Table of Contents
European Union (Payment Services) Regulations 2018 [S.I. No. 6 of 2018]Introductory TextPart 1 Preliminary (regs. 1-5)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Application of certain provisions of these RegulationsRegulation 4 Payment transactions, etc., to which these Regulations do not applyRegulation 5 Relationship with Consumer Credit Act 1995Part 2 Payment Service Providers (regs. 6-61)Chapter 1 Right to Provide Payment Services (reg. 6)Regulation 6 Payment service providersChapter 2 Payment Institutions (regs. 7-42)Regulation 7 Applications for authorisationRegulation 8 Initial capitalRegulation 9 Own fundsRegulation 10 Basis for calculation of own fundsRegulation 11 Calculation of own funds - directionsRegulation 12 Method ARegulation 13 Method BRegulation 14 Method CRegulation 15 Scaling factorRegulation 16 Adjustment to own funds requirementRegulation 17 Safeguarding requirementsRegulation 18 Granting of authorisationRegulation 19 ConditionsRegulation 20 Separate entityRegulation 21 Head officeRegulation 22 Adjustments to business planRegulation 23 Communication of decisionRegulation 24 Withdrawal of authorisationRegulation 25 RegisterRegulation 26 European Banking Authority RegisterRegulation 27 Maintenance of authorisationRegulation 28 Accounting and statutory auditRegulation 29 ActivitiesRegulation 30 Use of agents, branches or entities to which activities are outsourcedRegulation 31 LiabilityRegulation 32 Record-keepingRegulation 33 Competent authorityRegulation 34 SupervisionRegulation 35 Appealable decisionsRegulation 36 Settlement of disagreements between competent authorities of different Member StatesRegulation 37 Application to exercise the right of establishment and freedom to provide servicesRegulation 38 Supervision of payment institutions exercising the right of establishment and freedom to provide servicesRegulation 39 Measures in case of non-compliance, including precautionary measuresRegulation 40 Reasons and communicationRegulation 41 Conditions (small payment institutions)Regulation 42 Account information service providersChapter 3 Common Provisions (regs. 43-46)Regulation 43 Access to payment systemsRegulation 44 Access to accounts maintained with a credit institutionRegulation 45 Notification of use of limited network exclusionRegulation 46 Notification of use of electronic communications exclusionChapter 4 Control of Shareholding (regs. 47-61)Regulation 47 Control of shareholding - InterpretationRegulation 48 Restrictions on acquiring and disposing of qualifying holdings in payment institutionsRegulation 49 Application to court where no notification givenRegulation 50 Payment institution to provide information in relation to certain acquisitions and disposalsRegulation 51 Period for assessment of proposed acquisitionRegulation 52 Assessment of proposed acquisitionsRegulation 53 Bank to cooperate with competent authorities of other Member States in certain casesRegulation 54 Notice of Bank's decisionRegulation 55 Bank may fix period for completion of acquisitionRegulation 56 Bank may impose conditionsRegulation 57 Bank may oppose certain acquisitionsRegulation 58 Circumstances in which proposed acquisition may be completedRegulation 59 Effect of section 450 of Companies Act 2014Regulation 60 Payment institutions to provide information about shareholdings, etc.Regulation 61 Power of court to make certain ordersPart 3 Transparency of Conditions and Information Requirements for Payment Services (regs. 62-84)Chapter 1 General Rules (regs. 62-66)Regulation 62 ScopeRegulation 63 Operation of other legislative provisionsRegulation 64 Charges for informationRegulation 65 Burden of proof on information requirementsRegulation 66 Derogation from information requirements for low-value payment instruments and electronic moneyChapter 2 Single Payment Transactions (regs. 67-73)Regulation 67 ScopeRegulation 68 Prior general informationRegulation 69 InformationRegulation 70 Information for the payer and payee after the initiation of a payment orderRegulation 71 Information for payer's account servicing payment service providerRegulation 72 Information for the payer after receipt of the payment orderRegulation 73 Information for the payee after executionChapter 3 Framework Contracts (regs. 74-82)Regulation 74 ScopeRegulation 75 Prior general informationRegulation 76 InformationRegulation 77 Accessibility of information and conditions of the framework contractRegulation 78 Changes in conditions of the framework contractRegulation 79 TerminationRegulation 80 Information before execution of individual payment transactionsRegulation 81 Information for the payer on individual payment transactionsRegulation 82 Information for the payee on individual payment transactionsChapter 4 Common Provisions (regs. 