of the PSPS the 1ulgarian 4ational 1an* hasof the PSPS the 1ulgarian 4ational 1an* has
issues t)o ordinances8issues t)o ordinances8
- BNB Ordinance- BNB Ordinance 33on the Terms and Procedureon the Terms and Procedure
for the E+ecution of Payment Transactions andfor the E+ecution of Payment Transactions and
Use of Payment /nstrumentsUse of Payment /nstruments
- BNB Ordinance- BNB Ordinance 1616on Payment /nstitutions,on Payment /nstitutions,
Electronic oney /nstitutions and PaymentElectronic oney /nstitutions and Payment
System 9perators icensingSystem 9perators icensing
8/11/2019 A Practical Guide - PSD Implementation From a to Z
6/35
What isWhat isa Payment Service Provider?a Payment Service Provider?
/n accordance )ith art% :(3$ of the a) on the/n accordance )ith art% :(3$ of the a) on the
Payment Services and Payment Systems (PSPS$Payment Services and Payment Systems (PSPS$
Payment Service Providers are8Payment Service Providers are8
#redit /nstitutions (&an*s$#redit /nstitutions (&an*s$
EElectronic money companieslectronic money companiesThe European #entral 1an* and the nationalThe European #entral 1an* and the national
central &an*s of the em&er States, )hen notcentral &an*s of the em&er States, )hen not
acting in their capacity as monetary politicsacting in their capacity as monetary politics
authority or other pu&lic authoritiesauthority or other pu&lic authorities
;nd the ne) category Payment Service Provider;nd the ne) category Payment Service Provider
esta&lished &y the PSD8esta&lished &y the PSD8
Payment /nstitutions
8/11/2019 A Practical Guide - PSD Implementation From a to Z
7/35
Payment services. Scope of the PS.Payment services. Scope of the PS.
Payment services are defined and regulatedPayment services are defined and regulatedthrough the provisions and the scope of the PSD%through the provisions and the scope of the PSD%Payment services are8Payment services are8services related to placement of cashcashservices related to placement of cashcash
)ithdra)al onfrom a payment account, as )ell as)ithdra)al onfrom a payment account, as )ell asthe related operations of servicing of a paymentthe related operations of servicing of a paymentaccount%account%e+ecution of payment transactions, includinge+ecution of payment transactions, includingtransfers of funds on a payment account )ith thetransfers of funds on a payment account )ith the
users payment service provider or )ith anotherusers payment service provider or )ith anotherpayment service provider8 direct de&its, creditpayment service provider8 direct de&its, credittransfers, payment transactions through a paymenttransfers, payment transactions through a paymentcard or other similar instrumentscard or other similar instruments
8/11/2019 A Practical Guide - PSD Implementation From a to Z
8/35
Payment services. Scope of the PS.Payment services. Scope of the PS.
E+ecution of payment transactions )here theE+ecution of payment transactions )here thefunds are covered &y a credit line for a paymentfunds are covered &y a credit line for a paymentservice user8 direct de&its, credit transfers,service user8 direct de&its, credit transfers,payment transactions through a payment card orpayment transactions through a payment card orother similar instrumentsother similar instruments/ssuing andor acuiring of payment instruments/ssuing andor acuiring of payment instrumentsoney remittance payment servicesoney remittance payment servicesE+ecution of payment transactions &y means ofE+ecution of payment transactions &y means oftelecommunication, digital or /T devices, )here thetelecommunication, digital or /T devices, )here the
payment is made to the telecommunication, /Tpayment is made to the telecommunication, /Tsystem or net)or* operator,system or net)or* operator, acting only as anacting only as anintermediaryintermediary&et)een the payment service user&et)een the payment service userand the supplier of the goods or servicesand the supplier of the goods or services
8/11/2019 A Practical Guide - PSD Implementation From a to Z
9/35
Payment Services. efinitions !riefingPayment Services. efinitions !riefing
=hat is a Payment ;ccount >=hat is a Payment ;ccount >
;n account held in the name of one or more;n account held in the name of one or morepayment service users )hich is used for thepayment service users )hich is used for thee+ecution of payment transactions (provision ofe+ecution of payment transactions (provision ofpayment services$payment services$
