UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010

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1 UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared by the Central Bank of Cyprus to assist users and it comprises the grouping of the text of the basic law and of the amendments to the law in one consolidated, but unofficial document and its subsequent translation into the English language to serve as a reference tool. The Central Bank of Cyprus is not responsible as to its content. Last updated 17 January 2012 For the purposes of: Official Journal of the EU: L 319, , p. 1, and L187, , p. 5. Official Journal of the EU: L 266, , p. 11 harmonisation with the European Community act entitled Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC, with the exception of Articles 89 to 93 thereof, as it has been corrected and as it may further be amended or replaced the effective implementation of the European Community act entitled Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, as it may further be amended or replaced, The House of Representatives votes as follows: PART I GENERAL PROVISIONS Short title 1. This Law may be cited as the Payment Services Laws of 2009 to Interpretation 2. In this Law unless the context requires otherwise "direct debit" means a payment service where a payer's payment account is debited for a payment transaction initiated by the payee on the basis of the payer's authorisation given to the payee, to the payee's payment service provider or to the payer's own payment service provider; "agent" means a natural or legal person which provides payment services on behalf of a payment institution; "unique identifier" means a combination of letters, numbers or symbols specified by the payment service provider to the payment service user, and provided by the payment service user to identify unambiguously the other payment service user and/or the other user s payment account for a payment transaction; "payee" means a natural or legal person who is the intended recipient of funds which are the subject of a payment transaction; 42(I) of 2009 auditor means a person who is licensed under the Auditors and Obligatory Audit of the Annual and Consolidated Accounts Law; "payment order" means any instruction by a payer or payee to his payment service provider requesting the execution of a payment transaction;

2 "authentication" means a procedure which allows the payment service provider to verify the use of a specific payment instrument, including the personalised security features of the payment instrument; "reference interest rate" means the interest rate which - is used as the basis for calculating the interest rate to be applied, and comes from a publicly available source which can be verified by both parties to the payment service contract; "business day" means every day on which the relevant payment service provider of the payer or the payment service provider of the payee is open for business for the purposes of executing payment transactions; "value date" means the reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account; subsidiary company means- a subsidiary company within the meaning of section 148 of the Companies Law, or a subsidiary company of another company whereby the latter exercises substantial control over the former; "payment institution" means a person that provides payment services under Part III; for the purposes of Chapter D of Part III, payment institution means a legal person that has been granted and maintains an authorisation by the Central Bank or by the competent authorities of another member state to provide payment services; Regulation (EC) No 924/2009 means the European Community act entitled Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, as it may further be amended or replaced; "consumer" means a natural person who, in payment service contracts covered by this Law, is acting for purposes not connected to his commercial or professional activity; Member State means a member state of the European Union or another state which is party to the agreement for the European Economic Area; "home Member State" means the Member State in which the registered office of the payment service provider is situated or, if the payment service provider has, under the law of its incorporation, no registered office, the Member State in which its head office is situated; "host Member State" means the Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services; Central Bank means the Central Bank of Cyprus; "payment account" means an account held in the name of one or more payment service users which is used for the execution of payment transactions; "durable medium" means any instrument which enables the payment service user to store information addressed personally to him in such a way as to allow for on the one hand, access to the information for a period of time corresponding to the purpose of the information and, on the other hand, unchanged reproduction of the information;

3 "means of distance communication" means any means which may be used for the conclusion of a payment service contract, without the simultaneous physical presence of the payment service provider and the payment service user; "payment instrument" means any personalised device and/or set of procedures agreed between the payment service user and the payment service provider and used by the payment service user in order to initiate a payment order; the term parent company has the meaning given thereto by section 148 of the Companies Law; directive with reference to a directive issued by virtue of this Law, means a directive which constitutes a regulatory administrative act and which is published in the Official Gazette of the Republic; Directive 2007/64/EC means the act of the European Community entitled Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC as corrected and as this may further be amended or replaced; "group" means a group of undertakings, which consists of a parent undertaking, its subsidiaries, the entities in which the parent undertaking or its subsidiaries have a holding, (d) (i) the undertaking or undertakings which, without being connected with their parent undertaking through a relationship described in paragraphs and, are managed on a unified basis with the parent undertaking pursuant to a contract concluded with the parent undertaking or provisions in the articles of association of those undertakings; or (ii) the undertaking or undertakings which are not connected with their parent undertaking through a relationship described in paragraphs and, and whose administrative, management or supervisory bodies consist for the major part of the same persons in office during the financial year and until the consolidated accounts are drawn up; "payment service provider" means a person referred to in subsection (2) of section 4; "payer" means a natural or legal person who holds a payment account and allows a payment from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order; Official Journal of the EU: L 124, , p. 36 "micro-enterprise" means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC; "payment transaction" means an act initiated by the payer or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee; "framework contract" means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account; Agreement on the European Economic Area means the Agreement signed at Oporto on 2 May 1992 and adjusted by the Protocol which was signed in Brussels on 17 March

