S.I. No. 383/2009 - European Communities (Payment Services) Regulations 2009

• (b) in a case to which Chapter 3 applies, Regulations 52 and 53.

Charges for information.

• (2) A payment service provider and a payment service user may agree on charges for additional or more frequent information, or transmission by a means other than that specified in the relevant framework contract, provided at the payment service user’s request.

• (3) If a payment service provider imposes a charge for information in accordance with paragraph (2), the charge shall be appropriate and in line with the payment service provider’s actual costs.

Chapter 2 Single Payment Transactions

Single payment transactions.

General information to be supplied in advance.

• (2) If a single-payment service contract has been concluded at the request of a payment service user using a means of distance communication which does not enable the payment service provider concerned to comply with paragraph (1), the payment service provider shall comply with that paragraph immediately after the execution of the relevant payment transaction.

• (3) A payment service provider may comply with paragraph (1) by supplying a copy of the relevant draft single payment service contract or the relevant draft payment order that includes the information specified in Regulation 48.

Information and conditions.

• (a) a specification of the information or unique identifier that must be provided by the user for a payment order to be properly executed;

• (b) the maximum execution time for the payment service to be provided;

• (c) all the charges payable by the user to the provider and, where any such charge can be broken down into components, a statement of those components;

• (d) if a currency conversion is involved, the actual or reference exchange rate to be applied to the payment transaction.

• (2) A payment service provider shall also provide or make available to a payment service user any information specified in Regulation 53 that is relevant in the particular case.

Information for payer after receipt of payment order.

• (a) a reference enabling the payer to identify the payment transaction concerned and, where required by any law relating to money-laundering or the prevention of terrorist financing or otherwise appropriate, information relating to the payee;

• (b) the amount of the payment in the currency used in the payment order;

• (c) all the charges payable by the payer to the provider and, where any such charge can be broken down into components, a statement of those components;

• (d) if a currency conversion is involved, the exchange rate used in the transaction by the payer’s payment service provider or a reference to it, if different from the rate notified in accordance with Regulation 48(1)(d), and the amount of the payment after that currency conversion; and

• (e) the date of receipt of the payment order.

Information for payee after execution of payment transaction.

• (a) a reference enabling the payee to identify the transaction and, where required by any law relating to money-laundering or the prevention of terrorist financing or otherwise appropriate, the payer and any information transferred with the transaction;

• (b) the amount of the payment in the currency in which the funds are at the payee’s disposal;

• (c) all the charges payable by the payee to the provider and, where any such charge can be broken down into components, a statement of those components;

• (d) where applicable, the exchange rate used in the transaction by the payee’s payment service provider, and the amount of the payment before that currency conversion; and

• (e) the credit value date.

Chapter 3 Framework Contracts

Scope of this Chapter.

• (2) When a payment order for a single payment transaction is transmitted by means of a payment instrument covered by a framework contract, the payment service provider is not obliged to provide or make available information that has already been given to the payment service user on the basis of a framework contract with another payment service provider, or will be given to him or her according to that framework contract.

General information to be supplied in advance.

• (2) If a framework contract has been concluded at the request of a payment service user using a means of distance communication that does not enable the payment service provider concerned to comply with paragraph (1), the payment service provider shall comply with that paragraph immediately after the conclusion of the contract.

• (3) A payment service provider may comply with paragraph (1) by supplying a copy of a draft framework contract including the information specified in Regulation 53.

Information to be provided.

• (a) contact details of—

• (i) in the case of a payment service provider that is registered in the State, the Bank and either the Register or any other public register of the authorisation of the payment service provider, or

• (ii) in the case of a payment service provider that is registered in another Member State, the competent authorities and the register established in that Member State,

including any relevant website addresses;

• (b) about the provider—

• (i) the provider’s name, the geographical address of its head office and, where applicable, the geographical address of its agent or branch in the State, and any other address, including electronic mail address, necessary for communication with the provider, and

• (ii) the provider’s registration number or other means of identification in the Register;

• (c) about using the payment service—

• (i) a description of the main characteristics of the payment service to be provided,

• (ii) a specification of the information or unique identifier that must be provided by the user for a payment order to be properly executed,

• (iii) the form of, and procedure for, giving consent to the execution of a payment transaction and withdrawal of such consent,

• (iv) a statement of the form and procedure for giving consent to the execution of a payment transaction, and the withdrawal of such a consent, in accordance with Regulations 68 and 82,

• (v) a reference to the time of receipt of a payment order (as determined in accordance with Regulation 80) and the cut-off time, if any, established by the provider,

• (vi) the maximum execution time for the payment services to be provided, and

• (vii) whether spending limits for the use of the payment instrument can be agreed;

• (d) about charges, interest and exchange rates—

• (i) all charges payable by the user to the provider and, where each such charge can be broken down into components, a statement of those components,

• (ii) where applicable, the interest and exchange rates to be applied or, if reference interest and exchange rates are to be used, the method of calculating the actual interest, and the relevant date and index or base for determining such reference interest or exchange rate, and