Payment accounts are su&?ect to aPayment accounts are su&?ect to a contractualcontractualrelationshiprelationship&et)een the payment service&et)een the payment serviceprovider and the payment service user, )hichprovider and the payment service user, )hichspecify their respective rights and o&ligations inspecify their respective rights and o&ligations inaccordance )ith the relevant national legislationaccordance )ith the relevant national legislationPayment accounts are su&?ect to a uniuePayment accounts are su&?ect to a uniueidentifier codes assigned &y the respective paymentidentifier codes assigned &y the respective paymentservices providers (41@ /1;4 is used only forservices providers (41@ /1;4 is used only forpayment accounts *ept &y &an*s$payment accounts *ept &y &an*s$
8/11/2019 A Practical Guide - PSD Implementation From a to Z
10/35
Payment Services. efinitions !riefingPayment Services. efinitions !riefing
Payment ;ccountsPayment ;ccounts
9pening a payment account reuires provision of9pening a payment account reuires provision ofcertain documents and information to the paymentcertain documents and information to the paymentservice provider8 personal and other identity data ofservice provider8 personal and other identity data of
the account holder, )hich is specified in 141the account holder, )hich is specified in 1419rdinance9rdinance AA::
Payment accounts *ept &y &an*s can &e used forPayment accounts *ept &y &an*s can &e used forthe storage of money%the storage of money%
41@ Payment accounts *ept &y payment41@ Payment accounts *ept &y paymentinstitutions are usedinstitutions are usedonlyonly for the e+ecutions of thefor the e+ecutions of therelevant payment services for )hich a license )asrelevant payment services for )hich a license )asissued%issued%
8/11/2019 A Practical Guide - PSD Implementation From a to Z
11/35
Payment Services. efinitions !riefingPayment Services. efinitions !riefing
Payment TransactionsPayment Transactions#redit transfers8#redit transfers8 a payment transaction ordereda payment transaction ordered&y the payer&y the payerthrough his payment service providerthrough his payment service provider)ith the aim funds to &ecome availa&le to the)ith the aim funds to &ecome availa&le to thepayee through his payment service provider% Thepayee through his payment service provider% The
payer and the payee may &e one and the samepayer and the payee may &e one and the samepersonpersonDirect de&its8 Direct de&it transactions reuireDirect de&its8 Direct de&it transactions reuirethat thethat the payer grants apayer grants apreliminarypreliminaryconsentconsentto theto thepayment service provider that *eeps his paymentpayment service provider that *eeps his payment
account, and a copy of his consent shall &e sent toaccount, and a copy of his consent shall &e sent tothe payee% Direct de&it is athe payee% Direct de&it is a payment service forpayment service forde&iting a payerBsde&iting a payerBspayment account, )here apayment account, )here apayment transaction is initiatedpayment transaction is initiated&y the payee on the&y the payee on the&asis of the payerBs consent&asis of the payerBs consentgiven to thegiven to thepayeepayee%%
8/11/2019 A Practical Guide - PSD Implementation From a to Z
12/35
Payment Services. efinitions !riefingPayment Services. efinitions !riefing
Payment TransactionsPayment Transactions
oney Cemittance Payment Transactions8oney Cemittance Payment Transactions8
-; payment service )here funds are provided &y a; payment service )here funds are provided &y a
payer for the sole purpose of transferring thepayer for the sole purpose of transferring thecorresponding amount to the payee or to anothercorresponding amount to the payee or to another
payment service provider acting on &ehalf of thepayment service provider acting on &ehalf of the
payee, andor )here such funds are received onpayee, andor )here such funds are received on
&ehalf of and made availa&le to the payee&ehalf of and made availa&le to the payee
-withoutwithoutany payment accounts being opened inany payment accounts being opened inthe name of the payer or the payeethe name of thepayer or the payee,,
8/11/2019 A Practical Guide - PSD Implementation From a to Z
13/35
Payment Services. efinitions !riefingPayment Services. efinitions !riefingPayment #ardsPayment #ards
TType of aype of apayment instrumentpayment instrumenton )hichon )hichinformation is electronically recordedinformation is electronically recordedUsed repeatedly for identification of theUsed repeatedly for identification of theauthori'ed users of payment servicesauthori'ed users of payment services
