Payment Services Act (Zadig) As Well As Amendment Of The Banking Act, The Tv-Financial Services Act, The Consumer Protection Act, Of The Financial Market Authority Act, The Insurance...

Original Language Title: Zahlungsdienstegesetz (ZaDiG) sowie Änderung des Bankwesengesetzes, des Fern-Finanzdienstleistungs-Gesetzes, des Konsumentenschutzgesetzes, des Finanzmarktaufsichtsbehördengesetzes, des Versicherung...

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66. Federal law, with the adopted a federal law on the provision of payment services (payment Services Act - ZaDiG) and the Banking Act, the remote financial services law, the Consumer Protection Act, the financial market Authority Act, the insurance supervision law and the securities supervision Act 2007 are changed as well as the transfer Act is repealed

The National Council has decided:

Table of contents





Article 1 - transposition of a directive of the European Union







Article 2 - law on the provision of payment services (payment Services Act - ZaDiG)







Article 3 - amendment of the Banking Act







Article 4 - amendment to the remote financial services act







Article 5 - amendment of the consumer protection act







Article 6 - amendment of the financial market Authority Act







Article 7 - modification of the insurance supervision law







Article 8 - cancellation of the transfer Act







Article 9 - amendment of the securities supervision Act 2007







Article 1

This federal law is the implementation of 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 (OJ No. L 319 of 5.12 2007, p. 1) and directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes in terms of the coverage level and the payout delay (OJ No. L 68 of the 13.3.2009, p. 3).

Article 2

Federal law on the provision of payment services (payment Services Act - ZaDiG)

Table of contents





1. main piece of General provisions







1. section scope and terms







§ 1.





Scope of application







§ 2.





Exceptions







§ 3.





Definitions







2. cut off access to payment systems







§ 4.





Access to payment systems







2. main piece of payment institutions







1. section concession







§ 5.





Requirement and scope of licence







§ 6.





Concession application







§ 7.





Of a licence







§ 8.





Withdrawal of the concession







§ 9.





Termination of the concession







§ 10.





Commercial register and payment institution register







§ 11.





Change the licensing basics







2 section establishment and freedom to provide services







§ 12.





Payment institutions from Member States in Austria







§ 13.





Austrian payment institutions in Member States







§ 14.





Supervision within the framework of services and freedom of establishment







3. section other requirements and rules and regulations for the operation of the upright







section 15 and section 16.





Own resources







§ 17.





Protection of customer funds







§ 18.





Retention of records and documents







§ 19.





Organisational requirements, confidential – and due diligence







§ 20.





Messages







4. section outsourcing and agents







§ 21.





Outsourcing of tasks







section 22.





Agents







5. cut off liability for the payment institution related people







§ 23 and § 24.





Liability for the payment institution related people







6 section accounting and auditing







§ 25.





Accounting and auditing







3. main piece of payment services







1. section information requirements, fees and contract types







section 26.





Shape, time, language and currency







§ 27.





Fees







section 28.





Information and contractual terms of the framework contract







section 29.





Changes of the agreement







section 30.





Ordinary termination of the framework contract







§ 31.





Individual payment transactions within a framework contract







§ 32.





Single payments outside a framework contract







§ 33.





Special provisions for retail payments and electronic money







2. section authorization and execution of payment transactions







§ 34.





Consent and withdrawal of consent







section 35.





Due diligence obligations of the payment service provider







section 36.





Due diligence and reporting obligations of the payment service user







section 37.





Revocation of a payment instrument







section 38.





Input date of payment orders







§ 39.





Rejection of payment orders







section 40.





Irrevocability of a payment order







section 41.





Transfer of the amount paid in full







§ 42.





Execution period and availability







§ 43.





Value date







3. cut off liability and reimbursement obligations







§ 44.





Liability for unauthorised payment transactions







§ 45.





Reimbursement of authorized by the payment recipient of triggered payment process







§ 46.






Responsibility for non-execution or defective execution







§ 47.





Recourse







section 48.





Exclusion of liability







4. main piece of business supervision, bankruptcy rules, supervision and international cooperation







1. section business supervisory and insolvency provisions







Article 49 to article 58.







2. section supervisory







section 59.





Competent authorities







section 60.





Cost determination







section 61.





Data protection







§ 62.





Professional secrecy







section 63.





Research and testing procedures







section 64.





Supervisory measures and publications







section 65.





Reporting by auditors







Article 66.-section 70.





Procedural and penal provisions







3 section international cooperation







§ 71.





Point of contact and exchange of information







section 72.





Cooperation in the monitoring, verification on the spot and in investigations







Article 73.





Powers of the host Member State







section 74.





Precautionary measures to be taken by the host Member State







5. main piece of transitional and final provisions







§ 75.





Transitional provisions







section 76.





References and regulations







§ 77.





Linguistic equal treatment







§ 78.





Enforcement







section 79.





Entry into force





 

 

 

1. main piece

General terms and conditions

 

1 section

Scope and terms

Scope of application



§ 1 (1) this federal law sets the conditions, including people payment services may provide commercially in Austria (payment service provider) and regulates the rights and obligations of payment service providers and payment service users in connection with payment services, provided the payment service providers based on Austria-based payment service users or in Austria, as well as access to payment systems.

(2) payment services are the following activities:



1. Services, which provide cash deposits on a payment account or cash withdrawals from a payment account, and all required for the operation of a payment account operations (input and payment business);

2. the execution of the following payment transactions, including transfer of funds on a payment account with the payment service provider of the user or an other payment service provider (payment business): a) direct debits, including one-off direct debits (direct debit transactions);

b) payment transactions through a payment card or a similar instrument (payment card business);

(c) transfers, including standing orders (transfer of business);

3. execution of payment transactions referred to in item 2, if the amounts by a credit line for a payment service user are covered (payment transactions with lending);

4. the issue of payment instruments or the acceptance and settlement ("acquiring") of payment instruments (payment instrument business);

5. a money amount of a payer solely for transferring a corresponding amount to a payee or to another, in the payment service provider acting payee name is accepted services, where without setting up a payment account in the name of the payer or the payee or accepted in the amount of money in the name of the payee and made this available is (financial transfer business);

6. the execution of payment transactions where the consent of the payer to execute a payment transaction through a telecommunication, digital or information technology (IT) device is submitted and the payment to the operator of the telecommunication or IT system or network is carried out solely as intermediate body between the payment service user and the supplier of goods and Services Act (digital payment transactions).

(3) payment service are:



1. credit institutions within the meaning of § 1 Bankwesengesetz - BWG, BGBl. No. 532/1993, as well as credit institutions in accordance with § 9 BWG, who searched for the law of the Member State of origin, to the provision of payment services are entitled;

2. payment institutions within the meaning of § 3 Z 4;

3. electronic money institutions within the meaning of § 1 E-money Act, Federal Law Gazette I no. 45/2002, as well as electronic money institutions within the meaning of article 1 para 3 are 6(1)(a) of Directive 2000/46/EC on the taking up, pursuit and prudential supervision of electronic money institutions authorized under the law of the Member State of origin, to the provision of payment services;

4. the post in terms of monetary circulation;

5. the European Central Bank, the Austrian National Bank, as well as other central banks of the European Union, provided that they are not acting in their capacity as monetary authority;

6. the Federal, the State and municipalities, as far as the private sector management of payment services they provide;

7. for the purposes of the access to payment systems (section 4): natural or legal persons in accordance with article 26 of Directive 2007/64/EC on payment services in the internal market, which are authorised in their home Member States to the provision of payment services.

(4) in respect of sections 41, 42, 43 and 46, the following scope applies by way of derogation from paragraph 1:



1 § 43 concerning the value date is to apply only to transactions, a) within the community and b) in euro or in the currency of a Member State of the European Union outside the eurozone or EEA Contracting State provided, c) provided that at least one of the payment service provider in the European Community is established.

§§ 41 and 46 concerning the liability for the error-free execution are 2 apply only to payment transactions, a) where both the payment service provider of the payer and the payee in the European Community are resident or, if only a single payment in the payment process is involved, this is established in the European Community and b) which are made within the European Community and c) in euro or in the currency of a Member State of the European Union outside the euro zone, or an EEA Contracting Party be provided.              

3. Article 42 concerning the is regarding only apply to payment transactions the execution period deadline, a) where both the payment service provider of the payer and the payee in the European Community are resident or, if only a single payment in the payment process is involved, this is established in the European Community and b) which are made within the European Community and c) be provided in euros or d) within a Member State of the European Union in the currency of this Member State outside the euro zone or be provided within an EEA Contracting State in the currency of that EEA Contracting State or e) involving only one currency conversion between the euro and the currency of a participating non - euro area Member State or EEA Contracting Party takes place, provided that the required currency in the participating non - euro area Member State or EEA State is performed and - occurs in the case of cross-border payment transactions - the cross-border transfer in EUR.

4. the execution period according to § 42 no more than four business days exceed, in the case of payment transactions, a)

where both the payment service provider of the payer and the payee in the European Community are resident or, if only a single payment in the payment process is involved, this is established in the European Community and b) which are made within the European Community and c) be provided in the currency of a Member State of the European Union outside the eurozone or EEA Contracting State , but where the conditions of no. 3 lit. d or e are not met.

Exceptions



2. (1) is this federal law do not apply to



1. the European Central Bank and central banks of other Member States of the European Union, the Austrian National Bank, when acting in their capacity as monetary authority or if the Austrian National Bank within the framework of her by this Federal Act, the Banking Act, the National Bank Act 1984 - NBG, BGBl. No. 50/1984, the Foreign Exchange Act 2004, Federal Law Gazette I no. 123/2003, the finality Act, Federal Law Gazette I no. 123/1999, Kopeck Act 1988 , Federal Law Gazette No. 597/1988, or the financial market supervisory authority Act - FMABG, Federal Law Gazette I no. 97 / 2001 tasks are;

2. Federal, State and municipalities, if they act as an authority;

3. the Austrian Kontrollbank Aktiengesellschaft.

(2) the 2nd is main piece of this Federal Act does not apply to



1 credit institutions within the meaning of § 1 BWG and credit institutions, in accordance with § 9 BWG, to the law of the Member State of origin, to the provision of payment services are entitled, 2. electronic money institutions within the meaning of § 1 E-money law as well as electronic money institutions within the meaning of article 1 paragraph 3 of Directive 2000/46/EC, which is entitled according to the law of the Member State of origin, to the provision of payment services, 3rd post in terms of monetary circulation , 4. the European Central Bank, the Austrian National Bank, as well as other central banks of the European Union, if they act not in the sense of paragraph 1 as a monetary authority or if the Austrian National Bank in the context of her through in par. 1 Z 1 Federal law referred to tasks are;

5. the Federal, the State and municipal, insofar as they are acting in the framework of private sector management.

(3) this Federal Act shall not apply on the following activities:



1. payment transactions that occur without intermediary bodies solely as direct cash payments from the payer to the payee;

2. payment transactions between payer and payee through a commercial agent who is authorized to negotiate the sale or purchase of goods or services in the name of the payer or the payee or complete;

3. the commercial transport of banknotes and coins including collection, processing and delivery;

4. non-commercial collection and delivery of cash within the framework of a non-profit or charitable activity;

5. Services, where the payee cash in part of a payment operation delivers the payer after the payment service user just before the execution of a payment transaction for the purchase of goods or services is expressly asked him;

6 money exchange business in the sense of § 1 para 1 Z 22 BWG (currency exchange business);

7 payment operations, which one of the following documents is based on which is drawn on the payment service provider and the deployment of a sum of money to a payee provides: a) a paper cheque within the meaning of the Geneva Convention of 19 March 1931 on the uniform law of cheque;

(b) a under lit. a called check comparable paper cheques according to the law of a Member State, which is not the uniform check law party to the Geneva Convention of 19 March 1931 on;

(c) a change in paper form within the meaning of the Geneva Convention of 7 June 1930 on the uniform currency Act;

(d) a under lit. referred to in c change comparable change in paper form under the law of a Member State which is not a member of the Geneva Convention of 7 June 1930 on the uniform currency Act;

(e) a voucher in paper form;

(f) a traveller's cheques in paper form;

(g) an post statement in paper form within the meaning of the definition of the Universal Postal Union;

8 payment transactions which are carried out within a payment or securities settlement system between payment compensating agents, central counterparties, clearing houses or central banks and other participants of the system, and payment service providers. § 4 shall remain unaffected;

9 payment transactions in connection with the operation of securities, such as, for example, dividends, income or other distributions or its redemption or sale, that are performed by the persons referred to in Z 8 or be rendered by investment services investment firms, credit institutions, undertakings for collective investment or asset management companies or any other body, which is approved for the custody of financial instruments;

10 services provided by technical service providers, which may contribute to the provision of payment services, however reach any time in possession of the record amounts of money, such as the processing and storage of data, confidence-building measures and services to protect of privacy, message and instance authentication, providing Informationstechnologie-(it-) and communications networks, as well as deployment and maintenance of the devices used for payment services and facilities;

11 services based on instruments that either can be used for acquiring goods or services only in the premises of the issuer or under a business agreement with the Exhibitor for the purchase within a limited network by service providers or for the acquisition of a limited range of goods or services;

12 payment processes, which about a telecommunications, a digital or IT device be run if the goods or services to a telecommunications, a digital or IT device, provided by means of such should be used, provided that the operator of telecommunication, digital or IT system or network not only as intermediate body between the payment service user and the supplier of goods and Services Act;

13 payment transactions which are carried out by payment service providers with one another on their own account or by their agents or branches with each other on their own account;

14 payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent company without the involvement of any payment provider belonging to same group;

15 services from service providers who have signed a framework contract with the customer contrasting money from a payment account where for one or more card issuers at multifunctional Bank ATMs, cash is withdrawn, provided that these service providers no other of § 1 para 2 of the aforementioned payment services provide.