4 1993, as this Agreement may further be amended or replaced; "reference exchange rate" means the exchange rate which is used as the basis to calculate the exchange rate to be applied to a specific currency exchange, and is made available by the payment service provider or comes from a publicly available source; Cap of the term partnership has the meaning given thereto by the General and Limited Partnerships and Business Names Law; Recommendation 2003/361/EC means the act of the European Community entitled Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises, as this may further be amended or replaced; "payment system" means a funds transfer system with standardised procedures for the processing, clearing and/or settlement of payment transactions; "money remittance service means a payment service where funds are received from a payer, without any payment account being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee; Co-operative Societies Supervision and Development Authority or CSSDA means the Commission of the Co-operative Societies Supervision and Development Authority (CSSDA) where the competence to issue directives under this Law is concerned, and the Commissioner of the said Authority where any other competence under this Law is concerned; "payment service" means one or more business activities listed in the Annex; "branch" means a place of business other than the head office which is a part of a payment institution, which has no legal personality and which carries out directly, wholly or in part, the transactions inherent in the business of a payment institution; all the places of business set up in the same Member State by a payment institution with a head office in another Member State shall be regarded as a single branch; "funds" means any of the following: 86(Ι) of 2004 Banknotes, coins, scriptural money, (d) electronic money within the meaning of section 2 of the Electronic Money Institutions Law; "payment service user" means a natural or legal person making use of a payment service in the capacity of either payer or payee, or both. Scope of application 3. (1) This Law shall apply to: payment services provided within the Republic; and payment services provided within another member state by a payment service provider for whom the Republic is the home member state provided that parts IV to IX shall not apply where the payment services are provided by the said

5 provider through a branch or agent: (2) Without prejudice to subsection (1), parts IV to IX shall apply to payment services which fulfil the following conditions: both payment service providers are or the common payment service provider of the payer and the payee is, located in the same or any member state, and the payment service is made in euro or the currency of a member state; Provided that for the application of the aforementioned Parts, the place of establishment of the payment service provider who is involved due to the erroneous execution of a payment transaction or due to an unauthorised payment is of no relevance; the currency in which the payment transaction was carried out erroneously as well as the currency in which a payment transaction was carried out without authorisation is of no relevance. (3) As an exception to subsection (2), section 65 shall also apply where the payment service provider or the payer or the payee or where the sole payment service provider for the payment transaction is not established in a member state. (4) As an exception to paragraphs and of subsection (2), sections 27 to 42, section 44(1), sections 47, 53 to 57, 59 to 61, as well as, to the extent the aforementioned provisions are concerned, sections 26 and 48 to 50: Shall also apply where only one of the two payment service providers of the payer and the payee is established in a member state; Shall also apply to payment services provided in a currency other than the euro or the currency of a member state. (5) This Law shall not apply to: (d) (e) payment transactions made exclusively in cash from the payer to the payee, without any intermediary intervention; payment transactions from the payer to the payee which are derived from the sale of goods or the provision of services and are made through a commercial agent authorised to negotiate or conclude the sale or contract of sale of goods or the service contract on behalf of the payer or the payee; professional physical transport of banknotes and coins, including their collection, processing and delivery; payment transactions consisting of the non-professional cash collection and delivery within the framework of a non-profit or charitable activity; services where cash is provided- (i) by the payee to the payer, (ii) as part of a payment transaction for the purchase of goods or services, and (iii) following an explicit request by the payment service user just before the execution of the said payment transaction; Cap of 1986 (f) (g) money exchange business, that is, cash-to-cash operations, where the funds are not held on a payment account; payment transactions based on any of the following documents drawn on the payment service provider with a view to placing funds at the disposal of the payee:

6 32(I) of (I) of Cap (I) of (i) (ii) cheques, bills of exchange and drafts within the meaning of the Bills of Exchange Law and/or sections 78 to 81 of the Contracts Law; Provided that this exception shall cover cheques presented by a banker to a banker by electronic means, paper-based vouchers; (iii) paper-based traveller s cheques; (iv) paper-based postal money orders within the meaning of the constitution and any agreements and regulations of the Universal Postal Union, as these may further be amended or replaced; (h) (i) (j) (k) payment transactions carried out within a payment or securities settlement system between settlement agents, central counterparties, clearing houses and/or central banks and other participants of the system, and payment service providers, without prejudice to any directive issued by the Central Bank pursuant to section 5 for the purposes of harmonisation with Article 28 of Directive 2007/64/EC; payment transactions related to securities asset servicing, including dividends, income or other distributions, or redemption or sale, carried out by persons referred to in point (h) or by investment firms, banks, co-operative credit institutions, management companies of undertakings for collective investment in transferable securities or asset management companies providing investment services and any other entities allowed to have the custody of financial instruments; provision of technical services, which support the provision of payment services, on condition that the technical service providers do not enter at any time into possession of the funds to be transferred; these services include the processing and storage of data, trust and privacy protection services, data and entity authentication, information technology (IT) and communication network provision, provision and maintenance of terminals and devices used for payment services; services based on instruments that can be used to acquire goods or services only- (i) in the premises of the issuer, or (ii) under a commercial agreement with the issuer, either within a limited network of service providers or for a limited range of goods or services; (l) payment transactions executed by means of any telecommunication, digital or IT device, on condition that: (i) the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, and (ii) the network provider does not act only as an intermediary between the payment service user and the supplier of the goods or services; (m) (n) (o) payment transactions carried out between payment service providers, their agents or branches for their own account; payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without any intermediary intervention by a person other than an undertaking belonging to the same group; and cash withdrawal services provided by means of automated teller machines on