• (iii) if so agreed, a statement that changes in reference interest or exchange rate are applicable immediately and information requirements related to such changes,

• (e) about communication—

• (i) if applicable, the means of communication, including the technical requirements for the user’s equipment, agreed between the parties for the transmission of information or notifications,

• (ii) how, and how often information required by these Regulations is to be provided or made available,

• (iii) the language or languages in which the framework contract will be concluded and of communication during the contractual relationship, and

• (iv) a statement of the user’s right to receive a copy of the terms of the contract and information,

• (f) about safeguards and corrective measures—

• (i) where a payment instrument is involved, a description of the steps that the user is to take in order to keep the payment instrument safe and how to notify the payment service provider on becoming aware of the loss, theft or misappropriation of the payment instrument or its use in an unauthorised way,

• (ii) if so agreed, the conditions under which the payment service provider reserves the right to block a payment instrument,

• (iii) the liability of the payer for any unauthorised payment transaction, including a statement of the amount of that liability,

• (iv) how and within what period the user is to notify the provider of any unauthorised or incorrectly executed payment transaction and the provider’s liability for any unauthorised payment transaction,

• (v) the liability of the payment service provider for the execution of payment transactions, and

• (vi) the conditions for refund;

• (g) about how to change or terminate the framework contract—

• (i) if agreed, a statement that the user will be taken to have accepted any change in the conditions, unless he or she notifies the provider that he or she does not accept it before the date of its proposed entry into force,

• (ii) the duration of the contract, and

• (iii) the right of the payment service user to terminate the contract and any agreement relating to termination;

• (h) about redress—

• (i) details of any contractual provision that specifies either the law applicable to the contract or the court that has jurisdiction, and

• (ii) the out-of-court complaint and redress procedures available to the payment service user.

Access to information and conditions of framework contracts.

Changes in conditions of framework contracts.

• (2) In the case of a framework contract that provides for the payment service user concerned to be taken to have accepted any change in the terms of the contract that has been notified to him or her, when the payment service provider concerned notifies the payment service user of a proposed change the payment service provider shall inform the payment service user that—

• (a) he or she is to be taken to have accepted the change if he or she does not notify the payment service provider that he or she does not accept it before the proposed date of its entry into force, and

• (b) he or she has the right to terminate the contract immediately and without charge before the proposed date of the application of the change.

• (3) A payment service provider may apply a change in the interest rate or exchange rate applicable immediately and without notice, if so agreed upon in the framework contract and if the change is based on an agreed reference interest or exchange rate.

• (4) A payment service provider may apply without notice a change in an interest rate or exchange rate that is more favourable to payment service users.

• (5) A payment service provider shall notify the payment service user of any change in the interest rate at the earliest opportunity, unless the parties have agreed on how and how often that information is to be provided or made available.

• (6) Any change in the interest or exchange rate used in payment transactions shall be implemented and calculated in a manner that does not discriminate against particular payment service users.

Termination.

• (2) A payment service provider shall not impose a charge for the termination of a framework contract concluded for a fixed period exceeding 12 months or for an indefinite period if the contract has been in effect for 12 months or longer. In all other cases any charge for the termination of a framework contract shall be appropriate and in line with the payment service provider’s costs.

• (3) If agreed in the relevant framework contract, a payment service provider may terminate a framework contract concluded for an indefinite period by giving at least two months’ notice.

• (4) If a framework contract is terminated, the payment service provider concerned shall impose charges for payment services that are levied on a regular basis only proportionally up to the termination of the contract. If such charges are paid in advance, the payment service provider shall reimburse the payment service user concerned proportionally for any payment attributable to a time after the termination.

• (5) Nothing in this Regulation affects the operation of any other law rendering a framework contract unenforceable or void.

Information before execution of individual payment transactions.

• (a) the maximum execution time for the transaction, and

• (b) all the charges payable by the user to the provider and, where any such charge can be broken down into components, a statement of those components.

Information for the payer on individual payment transactions.

• (a) a reference enabling the payer to identify the transaction and, where required by or under any law relating to money-laundering or the prevention of terrorist financing or otherwise appropriate, information relating to the payee;

• (b) the amount of the transaction in the currency in which the payer’s payment account is debited or the currency used for the payment order;

• (c) the total charge payable for the transaction by the user to the provider and, where the total charge can be broken down into components, a statement of those components, or the interest payable by the payer; and

• (d) where a currency conversion is involved, the exchange rate used in the transaction by the payment service provider, and the amount of the payment after that currency conversion; and

• (e) the debit value date or the date of receipt of the payment order.

• (2) A framework contract may include a condition that the information required by paragraph (1) is to be provided or made available periodically (at least once a month) and in an agreed manner that allows the payer to store the information and reproduce it unchanged.

Information for the payee on individual payment transactions.

