Payment Services Regulations 2009 [SI 2009 No. 209]

Version status: Revoked | Document consolidation status: Updated to reflect all known changes

Published date: 9 February 2009

Payment Services Regulations 2009 [SI 2009 No. 209]

	Introductory Text
	Part 1 Introductory provisions (regs. 1-3)
	Regulation 1 Citation and commencement
	Regulation 2 Interpretation
	Regulation 3 Exemption for certain bodies
	Part 2 Registration (regs. 4-17)
	The register (reg. 4)
	Regulation 4 The register of certain payment service providers
	Authorisation as a payment institution (regs. 5-11)
	Regulation 5 Application for authorisation as a payment institution or variation of an existing authorisation
	Regulation 6 Conditions for authorisation as a payment institution
	Regulation 7 Imposition of requirements
	Regulation 8 Variation etc at request of authorised payment institution
	Regulation 9 Determination of application for authorisation or variation of authorisation
	Regulation 10 Cancellation of authorisation
	Regulation 10A Request for cancellation of authorisation
	Regulation 11 Variation of authorisation on Authority's own initiative
	Registration as a small payment institution (regs. 12-15)
	Regulation 12 Application for registration as a small payment institution or variation of an existing registration
	Regulation 13 Conditions for registration as a small payment institution
	Regulation 14 Supplementary provisions
	Regulation 15 Application for authorisation as a payment institution where the financial limit is exceeded
	Common provisions (regs. 16-17)
	Regulation 16 Duty to notify changes
	Regulation 17 Authorised payment institutions and small payment institutions acting without permission
	Part 3 Authorised payment institutions (regs. 18-26)
	Regulation 18 Capital requirements
	Regulation 19 Safeguarding requirements
	Regulation 20 Accounting and statutory audit
	Regulation 21 Outsourcing
	Regulation 22 Record keeping
	Exercise of passport rights (regs. 23-26)
	Regulation 23 Notice of intention
	Regulation 24 Registration of EEA branch
	Regulation 25 Supervision of firms exercising passport rights
	Regulation 26 Carrying on of Consumer Credit Act business by EEA authorised payment institutions
	Part 4 Provisions applicable to authorised payment institutions and small payment institutions (regs. 27-32)
	Regulation 27 Additional activities
	Regulation 28 Payment accounts and sums received for the execution of payment transactions
	Regulation 29 Use of agents
	Regulation 30 Removal of agent from register
	Regulation 31 Reliance
	Regulation 32 Duty to notify change in circumstance
	Part 5 Information requirements for payment services (regs. 33-50)
	Application (regs. 33-35)
	Regulation 33 Application of Part 5
	Regulation 34 Disapplication of certain regulations in the case of consumer credit agreements
	Regulation 35 Disapplication of certain regulations in the case of low-value payment instruments
	Single payment service contracts (regs. 36-39)
	Regulation 36 Information required prior to the conclusion of a single payment service contract
	Regulation 37 Information required after receipt of the payment order
	Regulation 38 Information for the payee after execution
	Regulation 39 Avoidance of duplication of information
	Framework contracts (regs. 40-46)
	Regulation 40 Prior general information for framework contracts
	Regulation 41 Information during period of contract
	Regulation 42 Changes in contractual information
	Regulation 43 Termination of framework contract
	Regulation 44 Information prior to execution of individual payment transaction
	Regulation 45 Information for the payer on individual payment transactions
	Regulation 46 Information for the payee on individual payment transactions
	Common provisions (regs. 47-50)
	Regulation 47 Communication of information
	Regulation 48 Charges for information
	Regulation 49 Currency and currency conversion
	Regulation 50 Information on additional charges or reductions
	Part 6 Rights and obligations in relation to the provision of payment services (regs. 51-79)
	Application (regs. 51-53)
	Regulation 51 Application of Part 6
	Regulation 52 Disapplication of certain regulations in the case of consumer credit agreements
	Regulation 53 Disapplication of certain regulations in the case of low value payment instruments
	Charges (reg. 54)
	Regulation 54 Charges
	Authorisation of payment transactions (regs. 55-64)
	Regulation 55 Consent and withdrawal of consent
	Regulation 56 Limits on the use of payment instruments
	Regulation 57 Obligations of the payment service user in relation to payment instruments
	Regulation 58 Obligations of the payment service provider in relation to payment instruments
	Regulation 59 Notification of unauthorised or incorrectly executed payment transactions
	Regulation 60 Evidence on authentication and execution of payment transactions
	Regulation 61 Payment service provider's liability for unauthorised payment transactions
	Regulation 62 Payer's liability for unauthorised payment transaction
	Regulation 63 Refunds for payment transactions initiated by or through a payee
	Regulation 64 Requests for refunds for payment transactions initiated by or through a payee
	Execution of payment transactions (regs. 65-68)
	Regulation 65 Receipt of payment orders
	Regulation 66 Refusal of payment orders
	Regulation 67 Revocation of a payment order
	Regulation 68 Amounts transferred and amounts received
