Table of Contents
Payment Services Regulations 2009 [SI 2009 No. 209]Introductory TextPart 1 Introductory provisions (regs. 1-3)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Exemption for certain bodiesPart 2 Registration (regs. 4-17)The register (reg. 4)Regulation 4 The register of certain payment service providersAuthorisation as a payment institution (regs. 5-11)Regulation 5 Application for authorisation as a payment institution or variation of an existing authorisationRegulation 6 Conditions for authorisation as a payment institutionRegulation 7 Imposition of requirementsRegulation 8 Variation etc at request of authorised payment institutionRegulation 9 Determination of application for authorisation or variation of authorisationRegulation 10 Cancellation of authorisationRegulation 10A Request for cancellation of authorisationRegulation 11 Variation of authorisation on Authority's own initiativeRegistration as a small payment institution (regs. 12-15)Regulation 12 Application for registration as a small payment institution or variation of an existing registrationRegulation 13 Conditions for registration as a small payment institutionRegulation 14 Supplementary provisionsRegulation 15 Application for authorisation as a payment institution where the financial limit is exceededCommon provisions (regs. 16-17)Regulation 16 Duty to notify changesRegulation 17 Authorised payment institutions and small payment institutions acting without permissionPart 3 Authorised payment institutions (regs. 18-26)Regulation 18 Capital requirementsRegulation 19 Safeguarding requirementsRegulation 20 Accounting and statutory auditRegulation 21 OutsourcingRegulation 22 Record keepingExercise of passport rights (regs. 23-26)Regulation 23 Notice of intentionRegulation 24 Registration of EEA branchRegulation 25 Supervision of firms exercising passport rightsRegulation 26 Carrying on of Consumer Credit Act business by EEA authorised payment institutionsPart 4 Provisions applicable to authorised payment institutions and small payment institutions (regs. 27-32)Regulation 27 Additional activitiesRegulation 28 Payment accounts and sums received for the execution of payment transactionsRegulation 29 Use of agentsRegulation 30 Removal of agent from registerRegulation 31 RelianceRegulation 32 Duty to notify change in circumstancePart 5 Information requirements for payment services (regs. 33-50)Application (regs. 33-35)Regulation 33 Application of Part 5Regulation 34 Disapplication of certain regulations in the case of consumer credit agreementsRegulation 35 Disapplication of certain regulations in the case of low-value payment instrumentsSingle payment service contracts (regs. 36-39)Regulation 36 Information required prior to the conclusion of a single payment service contractRegulation 37 Information required after receipt of the payment orderRegulation 38 Information for the payee after executionRegulation 39 Avoidance of duplication of informationFramework contracts (regs. 40-46)Regulation 40 Prior general information for framework contractsRegulation 41 Information during period of contractRegulation 42 Changes in contractual informationRegulation 43 Termination of framework contractRegulation 44 Information prior to execution of individual payment transactionRegulation 45 Information for the payer on individual payment transactionsRegulation 46 Information for the payee on individual payment transactionsCommon provisions (regs. 47-50)Regulation 47 Communication of informationRegulation 48 Charges for informationRegulation 49 Currency and currency conversionRegulation 50 Information on additional charges or reductionsPart 6 Rights and obligations in relation to the provision of payment services (regs. 51-79)Application (regs. 51-53)Regulation 51 Application of Part 6Regulation 52 Disapplication of certain regulations in the case of consumer credit agreementsRegulation 53 Disapplication of certain regulations in the case of low value payment instrumentsCharges (reg. 54)Regulation 54 ChargesAuthorisation of payment transactions (regs. 55-64)Regulation 55 Consent and withdrawal of consentRegulation 56 Limits on the use of payment instrumentsRegulation 57 Obligations of the payment service user in relation to payment instrumentsRegulation 58 Obligations of the payment service provider in relation to payment instrumentsRegulation 59 Notification of unauthorised or incorrectly executed payment transactionsRegulation 60 Evidence on authentication and execution of payment transactionsRegulation 61 Payment service provider's liability for unauthorised payment transactionsRegulation 62 Payer's liability for unauthorised payment transactionRegulation 63 Refunds for payment transactions initiated by or through a payeeRegulation 64 Requests for refunds for payment transactions initiated by or through a payeeExecution of payment transactions (regs. 65-68)Regulation 65 Receipt of payment ordersRegulation 66 Refusal of payment ordersRegulation 67 Revocation of a payment orderRegulation 68 Amounts transferred and