7 condition that the persons providing them: (i) act on behalf of one or more card issuers, (ii) are not a party to the framework contract with the customer withdrawing money from a payment account, and (iii) do not conduct other payment services: Provided that these persons shall be subject to the provisions of sections 44 and 47. (6) The Central Bank may issue directives specifying the exceptions provided in subsection (5). It may especially set out the criteria for determining- the meaning of paper based vouchers referred to in paragraph (g); the limited network of service providers and/or the limited range of goods or services referred to in paragraph (k); and when the operator referred to in paragraph (l) does not act only as an intermediary between the payment service user and the supplier of the goods and services. (7) The Central Bank may issue directives prescribing that the provision of the services described in paragraphs (k) and (o) of subsection (5) requires a prior authorization from the Central Bank. For this purpose, the Central Bank may prescribe that the whole or part of the provisions of this Law shall apply to persons providing these services. PART II RIGHT TO PROVIDE PAYMENT SERVICES AND ACCESS TO PAYMENT SYSTEMS Right to provide payment services. 4. (1) Only the persons referred to in subsection (2) only shall be entitled to provide or appear to provide payment services within the Republic as their regular occupation or business activity. For the purposes of this section, the provision of payment services within the Republic shall include- Any provision or offer to provide payment services coming from a location outside the Republic and addressed to persons located, residing or staying in the Republic where the aforementioned provision or offer is received by such persons at the time that they are located, residing or staying within the Republic or where the relevant contract is concluded within the Republic; Any provision or offer to provide payment services which emanates from the Republic or from a person located, residing or staying in the Republic and which is addressed to persons located, residing or staying within or outside the Republic; and/or Any provision or offer to provide payment services which emanates from the Republic or from a person located, residing or staying within the Republic and who acts or purports to be acting as an employee or in another capacity, on behalf of a third party located outside the Republic and is addressed to persons located, residing or staying within or outside the Republic: Provided that the location where funds are paid, the location from or to which funds are transferred and the location from where funds are withdrawn in connection with the execution of a payment transaction, are irrelevant for the characterisation of a payment service as being provided within the Republic pursuant to this subsection. (2) The following persons may provide or appear to provide payment services within the Republic:

8 66(Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (I) of 2009 Banks within the meaning given to this term by section 2 of the Banking Law; 22 of of of of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (Ι) of (I) of Banks licensed by the competent authorities of other member states; cooperative credit institutions within the meaning given to this term by section 2 of the Cooperative Companies Law; (d) (e) (f) (g) (h) Electronic money institutions within the meaning given to this term by section 2 of the Electronic Money Institutions Law of 2004, which have been licensed by the Central Bank or by the CSSDA or by the competent authorities of other member states; Institutions which are entitled under legislation to provide postal payment services; Payment institutions within the meaning of this Law; The European Central Bank and national central banks when not acting in their capacity as monetary or other public authorities; member states or regional or local authorities thereof when not acting in their capacity of public authorities. (3) No person shall be entitled to any remuneration for services offered in contravention of subsection (1). (4) A court before which a criminal offence is tried may order, for the infringement of subsection (1), that the provision of any payment service by the defendant be suspended for such period of time as the court may deem reasonable until the final adjudication of the case with respect to which the criminal prosecution was initiated. (5) In addition to imposing the penalties provided for in section 87, the court which finds a person guilty of any criminal offence committed in violation of subsection (1) may order this person not to provide payment services related to the committed criminal offence for a period of time not exceeding five years.