• (a) a reference enabling the payee to identify the transaction and, where required by or under any law relating to money-laundering or the prevention of terrorist financing, the payer, and any information transferred with the transaction;

• (b) the amount of the payment in the currency in which the payee’s payment account is credited;

• (c) the total charge payable for the transaction by the user to the provider and, where the total charge can be broken down into components, a statement of those components or the interest payable by the payee;

• (d) where a currency conversion is involved, the exchange rate used in the transaction by the payee’s payment service provider, and the amount of the payment before that currency conversion; and

• (e) the credit value date.

• (2) A framework contract may include a condition that the information referred to in paragraph (1) is to be provided or made available periodically (at least once a month) and in an agreed manner that allows the payee to store the information and reproduce it unchanged.

Information requirements for low-value payment instruments and electronic money.

• (a) is not prepaid, relates to payment transactions not wholly within the State, and—

• (i) concerns only payment transactions none of which exceeds €30,

• (ii) has a spending limit of €150, or

• (iii) does not store more than €150 at any time,

• (b) is not prepaid, relates to payment transactions wholly within the State, and—

• (i) concerns only payment transactions none of which exceeds €60,

• (ii) has a spending limit of €300, or

• (iii) does not store more than €300 at any time, or

• (c) is prepaid and—

• (i) concerns only payment transactions none of which exceeds €500,

• (ii) has a spending limit of €500, or

• (iii) does not store more than €500 at any time.

• (2) In relation to a low-value payment instrument—

• (a) despite Regulations 52, 53 and 57, the payment service provider need provide the payer only with information on the main characteristics of the payment service, including the way in which the payment instrument can be used, liability, charges levied and other material information needed to make an informed decision and an indication of where the other information specified in Regulation 53 is easily accessible,

• (b) the payment service provider and payer may agree that, despite Regulation 55, the payment service provider need not propose changes in the conditions of the framework contract in the way provided for in Regulation 52(1), and

• (c) the payment service provider and payer may agree that, despite Regulations 58 and 59, after the execution of a payment transaction—

• (i) the payment service provider need provide or make available only a reference enabling the payment service user to identify the payment transaction, the amount of the payment transaction and any charges (or, in the case of several payment transactions of the same kind to the same payee, information on the total amount and charges for those transactions), and

• (ii) the payment service provider need not provide or make available information referred to in subparagraph (i) if the payment instrument is used anonymously or if the payment service provider is not otherwise technically able to provide it, but the payment service provider shall provide the payer with a way of verifying the amount of funds stored.

Chapter 4 Common Provisions

Currency and currency conversion.

• (2) If before the initiation of a payment transaction a payment service provider or payee offers a payer the service of currency conversion, and the conversion is to be made by the payee or at the point of sale, the party offering the currency conversion service shall disclose to the payer all charges and the exchange rate to be used for converting the payment. If the payer accepts the offer, the payer shall be taken to agree to the currency conversion service on that basis.

Information on additional charges or reductions.

• (2) Where a payment service provider or a third party imposes a charge for the use of a particular payment instrument, the provider or third party shall so inform the payment service user concerned before the initiation of a relevant payment transaction.

Manner in which information to be given.

• (a) in an easily accessible manner,

• (b) in easily understandable words and in a clear and comprehensible form,

• (c) in Irish or English, as agreed between the payment service provider and the payment service user, or in any other language agreed between them, and

• (d) if the payment service user so requests, on paper or on another durable medium.

• (2) For the purposes of paragraph (1)(d), a durable medium is one that enables a payment service user to store information addressed personally to him or her in a way accessible for future reference for a period of time adequate to the purposes of the information and allows the stored information to be reproduced unchanged.

Part 5 Rights and Obligations in Relation to the Provision and Use of Payment Services

Chapter 1 Common Provisions

Scope.

Application of this Part.

• (2) This Part applies to payment services denominated in euro or a currency of a Member State outside the euro area.

Charges applicable.

• (2) If a payment transaction does not involve any currency conversion, the payee shall pay the charges levied by his or her payment service provider, and the payer shall pay the charges levied by his or her payment service provider.

• (3) A payment service provider shall not prevent a payee from requesting a payer to pay a charge or from offering a payer a reduction for the use of a particular payment instrument.

Right of payment service provider and user to agree on application of certain provisions of these Regulations.

• (a) where the payment instrument is not prepaid, and relates to payment transactions not wholly within the State—

• (i) concerns only payment transactions none of which exceeds €30,

• (ii) has a spending limit of €150, or

• (iii) does not store more than €150 at any time.

• (b) where the payment instrument is not prepaid, and relates to payment transactions wholly within the State—

• (i) concerns only payment transactions none of which exceeds €60,

• (ii) has a spending limit of €300, or

• (iii) does not store more than €300 at any time, and

• (c) where the payment instrument is prepaid—

• (i) concerns only payment transactions none of which exceeds €500,

• (ii) has a spending limit of €500, or

• (iii) does not store more than €500 at any time.

