European Union (Payment Services) Regulations 2018 [S.I. No. 6 of 2018]

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

Published date: 12 January 2018

European Union (Payment Services) Regulations 2018 [S.I. No. 6 of 2018]

	Introductory Text
	Part 1 Preliminary (regs. 1-5)
	Regulation 1 Citation and commencement
	Regulation 2 Interpretation
	Regulation 3 Application of certain provisions of these Regulations
	Regulation 4 Payment transactions, etc., to which these Regulations do not apply
	Regulation 5 Relationship with Consumer Credit Act 1995
	Part 2 Payment Service Providers (regs. 6-61)
	Chapter 1 Right to Provide Payment Services (reg. 6)
	Regulation 6 Payment service providers
	Chapter 2 Payment Institutions (regs. 7-42)
	Regulation 7 Applications for authorisation
	Regulation 8 Initial capital
	Regulation 9 Own funds
	Regulation 10 Basis for calculation of own funds
	Regulation 11 Calculation of own funds - directions
	Regulation 12 Method A
	Regulation 13 Method B
	Regulation 14 Method C
	Regulation 15 Scaling factor
	Regulation 16 Adjustment to own funds requirement
	Regulation 17 Safeguarding requirements
	Regulation 18 Granting of authorisation
	Regulation 19 Conditions
	Regulation 20 Separate entity
	Regulation 21 Head office
	Regulation 22 Adjustments to business plan
	Regulation 23 Communication of decision
	Regulation 24 Withdrawal of authorisation
	Regulation 25 Register
	Regulation 26 European Banking Authority Register
	Regulation 27 Maintenance of authorisation
	Regulation 28 Accounting and statutory audit
	Regulation 29 Activities
	Regulation 30 Use of agents, branches or entities to which activities are outsourced
	Regulation 31 Liability
	Regulation 32 Record-keeping
	Regulation 33 Competent authority
	Regulation 34 Supervision
	Regulation 35 Appealable decisions
	Regulation 36 Settlement of disagreements between competent authorities of different Member States
	Regulation 37 Application to exercise the right of establishment and freedom to provide services
	Regulation 38 Supervision of payment institutions exercising the right of establishment and freedom to provide services
	Regulation 39 Measures in case of non-compliance, including precautionary measures
	Regulation 40 Reasons and communication
	Regulation 41 Conditions (small payment institutions)
	Regulation 42 Account information service providers
	Chapter 3 Common Provisions (regs. 43-46)
	Regulation 43 Access to payment systems
	Regulation 44 Access to accounts maintained with a credit institution
	Regulation 45 Notification of use of limited network exclusion
	Regulation 46 Notification of use of electronic communications exclusion
	Chapter 4 Control of Shareholding (regs. 47-61)
	Regulation 47 Control of shareholding - Interpretation
	Regulation 48 Restrictions on acquiring and disposing of qualifying holdings in payment institutions
	Regulation 49 Application to court where no notification given
	Regulation 50 Payment institution to provide information in relation to certain acquisitions and disposals
	Regulation 51 Period for assessment of proposed acquisition
	Regulation 52 Assessment of proposed acquisitions
	Regulation 53 Bank to cooperate with competent authorities of other Member States in certain cases
	Regulation 54 Notice of Bank's decision
	Regulation 55 Bank may fix period for completion of acquisition
	Regulation 56 Bank may impose conditions
	Regulation 57 Bank may oppose certain acquisitions
	Regulation 58 Circumstances in which proposed acquisition may be completed
	Regulation 59 Effect of section 450 of Companies Act 2014
	Regulation 60 Payment institutions to provide information about shareholdings, etc.
	Regulation 61 Power of court to make certain orders
	Part 3 Transparency of Conditions and Information Requirements for Payment Services (regs. 62-84)
	Chapter 1 General Rules (regs. 62-66)
	Regulation 62 Scope
	Regulation 63 Operation of other legislative provisions
	Regulation 64 Charges for information
	Regulation 65 Burden of proof on information requirements
	Regulation 66 Derogation from information requirements for low-value payment instruments and electronic money
	Chapter 2 Single Payment Transactions (regs. 67-73)
	Regulation 67 Scope
	Regulation 68 Prior general information
	Regulation 69 Information
	Regulation 70 Information for the payer and payee after the initiation of a payment order
	Regulation 71 Information for payer's account servicing payment service provider
	Regulation 72 Information for the payer after receipt of the payment order
	Regulation 73 Information for the payee after execution
	Chapter 3 Framework Contracts (regs. 74-82)
	Regulation 74 Scope
	Regulation 75 Prior general information
	Regulation 76 Information
	Regulation 77 Accessibility of information and conditions of the framework contract
	Regulation 78 Changes in conditions of the framework contract
	Regulation 79 Termination
	Regulation 80 Information before execution of individual payment transactions
