LegalizeS.I. No. 383/2009 - European Communities (Payment Services) Regulations 2009
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
9 amending acts · 2018-01-12, S.I. No. 6/2018 - European Union (Payment Services) Regulations 2018
- (b) execution of payment transactions through a payment card or a similar device,
- (c) execution of credit transfers, including standing orders.
Issuing and/or acquiring of payment transactions.
Money remittance.
Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services.
SCHEDULE 2 Amendment of other Legislation
Part 1 Amendments of Central Bank Act 1942
Regulation 118
| Item | Provision amended | Amendment | Amendment | Amendment |
| 1 | Section 33AK(10), paragraphs (n) and (o) | Substitute:“(n)Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments,(o)the Supplemental Directive and the MiFID Regulation as defined in section 3(1) of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (No. 37 of 2007), and(p)Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.”. | Substitute:“(n)Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments,(o)the Supplemental Directive and the MiFID Regulation as defined in section 3(1) of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (No. 37 of 2007), and(p)Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.”. | Substitute:“(n)Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments,(o)the Supplemental Directive and the MiFID Regulation as defined in section 3(1) of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (No. 37 of 2007), and(p)Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.”. |
| 2 | After section 33AN, insert:“Application of Part to credit unions pursuant to Payment Services Directive.33ANB.—(1) This Part applies in relation to—(a)the commission or suspected commission by a credit union of a contravention of—(i)a provision of the European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009),(ii)any direction given to the credit union under a provision of those Regulations,(iii)any condition or requirement imposed on the credit union under a provision of those Regulations or under any direction given to the credit union under such a provision, or(iv)any obligation imposed on the credit union by those Regulations or by the Regulatory Authority pursuant to a power exercised under those Regulations, and(b)participation, by a person concerned in the management of a credit union, in the commission by the credit union of such a contravention.(2) For those purposes—(a)a reference in this Part to a regulated financial service provider includes a reference to a credit union,(b)a reference in this Part to a prescribed contravention includes a reference to a contravention, by a credit union, of a provision, direction, condition, requirement or obligation referred to in subsection (1), and(c)a reference in this Part to a person concerned in the management of a regulated financial service provider includes a reference to a person concerned in the management of a credit union.(3) Nothing in this section limits the application of this Part in relation to matters other than those referred to in subsection (1).(4) However, for the purposes of the application of subsections (3)(c) and (5)(b) of section 33AQ in relation to a contravention by a credit union of a provision, direction, condition, requirement or obligation referred to in subsection (1)—(a)the prescribed amount shall be taken to be €500,000 in all circumstances, and(b)any prescription of a higher amount by regulations for the purposes of either of those subsections shall be disregarded.(5) This section has effect notwithstanding anything to the contrary in section 184 of the Credit Union Act 1997.”. | After section 33AN, insert:“Application of Part to credit unions pursuant to Payment Services Directive.33ANB.—(1) This Part applies in relation to—(a)the commission or suspected commission by a credit union of a contravention of—(i)a provision of the European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009),(ii)any direction given to the credit union under a provision of those Regulations,(iii)any condition or requirement imposed on the credit union under a provision of those Regulations or under any direction given to the credit union under such a provision, or(iv)any obligation imposed on the credit union by those Regulations or by the Regulatory Authority pursuant to a power exercised under those Regulations, and(b)participation, by a person concerned in the management of a credit union, in the commission by the credit union of such a contravention.(2) For those purposes—(a)a reference in this Part to a regulated financial service provider includes a reference to a credit union,(b)a reference in this Part to a prescribed contravention includes a reference to a contravention, by a credit union, of a provision, direction, condition, requirement or obligation referred to in subsection (1), and(c)a reference in this Part to a person concerned in the management of a regulated financial service provider includes a reference to a person concerned in the management of a credit union.