(1) Subject to subsections (2), (3) and (5), payment service providers shall keep detailed records, in accordance with section 85D, of the payees and payments relating to the payment services they provide for each calendar quarter.

(2) Subsection (1) shall apply only to payment services that are provided in respect of cross-border payments.

(3) Subsection (1) shall apply to a payment service provider where, in the course of a calendar quarter, that payment service provider provides payment services corresponding to more than 25 cross-border payments in respect of the same payee.

(4)

(a) For the purpose of subsection (3), the number of cross-border payments shall be calculated by reference to the payment services (including any payment services referred to in subsection (5)(a)) provided by the payment service provider per Member State and, subject to paragraph (b), per identifier referred to in subsection (3) of section 85B.