Definitions



§ 3. Within the meaning of this Federal Act, the following definitions shall apply:



1. Member State of origin: a) the Member State in which the seat of the payment service provider is, or b) if under the applicable national law of the Member State in which its head office is located; the payment service provider has no headquarters,

2. host Member State: the State of Member, where a payment service provider has an agent or a branch or provides payment services, which is not this provider's home Member State;

3. Member State: Member State of the European Union or a Contracting State of the European economic area (EEA State);

4. payment institution is a legal person, the a) in accordance with section 7 or b) in their home Member State in accordance with article 10 of Directive 2007/64/EC to commercially provide and execute payment services throughout the territory of the European Community is authorised;

5. provision payment: the payer or payee-initiated, transfer or withdraw a sum of money, irrespective of any underlying obligations in the relationship between payer and payee;

6 payment system: a system for the transfer of funds with formal and standardised rules and uniform rules for the processing, clearing, or settlement of payment transactions;

7 contributors: a person who holds a payment account and which issued a payment order from that payment account, or permits or - if there is no payment account - a person who placed the order for a payment transaction;

8 payment receiver: a person who is to receive the amount of money transferred in payment transaction as receiver;

9 out-of-court FIN-NET conciliation: out-of-court complaint and dispute settlement body in accordance with article 83 of Directive 2007/64/EC, which perceived in Austria by the joint conciliation Board of the Austrian banking industry as Austrian member of FIN-NET;

10 payment service user: a person who makes a payment service as payer or payee or both properties claim;

11.

Consumer: a natural person acting in the payment service contract covered by this federal law for purposes, which can be attributed to not their commercial or professional activity;

12 agreement: a payment service contract which governs the future execution of individual and successive payment transactions and may include the obligation to set up a payment account and the appropriate conditions;

13. payment account: a the name of one or more payment service users account, which is used for the execution of payment transactions;

14 amount of money: banknotes and coins, scriptural money and electronic money within the meaning of § 2 Z 58 BWG;

15 payment orders: any order that a payer or payee granted his payment service provider for the execution of a payment transaction;

16 reference rate: the exchange rate, which in each currency conversion will be taken and made available by the payment service provider or comes from a publicly available source;

17 authentication: a procedure which allows the payment service provider can verify the use of a certain payment instrument, including its personalised security features;

18 reference interest rate: the interest rate, which is applied when calculating interest and comes from a source that is publicly available and verifiable for both parties of a payment service agreement;

19 incoherent: a combination of letters, numbers, or symbols, that is communicated to the payment service user by the payment service provider and that the payment service user must specify to the other payment service user involved in the payment process or whose payment account can be determined beyond reasonable doubt;

20 agent: a natural or legal person who performs on behalf of a payment institution payment services;

21 payment instrument: each personalized instrument or any personalized procedure, that or which has been agreed between the payment service user and the payment service provider and by the payment service user or that can be used, to grant a payment order;

22 communication means: any means of communication, which can be used without the simultaneous physical presence of the payment service providers and payment service users for concluding a contract for the provision of payment services;

23 durable medium: any instrument which enables the payment service user on him personally-oriented information so to save that he can see them in the sequence for a time adequate for the purposes of the information and which allows the unchanged reproduction of stored information;

24th business day: any day where each involved in the execution of a payment transaction payment of the payer or the payee has business operations necessary for the execution of payment transactions;

25 direct debit: a payment service triggered by the payee to debit to the payment account of the payer on the basis of a consent of the payer to a payment granted to the payer to the payee, his payment service provider, or its own payment service provider;

26 Branch Office: an Office, which is not the main administration and forms a part of a payment institution, which has no legal personality and which conducts directly all or some of the operations inherent in the business of a payment institution; all branches of a payment institution with a head office in another Member State, which are located in the same Member State, are regarded as a single branch;

27 group: a group of companies that are linked from a parent undertaking, its subsidiaries and the companies in which the parent undertaking or its subsidiaries Z 2 BWG hold a participation within the meaning of § 2, consists, as well as companies, which between them consolidated paragraph 1 of Directive 83/349/EEC on the by a relationship within the meaning of article 12 conclusion.

2. section

Access to payment systems



§ 4 (1) the operator of a payment system may neither directly nor indirectly



1 payment service providers, payment service users or other payment systems to the accession to a payment system unfairly hinder or impose restrictive regulations on effective participation in other payment systems;

2. certified payment service provider or registered payment service providers in relation to their rights and obligations as a participant of the payment system without any objectively justified reason to treat differently;

3. limit payment service providers, payment service users or other systems of payment with respect to the institutional status of the participants.

(2) in the interests of financial stability and the security of the payment system operators of payment systems have, when they grant access to payment systems payment service providers that are legal persons, to take into account the following criteria:



1. the safeguards against certain risks, such as settlement risk, operational risk and entrepreneurial risk, and 2. the protection of the financial and operational stability of the payment system.

Each payment service provider has before joining and during his participation in a payment system payment system operator and the other participants to prove, that its internal arrangements are sufficiently solid to withstand all kinds of risks within the meaning of the Nos. 1 and 2.

(3) the provisions referred to in paragraphs 1 and 2 shall not apply for



1 payment systems within the meaning of § 2 finality Act, Federal Law Gazette I no. 123/1999, payment systems that exist, only from a single group payment service providers belonging to whose individual legal entities capital connections between 2. where any of the affiliates exercising actual control over the other, and payment systems, where a 3. sole payment service provider (as a single legal entity or as a group) a) as the payment service provider of the payer and the payee is or can act as such and solely for the administration of the system He is responsible and b) grants other payment service providers the right to participate in the system, and the other payment service providers are not entitled to negotiate fees in relation to the payment system among themselves, however, may set their own pricing in relation to payers and payees.

(4) a person who violates subsection 1, is at risk of omission and negligence performance damages committed to the person concerned to eliminate. The roles and responsibilities of the Federal competition authority, the Federal Cartel Prosecutor and antitrust jurisdiction after the antitrust law 2005, BGBl. I remain unaffected no 61/2005, as well as the Austrian National Bank according to § 44a NBG.

2. main piece

Payment institutions

1 section

Concession

Requirement and scope of licence



5. (1) the commercial provision of one or more payment services pursuant to section 1 para 2 domestic needed, except in the case of § 2 para 2, the licence (section 7) as a payment institution by the FMA. A payment institution with headquarters and headquarters in Germany is entitled to the provision of one or more payment services pursuant to section 1 para 2 according to the concession decision in the context of the service and the freedom of establishment in all Member States in accordance with the provisions of this Federal Act.

(2) Furthermore may pursue payment institutions the following activities:



1. the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, custody services, services in order to ensure data protection and data storage and processing;

2. the operation of payment systems without prejudice to § 4;

3. business activities which do not exist in the provision of payment services, provided that conflict with the legal provisions of Community law or provisions of other federal laws.

(3) in the provision of one or more of the payment services referred to in section 1 subsection 2 must lead payment institutions only payment accounts, which are used exclusively for payment transactions; Funds received from payment service users for the provision of payment services, as well as payment accounts, performed with a payment institution are not considered deposits or other repayable funds within the meaning of § 93 par. 2 BWG or as electronic money within the meaning of § 2 Z 58 Banking Act, and may not be remunerated. As far as payment services provided by investment firms or investment service providers, the use of lower payment accounts or accepted for payment services funds from payment service users for the provision of investment services is not permitted this or another payment service user.

(4) payment institutions may deposits or other repayable funds within the meaning of § 1 para 1 Z 1 BWG noncommercial, also not on the basis of the issue of bearer or order bonds receive.


(5) payment institutions loans in connection may be the Z only grant 3, 4 or 6 of the mentioned payment services in section 1, paragraph 2, if



1. the credit is an ancillary activity and only in connection with the execution of a payment transaction is carried out;

2. the maturity of the loan granted in connection with a payment of not more than 12 months, and this credit completely to repay is also at the latest within twelve months; a subsequent extension is not allowed;

3. the credit not is granted from the sums of money received or held for the purpose of the execution of a payment transaction; and 4 that own funds of the payment institution at any time of loans are according to the FMA in proportion to the total. The FMA can set taking into account according to § 16 para 1 to available methods and, taking into consideration size and volume of the credit business in relation to the overall business by means of regulation, in relation the capital pursuant to article 15 to the total amount of the loans must be.

(6) a credit-granting in accordance with para 5 No. 1 is not considered credit business in the sense of § 1 para 1 Z 3 BWG.

Concession application



Section 6 (1) the applicant has the application for granting a licence to join the following information and documents:



1. the business model, in particular the nature of the proposed payment services stating;

2. the business plan with a budget plan for the first three years, indicating that the applicant has appropriate and proportionate systems, resources and procedures to properly perform its activity;

3. the proof that the initial capital in accordance with article 7, paragraph 1 Z 7 unlimited and without load domestically available is the management of the payment institution;

4. a description of the measures to protect of the funds of the payment service user in accordance with section 17;

5. a description of the management and the internal control system of the applicant including the management, risk management and accounting procedures, stating, that comparatively, measured this corporate management, control mechanisms and procedures, reliable and sufficient;

6. a description of the internal control system, which the applicant to introduce plans concerning §§ 40 and 41 BWG No. 1781/2006 on information on the payer for transfers of funds to prevent money laundering and the financing of terrorism to meet the due diligence and reporting requirements to combat money laundering and terrorist financing, as well as the requirements of Regulation (EC);

7. a representation of the organizational structure of the applicant, including a description of the planned receipt by agents and branch offices, as well as a representation of the outsourcing arrangements, and a description of the manner in which its participation in a national or international payment system;

8. the identity and amount of participation of persons, which directly or indirectly a qualifying participation within the meaning of § 2 Z 3 BWG hold on the payment institution, as well as the information required in the interest of ensuring a sound and prudent management of the payment institution for assessing the reliability of these people, the legal representative and the only general partner of this people, as well as providing the group structure , provided that these people belong to a group;

9. the names of the business managers and, in the case of section 5, paragraph 2 No. 3 the name of the persons responsible for the management of payment service business of the payment institution, as well as in accordance with § 7 paragraph 1 Z 9 to 15, evidence that they are reliable and have the appropriate knowledge and skills to the provision of payment services;

10. the name of the Auditor, and in case of an audit firm also the individuals entrusted with the examination, in the sense of articles 60 to 63 b BWG in conjunction with §§ 270-271c corporate code – UGB, dRGBl. S 219/1897;

11. the legal form and the articles of Association of the applicant;

12. the seat and address of the Head Office of the applicant.

For the purposes of the Z 4, 5 and 7, the applicant has to submit a description of its testing procedures and the organisational arrangements, allowing him to take all precautions to be expected of him to protect the interests of its users and to ensure continuity and reliability in the provision of payment services.

(2) the FMA has the applicant within three months of receiving the application or, if this is incomplete, within three months after submission of all the information required for the decision to grant the concession or the rejection of the application by means of reasonable notice in writing.

Of a licence



§ 7 (1) the licence shall be granted if:



1. the company in the form of a capital company or cooperative; run

2. the seat and headquarters in Germany are;

3. a solid and prudent management of a payment institution is guaranteed, does the payment institution have a solid business management for its payment services business, which include a clear organisational structure with exactly defined, transparent and coherent areas of responsibility, effective procedures to identify, control, monitoring and notification of the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures, These rules, procedures and mechanisms must comprehensively and the payment services by the payment institution provided the nature, the scope and the complexity be appropriate;

4. the shareholders or members, the qualified investments (§ 2 Z 3 BWG) keep, satisfy the demands to be to ensure of the sound and prudent management of a payment institution, and no facts exist which resulting doubts about the personal reliability of such persons; evidence of such facts, then the licence may only be issued, if the unwarranted nature of this doubt was certified;

5. between the payment institution and other natural or legal persons, 28 BWG, not a proper oversight hinder existing close links within the meaning of § 2 Z;

6. the proper oversight not by the legal and administrative provisions of a third country, one or more natural or legal persons with which the payment institution has close links, or difficulties hampered in their enforcement;

7. the initial capital in accordance with § 15 para 1, which Z 1 and 2 BWG comprises the elements within the meaning of article 23, paragraph 1, and without restriction and without stress in the domestic free is the business managers;

8. the measures for the protection of the payment service user pursuant to § 17 satisfactory amounts of money are;

9 is a reason of exclusion in the sense of § 13 para 1 to 3, 5 and 6 GewO 1994, Federal Law Gazette No. 194/1994,. in none of the directors and assets none of the directors or any other legal entity as a natural person, whose business decisive influence may refer to a Managing Director or is said to the bankruptcy was opened, unless it of at the end of a compulsory compensation came in as part of the bankruptcy process , meets the; the same applies if a so similar offence abroad was carried out;

10. the directors have overall economic conditions and no facts exist which doubts as to their personal for the operation of the business in accordance with § 1 section 2 and section 5, paragraph 2 required reliability arising; evidence of such facts, then the licence may only be issued, if the unfounded of doubt was certified;

11. the Managing Director are technically suitable on the basis of their qualifications and who have necessary experience for the operation of the payment institution. The professional competence of a Managing Director assumes that this has sufficient theoretical and practical knowledge of the requested operations in accordance with section 1, paragraph 2, as well as management experience; the professional competence for the management of a payment institution is to accept, if at least three-year senior working at a company of comparable size and type of business will shown.