	Execution time and value date (regs. 69-73)
	Regulation 69 Application of regulations 70 to 72
	Regulation 70 Payment transactions to a payment account
	Regulation 71 Absence of payee's payment account with the payment service provider
	Regulation 72 Cash placed on a payment account
	Regulation 73 Value date and availability of funds
	Liability (regs. 74-79)
	Regulation 74 Incorrect unique identifiers
	Regulation 75 Non-execution or defective execution of payment transactions initiated by the payer
	Regulation 76 Non-execution or defective execution of payment transactions initiated by the payee
	Regulation 77 Liability of payment service provider for charges and interest
	Regulation 78 Right of recourse
	Regulation 79 Force majeure
	Part 7 The Authority (regs. 80-95)
	The functions of the Authority (regs. 80-80A)
	Regulation 80 Functions of the Authority
	Regulation 80A. Application of this Part to requirements of the Interchange Fee Regulation
	Supervision and enforcement (regs. 81-91)
	Regulation 81 Monitoring and enforcement
	Regulation 82 Reporting requirements
	Regulation 83 Entry, inspection without a warrant etc
	Regulation 84 Public censure
	Regulation 85 Financial penalties
	Regulation 86 Proposal to take disciplinary measures
	Regulation 87 Injunctions
	Regulation 88 Power of Authority to require restitution
	Regulation 89 Proposal to require restitution
	Regulation 90 Restitution orders
	Regulation 91 Complaints
	Miscellaneous (regs. 92-95)
	Regulation 92 Costs of supervision
	Regulation 92A. Credit agreements
	Regulation 93 Guidance
	Regulation 94 Authority's exemption from liability in damages
	Regulation 95 Application and modification of primary and secondary legislation
	Part 8 Access to payment systems (regs. 96-109)
	General (regs. 96-97)
	Regulation 96 Application of Part 8
	Regulation 97 Prohibition on restrictive rules on access to payment systems
	Supervision and enforcement (regs. 98-105)
	Regulation 98 Power of Payment Systems Regulator to investigate
	Regulation 99 Payment Systems Regulator power to require information
	Regulation 100 Failure to comply with information requirement
	Regulation 101 Privileged communications
	Regulation 102 Notice of Payment Systems Regulator decision
	Regulation 103 Publication of Payment Systems Regulator decision
	Regulation 104 Enforcement of decisions
	Regulation 105 Power of Payment Systems Regulator to impose financial penalties
	Miscellaneous (regs. 106-109A)
	Regulation 106 Appeal to the Competition Appeal Tribunal
	Regulation 107 Disclosure of information by Payment Systems Regulator
	Regulation 108 Defamation
	Regulation 109 Guidance
	Regulation 109A. Payment Systems Regulator's arrangements for discharging functions, funding and exemption from liability in damages
	Part 9 General (regs. 110-127)
	Criminal offences (regs. 110-118)
	Regulation 110 Prohibition on provision of payment services by persons other than payment service providers
	Regulation 111 False claims to be a payment service provider or exempt
	Regulation 112 Defences
	Regulation 113 Contravention of regulations 49 and 50
	Regulation 114 Misleading the Authority or the Payment Systems Regulator
	Regulation 115 Restriction on penalties
	Regulation 116 Liability of officers of bodies corporate etc
	Regulation 117 Prosecution of offences
	Regulation 118 Proceedings against unincorporated bodies
	Duties of the Authority, the Commissioners and the OFT to cooperate (reg. 119)
	Regulation 119 Duty to co-operate and exchange of information
	Actions for breach of requirements (reg. 120)
	Regulation 120 Right to bring actions
	Transitional provisions (regs. 121-125B)
	Regulation 121 Transitional provisions: deemed authorisation
	Regulation 122 Transitional provisions: requirement to be authorised as a payment institution
	Regulation 123 Transitional provisions: requirement to be registered as a small payment institution
	Regulation 124 Transitional provisions: early applications
	Regulation 125 Transitional provisions: the ombudsman scheme
	Regulation 125A. Transitional provisions: small payment institutions registered before 1st October 2012 and applications pending on that date
	Regulation 125B. Transitional provisions: references to the Authority
	Amendments to primary and secondary legislation (reg. 126)
	Regulation 126 Amendments to primary and secondary legislation
	Gibraltar (reg. 127)
	Regulation 127 Application to Gibraltar
	Schedule 1 Payment services
	Schedule 1, Part 1 Payment services (para. 1)
	Schedule 1, Part 2 Activities which do not constitute payment services (para. 2)
	Schedule 2 Information to be included in or with an application for authorisation
	Schedule 3 Capital requirements
	Schedule 3, Part 1 Initial capital (paras. 1-2)
	Schedule 3, Part 2 Own Funds (paras. 3-19)
	Schedule 4 Prior general information for framework contracts
	Schedule 4A. Credit agreements
	Schedule 4A, Part 1 Prohibitions and restrictions (paras. 1-2)
	Schedule 4A, Part 2 Procedure and appeals (paras. 3-6)
	Schedule 5 Application and modification of legislation
	Schedule 5, Part 1 Application and modification of the 2000 Act (paras. 1-8)
	Schedule 5, Part 2 Application and modification of secondary legislation (paras. 9-10)
	Schedule 6 Amendments to primary and secondary legislation
	Schedule 6, Part 1 Amendments to primary legislation (para. 1)
	Schedule 6, Part 2 Amendments to secondary legislation (paras. 2-6)
	Schedule 7
	Signature
	Explanatory Note
	Explanatory Memorandum