• (2) In relation to low-value payment instruments, a payment service provider may make any one or more of the following agreements with a payment service user:

• (a) if the relevant payment instrument cannot be blocked or its further use prevented, that Regulation 70(1)(b), subparagraphs (c), (d) and (e) of Regulation 71(1) and paragraphs (3) and (4) of Regulation 75 do not apply;

• (b) if the relevant payment instrument is used anonymously or the payment service provider is not in a position, for other reasons intrinsic to the instrument, to prove that a payment transaction was authorised, that Regulations 73 and 74 and paragraphs (1) and (2) of Regulation 75 do not apply;

• (c) if the non-execution of a payment order is apparent from the context, that despite paragraphs (1) to (3) of Regulation 81, the payment service provider need not notify the payment service user of the refusal of a payment order;

• (d) despite Regulation 82, that the payer may not revoke the payment order after transmitting the payment order or giving his or her consent to execute the payment transaction to the payee;

• (e) despite Regulations 85 and 86, that other execution periods apply.

Chapter 2 Authorisation of Payment Transactions

Consent and withdrawal of consent.

• (2) Consent to execute a payment transaction or a series of payment transactions is valid only if given in a form agreed between the payer and payment service provider concerned.

• (3) In the absence of consent, a payment transaction is unauthorised.

• (4) A payer may withdraw his or her consent at any time before the time of irrevocability under Regulation 82. A payer may withdraw his or her consent to execute a series of payment transactions with the effect that any future payment transaction is unauthorised.

• (5) The procedure for giving consent shall be as agreed between the payer and the payment service provider.

Limits of the use of payment instruments.

• (2) If agreed in the relevant framework contract, a payment service provider may reserve the right to block a payment instrument for objectively justified reasons related to the security of the payment instrument, any suspicion of unauthorised or fraudulent use of the payment instrument or, in the case of a payment instrument with a credit line, a significantly increased risk that the payer may be unable to fulfil his or her obligation to pay.

• (3) In such cases the payment service provider shall inform the payer in an agreed manner of the blocking of the payment instrument and the reasons for it, if possible before the payment instrument is blocked and at the latest immediately after the blocking, unless giving such information would compromise the security of the payment service provider or is prohibited by another law.

• (4) The payment service provider shall unblock the payment instrument or replace it with a new payment instrument once the reasons for blocking no longer exist.

Obligations of payment service users in relation to payment instruments.

• (a) of using the payment instrument in accordance with the terms governing its issue and use, and

• (b) of notifying the payment service provider that issued the instrument, or an entity specified by that payment service provider, without undue delay on becoming aware of the loss, theft or misappropriation of the payment instrument or its unauthorised use.

• (2) For the purposes of paragraph (1)(a), a payment service user shall, as soon as he or she receives a payment instrument, take all reasonable steps to keep its personalised security features safe.

Obligations of the payment service provider in relation to payment instruments.

• (a) that of making sure that the personalised security features of the payment instrument are not accessible to anyone other than the payment service user entitled to use the instrument;

• (b) that of not sending an unsolicited payment instrument unless a payment instrument already given to the same payment service user is to be replaced;

• (c) that of ensuring that appropriate means are available at all times to enable the payment service user concerned to give a notification under Regulation 70(1)(b) or ask for the unblocking of the instrument;

• (d) on request, to provide the payment service user with the means to prove, for 18 months after giving such a notification, that he or she did so; and

• (e) that of preventing the use of the instrument once such a notification has been given.

• (2) Nothing in paragraph (1) detracts from the obligations of a payment service user under Regulation 70.

• (3) A payment service provider bears the risk of sending a payment instrument to the payer or of sending any personalised security features of it.

Rectification of unauthorised, etc., payment transactions dependent on notice.

Evidence on authentication and execution of payment transactions.

• (2) If a payment service user denies having authorised an executed payment transaction, the use of a payment instrument recorded by the payment service provider is not in itself necessarily sufficient to prove either that the payment transaction was authorised by the payer or that the payer acted fraudulently or intentionally or failed, because he or she acted with gross negligence, to fulfil one or more of his or her obligations under Regulation 70.

Payment service provider’s liability for unauthorised payment transactions.

• (2) Paragraph (1) does not affect any other right that the payer concerned may have to obtain compensation (including damages).

• (3) Paragraph (1) does not apply to electronic money if the payer’s payment service provider cannot freeze the payment account or block the payment instrument.

Payer’s liability for certain unauthorised payment transactions.

• (a) the use of a lost or stolen payment instrument, or

• (b) if the payer has failed to keep a payment instrument’s personalised security features safe, its misappropriation.

• (2) A payer shall bear all the losses relating to an unauthorised payment transaction if he or she incurred them by acting fraudulently or by failing, intentionally or by acting with gross negligence, to fulfil one or more of his or her obligations under Regulation 70.

• (3) A payer shall not bear any financial consequences resulting from the use of a lost, stolen or misappropriated payment instrument after giving notice in accordance with Regulation 70(1)(b), unless he or she has acted fraudulently.