12 against a manager who is not an Austrian citizen, in the State whose citizenship he has, there are no exclusion reasons as Managing Director of a payment institution in the sense of the Z 9, 10, 11, or 15; This is to confirm, by the supervisory authority of the home country can however such confirmation not obtained are the concerned business Director has to make this believable, to certify the absence of the above exclusion reasons and to make a statement, whether the above exclusion reasons exist;

13. at least a General Manager has his life interests in Austria;

14.

at least, a Managing Director of the German language dominated;

15. at least a Director exercises no other main profession outside the payment service industry or banking;

16. the Constitution contains no provisions which do not guarantee the security of the funds entrusted to the payment institution and the proper conduct of the business in accordance with § 1 para 2;

17 enclosed information and evidence section 6 of this Act correspond to the application and the FMA enters after a thorough examination of the application to a positive overall assessment.

(2) before granting the licence, the FMA



1. the Austrian National Bank to listen to and, if necessary, 2. the competent authority of the home Member State, if the payment institution holds a shareholder or a shareholder, of a qualifying holding, in the home Member State as the credit institution within the meaning of article 4 point 1 of Directive 2006/48/EC, as asset management company within the meaning of Article 1a, point 2 of Directive 85/611/EEC as amended by Directive 2001/107/EC , OJ No. L 41 of 21.01 2002, S. 20, as investment firm or insurance company or as a payment institution is approved, to consult; and 3 If emerges from the documents to be presented within the framework of the concession request, that a Director previously worked in another Member State, to consult the authority responsible for the oversight of payment services in the Member State concerned and 4 in the case of payment institutions to perform also activities within the meaning of § 5 para 2 Z 3 intending to consult the authorities responsible for the supervision of these activities in Austria.

(3) the concession is at any other cancellation in writing to grant; can be equipped with appropriate terms and conditions, are on a single or multiple payment services § 1 para 2 and take out parts of individual payment services from the scope of the licence. At the same time with the licensing, the FMA is to make the entry in the payment institution register in accordance with section 10, paragraph 2.

(4) a payment institution provides any of the payment services listed in section 1, paragraph 2, and it comes after at the same time other business activities, the FMA may prescribe that a separate company must be created with its own legal personality for the payment services business, if



1. the non - payment service business of the payment institution which could affect the financial soundness of the payment institution or impair or 2 could affect the ability of FMA, to check whether the payment institution meets all requirements of this federal law, non - payment service business of the payment institution or adversely affected.

Withdrawal of the concession



8. (1) the FMA can the concession granted to a payment institution take back, if



1. the business on the she relates, was recorded within a period of 12 months after the licence or 2 more than six months not exercised the business to which it relates has been.

(2) the FMA has the concession to take back, if



(1) it was; unlawfully obtained due to false information or otherwise

2. the requirements for the granting of the licence no longer exist or have subsequently fallen away (§ 64 paragraph 7 of Federal Act in conjunction with section 70 para 4 Z 3 BWG);

3. a continuation of payment services by the payment institution would pose a threat to the stability of the payment system or the payment institution does not meet his obligations to his creditors.

4. the payment institution emits the limits laid down in section 5, for the granting of credits exceeds or accepts deposits contrary to or E-money;

5. concerning the assets of the payment institution is bankrupt or 6 the payment institution has taken the organ-economic decision on resolution and all payment services are handled.

(3) a decision with which the licence is withdrawn, looks like a resolution resolution of the payment institution, the business in accordance with § 1 para 2 as business be abandoned within three months after legal effect of the notification and the company not under omission of the term "Payment institution" is changed. The FMA has to make a copy of this decision to the Court; the withdrawal of the concession is to be entered in the register of companies.

(4) the Court shall appoint, if the persons appointed to the settlement offer no guarantee for correct implementation of the at the request of the FMA as wrappers. The FMA of considers that the persons appointed to the settlement offer no guarantee for correct implementation of the, is so she has relevant to the exercise of jurisdiction in commercial matters in first instance the order of suitable processor to request competent court where for the seat of the payment institution; the Court shall decide the procedure except for disputes.

(5) the withdrawal of the concession is to speak to the person concerned by means of written reasoned decision.

(6) the withdrawal of the concession is to publicly make the FMA by the FMA in the register in accordance with section 10, paragraph 2, and on the website. In the same way, the FMA to publish If you have a complaint against an administrative decision on withdrawal of the concession in most judicial proceedings is granted suspensive effect. The publication of the withdrawal of the concession shall be revoked if the notice is repealed.

Termination of the concession



9. (1) the licence expires:



1. by lapse of time;

2. in the event a dissolving condition (§ 7 para 3);

3. with their completion;

4. with the registration of the merger or Division of payment institutions in the commercial register of the transfer payment institution or transmitting payment institutions, as well as with the entry of forest succession on the basis of a transfer in the register of companies in terms of the double or multiple concession stand at an Institute;

5. with the entry of the European company (SE) or European cooperative society (SCE) in the register of the new Member State.

(2) the termination of the concession is to determine by decision by the FMA. Article 8, par. 3 and 4 shall apply.

(3) the completion of a concession (paragraph 1 Z 3) is permitted only in writing and only if previously all payment transactions have been settled.

(4) with regard to the procedure to be applied by the Director of the payment institution, the FMA and the Unwinder, Section 7a of the Banking Act shall apply.

Commercial register and payment institution register



§ 10 (1) payment institutions may be registered only in the commercial register, if the corresponding final notices issued in original or certified copy (copy). The Court has to deliver decisions concerning such companies book entries of also the FMA.

(2) also has to establish a public register of authorised payment institutions, their agents and branches to the FMA in that all payment institutions headquartered in Austria to enter are and which can be viewed on the website of the FMA and is updated regularly. The registration has immediately after joining the legal force of the concession decision to be made. The company registration number is in addition to the company, the scope of the licence and seat of the payment institution, insofar as she was communicated to the FMA, to specify. Where the payment institution provides its services through agents or branches, also these, stating the name or company, to specify seat and registration number, if such has been communicated to the FMA, are. The FMA has to do further in this database are entitled domestically to the provision of payment services by way of freedom to provide services or through a branch office, as far as this activity in the country in accordance with article 25 of Directive 2007/64/EC has been notified register of payment institutions in Member States. Under these conditions, there are also financial institutions that are para 2 of Directive 2007/64/EC on the provision of payment services authorized in accordance with article 88, to record in the register.

(3) the payment institution has to display his company registration number and any change thereof the FMA without delay in writing.

(4) the FMA has information about the scope of the licence of payment institutions in accordance with § 3 Z 4 lit upon individual request within reasonable time. (a) grant.

Change the licensing basics



11. (1) the payment institution has in writing indicating immediately any change relevant for the licensing the FMA - where in the case of a decision, the occurrence of the effectiveness of the subject of the decision not to wait is, - namely:



1. any amendment to the Constitution and the decision on resolution;

2. any modification of the requirements pursuant to § 7 para 1 Nos. 9, 10, 13 and 15 for existing managers;

3. any change in the person of the Director, as well as compliance with § 7 paragraph 1 Z 9 to 15;

4. the intended opening as well as the laying, closure or temporary cessation of the business operation of the principal place of business;

5.

Circumstances that reveal an ordinary business leaders that the feasibility of the commitments is at risk;

6. the admission of insolvency or over-indebtedness;

7. any intended extension of the subject of the business;

8. any reduction of the paid-up capital pursuant to § 15 para 1;

9. any intended change in regard to the safety of customer deposits in accordance with article 17;

10 or the person responsible for internal audit, as well as changes in their person;

11. the fall in the eligible own funds, the amounts referred to in article 15, paragraph 1;

12. any intended outsourcing of operational tasks of payment services in accordance with section 21;

13. each intentional provision of payment services by agents specifying by name or company, seat and registration number and any change of identity, including a change in the number or address or registered office of the agents referred to in article 22;

14. any more than a month continued non-compliance with standards that are prescribed pursuant to section 16, as well as on the basis of this federal law of adopted regulations or decisions.

(2) in the event of a change of persons pursuant to § 7 para 1 No. 4 is applied the procedure provided for in §§ 20 to 20b BWG. In the event of a change in legal form, the merger or the Division up 3 BWG and §§ 5 to 8 of this Federal Act be the procedure pursuant to § 21 para 1a applied.

2. section

Freedom of establishment and freedom to provide services

Payment institutions from Member States in Austria



12. (1) payment services in accordance with article 4 No. 3 of Directive 2007/64/EC can by a payment institution within the meaning of article 4 Z 4 of Directive 2007/64/EC, which is approved in another Member State are provided in accordance with Directive 2007/64/EC in Austria about a branch or exercised or provided by way of freedom to provide services, as far as their admission entitles them to do so. Ancillary services may be provided only in connection with the provision of payment services pursuant to § 5 para 2 to 5. Activities within the meaning of § 5 para 2 is not covered of services and freedom of establishment under this Federal Act No. 3.

(2) the establishment of a branch office in Austria may, if the competent authority of the Member State of origin of the FMA has transmitted all information in accordance with article 13, paragraph 1, and the FMA has confirmed the receipt of thereof to the home Member State authority, no later than one month after the authority of the home Member State of the payment institution has received the information of the payment institution.

(3) payment institutions, which carry out activities in Austria over a branch, have the provisions of III. main section of this Federal Act and sections 33, 35 para 1 subpara 1 lit. c and d, no. 2, paragraph 2, to comply with 36, 40 to 41 Banking Act, and the regulations adopted on the basis of these terms and conditions and notices.

(4) the competent authorities of the Member State of origin of a payment institution pursuant to article 4 Z 4 of Directive 2007/64/EC can make investigations in this branch after prior notification of the FMA itself in carrying out their duties in the branch office site.

(5) the FMA receives a request for an opinion in the sense of § 13 para 2 of the competent authority of the Member State of origin and has a probable cause, that in connection with the planned establishment of a branch office money laundering or terrorist financing within the meaning of Directive 2005/60/EC take place, have taken place or attempted, or that the establishment of the Branch Office increases the risk, money laundering or terrorist financing take place , it shall so inform the competent authorities of the Member State of origin, so that this can refuse registration of the branch in the register or, if an entry has already occurred, it can pull back.

(6) the provision of payment services by way of freedom to provide services in Austria may, if the competent authority of the Member State of origin of the FMA has transmitted all information pursuant to § 13 para 6 and the FMA has confirmed the receipt of thereof, no later than one month after the authority of the home Member State of the payment institution has received the information.

Austrian payment institutions in Member States



Section 13 (1) every payment institution pursuant to § 3 Z 4, which wants to build a branch in the territory of another Member State, has to display this beforehand in writing to the FMA and to provide the following information:



1. the Member State in whose territory the establishment of a branch is planned;

2. a business plan in which the type of intended payment services as well as the organisational structure of the branch to be;

3. a description of the internal control mechanisms, which is to be applied in the Branch Office to meet the requirements of sections 40 and 41 BWG to prevent money laundering and the financing of terrorism;

4. the business name and address of the payment institution;

5. the name of the Managing Director of the branch office and proof that it reliable (§ 7 para 1 Nos. 9 and 10) and technically suitable (article 7, paragraph 1 Z 11) are.

(2) the FMA must check the information received in accordance with paragraph 1. The FMA has doubts about the accuracy of the information, so it can take further measures for the examination of the received information and require in particular more details. In the course of the examination of the information, the FMA to the competent authorities of the host Member State has Z to obtain Z 3 5 and the suitability of the internal control mechanisms referred to in paragraph 1 and to take into account advice with regard to the suitability and reliability of the Managing Director of the branch office in accordance with paragraph 1. In the event that the part stating documents referring to referred to in paragraph 1 that the branch office managers previously worked in another Member State, the FMA has to consult the authority responsible for the oversight of payment services in the Member State concerned. The competent authorities of the host Member State are to inform about the outcome of the case.

(3) if the FMA has no reason to doubt the appropriateness of the organizational structures and the financial situation of the payment institution, as well as the suitability of the internal control mechanisms to prevent money laundering and the financing of terrorism as well as the suitability and reliability of the branch managers, she shall



1. the information referred to in paragraph 1 within one month after receipt of all the information of the pursuant to article 20 paragraph 1 of Directive 2007/64/EC notified to competent authorities of the host Member State;

2. the payment institution against it within the period referred to in Nos. 1 administrative decision denying and 3 to enter the information pursuant to paragraph 1 Nos. 1, 2 and 5 relating to the host Member State, the nature of the proposed payment services, the names of the directors of the branch office and the address of the branch in the payment institution register.

