Payment Services Act 2015

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/2015/2015-0007/PaymentServicesAct2015_2.pdf
Published: 2015-11-01

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Payment Services Act 2015

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PAYMENT SERVICES ACT 2015

Payment Services Act 2015 Index


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e
PAYMENT SERVICES ACT 2015

Index Section Page

1 Short title .......................................................................................................................... 5
2 Commencement .............................................................................................................. 5
3 Interpretation ................................................................................................................... 5
4 Regulations to give effect to the Directives ................................................................. 7
5 Regulation of competition between SEPA participants ............................................ 7
6 Regulations – supplemental .......................................................................................... 7
7 Amendment ..................................................................................................................... 7
8 Tynwald control .............................................................................................................. 8
ENDNOTES 9

TABLE OF ENDNOTE REFERENCES 9

Payment Services Act 2015 Section 1


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c i e
PAYMENT SERVICES ACT 2015

Signed in Tynwald: 21 April 2015
Received Royal Assent: 21 April 2015
Announced to Tynwald: 21 April 2015
AN ACT
to provide for the regulation of financial institutions which are, or
propose to become, payment service providers for the purposes of the Single
Euro Payments Area; and for connected purposes.
BE IT ENACTED
by the Queen’s Most Excellent Majesty, by and with the advice and
consent of the Council and Keys in Tynwald assembled, and by the authority of the
same, as follows:—
1 Short title

The short title of this Act is the Payment Services Act 2015.
2 Commencement

(1) This Act, other than section 1 and this section, comes into operation upon
such day or days as the Council of Ministers may by order appoint.1

(2) An order under subsection (1) may make such consequential, incidental,
supplemental, transitional or transitory provision as may appear to the
Council of Ministers to be necessary.
3 Interpretation

(1) In this Act—
“Authority
” means the Isle of Man Financial Services Authority (as established
by article 4 of the Transfer of Functions (Isle of Man Financial Services
Authority) Order 2015);2

“the Commission
” [Repealed]3

“the Council
” means the Council of the European Union;
“the Directives
” means the Electronic Money Directive and the Payment
Services Directive;
Section 3 Payment Services Act 2015


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“Electronic Money Directive
” means Directive 2009/110/EC of the European
Parliament and of the Council of 16 September 2009 on the taking up,
pursuit and prudential supervision of the business of electronic money
institutions [OJEU No. L 267, 10.10.2009, p. 7];
“OFT
” means the Isle of Man Office of Fair Trading;
“payment service
” has the meaning given in article 4(3) of the Payment Services
Directive;
“payment service provider
” has the meaning given in article 4(9) of the
Payment Services Directive;
“Payment Services Directive
” means Directive 2007/64/EC of the European
Parliament and of the Council of 13 November 2007 on payment services
in the internal market [OJEU No L 319, 5.12.2007, p. 1];
“payment system
” has the meaning given in article 4(6) of the Payment Services
Directive;
“payment transaction
” has the meaning given in article 4(5) of the Payment
Services Directive;
“the relevant competition provisions
” means the provisions of articles 101 and
102 of the Treaty on the Functioning of the European Union;
“SEPA
” means the Single Euro Payment Area administered by the European
Payments Council in accordance with the Payment Services Directive;
“SEPA applicant
” means a body corporate that —
(a) is not a SEPA participant; but
(b) has made an application to the European Payments Council to
become a SEPA participant;
“SEPA participant
” means a body corporate that—
(a) is recognised by the European Payments Council as satisfying the
eligibility criteria set out in section 5.4 of the SEPA Credit Transfer
Scheme Rulebook; and
(b) adheres to that Rulebook;
“SEPA payment transaction
” means a payment transaction using the SEPA
Credit Transfer Scheme or the SEPA Direct Debit Scheme.
(2) References in this Act (or regulations under it) to the relevant
competition provisions or the Directives —
(a) are to be construed as references to those provisions or the
Directives as amended from to time; and
(b) are to be taken to include any instrument of the European Union
re-enacting the relevant competition provisions or either of the
Directives (with or without amendments).
Payment Services Act 2015 Section 4


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4 Regulations to give effect to the Directives

The Authority may make regulations applying the Directives, with such
additions, modifications or omissions as it thinks appropriate in relation to
SEPA applicants, SEPA participants and SEPA payment transactions.4

5 Regulation of competition between SEPA participants

(1) OFT may make regulations applying, as part of the law of the Island, the
relevant competition provisions.
(2) But such regulations may make provision only so far as is necessary to
secure compliance with the relevant competition provisions —
(a) between SEPA participants providing payment services in or from
the Island; and
(b) between those participants and other SEPA participants; and
only so far as those provisions relate to —
(i) payment services provided in or from the Island; or
(ii) payment services provided to persons in the Island;
6 Regulations – supplemental

(1) Regulations under this Act may make, in relation to SEPA applicants,
SEPA participants and SEPA payments, any provision which might be
made by an Act of Tynwald.
This is subject to section 5(2).
(2) Before making regulations under this Act, the Authority or OFT (as the
case requires) must consult such persons as appear to them to be
appropriate.5

7 Amendment

(1) Subsection (2) applies if it appears to the Council of Ministers to be
necessary or expedient to amend this Act in consequence of —
(a) any development in the operation of payment systems regulated
by the European Payments Council; or
(b) any amendment of the law of the European Union relating to
payment services.
(2) If this subsection applies, the Council of Ministers may by order amend
this Act.
(3) An order under subsection (2) may contain such incidental,
supplemental or transitional provision as appears to the Council of
Ministers to be necessary or expedient.
Section 8 Payment Services Act 2015


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8 Tynwald control

(1) Regulations and orders made under this Act do not have effect unless
they are approved by Tynwald.
(2) Subsection (1) does not apply to an order under section 2(1) (appointed
day).
Payment Services Act 2015 Endnotes


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ENDNOTES

Table of Endnote References


1
ADO remaining provisions (ss. 3 to 8) in operation 6 June 2015 [SD2015/0212]. 2
Definition of “Authority” inserted by SD2015/0090 as amended by SD2015/076. 3
Definition of “the Commission” repealed by SD2015/0090 as amended by SD2015/076. 4
S 4 amended by SD2015/0090 as amended by SD2015/076. 5
Subs (2) amended by SD2015/0090 as amended by SD2015/076.