• (4) If a payment service provider does not provide appropriate means for a payer to give notice at any time of a lost, stolen or misappropriated payment instrument, a payer is not liable for the financial consequences of the use of such a payment instrument, unless he or she has acted fraudulently.

• (5) Paragraph (1) does not apply to electronic money if the payer’s payment service provider cannot freeze the payment account or block the payment instrument.

Refunds for payment transactions initiated by or through a payee.

• (a) the authorisation did not specify the exact amount of the payment transaction when the authorisation was made, and

• (b) the amount of the payment transaction exceeded the amount the payer could reasonably have expected taking into account his or her previous spending pattern, the conditions of the relevant framework contract and the circumstances of the case.

• (2) At a payment service provider’s request, a payer shall provide factual information relating to the circumstances of the case.

• (3) The refund is to be of the full amount of the payment.

• (4) In the case of a direct debit the payer and payment service provider concerned may agree in the relevant framework contract that the payer is entitled to a refund from the payment service provider even if the conditions in paragraph (1) are not met.

• (5) For the purposes of paragraph (1)(b), a payer may not rely on currency exchange considerations if the reference exchange rate agreed with the payment service provider concerned was applied.

• (6) A payer and payment service provider may agree in a framework contract that the payer has no right to a refund where—

• (a) the payer has consented to the execution of the payment transaction in advance directly to the payment service provider, and

• (b) where applicable, the payment service provider or the payee concerned provided or made available to the payer information on the transaction in an agreed manner at least four weeks before the due date.

Requests for refunds for payment transactions initiated by or through a payee.

• (2) Within ten business days of receiving a request for a refund, the payment service provider concerned shall either refund the full amount of the payment transaction or provide reasons for refusing the refund, and contact details for the Bank and the Financial Services Ombudsman.

• (3) A payment service provider may not refuse a refund in a case to which Regulation 76(4) applies.

No liability in certain circumstances.

Other compensation not prevented.

Chapter 3 Execution of payment transactions

Receipt of payment orders.

• (2) A payment service provider may establish a cut-off time near the end of a business day beyond which any payment order received is to be taken to have been received on the next business day.

• (3) If the payment service user that initiates a payment order agrees with a payment service provider that the payment order is to be executed on a specific day or at the end of a specified period or on the day on which the payer concerned has set funds at the payment service provider’s disposal, the time of receipt is to be taken to be the agreed day. If the agreed day is not a business day for the payment service provider, the payment order is to be taken to have been received on the next business day.

Refusal of payment orders.

• (2) A payment service provider shall give or make available the notice in an agreed manner at the earliest opportunity, and in any case, within the period specified in, or determined in accordance with, Regulation 85.

• (3) A framework contract may include a condition that the payment service provider concerned may charge for such a notification in the case of a refusal that is objectively justified.

• (4) A payer’s payment service provider shall not refuse to execute an authorised payment order in a case where all the conditions set out in the relevant framework contract are met regardless of whether the payment order is initiated by a payer or by or through a payee. However, this paragraph does not require a payment service provider to make a payment that is prohibited by another law.

• (5) For the purposes of Regulations 85 and 90 a payment order execution of which has been refused shall be taken not to have been received.

Irrevocability of payment orders.

• (2) If a payment transaction is initiated by or through the payee, the payer may not revoke the relevant payment order after transmitting it or giving the payee his or her consent to execute the transaction.

• (3) However, in the case of a direct debit the payer may revoke the relevant payment order until the end of the business day before the day agreed for debiting the funds. Such a revocation does not affect any right of the payer to a refund.

• (4) In a case to which Regulation 80(3) applies, the payment service user concerned may revoke a payment order until the end of the business day before the agreed day.

• (5) After the time limits specified in paragraphs (1) to (4), a payment order may be revoked only if the payment service user and payment service provider concerned so agree. In the cases referred to in paragraphs (2) and (3), the payee’s agreement is also required. If so agreed in the relevant framework contract, the payment service provider may charge for revocation under this Regulation.

Amounts transferred and amounts received.

• (2) However, the payee and the payee’s payment service provider may agree that the payment service provider may deduct its charge from the amount transferred before crediting it to the payee. In such a case, the full amount of the payment transaction and the charge shall be shown separately in the information given to the payee.

• (3) If any charge other than one referred to in paragraph (2) is deducted from the amount transferred, the payer’s payment service provider shall ensure that the payee receives the full amount of the payment transaction initiated by the payer. In the case of a payment transaction initiated by or through the payee, the payee’s payment service provider shall ensure that the full amount of the payment transaction is received by the payee.

Execution time and value date.

• (a) payment transactions in euro, and

• (b) payment transactions involving only one conversion between euro and another currency of a Member State if—

• (i) the currency conversion is carried out in that other Member State and

• (ii) in the case of a cross-border payment transaction, the cross-border transfer takes place in euro.

• (2) Regulation 88 applies to other payment transactions to which these Regulations apply.

