The Payment Services Regulations 2009
| Citation | SI 2009/209 |
| Jurisdiction | UK Non-devolved |
2009No. 209
FINANCIAL SERVICES AND MARKETS
The Payment Services Regulations 2009
9thFebruary2009
9thFebruary2009
CONTENTS
PART 1
INTRODUCTORY PROVISIONS
1. Citation and commencement
2. Interpretation
3. Exemption for certain bodies
PART 2
REGISTRATION
The register4. The register of certain payment service providers
Authorisation as a payment institution5. Application for authorisation as a payment institution or variation of an existing authorisation
6. Conditions for authorisation as a payment institution
7. Imposition of requirements
8. Variation etc at request of authorised payment institution
9. Determination of application for authorisation or variation of authorisation
10. Cancellation of authorisation
11. Variation of authorisation on Authority's own initiative
Registration as a small payment institution12. Application for registration as a small payment institution or variation of an existing registration
13. Conditions for registration as a small payment institution
14. Supplementary provisions
15. Application for authorisation as a payment institution where the financial limit is exceeded
Common provisions16. Duty to notify changes
17. Authorised payment institutions and small payment institutions acting without permission
PART 3
AUTHORISED PAYMENT INSTITUTIONS
18. Capital requirements
19. Safeguarding requirements
20. Accounting and statutory audit
21. Outsourcing
22. Record keeping
Exercise of passport rights23. Notice of intention
24. Registration of EEA branch
25. Supervision of firms exercising passport rights
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
27. Additional activities
28. Payment accounts and sums received for the execution of payment transactions
29. Use of agents
30. Removal of agent from register
31. Reliance
32. Duty to notify change in circumstance
PART 5
INFORMATION REQUIREMENTS FOR PAYMENT SERVICES
Application33. Application of Part 5
34. Disapplication of certain regulations in the case of consumer credit agreements
35. Disapplication of certain regulations in the case of low-value payment instruments
Single payment service contracts36. Information required prior to the conclusion of a single payment service contract
37. Information required after receipt of the payment order
38. Information for the payee after execution
39. Avoidance of duplication of information
Framework contracts40. Prior general information for framework contracts
41. Information during period of contract
42. Changes in contractual information
43. Termination of framework contract
44. Information prior to execution of individual payment transaction
45. Information for the payer on individual payment transactions
46. Information for the payee on individual payment transactions
Common provisions47. Communication of information
48. Charges for information
49. Currency and currency conversion
50. Information on additional charges or reductions
PART 6
RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION OF PAYMENT SERVICES
Application51. Application of Part 6
52. Disapplication of certain regulations in the case of consumer credit agreements
53. Disapplication of certain regulations in the case of low value payment instruments
Charges54. Charges
Authorisation of payment transactions55. Consent and withdrawal of consent
56. Limits on the use of payment instruments
57. Obligations of the payment service user in relation to payment instruments
58. Obligations of the payment service provider in relation to payment instruments
59. Notification of unauthorised or incorrectly executed payment transactions
60. Evidence on authentication and execution of payment transactions
61. Payment service provider's liability for unauthorised payment transactions
62. Payer's liability for unauthorised payment transaction
63. Refunds for payment transactions initiated by or through a payee
64. Requests for refunds for payment transactions initiated by or through a payee
Execution of payment transactions65. Receipt of payment orders
66. Refusal of payment orders
67. Revocation of a payment order
68. Amounts transferred and amounts received
Execution time and value date69. Application of regulations 70 to 72
70. Payment transactions to a payment account
71. Absence of payee's payment account with the payment service provider
72. Cash placed on a payment account
73. Value date and availability of funds
Liability74. Incorrect unique identifiers
75. Non-execution or defective execution of payment transactions initiated by the payer
76. Non-execution or defective execution of payment transactions initiated by the payee
77. Liability of payment service provider for charges and interest
78. Right of recourse
79. Force majeure
PART 7
THE AUTHORITY
The functions of the Authority80. Functions of the Authority
Supervision and enforcement81. Monitoring and enforcement
82. Reporting requirements