(4) the FMA is the establishment of the branch office within one month after receipt of all the information by means of written notice to prohibit, if the conditions of in paragraph 1 are not met.

(5) upon receipt of a communication from the competent authority of the host Member State, or at their non-statement no later than one month after receipt of the documents by the payment institution by the FMA, may be established the branch office and record their activities.

(6) payment institutions, which want to provide payment services for the first time in the territory of another Member State by way of freedom to provide services or change the types of their payment services there have to display this beforehand in writing to the FMA and to provide the following information:



1. the Member State where they intend their work to exert;

2. that in paragraph 1 Z 2 referred to information about the type of intended business.

(7) the FMA display according to subsection 6 within one month after receiving the referred to in article 20 paragraph 1 of Directive 2007/64/EC to transfer designated competent authority of the host Member State. At the end of the month after the FMA received the display in accordance with paragraph 6, the payment institution in the host Member State can provide the relevant payment services by way of freedom to provide services.

(8) the payment institution has at least one month before their implementation in writing any change in the information provided pursuant to paragraph 1 or 6 of FMA. The FMA without delay forward this information to the competent authority of the host Member State.

Supervision within the framework of services and freedom of establishment




14. (1) violated a payment institution, which performs its activities through a branch office in Austria, provisions of the 3 main section of this Federal Act or the articles 33, 35 para 1 subpara 1 lit. c and d, Z 2, para. 2, 36 and 40 to 41 Banking Act or on the basis of the aforementioned provisions adopted regulations and notices, is him, without prejudice to the application of §§ 66 to 71, put on by the FMA, to establish the appropriate State within three months. The payment institution fails after the request, the FMA has to inform the competent authorities of the home Member State thereof.

(2) violates the payment institution pursuant to par. 1 despite the actions set by the Member State of origin or to continue as the FMA under concurrent agreement of the competent authorities of the home Member State and the European Commission has the provisions referred to in paragraph 1,



1. the responsible heads of the Branch Office of the payment institution conducting business wholly or partially to prohibit;

2. If further violations to prohibit access to new business activities in Austria.

(3) in the case of an urgent threat to the fulfilment of obligations of the payment institution referred to in paragraph 1 to its creditors, in particular for the security of the assets entrusted to him, the FMA to avert this danger may order temporary measures pursuant to par. 2 Nos. 1 and 2 by notification under simultaneous information of the competent authorities of the home Member State and the European Commission, which occur no later than 18 months after the start of effective override.

(4) if the approval withdrawn the payment institution referred to in paragraph 1, as the FMA has access to new business activities to prohibit him immediately. Article 8, par. 3 and 4 shall apply.

(5) an Austrian payment Institute, which performs its activities in a Member State through a branch or by way of the free movement of services, despite the request by the competent authorities, to establish the rightful State, violated the national provisions of the host Member State continue, so, after agreement by the competent authorities of the host Member State, the FMA is appropriate action according to § 64 paragraph 8 of this Federal Act in conjunction with section 70 para 4 to BWG , to establish the compliance status in the host Member State. The competent authority of the host Member State is to inform in writing without delay of the measures taken.

(6) if the concession revoked an Austrian payment institution, so the FMA has the competent authorities of the Member States, where it performs its activities in writing without delay to bring.

3. section

Other requirements and rules and regulations for the operation of the upright

Own resources



Section 15 (1) the own funds, the components within the meaning of article 23, paragraph 1 Z 1 and 2 BWG include, less may at any time be as:



1. 20 000 euro, if the payment institution only the financial transfer business (§ 1 para 2 Z 5) operates;

2. 50 000 euro, if the payment institution digitized the payment business (§ 1 para 2 No. 6) operates; and 3 125 000 euro, if the payment institution one of the § 1 paragraph 2 referred Z 1 to 4 payment services (input and payment, payment business with or without credit, payment instrument business) operates.

(2) the own funds of the payment institution pursuant to § 23 para 1 Nos. 1 and 2, taking into account paragraph 13 BWG may not see the higher which decrease amounts above in para 1 and article 16.



Section 16 (1) payment institutions have to keep at all times sufficient own funds. Apart from the provisions relating to the initial capital pursuant to § 7 para 1 No. 7 in conjunction with article 15, paragraph 1 have to keep to payment institutions at any time at least the capital at an altitude which is calculated according to one of the following three methods:



1. method A: payment institutions must have a capital adequacy, which is equivalent to at least 10 vH of their fixed overheads of the preceding year. The FMA can customize this request to a business of a payment institution significantly changed compared with the previous year. Payment institutions, which exercise their business activity at the time of the calculation for less than a year, must meet a capital requirement in the amount of 10 vH of the corresponding fixed overheads as foreseen in the business plan, if not the FMA requested an adjustment of this plan in accordance with paragraph 4.

2. method B: payment institutions need a capital exhibit, which multiplied by the scaling factor k as defined in paragraph 2 corresponds to at least the sum of the following elements, where payment volume (PV) is equal to one-twelfth of the total amount of payment transactions executed by the payment institution in the previous year: a) 4.0 vH of the slice of PV up to EUR 5 million



plus b) 2.5 per cent of the slice of PV of over EUR 5 million up to EUR 10 million



plus c) 1 per cent of that slice of PV over EUR 10 million to EUR 100 million



plus d) 0.5 per cent of the slice of PV of over 100 million euros to 250 million euros



plus e), 0.25 per cent of the slice of PV above EUR 250 million.

3. method C: payment institutions must have a capital adequacy, which at least the relevant indicator according to lit. a corresponds to, multiplied by the in lit. b defined multiplication factor and the scale factor set out in paragraph 2.

a) the relevant indicator is the sum of the following components: aa) interest income, bb) interest expense, cc) revenue from commissions and fees, as well as dd) other operating income.

In sum, each value arrives with its positive or negative sign. Extraordinary or irregular income should not be included in the calculation of the relevant indicator. Expenditure on the outsourcing of services, which are provided by third parties may reduce the relevant indicator then, if the expenses are supported by a company that is supervised pursuant to this federal law, or pursuant to Directive 2007/64/EC. The relevant indicator is calculated on the basis of the last twelve month observation of that occurs at the end of the previous fiscal year. The relevant indicator is calculated for the previous fiscal year. However, the own funds calculated according to method C may comprise not less than 80 vH of the amount, which was calculated as the average value of the relevant indicator for the previous three financial years. As long as there are no numbers approved in accordance with section 25, estimates can be used.

b) the multiplication factor shall be: aa) 10 vH of the slice of the relevant indicator up to EUR 2,5 million, bb) 8 vH of the tranche of the relevant indicator of over 2.5 million euros to 5 million euros, cc) 6 vH of the tranche of the relevant indicator of over EUR 5 million up to EUR 25 million, dd) 3 vH of the slice of the relevant indicator of over EUR 25 million to 50 million euros , ee) 1.5 vH of the tranche of the relevant indicator of 50 million euros.

(2) to be used in methods B and C scale factor k is equivalent to:



1. 0.5, if the payment institution only in section 1 para 2 Z 5 listed payment service operates.

2. 0.8, if the payment institution which in section 1 para 2 No. 6 payment service referred to operates;

3. 1.0, if the payment institution one or more the in section 1 paragraph 2 payment services referred to Z 1 to 4 operates.

(3) the payment institution has at the same time with the application for a licence to make a proposal concerning the method to be selected to the FMA. The payment institution can apply for each a with the FMA to determine another method during upright business operation, for the new fiscal year. The FMA can also officio set an other method. She has after hearing of the payment institution by means of written notice, in the case of a licence under a in the concession decision pursuant to § 7 para 3, to determine which method to apply the payment institution has. She brought on the complexity of the business model, in particular whether for a conduct of payment accounts be connected, whether transactions are no. 3 covered by a credit line for the payment service user in the sense of § 1 para 2, to be taken into account on the payment volume as well as the duration of existence of the company. The method must comply with appropriate within the meaning of § 19 corporate management, organizational structure, and in particular the risk management.

(4) Furthermore can the FMA on the basis of an evaluation of risk management and the internal control system of the payment institution



1. prescribe the capital adequacy requirements of the payment institution must correspond to the amount which up to 20 is % higher than the amount which would result to resulting from the application of the method chosen in accordance with paragraph 1; or 2.

the payment institution allow, that its capital requirement corresponds to an amount that is lower than the amount which would result from the application of the method chosen in accordance with paragraph 1 up to 20 vH.

Protection of customer funds



Section 17 (1) payment institutions have the amounts of money which have accepted it from the payment service users or through an other payment service provider for the execution of payment transactions to secure one of the two following variants:



1. Variant A a) the sums of money are allowed at any time with the funds of other natural or legal persons as the payment user of service, for which they are kept, mixed

(b) that funds must, if they are still in the hands of the payment institution at the end of the business day following the day of receipt and, aa) unless it is the payment service provider of the payer, transferred yet to another payment service provider, or bb) if it is the payee, still not the payee handed are deposited to a separate trust account in a credit institution or apart from the assets of the payment institution in safe liquid assets with low risk Bspg payer in accordance with article 3, paragraph 1, and c) the amounts of money are in a way to keep identifiable, that they are the individual payment service users with regard to its respective share amount attributable to each time.

The payment service user may charge in case of execution against his payment service provider appeal (§ 37 EO), if after the execution on the lit. c refers to guaranteed amounts. Under the same conditions, in the case of bankruptcy over the assets of his payment service provider, the payment service user has the right to retirement (§ 44 bankruptcy OK - KO, RGBl. 337/1914).

2. Variant B the amounts of money must not covered that belongs as the payment institution itself, through an insurance policy or other comparable guarantee of an insurance undertaking or a credit institution, to the same group for an amount, which corresponds to that which would have to be separately without the insurance policy or other comparable guarantee, and to pay out in the event of the insolvency of the payment institution.

(2) must secure a payment institution sums of money referred to in paragraph 1 and a portion of these funds for future payment transactions is to use, while the remaining portion must be used for non-payment services, so the conditions referred to in paragraph 1 also share this apply to amounts of money to use future payment operations.

(3) the payment institution is to expose of the FMA during business operation on request and to prove that it has taken sufficient measures in paragraph 1 and 2 above requirements. The proof is not provided, or the measures are inadequate, the FMA has to require the payment institution to provide the necessary evidence or to take measures that are appropriate and necessary, to eliminate the existing shortcomings. The FMA has to determine a reasonable period of time. Will the evidence or arrangements not or not timely submitted or executed, the FMA may take measures according to § 64 para. 1 and 8.

Retention of records and documents



§ 18 payment institutions have all relevant records and documents to be kept at least five years for the purposes of the 2nd main section of this Federal Act. The use of data processed for the purposes of the 2nd main piece is for purposes of prevention, investigation or detection of fraud in payments in accordance with the data protection Act 2000 - DSG 2000, Federal Law Gazette I no. 165/1999, and allowed in accordance with the legal powers.

Organisational requirements, confidential – and due diligence



Section 19 (1) payment institutions have for the determination, assessment, control, to have monitoring and reporting the payment dienstgeschaeftlichen and payment service operational risks management, billing and control procedures that are appropriate to the nature, the scope and complexity of operated payment services and the activities carried out, where appropriate, in accordance with § 5 para 2. The organizational structure has to avoid appropriate structural - and organisational process accrued interest and conflicts of jurisdiction by the business and the responsibilities must be clearly defined, coherent and transparent. The usefulness of these techniques and their application are to check at least once a year within the framework of the audit. The testing laboratories and the results of this test must be documented.

(2) the management of a payment institution have their management the diligence of a prudent and conscientious Managing Director in the sense of § 84 para 1 German Stock Corporation Act 1965 - German Stock Corporation Act, Federal Law Gazette No. 98/1965 apply. They have to learn especially about the dienstgeschaeftlichen payment and payment service operational risks and to control them through appropriate policies and procedures, to monitor and to limit and to ensure a sound and prudent management of the payment institution. They have immediately the Chairman of Aufsichtsorgorgans all on the basis of the provisions referred to in section 64 issued notices of the FMA to note also.

(3) the directors are responsible for ensuring that a proper business organisation in the sense of paragraph 1 has the payment institution about which includes in particular:



1. appropriate management, control mechanisms and procedures which ensure the payment institution complies with its obligations;

2. a full documentation of business activity of that enables a supervision by the FMA for their area of competence;

3. data security measures in accordance with § 14 DSG 2000 as well as an adequate emergency solution for data processing systems;

4. No. 1781/2006 ensure adequate risk management and appropriate control mechanisms and procedures and data processing systems, showing compliance with the requirements of sections 40 and 41 BWG and Regulation (EC); and, 5 as far as the concession includes the possibility of credit (§ 1 para 2 Z 3, 4 or 6), an adequate risk management system with regard to credit risk according to § 2 Z 57 BWG.

(4) payment institutions, as well as the persons working for them are obliged to maintain confidentiality of secrets learned exclusively from payment services (§ 1 para 2), running on behalf of their payment service users, except



1. this obligation of secrecy is contrary to a statutory duty of information;

2. the payment service user agrees in writing to the revelation of the mystery;

3. the revelation of the mystery is required to clarify legal matters from the relationship between payment service providers and its payment service users.

(5) the provisions of § § 33, 35 para 1 subpara 1 lit. c and d, Z 2, para. 2, 36 and 40 of up 41 and 78 paragraph 8 and 9 BWG find application on payment institutions.