• (3) Regulations 85 to 87 apply to other payment transactions to which these Regulations apply unless otherwise agreed between the payment service user and payment service provider concerned. However, when a payment service user and payment service provider agree on a longer period than laid down in Regulation 85, for intra-Community payment transactions the period shall not exceed 4 business days after the time of receipt of the relevant payment order.

Payment transactions to payment account.

• (2) A payer and a payment service provider may agree on a period of no longer than 3 business days instead of the period specified in paragraph (1).

• (3) Paragraph (2) and any agreement made in reliance on it cease to have effect at the end of 31 December 2011.

• (4) The periods specified in paragraphs (1) and (2) are extended by one business day in relation to paper-initiated payment transactions.

• (5) The payment service provider of the payee concerned shall value-date the payment and make the amount of the payment available to the payee’s payment account, in accordance with Regulation 88, after the payment service provider has received the funds.

• (6) A payee’s payment service provider shall transmit a payment order initiated by or through the payee to the payer’s payment service provider concerned within the period agreed between the payee and the payee’s payment service provider so as to enable settlement, as far as direct debit is concerned, on the agreed due date.

Absence of payee’s payment account with the payment service provider.

Cash placed on a payment account.

• (2) Where a payment service user that is not a consumer places cash on a payment account with a payment service provider in the currency of that account, the payment service provider shall ensure that the amount is made available and value-dated on the next business day after the receipt of the funds.

Value date and availability of funds.

• (2) The debit value date for the payer’s payment account is not to be earlier than the time at which the amount of the payment transaction is debited to that payment account.

Incorrect unique identifiers.

• (2) If a unique identifier provided by a payment service user is incorrect, the payment service provider concerned is not liable for non-execution or defective execution of the relevant payment transaction. However, the payer’s payment service provider concerned shall make reasonable efforts to recover the funds involved in the transaction.

• (3) If so agreed in the relevant framework contract, a payment service provider may charge a payment service user for recovery.

• (4) If a payment service user provides information additional to the information or unique identifier that must be provided by the user for a payment order to be properly executed, the payment service provider concerned remains liable only for the execution of payment transactions in accordance with the unique identifier so provided.

Non-execution or defective execution.

• (2) Where a payment service provider is liable to a payer under paragraph (1), it shall without undue delay refund to the payer the amount of the non-executed or defective payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.

• (3) Where a payment service provider is liable to a payee under paragraph (1), it shall immediately place the amount of the payment transaction at the payee’s disposal and, where applicable, credit the corresponding amount to the payee’s payment account.

• (4) In the case of a non-executed or defectively executed payment transaction where the payment order was initiated by the payer, the payer’s payment service provider—

• (a) regardless of liability under paragraphs (1) to (3), shall on request immediately try to trace the payment transaction, and

• (b) shall notify the payer of the outcome.

• (5) Where a payment order is initiated by or through the payee concerned, the payee’s payment service provider is liable to the payee for correct transmission of the payment order to the payer’s payment service provider in accordance with Regulation 85(6). Where a payee’s payment service provider is liable under this paragraph, it shall immediately re-transmit the payment order in question to the payer’s payment service provider.

• (6) A payee’s payment service provider is liable to the payee for handling a payment transaction in accordance with Regulation 88. Where a payee’s payment service provider is liable under this paragraph, it shall ensure that the amount of the payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment service provider’s account.

• (7) In the case of a non-executed or defectively executed payment transaction for which the payee’s payment service provider is not liable under paragraphs (5) and (6), the payer’s payment service provider is liable to the payer. Where a payer’s payment service provider is so liable it shall, as appropriate and without undue delay, refund to the payer concerned the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.

• (8) In the case of a non-executed or defectively executed payment transaction where the payment order is initiated by or through the payee concerned, the payee’s payment service provider shall, regardless of liability under paragraphs (5) to (7), on request, try immediately to trace the payment transaction and notify the payee of the outcome.

• (9) A payment service provider is liable to its payment service users for any charges for which those users are responsible, and for any interest to which those users are subject, as a consequence of non-execution or defective execution of a payment transaction.

• (10) Nothing in this Regulation affects the operation of any of Regulations 72, 89(1), 89(4) or 92.

Right of recourse.

No liability in certain circumstances.

Other compensation not prevented.

Chapter 4 Data Protection

Processing of personal data.

Part 6 Powers and Duties of the Bank

Chapter 1 Supervisory Powers and Duties

Bank as competent authority.

Supervision.

• (a) may require a payment service provider to provide any information needed to monitor the institution’s compliance with these Regulations,

• (b) may carry out on-site inspections at—

• (i) the premises of a payment service provider,

• (ii) any agent or branch providing payment services under the responsibility of a payment service provider,

• (iii) the premises of any entity to which a payment service provider’s activities are outsourced, and

• (iv) any premises at which payment services are, or are suspected of being, conducted,

and

• (c) may issue recommendations and guidelines.

• (2) The Bank may take steps to ensure that a payment institution maintains sufficient capital for payment services, in particular where the non-payment services activities of a payment institution impair or are likely to impair the financial soundness of the payment institution.