9 Access to payment systems 138(I) of (I) of (I) of (I) Without prejudice to the general nature of section 48 of the Central Bank of Cyprus Law and Part X of this Law, the Central Bank may by directives regulate the access and terms of participation of payment service providers to payment systems operating within the Republic. The provisions of the said directives of the Central Bank shall constitute terms of the operation of the payment systems for the purposes of application of subsection (4) of section 48 of the Central Bank of Cyprus Law. (2) The Central Bank shall receive complaints from payment service providers in relation to the application of the provisions enacted by member states for the purposes of harmonisation with Article 28 of Directive 2007/64/EC. The Central Bank shall evaluate the complaint and shall cooperate with the competent authority of the corresponding member state as the case may be. PART III AUTHORISATION OF PAYMENT INSTITUTIONS Chapter A General Provisions Obligation for payment institutions to hold a prior authorisation. 6. (1) Subject to subsection (2), a payment institution may provide payment services only if it holds a prior authorisation from the Central Bank in accordance with the provisions of this Law. An authorization may be granted only to companies which fulfil the following conditions: They have been incorporated in the Republic; and They have their head offices within the Republic. (2) The Central Bank may by directive prescribe an overall limit for the value of payment transactions up to which natural and/or legal persons not fulfilling the provisions of this Part may provide some or all the payment services. Such persons shall be entered into the register provided for in section 8 and shall be subject to the terms that the Central Bank may by directive prescribe. The Central Bank shall notify the European Commission accordingly. (3) Chapter D of this Part shall not apply to persons referred to in subsection (2). Granting of authorisation (general criteria). 7. (1) For the purpose of obtaining an authorisation as a payment institution, the interested person shall submit an application to the Central Bank, together with the information that the Central Bank may by directive prescribe. The Central Bank may at any time require an authorised payment institution to provide information for the purpose of ascertaining that the payment institution complies with the requirements of this Part. (2) The Central Bank shall not grant a payment institution authorisation unless it is fully satisfied that all of the conditions prescribed by this Law as well as those in any directives issued by virtue of this law are met. When examining an application, the Central Bank may consult any other authorities within the Republic as it sees fit. (3) The Central Bank shall grant an authorisation only if, in view of the need to ensure the sound and prudent management of a payment institution, the payment institution has robust governance arrangements for the payment service business, which include a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective procedures to identify, manage, monitor and report the risks to which it is exposed, and adequate internal control mechanisms, including appropriate administrative and accounting procedures; those arrangements, procedures and mechanisms shall be comprehensive and proportionate to the nature, scale and complexity of the payment services provided by the payment institution. (4) Where the applicant or an already authorised payment institution intends to provide any payment service in parallel with other business activities, the Central Bank may

10 require the establishment of a separate legal entity for the payment service activities, if the other business activities of the payment institution impair or are likely to impair either the financial soundness of the payment institution or the ability of the Central Bank to monitor the payment institution's compliance with this Law and the directives issued thereunder. The Central Bank may also, for the same reasons, request the setting up of a separate legal person subsequent to the commencement of other business activities. (5) The Central Bank shall refuse to grant an authorisation if, taking into account the need to ensure the sound and prudent management of a payment institution, it is not satisfied as to the suitability of the persons- who directly or indirectly exercise control in relation thereto, within the meaning given to the term control in section 2 of the Banking Law, or who are partners in a partnership applying for authorisation for the operation of a payment institution. (6) Where close links as defined in section 2 of the Banking Law exist between the payment institution and other natural or legal persons, the Central Bank shall grant an authorisation only if those links do not prevent the effective exercise of its supervisory functions. Where one or more of the natural or legal persons with whom the payment institution has close links is subject to the laws, regulations or administrative provisions of a third country, the Central Bank shall grant an authorisation only if the said provisions do not hinder the effective exercise of its supervisory functions, taking into account any difficulties involved in the enforcement of the said provisions. (7) The name of the payment institution, the number and the date of issue of the authorisation, the payment services permitted to be provided as well as any other information that the Central Bank deems necessary, shall be recorded on the authorisation. (8) The Central Bank may prescribe additional requirements for the granting of a payment institution authorisation, may prescribe, specify or clarify the obligations of the payment institution and of the competent persons in relation thereto as well as any matter that needs to be dealt with by virtue of this Part. Public register. 8. (1) The Central Bank shall establish and keep up to date a public register of the authorised payment institutions, their agents and branches. (2) The Central Bank shall by directive prescribe the information that needs to be entered in the register as well as the operation of the register. Chapter B Conditions and procedures for the granting and maintenance of an authorization for the operation of a payment institution Initial capital and own funds 9. (1) The company applying for a payment institution authorisation shall have an initial capital of at least- EUR , where it intends to provide the payment service listed in point 6 of the Annex; EUR , where it intends to provide the payment service listed in point 7 of the Annex; and EUR , where it intends to provide any of the payment services listed in points 1 to 5 of the Annex. (2) The Central Bank may by directive prescribe the composition of the initial capital.

11 (3) The payment institution shall maintain, at all times during its operation, own funds the composition of which is prescribed by the Central Bank by directive. (4) The Central Bank shall determine for each payment institution the methods for calculating the minimum level of own funds referred to in subsection (3) by directive which shall constitute an individual administrative act and which shall be communicated by the Central Bank to the said payment institution. The Central Bank may amend or replace the directive referred to in paragraph with another directive which shall constitute an administrative act and which shall be communicate by the Central Bank to the relevant payment institution for the purpose of- (i) (ii) (iii) Determining another method for calculating the minimum level of own funds referred to in subsection (3), Indicating the manner of application of the method of calculation that has been determined in each case, and/or Requiring the payment institution to maintain own funds higher or lower by up to 20% than the minimum level of own funds which would result from the application of the method determined in each case, following an evaluation of the riskmanagement processes, risk loss data base and internal control mechanisms of the payment institution. (5) Each payment institution to which a directive referred to in subsection (4) is addressed shall comply therewith. (6) Subject to the conditions that the Central Bank may prescribe by directive, and notwithstanding subsection (4), the Central Bank may exempt from the requirement to apply a method for the calculation of a minimum level of own funds, a payment institution which is included in the consolidated supervision of the bank or the cooperative credit company which is its parent company. The Central Bank may grant this exemption by directive which shall constitute an individual administrative act and which shall be communicated by the Central Bank to the said payment institution. (7) The payment institution's own funds may not fall below the level of the initial capital as provided for under subsection (1). Safeguarding requirements 10. (1) Payment institutions shall safeguard the funds which they receive from payment service users or via another payment service provider for the execution of payment transactions. Where a portion of the funds that the payment institution receives is to be used for future payment transactions and the remaining amount is to be used for non-payment services, that portion of the funds to be used for future payment transactions shall be subject to the safeguarding requirements under this section. Notwithstanding paragraph, where that portion of funds to be used for future payment transactions in accordance with the provisions of the said paragraph, is variable or not known in advance, the Central Bank may prescribe by directive that - (i) The relevant payment institution may apply for the approval of the Central Bank for the safeguarding requirements to apply to a representative portion of the funds received by the payment institution, and (ii) The Central Bank may grant such approval if it is satisfied that such a representative portion can be reasonably estimated on the basis of historical data. (2) The Central Bank may by directive- Prescribe the method of calculating the funds that are required to be safeguarded; Limit the requirement for safeguarding by imposing a maximum limit per payment