Messages



Section 20 (1) payment institutions have to submit reports according to the outline provided for in the regulation referred to in paragraph 5 immediately after the end of each calendar quarter of the FMA. These messages have in particular information on the balance sheet, to items in the balance sheet, the profit and loss account and mandatory of annex and also information that allow for assessment and monitoring of §§ 5, sect. 5, 17 and 19, to contain.

(2) payment institutions have to submit reports on compliance with immediately after the end of each calendar month of the FMA of sections 15 and 16. These reports must include information on the monitoring of compliance with these regulatory provisions as well as the relevant information for their derivation.

(3) payment institutions have to submit reports on the business-related master data end of calendar half-year the FMA immediately after. Regardless of payment institutions are required to submit any change of master data immediately. The message of the employees stand has to be made only to the end of the year no later than 31 January of the following year.

(4) the Austrian National Bank has the messages according to para 2 and previous adopted the FMA regulations to reimburse Advisory statements.


(5) the FMA has the outline of the messages to set according to the paragraph 1 to 3 by regulation. The FMA has to make necessary descriptive designation on one for the ongoing supervision of payment institutions. The FMA may lay down by regulation that individual items of paragraph 2 are to submit only quarterly. In enacting this regulation has in addition to the national economic interest in a functioning financial market and the stability of the financial market carefully to take. The FMA may, provide as far as them not degrades in the exercise of their functions to this or other federal laws, by regulation, that the transmission of messages is according to para 1 to 3 only to the Austrian National Bank. Regulations of the FMA under this paragraph shall require the consent of the Federal Minister of finance.

(6) that are 1 to 3 messages according to to repay in a standardised form by means of electronic transmission. The transmission has particular to correspond to the minimum requirements by the FMA after consulting of the Austrian National Bank.

4 section

Outsourcing and agents

Outsourcing of tasks



§ 21 (1) shall interfere with either the quality of internal control of the payment institution or the oversight of the payment institution by the FMA in terms of compliance with the requirements of this federal law essentially the outsourcing of important operational tasks. An operational task is considered important in this context, if their perception of insufficient or omitted would significantly affect continuous compliance with the licensing requirements or other obligations of the payment institution in accordance with this federal law, its financial performance, or the soundness or continuity of its payment services. In conclusion, execution or termination of an agreement concerning the outsourcing of important operational functions is to proceed with the offer professionalism and care. In particular, there is a clear division of rights and responsibilities between the payment institution and the service provider in the form of a written agreement to undertake.

(2) the outsourcing of important operational tasks may



1. do not lead to a delegation of the tasks of the Executive Board;

2 in accordance with this federal law do not alter the relationship and obligations of the payment institution towards its payment service users;

3. compliance with the licence requirements and of the other provisions referred to in the 2nd main piece of this federal law do not obstruct or complicate; and 4 not to an omission or a change of the other conditions under which the licence was granted the payment institution, lead.

(3) the payment institution has the FMA intended outsourcing of operational tasks of payment services, regardless of whether it involves important tasks in the sense of paragraph 1, previously in writing. At their request, the payments Institute of the FMA has to provide all the information that are necessary in order to monitor compliance with the requirements of this federal law regarding outsourcing tasks.

Agents



Section 22 (1) intends to a payment institution, an agent to provide payment services, so it has this previously the FMA, stating the payment service of that is to be provided by the agent, and to show by providing the following information in writing:



1 name and address of the agent, 2. a description of the internal control mechanisms that use the agents to meet the requirements of sections 40 and 41 BWG to prevent money laundering and terrorist financing, and 3. the names of Directors and responsible for the management of an agent who should be used for the provision of payment services and evidence that they are reliable (§ 7 para 1 Z 9) , 10 and 12) and technically suitable (article 7, paragraph 1 Z 11) are.

(2) the FMA has the accuracy of information to consider. The FMA has doubts about the accuracy of the information, so she can take further measures for the examination of the received information, require in particular details regarding the organizational structure of the agent. The payment institution intends to appoint resident agents, in another Member State to the FMA to the competent authorities of the host Member State has opinions on the suitability and reliability of the Managing Director of the agents referred to in paragraph 1 Z to obtain Z 2 3 and suitability of internal control mechanisms referred to in paragraph 1 and to take into account; It shall apply the procedures referred to in article 13. In the event that the agent or the Managing Director, is to operate domestically for the payment institution previously worked in another Member State, the FMA has to consult the authority responsible for the oversight of payment services in the Member State concerned with regard to the suitability and reliability of the agents or managers of the agent.

(3) has no doubts about the accuracy of the information and the suitability of para 1 as having Z 2, control mechanisms in accordance with to enter name and address of the agent in the payment institution register and writing this fact the payment institution the FMA. Once the registration is completed, the agent can record his activities of the payment institution. Is an agent established in another Member State, so the the competent authority FMA within one month to share with this entry.

(4) the FMA has to prohibit the provision of payment services by agent by means of written notice, if the conditions of in paragraph 1 are not met Z 1-3 or the controls referred to in paragraph 1 appear not suitable 2 Z. It's an agent established in another Member State, the FMA has to inform the competent authority.

(5) receives the FMA by the competent authority of a Member State a request for an opinion in accordance with paragraph 2 and she has a probable cause, that in connection with the planned appointment of an agent money laundering or terrorist financing within the meaning of Directive 2005/60/EC held, have taken place or attempted, or that the assignment of agents increases the risk, money laundering or terrorist financing take place , it shall so inform the competent authorities of the Member State of origin, it may reject the registration of the agent in the register or, if an entry has already occurred, it can pull back.

5. section

Liability for the payment institution related people



Section 23 (1) stick payment institutions essential for the behavior of their employees, agents, branch offices or places to which activities are outsourced, like for their own.

(2) a payment institution that operational tasks entrusted to third parties, has adequate arrangements to ensure that the requirements of this federal law are met. The outsourcing of operational tasks to service providers allowed anyway, not so greatly affect the quality of internal control and the ability to verify, whether the company meets all requirements, FMA. In conclusion, execution or termination of an agreement concerning the outsourcing of important operational tasks or payment services on a service provider is to proceed with the offer professionalism and care. In particular, there is a clear division of rights and responsibilities between the payment institution and the service provider in the form of a written agreement to undertake.

(3) the activity does not constitute work relationship in the sense of bundesgesetzlicher employment, social or tax provisions as agent.



§ 24. The payment institution shall ensure that agents or branches, who are working on his behalf, the payment service user before conclusion of the contract communicated, in which capacity they act and what payment institution they represent.

6 article

Accounting and auditing



Section 25 (1) payment institutions, which number 5 of Directive 2006/48/EC are financial institutions within the meaning of article 4, have the articles 43 and 45 to 59a, to use 64 and 65 para 2 BWG. All other payment institutions have only the provisions of the third book of the commercial code, as well as to apply those provisions which apply to their legal form. All payment institutions have the capital in the annex, to disclose the capital requirements and the compliance with the capital adequacy requirements. With respect to the publication, article 65, paragraph 1 is to apply BWG with the proviso that, instead of the reference to § 63 para 5, the reference to section 25 para 3 of this federal law enters BWG.


(2) payment institutions provide also activities within the meaning of § 5 para 2 Z 2 or 3 to a significant extent, then their annual or consolidated financial statements special segment information on payment services are annexed in the sense of § 1 para 2 together with ancillary activities within the meaning of § 5 para 2 Z 1 to disclose, even that include mandatory of annex. The segment information need to presenting a fair picture of the assets, financial and earnings position of the segment "payment services and related ancillary services" in a reasonable level of detail and of the whole company or group contain a reconciliation to the corresponding information. The information for this segment are based on the acquisition, assessment and outline provisions of § § 43 and 45 to 59a BWG or, as far as relevant, to create the international accounting standards in accordance with § 245a UGB.

(3) the annual financial statements and, if necessary, the management report or the consolidated financial statements and the group management report by payment institutions and adherence to the § 5 par. 5, 6 paragraph 1 Z 6, 7 para 1 No. 3 as well as the sections 11, 15, 16, 17, 18, 19, 21, 22 this Federal Act and sections 40 and 41 BWG, as well as the obligations of the payment institution pursuant to Regulation (EC) No. 1781/2006 on information on the payer accompanying transfers of funds by a statutory auditor check. The audit has also the factual accuracy of the evaluation including the making of depreciation to cover valuation adjustments and provisions. The result of this test is to represent in an annex to the audit report on the financial statements. The audited financial statements together with the annex and report as well, as far as the consolidated financial statements together with the annex and the group management report, the audit report of the statutory auditor and the annex to the audit report are required to submit BWG, the FMA and Oesterreichische Nationalbank using the terms of § 44 para 1. This report together with the system is the business managers, and the existing law or statutes of the payment service company supervisory bodies so timely to submit can adhere the template time to the FMA and OeNB. The FMA may impose by regulation type of delivery, form and structure of the annex to the audit report. After consulting of the Austrian National Bank, the FMA may prescribe by regulation that this electronic transmission has to match specific outlines and minimum technical requirements. The FMA is authorised to prescribe, by regulation, electronic delivery only to the Austrian National Bank has to be done if this is appropriate for reasons of efficiency, the full electronic availability of data for the FMA are maintained and supervisory interests are not compromised.

(4) the rights of information, template - and one show (§ 272 UGB) Auditors extend to all documents and data carriers also then be led or kept this from a third party, or when they are carried or kept abroad. Documents to be verified, in particular accounting, be done abroad or keep, so the payment institution notwithstanding the preceding single exhibition rights of the auditor for the full availability of the documentation of the current year and at least three previous fiscal years in the domestic has to make. The payment institution has to provide the audit plans and audit reports of internal audit the Auditors.

(5) the statutory auditor by payment institutions may be certified public accountants or accounting firms, as well as the examination bodies of legally responsible auditing bodies.

(6) to statutory auditors may people, where exclusion reasons in accordance with § 62 BWG or according to §§ 271 and 271a UGB or under other federal laws, not ordered. The cause of exclusion is Z 1a Banking Act in section 62 shall apply, instead of the reference to section 63 para 4 to 6a BWG a reference to section 25 para 3 first sentence occurs, and § 62 is Z 17 to apply subject to the proviso that, instead of the reference to section 63, paragraph 3, a reference to section 65 is BWG. The requirements set out in section 62a Banking Act in connection with § 275 commercial code concerning the liability of the statutory auditor are also apply to payment institutions.

(7) the appointment of statutory auditors has to be carried out before the start of the fiscal year to be tested and the FMA is to display immediately in writing; If an auditing company to the external auditor is appointed, so also are the display according to § 88 par. 7 economic trust professional law - WTBG, Federal Law Gazette I no. 58/1999, for the audit assignment to specify designated individuals. Any change in these people is to show the FMA without delay. The FMA may according to § 88 par. 7 against the appointment of an external auditor, or against a certain WTBG their natural person contradiction in the meaning of article 270, para 3 UGB raise if there is reasonable suspicion of the existence of a reason for exclusion or an other bias; as far as the order was a notifiable disease, the opposition shall be effected within one month. About the contradiction, the Court, taking into account the exclusion reasons to decide; until a final judicial decision may according to § 88 par. 7 WTBG the statutory auditor or the their natural person carry out audit procedures, nor may this secrecy underlying information according to § 19 para 4 be provided by the payment institution.

(8) the statutory auditor has to certify that there are no exclusion reasons within two weeks after his appointment of FMA. He has on her desire to provide all the assessment required further certificates and evidence. Such a request is not met, the FMA pursuant to subsection 7 may proceed.

3. main piece

Payment services

1 section

Information requirements, fees and contract types

Shape, time, language and currency



Section 26 (1) the payment service provider has the payment service user in a timely manner, before the payment service user by a contract or a contract offer is bound to the information and terms and conditions



1. in the case of a framework agreement in accordance with section 28 in paper form or, if the payment service user agrees to inform on another durable data medium or pursuant to § 32 para 1 in a simple way to make available 2. in the case of a single payment, which is not the subject of a framework contract, and to communicate on request by the payment service user in the form described in no. 1.

A copy of a draft of the contract may be deployed for this purpose.

(2) the information and terms and conditions are clear and understandable to Word, namely



1. If the payment service in Austria is offered, in German language, or another between the parties in accordance with article 28, paragraph 1 No. 4 lit. c agreed language;

2. If the payment service in another Member State is offered, in its official language or another between the parties agreed language.

(3) was closed the contract at the request of the payment service user using a means of distance communication which does not allows the payment service provider to comply with its obligations under paragraph 1, the payment service provider has these obligations immediately after conclusion of the contract or in the case of a single payment, which is not the subject of a framework contract, to meet for execution of the payment transaction.

(4) the payment service user can at any time request the submission of information and terms and conditions on paper or on another durable medium during the term of the agreement.

(5) the payments shall be made in the currency agreed between the parties. A Anbot to the currency conversion before the initiation of the payment transaction at the point of sale by the creditor requires the consent of the payer. In the context of such offer the provider of this currency conversion must disclose charges all related to the payer as well as the currency underlying Exchange rate.