Bank’s power to give directions.

• (a) a payment institution,

• (b) another person registered to provide payment services in the State, or

• (c) any other person involved in or connected with the provision of a payment service in the State.

• (2) A direction under paragraph (1)—

• (a) takes effect on the date, or on the occurrence of the event, specified in the direction for the purpose, and

• (b) ceases to have effect on the earlier of—

• (i) the date, or the occurrence of the event, specified in the direction for the purpose, or

• (ii) the expiration of the period of 12 months immediately following the day on which it took effect.

• (3) If a direction under this Regulation has not been complied with or is unlikely to be complied with, the Bank may apply to the court in a summary manner for such order as the court thinks appropriate by way of enforcement of the direction.

Exchange of information.

• (2) The Bank may exchange information with—

• (a) the competent authorities of other Member States responsible for the authorisation and supervision of payment institutions,

• (b) the European Central Bank and the central banks of other Member States, in their capacity as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems, and

• (c) relevant authorities of other Member States designated under laws giving effect to the Payment Services Directive and other Acts of the European Communities applicable to payment service providers (for example, Acts applicable to the protection of individuals with regard to the processing of personal data and to money laundering andterrorist financing).

Chapter 2 Powers of Authorised Officers

Interpretation (Chapter 2).

Power to appoint authorised officers.

• (a) authorise a person as an authorised officer, and

• (b) revoke such an authorisation.

• (2) The appointment of an authorised officer may be for a specified period or indefinite.

• (3) The Bank shall furnish an authorised officer with a certificate of his or her appointment as an authorised officer.

• (4) The appointment of a person as an authorised officer ceases—

• (a) if the Bank revokes the appointment, at the time of revocation,

• (b) if the person dies, at the time of his or her death,

• (c) if the appointment is for a specified period, at the end of that period, or

• (d) if the person is, when appointed, an officer of the Bank, and the person ceases to be such an officer, when he or she so ceases.

Powers of authorised officers.

• (a) enter any premises (other than a private dwelling) at which the officer has reasonable grounds to believe that the business of a payment services provider is, or has been, carried on, or on which there are relevant records;

• (b) search and inspect such premises and any relevant records on the premises,

• (c) secure for later inspection such premises or any part of such premises in which relevant records are kept or in which the officer has reasonable grounds for believing relevant records are kept,

• (d) require a person who carries on the business of a payment services provider and any person employed in connection with such a business to produce to the officer relevant records, and if any such record is in a non-legible form, to reproduce it in a legible form or to give the officer such information as the officer reasonably requires in relation to entries in the relevant records,

• (e) inspect and take copies of relevant records inspected or produced to the officer (including, in the case of information in a non-legible form, a copy of all or part of the information in a permanent legible form),

• (f) remove and retain any of the relevant records inspected or produced under these Regulations for such period as may be reasonable to allow their further examination,

• (g) require a person to give to the officer information (including information by way of a written report) that the officer reasonably requires in relation to activities covered by this Chapter and to produce to the officer any relevant records that the person has or has access to,

• (h) require a person by whom or on whose behalf data equipment is or has been used, or any person who has charge of, or is otherwise concerned with the operation of, the data equipment or any associated apparatus or material, to give the officer all reasonable assistance in relation the operation of that equipment, and

• (i) require a person to explain entries in any relevant records.

• (2) When exercising a power of an authorised officer, an authorised officer shall produce the certificate, together with some form of personal identification, if requested to do so by a person affected by the exercise of that power.

• (3) An authorised officer shall not enter a private dwelling (other than a part of the dwelling used as a place of work) except with the consent of the occupier.

• (4) If a person from whom production of a relevant record is required claims a lien over it, the production of it does not affect the lien.

• (5) An obligation to produce a relevant record or report or to provide information or assistance under this Regulation applies to—

• (a) a liquidator or receiver of, or a person who is or has been an officer or employee or agent of, a payment service provider, or

• (b) any other person who appears to the Bank or the authorised officer to have a relevant record or report in his or her possession or under his or her control or the ability to provide information or assistance, as the case may be.

• (6) An authorised officer may, if the officer considers it necessary, be accompanied by a member of the Gárda Síochána when exercising a power under this Chapter.

Warrants.

• (a) is prevented from entering any premises, or

• (b) believes that there are relevant records in a private dwelling,

he or she may apply to a judge of the District Court for a warrant authorising the entry by the authorised officer into the premises or the dwelling.

• (2) If on an application under paragraph (1) a judge of the District Court is satisfied, on the information of the applicant authorised officer, that the applicant authorised officer—

• (a) has been prevented from entering the premises concerned, or

• (b) has reasonable grounds for believing that there are relevant records in the private dwelling concerned,

the judge may issue a warrant under his or her hand authorising the applicant authorised officer, accompanied, if the judge considers it appropriate, by a specified number of members of the Gárda Síochána, to enter, if need be by force, at any time within 4 weeks from the date of issue of the warrant, the premises or private dwelling and there exercise the powers set out in Regulation 101.