amounts receivedExecution time and value date (regs. 69-73)Regulation 69 Application of regulations 70 to 72Regulation 70 Payment transactions to a payment accountRegulation 71 Absence of payee's payment account with the payment service providerRegulation 72 Cash placed on a payment accountRegulation 73 Value date and availability of fundsLiability (regs. 74-79)Regulation 74 Incorrect unique identifiersRegulation 75 Non-execution or defective execution of payment transactions initiated by the payerRegulation 76 Non-execution or defective execution of payment transactions initiated by the payeeRegulation 77 Liability of payment service provider for charges and interestRegulation 78 Right of recourseRegulation 79 Force majeurePart 7 The Authority (regs. 80-95)The functions of the Authority (regs. 80-80A)Regulation 80 Functions of the AuthorityRegulation 80A. Application of this Part to requirements of the Interchange Fee RegulationSupervision and enforcement (regs. 81-91)Regulation 81 Monitoring and enforcementRegulation 82 Reporting requirementsRegulation 83 Entry, inspection without a warrant etcRegulation 84 Public censureRegulation 85 Financial penaltiesRegulation 86 Proposal to take disciplinary measuresRegulation 87 InjunctionsRegulation 88 Power of Authority to require restitutionRegulation 89 Proposal to require restitutionRegulation 90 Restitution ordersRegulation 91 ComplaintsMiscellaneous (regs. 92-95)Regulation 92 Costs of supervisionRegulation 92A. Credit agreementsRegulation 93 GuidanceRegulation 94 Authority's exemption from liability in damagesRegulation 95 Application and modification of primary and secondary legislationPart 8 Access to payment systems (regs. 96-109)General (regs. 96-97)Regulation 96 Application of Part 8Regulation 97 Prohibition on restrictive rules on access to payment systemsSupervision and enforcement (regs. 98-105)Regulation 98 Power of Payment Systems Regulator to investigateRegulation 99 Payment Systems Regulator power to require informationRegulation 100 Failure to comply with information requirementRegulation 101 Privileged communicationsRegulation 102 Notice of Payment Systems Regulator decisionRegulation 103 Publication of Payment Systems Regulator decisionRegulation 104 Enforcement of decisionsRegulation 105 Power of Payment Systems Regulator to impose financial penaltiesMiscellaneous (regs. 106-109A)Regulation 106 Appeal to the Competition Appeal TribunalRegulation 107 Disclosure of information by Payment Systems RegulatorRegulation 108 DefamationRegulation 109 GuidanceRegulation 109A. Payment Systems Regulator's arrangements for discharging functions, funding and exemption from liability in damagesPart 9 General (regs. 110-127)Criminal offences (regs. 110-118)Regulation 110 Prohibition on provision of payment services by persons other than payment service providersRegulation 111 False claims to be a payment service provider or exemptRegulation 112 DefencesRegulation 113 Contravention of regulations 49 and 50Regulation 114 Misleading the Authority or the Payment Systems RegulatorRegulation 115 Restriction on penaltiesRegulation 116 Liability of officers of bodies corporate etcRegulation 117 Prosecution of offencesRegulation 118 Proceedings against unincorporated bodiesDuties of the Authority, the Commissioners and the OFT to cooperate (reg. 119)Regulation 119 Duty to co-operate and exchange of informationActions for breach of requirements (reg. 120)Regulation 120 Right to bring actionsTransitional provisions (regs. 121-125B)Regulation 121 Transitional provisions: deemed authorisationRegulation 122 Transitional provisions: requirement to be authorised as a payment institutionRegulation 123 Transitional provisions: requirement to be registered as a small payment institutionRegulation 124 Transitional provisions: early applicationsRegulation 125 Transitional provisions: the ombudsman schemeRegulation 125A. Transitional provisions: small payment institutions registered before 1st October 2012 and applications pending on that dateRegulation 125B. Transitional provisions: references to the AuthorityAmendments to primary and secondary legislation (reg. 126)Regulation 126 Amendments to primary and secondary legislationGibraltar (reg. 127)Regulation 127 Application to GibraltarSchedule 1 Payment servicesSchedule 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 authorisationSchedule 3 Capital requirementsSchedule 3, Part 1 Initial capital (paras. 1-2)Schedule 3, Part 2 Own Funds (paras. 3-19)Schedule 4 Prior general information for framework contractsSchedule 4A. Credit agreementsSchedule 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 legislationSchedule 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 legislationSchedule 6, Part 1 Amendments to primary legislation (para. 1)Schedule 6, Part 2 Amendments to secondary legislation (paras. 2-6)Schedule 7SignatureExplanatory NoteExplanatory Memorandum
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Regulation 19 Safeguarding requirements
Revoked from 13 January 2018
[deleted]