(6) as far as agreements to the detriment of the consumer of the sections 26 to 46 and 48 concerning information requirements, authorization and execution of transactions, as well as liability will be deviated, these conflicting provisions are ineffective. Is in agreements to the detriment of payment service user who is not a consumer of the sections 27 para 5 and 6, 33 para 2-4, 34 para 1 last sentence and paragraph 2, 35 para 1 to 6 departed first sentence, 36 to 39, 41 to 44 para 1 and 48, these conflicting provisions are ineffective.


(7) article 5 paragraph 1 Z 1, Z 2 lit. a and b, Z 3 lit. b, c, f and g, as well as no. 4 lit. a TV financial services-law - FernFinG, Federal Law Gazette I no. 62/2004, certain sales information relating to the business, financial services, the distance contract and remedies do not apply to payment services. The remaining provisions of the FernFinG regarding pre-contractual information obligations and the provisions of the General Civil Code and of the consumer protection act – KSchG, BGBl. No. 140/1979 concerning pre-contractual information obligations as well as § 25B KSchG and the articles 33, 34, 35 para 1 subpara 1 lit. 2, para. 2, 36 Banking Act regarding the granting of credits to consumers remain unaffected by this federal law c and d and Z.

Fees



Section 27 (1) the provision of information in accordance with § 26 ABS. 1, 3 and 4 in conjunction with sections 28 to 30, 31 para 1 to 4, 32 and 33 by the payment service provider of the payment service user has to be made free of charge. A reasonable and aligned with the actual cost of the payment fee can be agreed for further information as well as their more frequent deployment or delivery in any other way provided for in the framework contract, provided these services at the request of the payment service user are provided and agreed separately. A further allocation of charges for information is invalid.

(2) fees for the provision of payment services or relating to the agreement may only be charged if they previously pursuant to § 28 para 1 No. 3 lit. a or article 32, paragraph 1 have effectively been agreed.

(3) fees for the provision of other obligations will be charged the payment service user by the payment service provider for the following services:



1. notifications of rejection pursuant to § 39 para 2;

2. a revocation of a payment order after the time of irrevocability under § 40 paragraph 3;

3. the recovery of an amount of money which has been lost due to incorrect provided (§ 35 par. 4 Z 4).

Such charges are only allowed if she expressly agreed between the parties (article 28, paragraph 1 Z 3 lit. a or § 32 para 1) have been and are proportionate and aligned with the actual cost of the payment service provider.

(4) charges or discounts for use of a certain payment instrument are - apart from the information in the contract pursuant to § 28 para 1 No. 3 - prior to the initiation of the payment transaction (§ 32 para 1), to inform Z 3 provided, in the case of a single payment within a framework agreement at the request of the payment service user (section 31, paragraph 1) or in deviation from the referred to in article 28, paragraph 1:



1. If the required charges or discounts by the payee or offered the payer;

2. If the fees required by the payment service provider or a third party, the payment service user.

(5) no currency conversion associated with a payment transaction, as payee and payer must bear the fees collected by their respective payment service providers.

(6) the payment service provider may not deny the payee, to offer a discount to the payer for the use of a certain payment instrument. The levying of charges by the beneficiary in the case of use of a certain payment instrument is not allowed.

Information and contractual terms of the framework contract



Section 28 (1) the payment service provider is to communicate to the payment service user following information and terms and conditions:



1. on the payment service provider: a) the name of the payment service provider, the address of its headquarters and where appropriate, the address of his agent or its branch office in the Member State where the payment service is offered, as well as all other addresses including the address for electronic mail, are for communication with the payment service provider of concern; and b) information about the competent supervisory authorities and the payment institution register pursuant to section 10 and any other relevant public register in which the payment service provider as approved is registered, as well as his registration number or an equivalent means of identification in that register.

2. about the use of the payment service: a) a description of the main characteristics of the payment service to be provided;

(b) it to be allocated to the payment service user information or provided that are required for the proper execution of a payment order;

(c) the form of and the procedure for the approval of the execution of a payment transaction or the revocation of this agreement in accordance with the articles 34 and 40, which also explicitly, it can be agreed that the payment service user consent to the payment even after the execution (§ 34 paragraph 1) and the payment order may be withdrawn even after expiry of the deadlines referred to in article 40, paragraph 1 and 2, where in the cases of § 40 paragraph 2 effective revocation pursuant to § 40 paragraph 3 also the consent of the beneficiary required is;

(d) the date from which a payment order in accordance with section 38 as received applies;

(e) the maximum execution time for the payment services to be provided, taking into account paragraph 42 and f) should be granted consent to the payment (section 34) by means of a specific payment instrument, possibilities the agreement of expenditure ceilings for payment services that are carried out via this payment instrument.

3. charges, interest and exchange rates: a) all fees, which the payment service user to the to be paid by payment service providers, and their breakdown. including charges for a notice of rejection of the execution of a payment transaction pursuant to section 39 paragraph 2 or for the withdrawal in accordance with article 40, paragraph 3, or for the recovery of the amount of money due to faulty provided pursuant to § 35 para 4 No. 4;

(b) the underlying interest rates and exchange rates or - in the application of reference interest or exchange rates - the method for calculating the actual interest rates as well as the relevant date and index or the basis for determining the reference interest or exchange rate; and, c) unless explicitly agreed, the immediate application of changes of the reference interest or exchange rate and the information requirements in relation to these changes in accordance with § 29 par. 2.

4. communication: a) means of communication which are expressly agreed between the parties for the transmission of information and notification obligations in accordance with this federal law including their requirements for the technical equipment of the payment service user;

(b) indication, how and how often the information required by this Act to be communicated or accessible to make are, where will that information be communicated so according to § 31 para 2 and 3 at least once a month and after an expressly agreed procedures or made accessible, that can the payer information according to § 31 para 2 and the payee still retain the information according to § 31 para 3 and reproduce expressly,

(c) the language or languages in which or in which the framework contract is to close and where or where the communications for the duration of the contractual relationship should be. ) and (d) a reference to the right of the payment service user to receive information and the terms and conditions of the framework contract in accordance with § 26 para 4.

5. protection and remedial action: a) a description of the arrangements, which has to meet the payment service user for the safekeeping of a payment instrument, and how to comply has the payment service user of his obligation to the payment service provider under § 36 para 2;

(b) where expressly agreed, the conditions under which the payment service provider reserves the right to block a payment instrument, in accordance with the § 37

(c) information on the liability of the payer according to section 44, including information on the relevant amount;

d) how and within what period of time the payment service user not authorized the payment service provider or must show in accordance with § 36 para 3 incorrectly executed payment transactions, as well as information on the liability of the payment service provider for unauthorised payment transactions indicated that, in accordance with § 44 para 1;

(e) information on the liability of the payment service provider for the execution of payment transactions in accordance with section 46; and f) the conditions for refunds according to § 45 para 1, where the requirements of Nos. 1 and 2 of § 45 para 1 can be waived for direct debit.

6 modifications and termination of framework contract: a) unless expressly agreed, indicating that the approval of the payment service user to a change of in conditions according to article 29, paragraph 1 granted applies if he has displayed his rejection before the planned date of entry into force of the amended conditions the payment service provider where the amendment within the period of § 29 par. 1 Z 1 to be communicated to the payment service user is;

(b) the contract term; and c)

a note on the right of the payment service user to terminate the framework agreement, as well as on other relevant termination arrangements referred to in article 29, paragraph 1 and article 30.

7 on appeal: a) contractual clauses concerning the law applicable to the contract and the competent courts; and b), a reference to the payment service user in accordance with § 13 AVG related to possibility of the display with the FMA and the possibility of asserting his rights before the ordinary courts, stating the jurisdiction and before the out-of-court FIN-NET conciliation office under their seat and address.

(2) Furthermore can be agreed between the payer and the payment service provider that the payer has no claim to a refund in accordance with article 45, if he has given his consent to the execution of the payment transaction immediately his payment service provider and, where appropriate, the information about the pending payment in an agreed form at least four weeks before the due date made communicated or accessible him by the payment service provider or by the payee.

Changes of the agreement



Section 29 (1) the payment service provider has



1. the payment service user changes to the framework contract no later than 2 provided way to propose two months before the planned date of their application in the in article 26, paragraph 1 Z 1 and para, and 2. If an agreement pursuant to § 28 para 1 No. 6 lit. a was made to indicate a) that the approval of the payment service user to the changes is considered granted if he has displayed his rejection before the proposed date of the adoption of the amendments to the payment service provider, and b) that the payment service user has the right to terminate the agreement before the entry into force of the changes free of charge.

(2) changes in interest rates or the exchange rates can be applied immediately and without notice if this right in the framework agreement has been agreed upon and the changes on the according to § 28 para 1 No. 3 lit. b and c are based agreed reference rate or reference exchange rate. The payment service user is to teach Z 1 and 2 provided way of any change in the interest rate as soon as possible in the in article 26, paragraph 1, unless the parties have taken a deviating agreement, how often and how the information will be communicated or made accessible to. More favourable for the payment service user interest rates or exchange rates require no notification.

(3) that underlying changed interest rates or exchange rates are the payment operations perform neutral and to calculate that the payment service user are not disadvantaged. Article 6 par. 1 Z 5 consumer protection act remains unaffected.

Ordinary termination of the framework contract



Section 30 (1) the payment service user may terminate the framework agreement, unless the parties have agreed not notice. The notice period may not exceed one month. The right of termination without notice in accordance with paragraph 2 No. 1 remains unaffected.

(2) a free termination of by the payment service user of a framework contract is permissible:



1. without a notice period before entry into force of changes to the framework contract in accordance with section 29, paragraph 1;

2. for a duration of the framework contract of more than twelve months or unspecified duration each in accordance with the notice.

In all other cases may, if in the contract pursuant to § 28 para 1 No. 3 lit. a agreed, collected fees are appropriate and aligned to the cost.

(3) the payment service provider can a framework contract concluded for an indefinite period, if agreed in the framework contract, in compliance with a two-month period in which in article 26, paragraph 1 Z 1 provided form terminate.

(4) regularly collected payment service fees are to be paid only proportionally up to the termination of the contract by the payment service user. Paid in advance charges are to reimburse pro rata by the payment service provider.

(5) the General rules on nullity or lifting ability of contracts or the premature abolition of continuing obligations for good cause remain unaffected by this federal law.

Individual payment transactions within a framework contract



31. (1) before of performing the single, triggered by the payer payment transaction within a framework contract has the payment service provider to notify the payer on request, the maximum execution time for this payment process (§ 42) as well as the fees provided in account and, where appropriate, their breakdown.

(2) by debiting the account of the payer with the amount of an individual payment transaction or if the payer uses a payment account - after receipt of the payment order of the payment service provider of the payer has this immediately the following information in the section 26 paragraph 1 Z 1 provided way to communicate:



1. a reference that allows the identification of the relevant payment transaction, the payer and, where appropriate, information to the recipient;

2. the amount of the subject of the payment transaction is, in the currency in which the payer's payment account will be debited or in the currency used in the payment order;

3. where appropriate, the amount of charges payable to the payment process and its breakdown, or the interest payable by the payer;

4. where appropriate, the conversion rate, the payment service provider of the payer has taken the payment, and the amount, which is the subject of the payment transaction after that currency conversion; and 5 the value date of the load or the date of receipt of the payment order.

(3) after the execution of an individual payment transaction, the payment service provider of the payee has this immediately the following information in the section 26 para 1 Nos. 1 and 2 provided way to communicate:



1. a reference that allows the identification of the relevant payment transaction and, where appropriate, the payer, the payee as well as other information transferred with the payment transaction;

2. the amount of the subject of the payment transaction is, in the currency in which this amount to the payee's payment account credited;

3. where appropriate, the amount of charges payable to the payment process and their breakdown or the interest payable by the payee;

4. where appropriate, the conversion rate that the payee has taken the payment, and the amount that was the subject of the payment transaction before that currency conversion; and 5 the credit value date.

(4) the agreement may provide that the information can be according to para 2 and 3 at least once a month and after an agreed procedure so communicated or made available that the payer the information referred to in paragraph 2 and the payment recipient unchanged retain the information pursuant to paragraph 3 and reproduce. The information requirements meet only the payment service provider, which is party to the framework treaty according to para 1, 2 and 3.

(5) the payment service user may require but the payment service provider, the information according to para 2 and 3 once a month against reasonable reimbursement of costs from being sent.

Single payments outside a framework contract



Section 32 (1) is a single payment within a framework contract, the payment service provider has Z in article 26, paragraph 1 the payment service user in the 2 provided way and at the time provided for in article 26, paragraph 1 or 3 information regarding the provided (§ 28 para. 1 Z 2 lit. b) and the execution time (§ 28 para. 1 Z 2 lit. e), the charges (article 28, paragraph 1 Z 3 lit. a) and, where appropriate, the imprest the payment process actual exchange rate or reference exchange rate to be communicated or to make them accessible. The rest of the information listed in article 28, paragraph 1 and contract terms are the payment service user to make relevant as far as for the actual payment process, accessible in a simple way.

(2) without delay after receipt of the payment order of the payment service provider of the payer has in the in article 26, paragraph 1 2 provided passes the following information tell Z it or make it accessible to:



1. a reference that allows the identification of the relevant payment transaction, the payer and, where appropriate, information to the recipient;

2. the amount of the subject of the payment transaction is the currency used in the payment order;

3. the level of charges to be paid by the payer to the payment process, and, where appropriate, their breakdown;

4. where appropriate, the conversion rate, the payment service provider of the payer has taken the payment process, or a reference, ensure insofar as this course of in paragraph 1 deviate the course, and the amount, which is the subject of the payment transaction after that currency conversion; and 5 the date of receipt of the payment order.