12 service user on funds that are not required to be seafeguarded. Prescribe safeguarding methods; (d) Determine that in the event that a payment institution is dissolved and/or liquidated, the funds that are required to be safeguarded shall be segregated from the payment institution's estate and shall be distributed to the beneficiaries thereof; and (e) Exempt from the safeguarding requirements payment institutions which are not engaged in any business activities other than the provision of payment services. Accounting and statutory audit 11. (1) A payment institution shall draw up financial statements as the Central Bank may prescribe by directive: Provided that for the supervision of payment institutions, the Central Bank may prescribe, specify and determine by directive every issue which is relevant to the preparation of financial statements both as regards payment services as well as any other business activities carried out by the payment institution. (2) The auditor of a payment institution shall report promptly to the Central Bank any decision or fact concerning the payment institution, of which he became aware while carrying out its audit and which may- constitute a material breach of statutory or regulatory provisions which set out the conditions for the authorisation or which govern the provision of payment services; Affect the continuation of the operations of the payment institution; or Lead to refusal to approve the financial statements or to the expression of reservations. (3) The obligation referred to in subsection (2) applies to the auditor of a payment institution with regard to the facts or decisions he became aware of in the course of carrying out the audit of an undertaking which has close links resulting from means of control with the payment institution within the meaning given to the term close links and means of control mutatis mutandis, in section 2 of the Banking Law. (4) The obligation of confidentiality that the auditor may be subject to shall be deemed not to be breached as a result of the bona fide communication to the Central Bank of the aforementioned facts and decisions. The said communication shall not create any liability vis-à-vis the auditor. Activities. 12. (1). Subject to applicable law, payment institutions, apart from the provision of payment services, shall be entitled to engage in commercial business, including the operation of payment systems, which operation shall comply with the directive issued by the Central Bank by virtue of section 5 for harmonisation with Article 28 of Directive 2007/64/EC. (2) without prejudice to the requirement for prior authorisation for the engagement in a specific commercial business, payment institutions are entitled to provide operational and closely related ancillary services that facilitate the payment service provided. The Central Bank may issue directive to make this subsection more specific. (3) Payment institutions shall not be entitled to - 8(I) of (I) of 2006 Engage in the business of accepting deposits or other repayable funds within the meaning given to these terms by sections 2 and 3(1) of the Banking Law or sections 2 and 41A(1) of the Cooperative Credit Companies Law; and Maintain payment accounts which are not used exclusively for payment

13 transactions connected with the provision of payment services: Provided that the acceptance of any funds from payment service users in connection with the provision of payment services shall not constitute acceptance of either a deposit or other repayable funds within the meaning of paragraph, or of electronic money within the meaning of the Electronic Money Institutions Law of Annex. (4) Payment institutions are entitled to provide credit related to the provision of the payment services referred to in points 4, 5 or 7 of the Annex provided that any conditions prescribed by directive of the Central Bank are met. Decision taking. 13. Within three months of receiving a duly completed application for the authorisation of a payment institution, the Central Bank shall issue a decision on the application and shall inform the applicant whether the authorisation has been granted or refused. The application shall be deemed to have been duly completed only if it contains all the required information and is accompanied by all the information and documents prescribed in subsection (1) of section 7. A refusal to grant authorisation shall be duly justified. Changes to the information filed with the application. Extension of the authorisation of operation. Termination of authorisation to operate. 14. An authorised payment institution has, at all times, an obligation to notify the Central Bank within a reasonable period of any change in the accuracy of the information, the data and the documents submitted by virtue of subsection (1) of section In the event that a payment institution wishes to extend its authorisation to additional payment services it shall submit an application to the Central Bank accompanied by the information, data and documents provided for in subsection (1) of section 7. The Central Bank shall issue a decision regarding the application in accordance with the provisions of this Part. 16. (1) An authorisation granted to a payment institution shall be terminated immediately in the following cases: If the payment institution does not make use of its authorisation within 12 months from the date on which the authorisation was granted: Provided that if the payment institution makes partial use of the authorisation, the authorisation shall cease to be valid for those authorised services not provided. Where a payment institution expressly renounces the authorisation. Where a payment institution fails to provide any payment services for a period exceeding six months: Provided that if the payment institution fails to provide all of the authorised payment services, the authorisation shall cease to be valid for those authorised services not provided. (2) A payment institution shall inform the Central Bank about the termination of its authorisation. Withdrawal of authorisation. 158(I) of (1). Notwithstanding the general nature of section 54 of the General Principles of Administrative Law Law, the Central Bank may withdraw in whole or in part an authorisation granted to a payment institution where the payment institution: Was granted authorisation through false representations or other irregular means; fails to comply with the requirements of this Part; would constitute a threat to the stability of the payment system by continuing its