Used for remote access to a payment accountUsed for remote access to a payment accountandor to preliminary set credit limitandor to preliminary set credit limitThe payment card is o)ned &y the paymentThe payment card is o)ned &y the paymentservice provider, issuer of the card and it can &eservice provider, issuer of the card and it can &eused only &y the authori'ed user of paymentused only &y the authori'ed user of payment
services (card holder$services (card holder$Payment cards are personali'ed paymentPayment cards are personali'ed paymentinstruments and are characteri'ed &y a variety ofinstruments and are characteri'ed &y a variety ofsecurity features for the identification of thesecurity features for the identification of theauthori'ed card holders (e%g% P/4 codes and etc%$%authori'ed card holders (e%g% P/4 codes and etc%$%
8/11/2019 A Practical Guide - PSD Implementation From a to Z
14/35
Payment Services. efinitions !riefingPayment Services. efinitions !riefing
Payment #ards TransactionsPayment #ards Transactions
)ithdra)als andor depositing of cash through)ithdra)als andor depositing of cash through
;T terminals;T terminals
Payment of goods and services and cashPayment of goods and services and cash)ithdra)al through P9S terminals)ithdra)al through P9S terminals
Transfer of funds &et)een accounts through ;TTransfer of funds &et)een accounts through ;T
and P9S terminalsand P9S terminals
Payment of services through ;T terminalsPayment of services through ;T terminals
Ceceipt of statements and other payment andCeceipt of statements and other payment and
non-payment operationsnon-payment operations
8/11/2019 A Practical Guide - PSD Implementation From a to Z
15/35
What does a Payment "nstitution mean?What does a Payment "nstitution mean?
Payment institutions (P/$ are a ne)Payment institutions (P/$ are a ne)category providers of payment servicescategory providers of payment servicesP/s are legal persons that are introducedP/s are legal persons that are introduced
to the payment services mar*et &y theto the payment services mar*et &y theprovisions of the Payment Servicesprovisions of the Payment ServicesDirectiveDirectiveP/s are a su&?ect to a set of strict andP/s are a su&?ect to a set of strict and
comprehensive authori'ation reuirementscomprehensive authori'ation reuirementsand conditions conducting &usinessand conditions conducting &usinessactivities as a P/ reuires o&taining aactivities as a P/ reuires o&taining alicenselicense
8/11/2019 A Practical Guide - PSD Implementation From a to Z
16/35
What does a Payment "nstitution mean?What does a Payment "nstitution mean?P/s licensing reuirements are developed inP/s licensing reuirements are developed in
the PSD and are specially designed for allthe PSD and are specially designed for allproviders of payment services, )hich areproviders of payment services, )hich are
not connected to ta*ing deposits and issuingnot connected to ta*ing deposits and issuing
electronic moneyelectronic money
P/s are prohi&ited from accepting depositsP/s are prohi&ited from accepting deposits
from payment services users and they arefrom payment services users and they are
permitted only to use the funds they receivepermitted only to use the funds they receive
for rendering payment servicesfor rendering payment services#lient funds should &e#lient funds should &e kept separatekept separatefrom the P/s funds for other activitiesfrom the P/s funds for other activities
8/11/2019 A Practical Guide - PSD Implementation From a to Z
17/35
What does a Payment "nstitution mean?What does a Payment "nstitution mean?
9&taining a P/ license necessitates the9&taining a P/ license necessitates the
fulfillment of prudential reuirementsfulfillment of prudential reuirements
proportionate to the operational andproportionate to the operational and
financial ris*s, )hich are faced &y P/sfinancial ris*s, )hich are faced &y P/sCis*s generated &y P/s are the result ofCis*s generated &y P/s are the result of
more speciali'ed and limited activities, andmore speciali'ed and limited activities, and
are narro)er and easier to control andare narro)er and easier to control and
monitor than those generated &y the creditmonitor than those generated &y the creditinstitutions%institutions%
8/11/2019 A Practical Guide - PSD Implementation From a to Z
18/35
What does a Payment "nstitution mean?What does a Payment "nstitution mean?