(3) Nothing in this section limits the application of this Part in relation to matters other than those referred to in subsection (1).(4) However, for the purposes of the application of subsections (3)(c) and (5)(b) of section 33AQ in relation to a contravention by a credit union of a provision, direction, condition, requirement or obligation referred to in subsection (1)—(a)the prescribed amount shall be taken to be €500,000 in all circumstances, and(b)any prescription of a higher amount by regulations for the purposes of either of those subsections shall be disregarded.(5) This section has effect notwithstanding anything to the contrary in section 184 of the Credit Union Act 1997.”. | After section 33AN, insert:“Application of Part to credit unions pursuant to Payment Services Directive.33ANB.—(1) This Part applies in relation to—(a)the commission or suspected commission by a credit union of a contravention of—(i)a provision of the European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009),(ii)any direction given to the credit union under a provision of those Regulations,(iii)any condition or requirement imposed on the credit union under a provision of those Regulations or under any direction given to the credit union under such a provision, or(iv)any obligation imposed on the credit union by those Regulations or by the Regulatory Authority pursuant to a power exercised under those Regulations, and(b)participation, by a person concerned in the management of a credit union, in the commission by the credit union of such a contravention.(2) For those purposes—(a)a reference in this Part to a regulated financial service provider includes a reference to a credit union,(b)a reference in this Part to a prescribed contravention includes a reference to a contravention, by a credit union, of a provision, direction, condition, requirement or obligation referred to in subsection (1), and(c)a reference in this Part to a person concerned in the management of a regulated financial service provider includes a reference to a person concerned in the management of a credit union.(3) Nothing in this section limits the application of this Part in relation to matters other than those referred to in subsection (1).(4) However, for the purposes of the application of subsections (3)(c) and (5)(b) of section 33AQ in relation to a contravention by a credit union of a provision, direction, condition, requirement or obligation referred to in subsection (1)—(a)the prescribed amount shall be taken to be €500,000 in all circumstances, and(b)any prescription of a higher amount by regulations for the purposes of either of those subsections shall be disregarded.(5) This section has effect notwithstanding anything to the contrary in section 184 of the Credit Union Act 1997.”. | |
| 3 | Schedule 2 Part 2 | At the end, insert— | At the end, insert— | At the end, insert— |
| “S.I. No. 383 of 2009 | European Communities (Payment Services) Regulations 2009 | The whole instrument (other than Part 3)”. |
Part 2 Amendments of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992
Regulation 119
| Item | Provision amended | Amendment |
| 1 | Schedule, points 4 and 5 | Substitute:“(4) Payment services (as defined in Article 4(3) of Directive 2007/64/EC6 of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market)(5) Issuing and administering other means of payment (for example, travellers’ cheques and bankers’ drafts) insofar as this activity is not covered by point 4”. |
6 OJ L 319, 5.12.2007, p. 1.
GIVEN under my Official Seal,
25 September 2009.
BRIAN LENIHAN,
Minister for Finance.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation)
This Statutory Instrument transposes Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directive 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.
The Directive establishes a harmonised legal framework for the provision of payment services in the European Union / European Economic Area. The Directive:
- •establishes who may provide payments services;
- •introduces an authorisation and supervision framework for a new category of payment services provider called a payment institution;
- •establishes transparency and information requirements to ensure that payment service providers give requisite information to payment service users; and
- •sets out the respective rights and obligations of payment service providers and payment service users.
The Statutory Instrument designates the Financial Regulator as the competent authority for the purposes of the Payment Services Directive. However, for Part 3 of the Statutory Instrument, which concerns access to payment systems, the Central Bank shall be the competent authority.
Footnotes
Official Journal L 319, 05/12/2007 p. 1–36.
OJ. L 1, 3 January 1994, p. 3.
OJ. L 1, 3 January 1994, p. 572.
OJ L 124, 20 May 2003, p. 36–41.
OJ L 164, 22.6.2002, p. 3–7
OJ L 319, 5.12.2007, p. 1.
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