14 payment services business. (2) The Central Bank may specify the procedure to be followed for the withdrawal of an authorisation. (3) The withdrawal of an authorisation shall be duly justified and shall be notified to the payment institution, entered in the register of section 8 and publicised. (4) Following the full withdrawal of an authorisation, the undertaking shall remain under the supervision of the Central Bank until such time as the Central Bank is satisfied that it has ceased to provide payment services and that all relevant obligations have been settled. Suspension of authorisation and time limit for compliance. 18. The Central Bank may, instead of the withdrawal of an authorisation or at the time of commencement of withdrawal proceedings, suspend in whole or in part an authorisation. The Central Bank may set deadlines for compliance on the expiration of which and if no action is taken, it may suspend and/or withdraw the authorisation. Chapter C Other Requirements Agents and branches. 19. (1). Where a payment institution, established in the Republic, purports to provide payment services via an agent, it shall apply for the listing of the agent in the register referred to in section 8. The application shall be accompanied by the information prescribed by Central Bank directive. (2) The Central Bank shall not proceed with the registration of an agent unless it is fully satisfied that the information submitted under subsection (1) is correct and that the agent fulfils the criteria prescribed by Central Bank directive. The Central Bank may repeal the registration of an agent who has ceased to fulfil the said criteria. (3) If a payment institution wishes to provide payment services via an agent in another member state- It shall follow the procedures set out in section 23, mutatis mutandis, and The Central Bank shall not proceed to the registration of the agent before consulting with the competent authorities of the host member state taking into account their opinion. (4) A payment institution shall ensure that the branches or agents acting on its behalf shall inform payment service users accordingly before providing payment services to them. Outsourcing of operational functions. Liability. 20. Where a payment institution intends to outsource operational functions of payment services to third parties within or outside the Republic, it shall inform the Central Bank accordingly. The Central Bank may particularise by directive the meaning of operational functions and prescribe conditions for the outsourcing of these functions. 21. A payment institution shall be fully liable and without reservation- For the acts and omissions of its employees in the exercise of their duties, For the acts and omissions of its agents when they act on behalf of the payment institution, For the acts and omissions of its branches, (d) For the acts and omissions of any entity, to which operational functions have been outsourced, in the exercise of these functions

15 Maintenance of records. 188(I) of Without prejudice to the Prevention and Suppression of Money Laundering Activities Law and any other related legislation, payment institutions shall be required to maintain records for the purpose of sections 4 and 5 of this Part, for a period of at least five years. Part D - Freedom of establishment and freedom to provide services Payment institution authorised to operate in the Republic. 23. (1) A payment institution authorised by the Central Bank, wishing to provide payment services in another member state shall notify its intention to the Central Bank and shall provide any information the Central Bank shall stipulate in a directive: Provided that payment services may be provided in another member state either under the freedom of establishment or the freedom to provide services. (2) The Central Bank shall notify the competent authorities of the host member state of the following information within one month of receiving it: The name and address of the payment institution, the names of persons responsible for the management of the branch and/or agent, the payment institution s organisational structure, and (d) the payment services the payment institution intends to provide in the territory of the host member state. Provided that the payment institution may not commence providing payment services in the host member state before the aforementioned notification is made and provided that the Central Bank may, pursuant to section 81(3), prohibit a payment institution from providing payment services in another member state. Payment institution authorised to operate in another member state. 24. (1) Notwithstanding subsection (1) of section 6, a payment institution that has obtained and maintains an authorization from the competent authorities of a home member state other than the Republic, may provide payment services in the Republic either under the freedom of establishment or the freedom to provide services. (2) The competent authorities of the home member state shall notify the Central Bank of the following information: (d) The name and address of the payment institution, the names of the persons responsible for the management of the branch and/or agent, the payment institution s organisational structure, and the payment services the payment institution intends to provide in the Republic. Provided that the payment institution: may not commence providing services in the Republic before the aforementioned communication, and may not continue providing services in the Republic through a branch or agent after the withdrawal of registration of the branch or agent from the respective register of the home member state. Exchange of information. 25. Without prejudice to the general application of section 82, the Central Bank may inform the competent authorities and request from the competent authorities, as the case may be, of the home member state, of the host member state or of a future host