Ta*ing into consideration theTa*ing into consideration the
specifics of the &usiness conducted &yspecifics of the &usiness conducted &y
the P/s they should &e a su&?ect tothe P/s they should &e a su&?ect to
effective anti-money launderingeffective anti-money launderingand anti-terrorist financingand anti-terrorist financing
requirementsrequirements
8/11/2019 A Practical Guide - PSD Implementation From a to Z
19/35
What does a Payment "nstitution mean?What does a Payment "nstitution mean?
Credit cti!itiesCredit cti!itiesof P/s are strictlyof P/s are strictlyregulatedregulated
The granting of credit lines and theThe granting of credit lines and the
issuance of credit cards,issuance of credit cards, onlyonly)here it is)here it isclosely lin*ed to payment services, i%e%closely lin*ed to payment services, i%e%
(3$(3$ facilitate payment services, andfacilitate payment services, and
(2$(2$ short-term nature, not e+ceeding 32short-term nature, not e+ceeding 32months, including on a revolving &asis%months, including on a revolving &asis%
8/11/2019 A Practical Guide - PSD Implementation From a to Z
20/35
#egulators$ role?#egulators$ role?
Licensing and SupervisionLicensing and Supervision
;ll EU em&er States designate;ll EU em&er States designatecompetent authoritiescompetent authoritiesfor thefor theauthori'ation and prudential supervisionauthori'ation and prudential supervisionof payment institutionsof payment institutions
#ompetent authorities should &e either#ompetent authorities should &e eitherpu&lic authorities or &odies recogni'edpu&lic authorities or &odies recogni'ed&y national la) or &y pu&lic authorities,&y national la) or &y pu&lic authorities,
including national central &an*sincluding national central &an*s
#ompetent authorities should &e#ompetent authorities should &ee+pressly empo)ered &y national la)e+pressly empo)ered &y national la)
8/11/2019 A Practical Guide - PSD Implementation From a to Z
21/35
#egulators$ role?#egulators$ role?
Licensing and SupervisionLicensing and Supervision
;fter license is &eing issued competent;fter license is &eing issued competent
authorities should ensure continued andauthorities should ensure continued and
adeuate compliance )ith the reuirementsadeuate compliance )ith the reuirements
P/s are su&?ect to8P/s are su&?ect to8- Statistical, financial reports su&missionStatistical, financial reports su&mission
- /nspections/nspections
-
/ssuing recommendations, guidelines and/ssuing recommendations, guidelines andetc%etc%
- Suspending or )ithdra)ing authori'ationSuspending or )ithdra)ing authori'ation
8/11/2019 A Practical Guide - PSD Implementation From a to Z
22/35
%o& to get started in the !usiness?%o& to get started in the !usiness?
To &e registered or &e in the process ofTo &e registered or &e in the process of
esta&lishing a limited lia&ility companyesta&lishing a limited lia&ility company
or a ?oint-stoc* company in 1ulgariaor a ?oint-stoc* company in 1ulgaria
To cover the capital reuirementsTo cover the capital reuirements
(i$(i$ /nitial capital reuirements for/nitial capital reuirements for
institutions applying for a licenseinstitutions applying for a license
(ii$(ii$ 9ngoing capital reuirements for already9ngoing capital reuirements for already
licensed companieslicensed companies
8/11/2019 A Practical Guide - PSD Implementation From a to Z
23/35
%o& to get started in the !usiness?%o& to get started in the !usiness?
#ompanies )ishing to provide payment#ompanies )ishing to provide payment
services as P/s should o&tain aservices as P/s should o&tain a licenselicense&efore commencing the provision of the&efore commencing the provision of the
payment servicespayment servicesProvision of payment services )ithout aProvision of payment services )ithout a
license is prohi&itedlicense is prohi&ited
Payment institutions can only provide thePayment institutions can only provide the
payment services included in their licensepayment services included in their license
8/11/2019 A Practical Guide - PSD Implementation From a to Z
24/35
%o& to get started in the !usiness?%o& to get started in the !usiness?