Chapter 3 Out-of-Court Complaint and Redress Procedures

Out-of-court redress.

• (2) In the case of a cross-border dispute, the Financial Services Ombudsman shall cooperate actively with equivalent bodies in other EEA Member States in resolving them.

Chapter 4 Appeals

Appealable decisions.

• (a) a decision under Regulation 18—

• (i) refusing to grant an authorisation to operate as a payment institution, or

• (ii) granting such an authorisation subject to conditions or requirements;

• (b) a decision under Regulation 34 to withdraw such an authorisation;

• (c) a decision under Regulation 35(4) to require a person registered as a small payment institution in accordance with Regulation 35(2) to engage only in a specified activity;

• (d) a decision under Regulation 37 to withdraw a waiver granted under Regulation 35(2);

• (e) a decision under Regulation 97 to give a direction to a person;

• (f) a decision under Regulation 115(3) to revoke an authorisation granted under Regulation 115(2).

Part 7 Offences

Offence — operation as a payment institution without authorisation, etc.

Offence — false or misleading information in application.

• (a) knowingly or recklessly makes a false or misleading statement in an application for authorisation to operate as a payment institution, or

• (b) makes a false or misleading statement to the Bank in relation to—

• (i) the obtaining of an authorisation to operate as a payment institution, or

• (ii) an approval, waiver or permission from the Bank concerning the operation of a payment institution.

Offence — misappropriation of users’ funds.

Offence — failure to inform Bank of relevant changes, etc.

Offence — failure to keep appropriate records.

Offences — obstruction of authorised officer, etc.

• (2) A person who without reasonable excuse refuses or fails to comply with a request or requirement of an authorised officer made in accordance with these Regulations commits an offence.

• (3) A person who gives an authorised officer information that the person knows or reasonably ought to know is false or misleading in a material particular commits an offence.

Offence — provision of false or misleading information under Regulation 96(1)(a).

Penalties.

• (a) on summary conviction, to a fine of up to €5,000 or imprisonment for up to 6 months, or both, or

• (b) on conviction on indictment, to a fine of up to €500,000 or imprisonment for up to 3 years, or both.

Prosecution of offences.

• (2) Summary proceedings for an offence under these Regulations may be instituted within 12 months after the date of the offence.

Offences — directors and others of bodies corporate and unincorporated bodies.

• (a) a director, manager, secretary or other officer of the body, or a person purporting to act in that capacity, or

• (b) a member of the committee of management or other controlling authority of the body, or a person purporting to act in that capacity,

that person is taken to have also committed the offence and may be proceeded against and punished accordingly.

Part 8 Transitional

Payment service providers active before 25 December 2007.

• (2) If a person referred to in paragraph (1) satisfies the Bank that the person complies with the requirements in Regulations 10 and 19, the Bank shall grant authorisation to the person and shall register the person. The Bank shall notify the person before granting the authorisation.

• (3) The Bank may revoke an authorisation granted under paragraph (2) as if the authorisation had been granted under Chapter 2 of Part 2.

Payment service providers active before 25 December 2007 included inconsolidated supervision of another undertaking.

• (a) it notifies the Bank before 25 December 2009 that it intends to continue providing that payment service, and

• (b) it includes with the notification the information required by subparagraphs (a), (d), (g) to (i), (k) and (l) of Regulation 10(1).

• (2) Where the Bank is satisfied that those requirements are complied with, the Bank shall register the financial institution concerned. The Bank may exempt the financial institution from the requirement to comply with Regulation 10.

Certain small payment service providers active before commencement of these Regulations.

• (a) in accordance with the law in force in the State before 25 December 2007, commenced before the commencement of these Regulations to carry on the activities of a payment institution in the State, and

• (b) qualifies as a small payment institution under Regulation 35(1),

may continue to provide payment services within the State until 25 December 2010.

• (2) The Bank may direct that a person referred to in paragraph (1) may engage only in a specific payment service or a specific activity referred to in subparagraph (a), (b) or (c) of Regulation 27(1).

• (3) If a person referred to in paragraph (1) notifies the Bank that the person intends to continue to provide a payment service, and satisfies the bank that it qualifies as a small payment institution, the Bank shall register the person as a small payment institution.

Part 9 Amendment and Revocation of Other Legislation

Amendments of Central Bank Act 1942.

Amendment of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992.

Revocation of European Communities (Cross-Border Credit Transfers)Regulations 1999.

Amendment of European Communities (Protection of Consumers in Respect of Contracts Made by Means of Distance Communication) Regulations 2001.

Amendments of European Communities (Distance Marketing of ConsumerFinancial Services) Regulations 2004.

SCHEDULE 1 Payment Services

• (a) execution of direct debits, including one-off direct debits,

• (b) execution of payment transactions through a payment card or a similar device,

• (c) execution of credit transfers, including standing orders.

• (a) execution of direct debits, including one-off direct debits,