83-84)Regulation 83 Currency and currency conversionRegulation 84 Information on additional charges or reductionsPart 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 ScopeRegulation 86 Charges applicableRegulation 87 Derogation for low-value payment instruments and electronic moneyChapter 2 Authorisation of payment transactions (regs. 88-101)Regulation 88 Consent and withdrawal of consentRegulation 89 Confirmation on the availability of fundsRegulation 90 Rules on access to payment account in the case of payment initiation servicesRegulation 91 Rules on access to and use of payment account information in the case of account information servicesRegulation 92 Limits of the use of the payment instrument and of the access to payment accounts by payment service providersRegulation 93 Obligations of the payment service user in relation to payment instruments and personalised security credentialsRegulation 94 Obligations of the payment service provider in relation to payment instrumentsRegulation 95 Notification and rectification of unauthorised or incorrectly executed payment transactionsRegulation 96 Evidence on authentication and execution of payment transactionsRegulation 97 Payment service provider's liability for unauthorised payment transactionsRegulation 98 Payer's liability for unauthorised payment transactionsRegulation 99 Payment transactions where the transaction amount is not known in advanceRegulation 100 Refunds for payment transactions initiated by or through a payeeRegulation 101 Requests for refunds for payment transactions initiated by or through a payeeChapter 3 Execution of payment transactions (regs. 102-116)Regulation 102 Receipt of payment ordersRegulation 103 Refusal of payment ordersRegulation 104 Irrevocability of a payment orderRegulation 105 Amounts transferred and amounts receivedRegulation 106 Scope of Regulations 107 to 110Regulation 107 Payment transactions to a payment accountRegulation 108 Absence of payee's payment account with the payment service providerRegulation 109 Cash placed on a payment accountRegulation 110 Value date and availability of fundsRegulation 111 Incorrect unique identifiersRegulation 112 Payment service providers' liability for non-execution, defective or late execution of payment transactionsRegulation 113 Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactionsRegulation 114 Additional financial compensationRegulation 115 Right of recourseRegulation 116 Abnormal and unforeseeable circumstancesChapter 4 Data protection (reg. 117)Regulation 117 Data protectionChapter 5 Operational and security risks and authentication (regs. 118-120)Regulation 118 Management of operational and security risksRegulation 119 Incident reportingRegulation 120 AuthenticationChapter 6 Infringements, supervision, dispute resolution and enforcement (regs. 121-135)Regulation 121 Reporting of infringementsRegulation 122 SupervisionRegulation 123 Bank's power to give directionsRegulation 124 Dispute resolutionRegulation 125 Alternative dispute resolution proceduresRegulation 126 Offence - operation as a payment institution without authorisation, etc.Regulation 127 Offence - false or misleading information in applicationRegulation 128 Offence - misappropriation of users' fundsRegulation 129 Offence - failure to inform Bank of relevant changes, etc.Regulation 130 Offence - failure to keep appropriate recordsRegulation 131 Offence - provision of false or misleading information under Regulation 122(a)Regulation 132 Prosecution of offencesRegulation 133 Publication of informationRegulation 134 PenaltiesRegulation 135 Offences by bodies corporate and managers etc.Part 5 Consumer Rights Information (reg. 136)Regulation 136 Obligation to inform consumers of their rightsPart 6 Final Provisions (regs. 137-145)Regulation 137 DerogationRegulation 138 RevocationRegulation 139 SaverRegulation 140 Transitional provisionsRegulation 141 Amendment of European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004Regulation 142 Amendment of European Communities (Electronic Money) Regulations 2011Regulation 143 Amendment of European Union (Capital Requirements) Regulations 2014Regulation 144 Amendment of Act of 1942 - professional secrecyRegulation 145 Amendment of Act of 1942 - insertion of referencesSchedule - Payment ServicesGiven underExplanatory Note
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Regulation 23 Communication of decision
(1) Within 3 months -
(i) of the receipt of an application for authorisation, or
(ii) where the application is incomplete, of all of the information required for the Bank to make a decision on the application,
the Bank shall inform the applicant whether the authorisation has been granted or refused.
(2) The Bank shall give reasons to an applicant where it refuses to grant an authorisation.