The company that )ishes to o&tain aThe company that )ishes to o&tain a
license for conducting activity as a paymentlicense for conducting activity as a payment
institution should apply in )riting to theinstitution should apply in )riting to the
relevant competent authority (141$relevant competent authority (141$The applicant should concurrently complyThe applicant should concurrently comply
)ith specific conditions and reuirements)ith specific conditions and reuirements
defined in the PSD and PSPSdefined in the PSD and PSPS
The application dossier should consist ofThe application dossier should consist of
certain list of legal, financial and corporatecertain list of legal, financial and corporate
documentsdocuments
8/11/2019 A Practical Guide - PSD Implementation From a to Z
25/35
'onditions for granting a P" license?'onditions for granting a P" license?
;ppropriate legal form;ppropriate legal form;deuate initial capital, corresponding to;deuate initial capital, corresponding tothe types of payment services that thethe types of payment services that theapplicant intends to provideapplicant intends to provide
Transparent and legal origin of the capitalTransparent and legal origin of the capitalEnsured ro&ust and relia&le companyEnsured ro&ust and relia&le companygovernance arrangements, including8governance arrangements, including8
- 9rgani'ational structure and clear and consistent9rgani'ational structure and clear and consistent
rules of responsi&ilityrules of responsi&ility- Cis* monitoring and management proceduresCis* monitoring and management procedures- ;deuate internal control mechanisms, sound and;deuate internal control mechanisms, sound andeffective accounting and administrative procedureseffective accounting and administrative procedures
8/11/2019 A Practical Guide - PSD Implementation From a to Z
26/35
'onditions for granting a P" license?'onditions for granting a P" license?
Business planBusiness plan- including a- including a forecast budgetforecast budgetcalculationcalculation
for the first three financial years )hichfor the first three financial years )hich
demonstrates that the applicant is a&le todemonstrates that the applicant is a&le to
employ the appropriate and proportionateemploy the appropriate and proportionate
systems, resources and procedures tosystems, resources and procedures to
operate soundlyoperate soundly
8/11/2019 A Practical Guide - PSD Implementation From a to Z
27/35
'onditions for granting a P" license?'onditions for granting a P" license?
;pplication of sound and adeuate;pplication of sound and adeuatemeasures for safeguarding payment servicemeasures for safeguarding payment service
users funds and payment instruments usedusers funds and payment instruments used6unds of payment services users should not &e mi+ed at6unds of payment services users should not &e mi+ed at
any time )ith o)n funds of the payment institution and anyany time )ith o)n funds of the payment institution and any
person other than the payment service usersperson other than the payment service users
6unds received for the e+ecution of payment services should6unds received for the e+ecution of payment services should
&e stored (if needed$ on a separate and special account held&e stored (if needed$ on a separate and special account held
&y a &an*&y a &an*
such accounts may not &e su&?ect to distraint or foreclosuresuch accounts may not &e su&?ect to distraint or foreclosure
&y a payment institution in respect of persons other than&y a payment institution in respect of persons other than
payment service userspayment service users
8/11/2019 A Practical Guide - PSD Implementation From a to Z
28/35
'onditions for granting a P" license?'onditions for granting a P" license?
;ppropriate and sufficient professional;ppropriate and sufficient professional
and management *no)ledge andand management *no)ledge and
e+perience of the persons managing ande+perience of the persons managing and
representing the P/ Food reputationrepresenting the P/ Food reputation #lose lin*s have &een identified &et)een#lose lin*s have &een identified &et)een
the applicant and other natural andorthe applicant and other natural andor
legal persons and they do not preventlegal persons and they do not prevent
the effective e+ercise of supervisionthe effective e+ercise of supervision
8/11/2019 A Practical Guide - PSD Implementation From a to Z
29/35
Processing of a P" license application?Processing of a P" license application?
#ompliance assessment and chec* up#ompliance assessment and chec* up
procedures for all information andprocedures for all information and
documents to)ards the reuirements ofdocuments to)ards the reuirements of
the PSD, PSPS and 141 9rdinance 3!the PSD, PSPS and 141 9rdinance 3!