(3) immediately after execution of the payment transaction, the payment service provider of the payee has the in article 26, paragraph 1 2 provided passes the following information tell Z it or make it accessible to:



1. a reference that allows the identification of the relevant payment transaction and, where appropriate, the payer, the payee as well as other information transferred with the payment transaction;

2. the amount of the subject of the payment transaction is, in the currency in which he is the payee available;

3. the amount of the fees payable by the payee to the payment process, and, where appropriate, their breakdown;

4. where appropriate, the conversion rate that the payee has taken the payment, and the amount that was the subject of the payment transaction before that currency conversion; and 5 the credit value date.

Special provisions for retail payments and electronic money



Save (payment instruments on a prepaid basis), § 33 (1) in the case of payment instruments, which concern only individual payment transactions in accordance with the agreement up to a maximum of 30 euros or which either have a maximum spending limit of EUR 150 or money amounts exceed at any time 150 euro.



1 communicated by sections 26, only the main characteristics of the payment service, including the possibilities of use of the payment instrument, Disclaimer and the applicable fees and other essential information 28 and 31 para 1 the payment the payer by way of derogation, which are necessary to decide in knowledge of the facts In addition, he has to indicate where the other according to section 28 be made available required information and terms and conditions in a simple way.

2. can it be agreed that payment by way of derogation from section 29 in article 26, paragraph 1 Z 1 provided way must propose changes the terms not in the.

3. can be agreed by way of derogation from article 31, that the payment service provider after execution of a payment transaction a) the payment service user a reference only informs or makes available that allows the identification of the relevant payment transaction, the amount of the payment transaction and the corresponding charges this tells only details the total amount and the corresponding fees for this payment in the case of several similar transactions to the same payee or makes available;

(b) they are under lit. (a) the information does not share with or makes accessible if the payment instrument is used anonymously or the payment service provider is otherwise technically unable to communicate this information. The payment service provider has to provide the possibility to review the stored amounts however the payer.

(2) in the case of payment instruments in the sense of paragraph 1, the payment service provider may agree with their payment service users, that



1 § display not to apply 35 par. 1 Z 2 and 3, § 36 para 2 and § 44 par. 3 regarding blocking, display and liability are, if not allows the payment instrument, to disable it or to prevent their further use;

not applicable 2. § 34 paragraph 3 (proof of authorization) as well as section 44 para 1 and 2 (liability for unauthorised payment transactions) are, if the payment instrument is used anonymously or the payment service provider for other reasons, arising from the nature of the payment instrument, can prove that a payment transaction was authorised;

3. by way of derogation is not required by § 39 para 2 of the payment service provider to inform the payment service user of a rejection of the payment order, if not running already emerges out of context;

4. Byway of derogation from § 40 of the payer payment order after its delivery, or after he has given its consent to the payment order to the payee, can not revoke;

5. by way of derogation from § 42 other execution periods apply.

(3) for payment transactions in the domestic increase the amounts referred to in paragraph 1 for the purposes of paragraphs 1 and 2



1. in the case of individual payment transactions to a maximum of 60 euros.

2. in the case of payment instruments with output ceiling of 300 euros.

3. for payment instruments, the sums of money (payment instruments on a prepaid basis) save up 400 euros.

(4) on electronic money within the meaning of § 2 the liability provision of § 44 58 BWG is to apply, except



1. There is payment accounts or payment instruments up to an amount of 400 euros and 2. the payment service provider of the payer does not have the possibility to block the payment account or the payment instrument.

2. section

Authorization and execution of payment transactions

Consent and withdrawal of consent



34. (1) a payment transaction is only authorized if the contributor agreed the payment between the payer and his payment service provider in the form and procedure (§ 28 para. 1 No. 2 lit. c) has agreed to. Before - or explicit agreement has the consent (§ 28 para. 1 No. 2 lit. c) even after - the execution to be carried out. Judicial or administrative orders replace the consent of the payer.

(2) the consent may be withdrawn at any time before the onset of irrevocability according to § 40 of the payer. Will revoke the consent to the execution of several payment transactions, any subsequent payment transaction shall be considered not authorized.

(3) in the case of the medical of authorization by the payment service user or claim of improper execution has to prove its payment service provider that



1. the payment transaction was authenticated, 2nd was properly recorded and accounted for and 3. not by a technical breakdown or some other malfunction has been compromised.

The proof of the use of a payment instrument not necessarily sufficient taken for himself for the proof of authorization of the payment transaction by the payer, intentional or grossly negligent breach of the due diligence obligations in accordance with section 36 or an action of the payer with fraudulent intent.

(4) is not in the payer to a consumer, so can in individual cases, if this in the framework agreement (§ 28 para. 1 No. 2 lit. c) agreed, accepted an authorization without the agreement in the form of agreed.

Due diligence obligations of the payment service provider



35. (1) the payment service provider issuing a payment instrument, has to ensure without prejudice to the due diligence obligations of the payment service user (section 36), that



1. the personalised security features of the payment instrument of any other person as available to the payment service user entitled to use the payment instrument;

2. the payment service user by appropriate means at any time has the opportunity to make the display in accordance with article 36, paragraph 2, or to apply for the annulment of the revocation pursuant to § 37 para 4;

3. any use of the payment instrument is excluded, as soon as an advertisement in accordance with § 36 para 2 is done.

(2) in the case of sending a payment instrument or the dispatch of personalised security features of the payment instrument to the payer, the payment service provider bears the risk of shipment and of abuse or unauthorized use. In addition, unsolicited and not agreed upon sending of a payment instrument is not allowed.

(3) the payment service provider has to provide evidence the payment service user on request, that the payment service user up to 18 months after the display can prove whether he has complied with his obligation pursuant to § 36 para 2.

(4) the payment service provider of the payer has further



1. clearly specify what information (§ 28 para. 1 No. 2 lit. b) are required for the proper execution of a payment order;

to be observed 2. diligence in traffic and – as far as technically and without manual intervention possible - to verify that the incoherent is consistent;

3. If the incoherent is not coherent, to reject the payment order and to inform the payer thereof;

4. the amount of money, the subject of the payment transaction with a provided was as far as reasonably acceptable to recover;

5. in the event of a not or defectively executed payment transaction where the payment order was raised by the payer to trace back the payment upon request of payment service user immediately and inform the payment service user of the result.

(5) the payment service provider of the payer observed Z 1-Z 3 care referred to in paragraph 4 in the transport sector and carried out the payment order in accordance with the incoherent, so is the payment order as correctly executed and Z 4 meet the payment except the obligations referred to in paragraph 4 and Z 5 no further obligations and no further liability.


(6) has the payee at a by or through the payee of triggered payment order respected care in transport in accordance with para 4 Z 1 and carried out the payment order in accordance with the incoherent, the payment order shall be deemed properly executed. The payee has in addition in the case of a not or defectively executed payment transaction where the payment order by the or recipient was to trace the payment process immediately upon request by its payment service user and inform the payment service user of the result. Moreover, no other duties and no further liability take the payment service provider of the payee.

Due diligence and reporting obligations of the payment service user



Section 36 (1) the payment service user has the use of a payment instrument to comply with conditions for its issue and use, in particular the incoherent (§ 28 para. 1 Z 2 lit. b) to specify correctly and immediately upon receipt of a payment instrument all reasonable precautions to take to protect from unauthorized access the payment instrument and the personalised security features.

(2) the loss, theft, improper use or any other unauthorized use of the payment instrument has the payment service user immediately, as soon as he has knowledge of them to display the payment service provider or which by this notified body.

(3) for obtaining a rectification by the payment service provider, the payment service user has the payment immediately after finding an unauthorized or incorrectly executed payment transaction, which has led to the emergence of a claim including a section 46, to teach (complain). Has communicated the information referred to in sections 31 to 33 or made available to the payment service provider the deadline for the payment service user to the disclosure of the payment service provider to the obtaining of a correction ends no later than 13 months after the date of the load or credit. The validity of claims open to the payment service user due to a timely complaint depends on the General provisions. This does not affect other claims between payment service providers and payment service users.

(4) is not the payment service user is a consumer, Z 5 lit may in accordance with article 28, paragraph 1. d be agreed a shorter time limit for the notification pursuant to paragraph 3.

Revocation of a payment instrument



§ 37. (1) the payment service provider may, if this in the framework agreement (§ 28 para. 1 Z 5 lit. b) expressly agreed, a payment instrument block, if



1 this justify objective reasons relating to the security of the payment instrument; or 2 that there is suspicion of unauthorised or fraudulent use of the payment instrument; 3. in the case of a payment instrument with a credit line, or a significantly increased risk that the payers of its payment obligation cannot meet.

(2) obligations remain unaffected by § 1 according to other federal laws or pursuant to judicial or administrative orders to block a payment instrument or account.

(3) the payment service provider has as the payment service user, at the latest however after the blocking of the payment instrument in the agreed form (section 28) of the revocation and the reasons for that purpose to inform without delay. Informing about the blocking or the reasons for blocking can be avoided if she would would run counter to objective security considerations or are contrary to a community or national provision, or violate a court order or administrative order.

(4) as soon as the reasons for blocking no longer exist, the payment service provider has to lift the blocking of the payment instrument or to replace it with a new payment instrument.

Input date of payment orders



38. (1) the time directly from the payer or indirectly by one or through a payee submitted payment order if the payment service provider of the payer is, is when the input.

(2) is the input time not on a business day, the payment service provider of the payer, the payment order is considered so he had received on the following business day.

(3) the payment service provider can set by way of derogation from paragraph 1 in accordance with § 28 that payment orders received after some point near the end of the business day, are treated as they were received on the following business day.

(4) unless the payment service user, which raises the payment order and his payment service provider in accordance with section 28 have agreed, that the execution of the payment order to start on a specific day or at the end of a certain period or on the day on which the contributor has provided the amount of money the payment service provider, as the agreed deadline for the purposes of section 42 as the input date. The agreed date not on a business day of payment falls paragraph 2 is to apply.

Rejection of payment orders



Section 39 (1) the payment service provider is the realisation of an authorized payment order, regardless of whether he initiated by a payer, or by or through a payee has been raised, refuse, except



1 not all in the framework agreement in accordance with section 28 conditions are met; or 2 would be contrary the execution against a community or national provision or a judicial or administrative order; or there is reasonable suspicion, that the execution of the payment would constitute a criminal offence 3.

(2) the payment service provider rejects the execution of the payment order, he shall charge the payment service user as soon as possible, in any case, but within the time limits referred to in article 42, in which in accordance with article 28, paragraph 1 Z 4 agreed form, stating the reasons and the ways to improve, to communicate or make available. The stating of reasons has to be avoided, if this would offend against a community or national provision or a court or administrative order.

(3) §§ 42 and 46 a payment order, whose running was rejected for the purposes of, is deemed not to have been received.

Irrevocability of a payment order



Section 40 (1) of the payment service user may not revoke a payment order,



1. If the payment order if the payment service provider of the payer;

2. in the case of section 38 (4) (agreement an execution date in the future) after the end of the business day preceding the agreed day.

(2) in the event that the payment of the or recipient was the payer can no longer revoke a payment order after the payment order or consent of the payer submits to its execution to the payee. Regardless of the payer but in the case of a direct debit may revoke the payment order until no later than the end of the business day before the agreed date of loading.

(3) after the time of irrevocability referred to in paragraphs 1 and 2 a payment order may be revoked only if the payment service user and payment service provider have agreed to this (§ 28 para. 1 No. 2 lit. c). In the case of paragraph 2, also requires the consent of the beneficiary.

Transfer of the amount paid in full



Section 41 (1) the payment service provider of the payer, the payee and any intermediaries have the amount that is the subject of a payment order for transfer in full and must deduct any fees of the transferred amount.

(2) the payee and his payment service provider may agree however that the payment service provider its charges in accordance with §§ 27 and 28 para 1 No. 3 of the transferred amount may deduct before he crediting it to the payee. In this case, the full amount of the payment transaction and charges in the information for the payee be designated separately.

(3) is the payment process is triggered by the payer, so its payment service provider shall ensure that the payee receives the amount of the payment transaction apart from the fees referred to in paragraph 2 in full. The payment process of the or triggered via the payee to his payment service provider shall ensure that the payee receives the amount of the payment transaction in full.

Execution period and availability




Section 42 (1) the payment service provider of the payer has to ensure that the amount is the subject of the payment transaction is credited to the account of the payment service provider of the recipient no later than at the end of the business day following the day of the entrance time (§ 38). Until 1 January 2012, the payer and his payment service provider, but can a period of no more than three business days (§ 28 para. 1 No. 2 lit. e and § 32 para 1) agree. For payment transactions in paper form, these deadlines will be extended to another business day. For payment transactions in accordance with § 1 para 4 Z 4 may not exceed four business days after the input date the agreed deadline.

(2) the payment service provider of the payee shall pay the amount, immediately after this amount for him or on his account has been credited, the subject of the payment transaction is



1. on the payment account of the payee available to make and value for adult or children or, 2. If held a payment account with the payment service provider of the payee, make available to the payee.