83. Entry, inspection without a warrant etc
84. Public censure
85. Financial penalties
86. Proposal to take disciplinary measures
87. Injunctions
88. Power of Authority to require restitution
89. Proposal to require restitution
90. Restitution orders
91. Complaints
Miscellaneous92. Costs of supervision
93. Guidance
94. Authority's exemption from liability in damages
95. Application and modification of primary and secondary legislation
PART 8
ACCESS TO PAYMENT SYSTEMS
General96. Application of Part 8
97. Prohibition on restrictive rules on access to payment systems
Supervision and enforcement98. Power of OFT to investigate
99. OFT power to require information
100. Failure to comply with information requirement
101. Privileged communications
102. Notice of OFT decision
103. Publication of OFT decision
104. Enforcement of decisions
105. Power of OFT to impose financial penalties
Miscellaneous106. Appeal to the Competition Appeal Tribunal
107. Disclosure of information by OFT
108. Defamation
109. Guidance
PART 9
GENERAL
Criminal Offences110. Prohibition on provision of payment services by persons other than payment service providers
111. False claims to be a payment service provider or exempt
112. Defences
113. Contravention of regulations 49 and 50
114. Misleading the Authority or the OFT
115. Restriction on penalties
116. Liability of officers of bodies corporate etc
117. Prosecution of offences
118. Proceedings against unincorporated bodies
Duties of the Authority, the Commissioners and the OFT to cooperate119. Duty to co-operate and exchange of information
Actions for breach of requirements120. Right to bring actions
Transitional provisions121. Transitional provisions: deemed authorisation
122. Transitional provisions: requirement to be authorised as a payment institution
123. Transitional provisions: requirement to be registered as a small payment institution
124. Transitional provisions: early applications
125. Transitional provisions: the ombudsman scheme
Amendments to primary and secondary legislation126. Amendments to primary and secondary legislation
SCHEDULE 1-
Payment Services
PART 1-
Payment services
PART 2-
Activities which do not constitute payment services
SCHEDULE 2-
Information to be included in or with an application for authorisation
SCHEDULE 3-
Capital requirements
PART 1-
Initial Capital
PART 2-
Own Funds
SCHEDULE 4-
Prior general information for framework contracts
SCHEDULE 5-
Application and modification of legislation
PART 1-
Application and modification of the 2000 Act
PART 2-
Application and modification of secondary legislation
SCHEDULE 6-
Amendments to primary and secondary legislation
PART 1-
Amendments to primary legislation
PART 2-
Amendments to secondary legislation
The Treasury are a government department designated 1 for the purposes of section 2(2) of the European Communities Act 1972 2 in relation to payment services and measures relating to payment systems;
The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972, make the following Regulations:
PART 1
INTRODUCTORY PROVISIONS
Citation and commencement
1.-
(1) These Regulations may be cited as the Payment Services Regulations 2009.
(2) These Regulations come into force-
(a) on 2nd March 2009 for the purposes of regulations 25, 80, 92 to 94, 95 in respect of paragraphs 5 and 10 of Schedule 5, 119 and 126 in respect of paragraphs 1 and 6(g) of Schedule 6;
(b) on 1st May 2009 for the purposes of-
(i) enabling applications for authorisation as a payment institution and the variation of an authorisation to be made under regulation 5 and the Authority to determine such applications in accordance with regulations 6 to 9;
(ii) enabling applications for registration as a small payment institution and the variation of a registration to be made under regulation 12 and the Authority to determine such applications in accordance with regulation 13 and regulations 7 to 9 (as applied by regulation 14);
(iii) enabling applications for an agent to be included on the register under regulation 29 and the Authority to determine such applications in accordance with that regulation;
(iv) enabling the Authority to give directions as to the manner in which an application under regulation 5(1) or (2), 12(1) or (2) or 29(3) is to be made and enabling the Authority to require the applicant to provide further information in accordance with regulation 5(4), 12(4) or 29(3)(a)(iv), as the case may be;
(v) enabling the Authority to cancel an authorisation or registration or vary an authorisation or registration on its own initiative in accordance with regulation 10 or 11 (as applied, in the case of a registration, by regulation 14);
(vi) requiring a person who has made an application under regulation 5(1) or (2) or 12(1) or (2) to provide information to the Authority in accordance with regulation 16 and enabling the Authority to give directions under that regulation;
(vii) enabling...
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