: months period for applications: months period for applications
consideration and ma*ing a decision onconsideration and ma*ing a decision on
granting or refusing P/ licensegranting or refusing P/ license
8/11/2019 A Practical Guide - PSD Implementation From a to Z
30/35
Processing of a P" license application?Processing of a P" license application?
Should the informationdocuments &eShould the informationdocuments &e
considered incomplete or should anyconsidered incomplete or should any
additional clarifications informationadditional clarifications information
documents &e considered necessary8documents &e considered necessary8- official letter for provision of additionalofficial letter for provision of additional
informationinformation
- thus the : months period forthus the : months period for
consideration of documents revolves )ithconsideration of documents revolves )itha ne) : months period$a ne) : months period$
8/11/2019 A Practical Guide - PSD Implementation From a to Z
31/35
(!taining a P" license?(!taining a P" license?
9nly after the applicant complies )ith9nly after the applicant complies )ith
the license reuirementsthe license reuirements
The license is for an indefinite period ofThe license is for an indefinite period of
time and may not &e transferred to othertime and may not &e transferred to otherpersons or &e su&?ect of legalpersons or &e su&?ect of legal
successionsuccession
141 enters the payment institution in a141 enters the payment institution in a
special P/ registerspecial P/ register
8/11/2019 A Practical Guide - PSD Implementation From a to Z
32/35
License follo&)up?License follo&)up?
P/s are a su&?ect toP/s are a su&?ect to oversightoversight P/s inform 141 a&out any changes )hichP/s inform 141 a&out any changes )hich
may affect the accuracy of informationmay affect the accuracy of informationand documents provided in connectionand documents provided in connection)ith the license granting)ith the license granting
WithdrawalWithdrawalof a license )here8of a license )here8- P/s fail to start &usinessceases to engage in &usinessP/s fail to start &usinessceases to engage in &usiness- =here serious &reaches have &een identified=here serious &reaches have &een identified- P/s stop to meet the reuirements and the conditionsP/s stop to meet the reuirements and the conditions- P/s e+pressly states in )riting they )ish to stop &usinessP/s e+pressly states in )riting they )ish to stop &usiness- at 141s discretion, the payment institution )ould constitute a threat toat 141s discretion, the payment institution )ould constitute a threat to
the sta&ility of the payment system &y continuing its payment servicesthe sta&ility of the payment system &y continuing its payment services&usiness&usiness
- The P/The P/does not hold sufficient o)n funds or cannot &e considereddoes not hold sufficient o)n funds or cannot &e consideredcapa&le of continuing to repay its o&ligations to creditorscapa&le of continuing to repay its o&ligations to creditors
8/11/2019 A Practical Guide - PSD Implementation From a to Z
33/35
*gents*gents
MerchantMerchant, )hich acts on &ehalf of a, )hich acts on &ehalf of alicensed payment institution in providinglicensed payment institution in providingpayment servicespayment services
Should payment institutions )ish toShould payment institutions )ish toengage agents they shall apply to theengage agents they shall apply to therelevant competent authority (141$relevant competent authority (141$
Liability:Liability:Payment institutions remainPayment institutions remain
fully lia&le for any acts of its employees,fully lia&le for any acts of its employees,oror any agentany agent, &ranch or entity to )hich, &ranch or entity to )hichactivities are outsourcedactivities are outsourced
8/11/2019 A Practical Guide - PSD Implementation From a to Z
34/35
#ight to Esta!lishment and +reedom to#ight to Esta!lishment and +reedom to
Provide ServicesProvide Services
Licensed PILicensed PImay provide in em&ermay provide in em&erStates other than its home em&er StateStates other than its home em&er State(EU Passport$(EU Passport$
Should P/s )ish to &enefit from the EUShould P/s )ish to &enefit from the EUpassport they should inform theirpassport they should inform theircompetent authoritiescompetent authorities
The competent authorities of the homeThe competent authorities of the homeem&er State provide information a&outem&er State provide information a&outP/ )ishing to receive EU passport to theP/ )ishing to receive EU passport to thecompetent authorities of the hostcompetent authorities of the hostem&er Statesem&er States
8/11/2019 A Practical Guide - PSD Implementation From a to Z
35/35
TG;4H I9U@TG;4H I9U@
Top Related