	Regulation 81 Information for the payer on individual payment transactions
	Regulation 82 Information for the payee on individual payment transactions
	Chapter 4 Common Provisions (regs. 83-84)
	Regulation 83 Currency and currency conversion
	Regulation 84 Information on additional charges or reductions
	Part 4 Rights and Obligations in Relation to the Provision and use of Payment Services (regs. 85-135)
	Chapter 1 Common provisions (regs. 85-87)
	Regulation 85 Scope
	Regulation 86 Charges applicable
	Regulation 87 Derogation for low-value payment instruments and electronic money
	Chapter 2 Authorisation of payment transactions (regs. 88-101)
	Regulation 88 Consent and withdrawal of consent
	Regulation 89 Confirmation on the availability of funds
	Regulation 90 Rules on access to payment account in the case of payment initiation services
	Regulation 91 Rules on access to and use of payment account information in the case of account information services
	Regulation 92 Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
	Regulation 93 Obligations of the payment service user in relation to payment instruments and personalised security credentials
	Regulation 94 Obligations of the payment service provider in relation to payment instruments
	Regulation 95 Notification and rectification of unauthorised or incorrectly executed payment transactions
	Regulation 96 Evidence on authentication and execution of payment transactions
	Regulation 97 Payment service provider's liability for unauthorised payment transactions
	Regulation 98 Payer's liability for unauthorised payment transactions
	Regulation 99 Payment transactions where the transaction amount is not known in advance
	Regulation 100 Refunds for payment transactions initiated by or through a payee
	Regulation 101 Requests for refunds for payment transactions initiated by or through a payee
	Chapter 3 Execution of payment transactions (regs. 102-116)
	Regulation 102 Receipt of payment orders
	Regulation 103 Refusal of payment orders
	Regulation 104 Irrevocability of a payment order
	Regulation 105 Amounts transferred and amounts received
	Regulation 106 Scope of Regulations 107 to 110
	Regulation 107 Payment transactions to a payment account
	Regulation 108 Absence of payee's payment account with the payment service provider
	Regulation 109 Cash placed on a payment account
	Regulation 110 Value date and availability of funds
	Regulation 111 Incorrect unique identifiers
	Regulation 112 Payment service providers' liability for non-execution, defective or late execution of payment transactions
	Regulation 113 Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions
	Regulation 114 Additional financial compensation
	Regulation 115 Right of recourse
	Regulation 116 Abnormal and unforeseeable circumstances
	Chapter 4 Data protection (reg. 117)
	Regulation 117 Data protection
	Chapter 5 Operational and security risks and authentication (regs. 118-120)
	Regulation 118 Management of operational and security risks
	Regulation 119 Incident reporting
	Regulation 120 Authentication
	Chapter 6 Infringements, supervision, dispute resolution and enforcement (regs. 121-135)
	Regulation 121 Reporting of infringements
	Regulation 122 Supervision
	Regulation 123 Bank's power to give directions
	Regulation 124 Dispute resolution
	Regulation 125 Alternative dispute resolution procedures
	Regulation 126 Offence - operation as a payment institution without authorisation, etc.
	Regulation 127 Offence - false or misleading information in application
	Regulation 128 Offence - misappropriation of users' funds
	Regulation 129 Offence - failure to inform Bank of relevant changes, etc.
	Regulation 130 Offence - failure to keep appropriate records
	Regulation 131 Offence - provision of false or misleading information under Regulation 122(a)
	Regulation 132 Prosecution of offences
	Regulation 133 Publication of information
	Regulation 134 Penalties
	Regulation 135 Offences by bodies corporate and managers etc.
	Part 5 Consumer Rights Information (reg. 136)
	Regulation 136 Obligation to inform consumers of their rights
	Part 6 Final Provisions (regs. 137-145)
	Regulation 137 Derogation
	Regulation 138 Revocation
	Regulation 139 Saver
	Regulation 140 Transitional provisions
	Regulation 141 Amendment of European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004
	Regulation 142 Amendment of European Communities (Electronic Money) Regulations 2011
	Regulation 143 Amendment of European Union (Capital Requirements) Regulations 2014
	Regulation 144 Amendment of Act of 1942 - professional secrecy
	Regulation 145 Amendment of Act of 1942 - insertion of references
	Schedule - Payment Services
	Given under
	Explanatory Note

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European Union (Payment Services) Regulations 2018 [S.I. No. 6 of 2018]

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Document Overview

European Union (Payment Services) Regulations 2018 [S.I. No. 6 of 2018]

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