16 member state, any information relating to the payment institution, the agents and branches thereof as well as any third parties to which operational functions are outsourced by the payment institution. Part IV TRANSPARENCY OF CONDITIONS GOVERNING PAYMENT SERVICES AND AMENDMENT AND TERMINATION OF FRAMEWORK CONTRACTS Chapter A General Provisions Obligatory nature of the provisions of this Part. 26. This Part shall apply to single payment transactions, framework contracts and payment transactions covered by them. Any payment transaction and any term of a contact which conflicts with any provision of this Part shall be deemed null and void, unless - it is more favourable for the payment service user than the provision with which it conflicts; or the payment service user is a person other than a consumer or a micro enterprise. Charging for information. 27. (1) Payment service providers may not charge payment service users for providing information which they are obliged to provide or make available under this Part. (2) Payment service providers and payment service users may agree on charges for additional or more frequent information or transmission of information by means other than those stipulated in the framework contract; provided that this information is provided at the request of the payment service user. Charges must be reasonable and must be proportionate to the actual costs incurred by the payment service provider in providing the information. Burden of proof. 28. The payment service provider shall bear the burden of proof that he has complied with the information requirements set out in this Part. Chapter B - Single payment transactions Scope of application. 29. (1) This Chapter shall apply to single payment transactions not covered by a framework contract. (2) When a payment order for a single payment transaction is transmitted with a payment instrument covered by a framework contract between the payment service user and another payment service provider, the payment service provider for the single payment transaction shall not be obliged to provide or make available information which is already given or will be given to the payment service user on the basis of a framework contract. Obligation and manner of providing information (general) 30. (1) Payment service providers shall make available the information and conditions specified in sections 31 to 33 to payment service users in an easily accessible manner. At the payment service user's request, the payment service provider shall provide the information and conditions on paper or on another durable medium. (2) The information and conditions shall be made available or given in accordance with subsection (1) in easily understandable words and in a clear and comprehensible form in an official language of the Member State where the payment service is offered or in any other language agreed between the parties. (3) Payment service providers may provide an outline of a single payment service contract or an outline of a payment order for discharging their obligations in connection with the information and conditions referred to in section 31,. Information prior to the setting 31. (1) The following information and conditions shall be given or made accessible to

17 up of a contract. payment service users before they are bound by any single payment service contract or offer: (d) a specification of the information or unique identifier that has to be provided by the payment service user in order for a payment order to be properly executed; the maximum execution time for the payment service to be provided; all charges payable by the payment service user to his payment service provider and, where applicable, the breakdown of the amounts of any charges; this information shall include the commission of the payment service provider as well as any charges, duty, fees and costs payable; where applicable, the actual or reference exchange rate to be applied to the payment transaction; (e) any other relevant terms and information specified in section 36. (2) If the single payment contract has been concluded at the request of the payment service user using a means of distance communication which does not enable the payment service provider to make the information and conditions available to the user in accordance with subsection (1) before the contract is concluded, the payment service provider shall fulfil his obligations immediately after the execution of the payment transaction. Information to the payer following receipt of the payment order. 32. Immediately after receipt of the payment order, the payer's payment service provider shall provide or make available to the payer, the following information and conditions: A reference enabling the payer to identify the payment transaction and, where appropriate, information relating to the payee; the amount of the payment transaction in the currency used in the payment order; the amount of any charges for the payment transaction payable by the payer and, where applicable, a breakdown of any such charges; (d) where applicable, the exchange rate used in the payment transaction by the payer's payment service provider or a reference thereto, if different from the rate provided for information in accordance with paragraph (d) of subsection (1) of section 31, and the amount of the payment transaction after that currency conversion; and (e) the date of receipt of the payment order. Information to the payee after execution of the payment order. 33. Immediately after the execution of the payment order, the payee's payment service provider shall provide or make available to the payee, the following information and conditions: The reference enabling the payee to identify the payment transaction and, where appropriate, the payer and any information transferred with the payment transaction; the amount of the payment transaction in the currency in which the funds are at the payee's disposal; the amount of any charges for the payment transaction payable by the payee and, where applicable, a breakdown of the amount of such charges; (d) where applicable, the exchange rate used in the payment transaction by the payee's payment service provider and the amount of the payment transaction before that currency conversion; and

18 (e) the credit value date, in cases where a value date is applied by the payment service provider. Part C Framework Contracts Scope of application. Obligation and manner of the provision of information (general) 34. This Chapter applies to payment transactions covered by a framework contract. 35. (1) Payment service providers shall make available to the payment service user the information and conditions referred to in sections 36, 39, 40, 41 and 42, in an easily accessible manner at the time provided for in each case, on paper or on another durable medium. The information and conditions shall be given in easily understandable words and in a clear and comprehensible form, in an official language of the Member State where the payment service is offered or in any other language agreed between the parties. (2) Payment service providers may provide an outline of the framework contract including the information and conditions specified in section 36 for the discharge of their obligations in connection with the information and conditions referred to in section 36. Information provided before the user becomes bound by an offer or framework contract. 36. (1) Payment service users shall be provided with the following information and conditions in good time before they are bound by an offer or framework contract: In connection with the payment service provider: (i) (ii) (i) (ii) (iii) the name of the payment service provider, the geographical address of its head office and, where applicable, the geographical address of its agent or branch in the Member State where the payment service is offered, and any other address, including electronic mail address, for communication with the payment service provider; and the particulars of the designated supervisory authority and of the register provided for in section 8 or of any other relevant public register where the authorisation of the payment service provider is listed as well as the registration number, or equivalent means of identification in that register; in connection with the utilisation of the payment service: the main characteristics of the payment service to be provided; specification of the data or the unique identifier, as the case might be, that the payment service user needs to provide for a payment order to be properly executed; the type of and the procedure for notification of the consent for the execution of a payment transaction and for the withdrawal of such consent pursuant to sections 53 and 60; (iv) reference to the point in time of the receipt of a payment order as defined in section 59; (v) (vi) the cut-off time for daily work, if any, in connection with the payment service provided; the maximum execution time for the payment services to be provided; and (vii) the possibility to agree on spending limits for the use of the payment instrument in accordance with subsection (1) of section 54; In connection with charges, interest and exchange rates:

19 (i) (ii) all charges payable by the payment service user to the payment service provider and, where applicable, the breakdown of the amounts of any charges; this information shall contain both the commission of the payment service provider ands all fees, duty, charges and costs payable; where applicable, the interest and exchange rates to be applied, or in the case where reference interest and exchange rates are to be used, the method of calculating the actual interest, and the relevant date and index or the basis for determining such reference interest rate. In the case where a reference exchange rate is to be used, the date and the index or the basis for determining such reference interest or exchange rate; and (iii) if agreed, the immediate application of changes in reference interest or exchange rate and information requirements relating to the changes in accordance with subsections (3) to (6) of section 42; (d) (i) in connection with communication: where applicable, the means of communication, including the technical requirements for the payment service user's equipment, agreed between the parties for the transmission of information or notifications under this Law; (ii) the manner in and frequency with which information under this Law is to be provided or made available; (iii) the language or languages of the framework contract and for communication during the contractual relationship; and (iv) the payment service user's right to receive the terms of the framework contract and information and conditions in accordance with section 38; (e) (i) (ii) (iii) in connection with the safe keeping of the payment instrument and corrective measures to be taken: where applicable, the steps that the payment service user has to take for the safe keeping of a payment instrument and the procedure for notifying the payment service provider for the purposes of paragraph of section 55; if agreed, the right of the payment service provider to suspend the use of a payment instrument in accordance with subsections (2) to (4) of section 54 and the conditions under which such right is to be exercised; the liability of the payment service provider in accordance with subsection (1) of section 57, for payment transactions carried out without the payer s authorisation; (iv) conditions and extent under which the payer is charged in accordance with subsections (2) to (5) of section 57; (v) the means and the deadline within which the payment service user is to notify the payment service provider of an unauthorised or erroneously executed payment transaction or for unauthorised payment transactions in accordance with section 50; (vi) the liability of the payment service provider for the execution of payment transactions in accordance with sections 69 to 71; and (vii) the conditions for refund in accordance with section 58; (f) In connection with amendments to the framework contract and right of termination thereof: (i) The content of the agreement in accordance with subsection (2) of section 42;

20 (ii) (iii) the duration of the contract; and the right of the payment service user to terminate the framework contract as well as the content of any agreement relating to termination in accordance with subsection (2) of section 42 and section 43; (g) In connection with filing of complaints and redress : (i) (ii) any contractual clause on the choice of applicable law; any jurisdiction clause; and (iii) the out-of-court complaint and redress procedures available to the payment service user in accordance with Part IX. Framework contract concluded using means of distance communication. Repetition of information. Information before execution of individual payment transactions. 37. If the framework contract has been concluded at the request of the payment service user using a means of distance communication which does not enable the payment service provider to provide the information and conditions referred to in section 36 before the framework contract is prepared, the payment service provider shall fulfil his obligations under that section immediately after the conclusion of the framework contract. 38. At any time during the contractual relationship the payment service user shall have a right to receive, on request, the terms of the framework contract as well as the information and conditions specified in section 36 on paper or on another durable medium. 39. Before the execution of an individual payment transaction covered by a framework contract and which is initiated by the payer, the payment service provider shall, on request, provide the payer with the following information for the specific payment transaction: the maximum execution time; the charges payable by the payer and; where applicable, a breakdown of the amounts of any charges. Information to the payer on individual payment transactions. 40. (1) After the payer s account is debited with the amount of an individual payment transaction or, where the payer does not use a payment account, after the receipt of the payment order, the payer's payment service provider shall provide the payer without undue delay with the following information: information enabling the payer to identify the payment transaction and, where appropriate, information relating to the payee; the amount of the payment transaction in the currency in which the payer's payment account is debited or in the currency used for the payment order; the amount of any charges for the payment transaction and, where applicable, a breakdown thereof, or the interest payable by the payer; (d) where applicable, the exchange rate used in the payment transaction by the payer's payment service provider, and the amount of the payment transaction after that currency conversion; and (e) the debit value date or the date of receipt of the payment order. (2) Notwithstanding subsection (1) of section 35, a framework contract may include a condition that the information referred to in subsection (1) is to be provided or made available periodically at least once a month and in an agreed manner which allows the payer to store and reproduce information unchanged. Information to the payee on 41. (1) After the execution of an individual payment transaction, the payee's payment

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