(3) in the case of a by the or recipient triggered payment transaction, the payment service provider of the payee has to submit this payment order of the payment service provider of the payer within the time limits agreed between the payee and his payment service provider. In the case of direct debits, the transmission of the payment order of the payment service provider of the payer has in sufficient time to be made that the billing to the agreed maturity date is possible.

(4) in the case of cash deposits on a payment account with a payment service provider in the currency of the payment account to make sure the payment service provider has that amount of money.



1. If the account on a consumer is, immediately after the date of receipt made available and value set;

2. If the account to a consumer is made available not later than on the business day following the receipt on the account of the payee and value provided.

Value date



43. (1) the value date of a credit to the payee's payment account is no later than the day of business on which the amount is the subject of the payment transaction, will be credited to the account of the payee's payment service provider. This time is for the calculation of interest on the payment account number of the beneficiary apply to, unless the granting or withholding of interest is permitted.

(2) the value date of a burden on the payer's payment account is no earlier than the date on which this account with the amount will be charged, is the subject of the payment transaction. Is this time for calculating which apply to interest on the payment account of the payer, unless the granting or withholding of interest is permitted.

3. section

Liability and reimbursement obligations

Liability for unauthorised payment transactions



The payment service provider of the payer 44. (1) without prejudice to § 36 para 3 has this in the case of an unauthorised payment transaction the amount of the unauthorised payment transaction to refund immediately and the loaded account on the stand, to bring back is what it would have been without the unauthorized payment transaction. Further claims of the payer from treaty or law be excluded as a result.

(2) unauthorized payment transactions based on the abusive use of a payment instrument, the payer is obliged with his payment service provider for the entire damages, this has arisen as a result of the unauthorized payment transaction if he helped him fraudulently or by intentional or grossly negligent violation of



1. one or more obligations in accordance with § 36 or 2. one or more agreed conditions for the issue and use of the payment instrument has brought. The only slightly negligently injured 1 and 2 obligations referred to and conditions from the payer in Z, its liability for damages to the amount of 150 euro is limited. A damage pay in any sharing, in particular the nature of the personalised security features, as well as the circumstances under which the loss, theft or improper use of the payment instrument has taken place are taken into account.

(3) Notwithstanding para. 2 of payers not to the compensation for damage is obliged by, one arising out of use after the display in accordance with § 36 para 2 of used payment instrument. The payer is obliged not to the replacement of damage within the meaning of paragraph 2, if the payment service provider Z is not complied with 2 or 3 Z its obligations in accordance with article 35, paragraph 1. Sentences 1 and 2 are not applicable, if the payer fraudulently acted.

Reimbursement of authorized by the payment recipient of triggered payment process



45. (1) a contributor is entitled to reimbursement of the full amount of authorized, against his payment service provider by one or through a payee of triggered and already executed payment transaction, if



1. with the authorization of the exact amount was not specified, and 2. the amount of the payment transaction exceeds the amount, which the payer reasonably expected according to his previous spending habits, the terms of his agreement and the circumstances of the individual case.

At the request of the payment service provider of the payer has to present the thing circumstances relating to these requirements. The requirements of Nos. 1 and 2 must not be in the case of the direct debit procedure, if they according to § 28 para. 1 No. 5 lit. f are to have been waived. The entitlement to reimbursement referred to in paragraph 1 may be waived in the framework contract according to § 28 para 2 under the conditions there laid down.

(2) he was according to § 28 para 1 No. 3 lit. b or reference exchange rate agreed in accordance with article 32, paragraph 1 applied, so the payer may assert no currency exchange-related reasons Z 2 compared to his payment service provider in terms of para 1.

(3) the entitlement to reimbursement referred to in paragraph 1 is initiated by the payer to his payment service provider within eight weeks from the date of the balances of payment with the amount of money to make. The payment service provider has either to refund the full amount of the payment transaction within 10 business days after receipt of a refund request or notify the reasons for the rejection of the refund the payer. In case of rejection of the refund, the payment service provider has the counter on the pursuant to § 13 existing AVG opportunity of complaint with the FMA, indicate the possibility of asserting his rights before the ordinary courts, stating the jurisdiction and before the out-of-court FIN-NET conciliation office under their seat and address.

(4) the right of the payer for reimbursement shall be without prejudice to the relationship between payer and payee.

(5) the right of the payer to revoke until the date referred to in article 40, paragraph 1 and 2 of the irrevocability shall remain unaffected.

Responsibility for non-execution or defective execution



46. (1) a payment order is raised by the payer, so his payment service provider is liable of article 36, paragraph 1 without prejudice to and 3 and § 48 compared to the payer for the proper execution of the payment transaction is to the entrance of the amount, the subject of the payment transaction, the payment service provider of the recipient. The burden of proof for the receipt by the payee pursuant to § 42 para 1 to the payer and the payee is the payment service provider of the payer. The payment service provider of the payer shall in the case of liability the payer immediately the amount of the non or defectively executed payment transaction to repay and the loaded payment account, where appropriate, on the stand, to bring back is what it would have been without the defectively executed payment transaction.

(2) as from the receipt of the amount, which is the subject of the payment transaction by the payer, liable this over for the proper execution of the payment transaction the payment service provider of the payee and provides him immediately for the amount and if necessary credits equivalent to the payment account of the recipient.

(3) a payment order raised by the payee or about its payment without prejudice to § liable 36 para 1 and 3 and section 48 compared to the payee



1. for the correct transmission of the payment order of the payment service provider of the payer in accordance with article 42, para. 3 and 2 for the processing of the payment process according to its obligations relating to value date and availability in accordance with § 43.


The payee has to submit the payment order in question in the case of liability pursuant to no. 1 immediately back to the payment service provider of the payer. In the case of liability under no. 2, the payment service provider of the payee has to ensure that the amount that is the subject of the payment transaction, available is the payee immediately after the credit has been made of the payment service provider of the payee's payment account.

(4) in all other cases a by the or dissolved from recipient, not or defectively executed payment transaction shall be liable to the payment service provider of the payer to the contributor and he has the amount, the subject of the payer, if necessary, immediately of the non or defective executed payment transaction is to return, and, where appropriate, on the stand, to bring back the loaded account on which it would have been without the defectively executed payment transaction.

(5) the payment service provider shall be liable in addition compared to their respective payment service users for all by them fees and interest rates, provided by the payment service user as a consequence of the non execution or defective execution of the payment transaction in invoice.

(6) replacement of beyond damage depends on the General provisions.

Recourse



§ 47. The liability provisions in accordance with this section shall be without prejudice to legal or contractual claims between payment service providers. Claims include all losses incurred in accordance with section 46 by a Zahlungsdienstleiser or paid at least.

Exclusion of liability



section 48. Liability under sections 44 to 46 extends not on unusual and unforeseeable events, has no influence on which the party which refers to these events, and the consequences of which could not have be avoided, despite application of due care, or in cases where a payment service provider by contrary Community law, national, judicial or administrative orders is bound.

4. main piece

Insolvency regulations, supervision and international cooperation

1 section

Business supervision and insolvency provisions



Section 49 (1) the assets of a payment institution can not open a compensation procedure. In the bankruptcy of a payment institution a compulsory settlement does not take place.

(2) in Geschäftsaufsichts - and bankruptcy proceedings by payment institutions, the FMA is entitled to party status.

(3) the application for declaration of bankruptcy of a payment institution can be made only by the FMA. Otherwise, section 70 shall apply KO.

(4) as a supervisor, a natural or legal person may be ordered.

(5) the Court has to hear prior to appointment and removal of a guardian or a trustee of the FMA.

(6) the Court has to notify the FMA by the arrangement of business supervision immediately by sending an edict.



Section 50 (1) payment institutions that are bankrupt, or insolvent can, if the insolvency or inability to pay can be fixed is expected to again apply for the arrangement of business supervision at the court competent for the opening of bankruptcy proceedings. This request may be also the FMA.

(2) payment institutions have to submit with the application a child directory of their assets and liabilities as well as the annual financial statements, together with the annexes and the management reports of the last three years.

(3) the Court may hear respondents and experts to prepare its decision and maintain other surveys.



51. (1) supervision is ordered, the Court has appointed a supervisor. It is this, to monitor the management of the payment institution. All parties for the damage it caused by preferential guide of their duties is liable.

(2) the supervisor has the right to read the business records of the payment institution; It is to invite to the meetings of the management and supervisory bodies and may convene such meetings even. The guardian is entitled to prohibit the implementation of decisions of the organs of the payment institution.

(3) the Court may revoke the appointment of the guardian any time.

(4) the guardian is entitled to remuneration, the amount of which is to be determined by the Court for their activities.

(5) the arrangement of the managing authority and the guardian are to make publicly known. The Court has to arrange that the arrangement of business supervision and the Invigilator in the register of companies are registered.



§ 52. The effects of supervision occur at the beginning of the day following the publication of the edict on the order of business supervision.



With the effective beginning of business supervision in bankruptcy from the community bankrupt are 53. (1) all previously incurred claims against the payment institution including the claims from bills and cheques, (§ 50 KO) were to meet, as well as the interest and other additional charges, even if they only become due during the duration of the supervision of business or accrued, deferred.

(2) after the arrangement of business supervision has to court establish the financial state of the payment institution's expense by an expert. About the result of the finding, the Invigilator has to tell the Court in writing. The report has also to specify whether the payment institution capable of is to pay a certain fraction of its liabilities incurred prior to the entry of the effects of business supervision. According to the report the Court may order that the old claims only with a certain fraction are subject to the notice; It can also allow that the Invigilator after will satisfy old claims to be determined genus or height to fully.

(3) the old claims may not be ensured yet, as far as not such a partial withdrawal is approved (para. 2), paid or in any way satisfied during the business supervision.

(4) while it may be subject to because of old claims, as far as the deferral of business supervision, over the assets of the payment institution opened the bankruptcy nor the family stuff a judicial lien or satisfaction be purchased him.

(5) the time the payment is postponed as a result of the deferral is not count in the calculation of the limitation period and the statutory periods for making claims.

(6) payment service users are entitled in the bankruptcy of the payment institution to offset their demands against the payment institution with its demands.



54. (1) a cooperative the payment institution for the supervision of business associated, so can the shares either validly cancelled during the supervision of business nor may the shares and which are paid otherwise the departing members of the cooperative on balances due reason of the cooperative relationship; ongoing cancellation and liability periods are inhibited.

(2) the payment institution can continue if nothing else has the Court at the request of the supervisor, his business activities. However, the consent of the supervisor is required to carry out transactions which do not belong to the ordinary business operations. The payment institution has to refrain from associated actions when the Invigilator shall, however, raises opposition but also to the ordinary business operations. Acts carried out without the consent or against the opposition of the Invigilator, are ineffective, if the third party knew or had to know that they go beyond ordinary business operations and their approval is not granted the Invigilator or that she has appealed against her making towards the creditors.

(3) the funds accruing to the payment institution from the shops closed after the start of the effectiveness of business supervision (new requirements), are to be settled separately and to manage; they form - after going out of business supervision - a special dimensions serving to the preferable satisfaction of claims from the new demand.



Article 55. After the expiration of two years after completion of business supervision the payment institution can apply for, if not within this time over his assets a bankruptcy was opened, its exemption from the requirement of separate accounting and management of funds inflow from the new requirements. Is such a request is made, the Court has to consider the financial situation of the applicant. Results in the review, that the security of the new requirements is not jeopardized by the dissolution, is to grant the application; from this point on is to look at the other sizes as resolved.




Article 56. In disputes arising from orders of the guardian, the Court decision. The Court can obtain the necessary clarification without conciliation of the parties and for the purpose of the necessary investigations maintain officio all previous appropriate surveys.



57. (1) business supervision goes out through repeal decision of court, as well as through the bankruptcy proceedings.

(2) the Court has to pick up business supervision, if



1. the conditions that were decisive for the arrangement, have fallen away or a year has passed 2 since the formation of the supervision of the business.

(3) the suspension of business supervision is to make publicly known after legal effect of the annulment decision. Also has to make, that is registered in the companies register the abolition of business supervision and deleted the entry of the person of supervising the Court.

(4) the supervisory of business as a result of the bankruptcy proceedings is extinguished or opens bankruptcy proceedings on the basis of one within 14 days after the tabled proposal business supervision, according to the Bankruptcy Act from the date of the application on opening of such proceedings, or by the day are the opening of such proceedings to calculate business supervision in efficacy has occurred on the back setting periods of the day.

(5) against the rejection of the motion on the order of business supervision and against the repeal of the supervision of the business the appeal is open to the payment institution, as well as the FMA only the payment institution, against decisions, which determines the amount of the remuneration of the person supervising and the cash outlay to replace her. Other decisions can not be appealed. Against the decisions of the higher regional court a further instance does not take place.



Section 58 (1) of the public announcements the provisions of the Bankruptcy Act apply.

(2) inspection of the edict file is no longer to grant if three years have passed since the suspension of business supervision. Business supervision as a result of the opening of bankruptcy proceedings is extinguished, the insight only will no longer be granted if also the period for the insight into the bankruptcy has expired is so (§ 14 bankruptcy law implementation law - IEG, RGBl. 337/1914).

2. section

Supervisory

Competent authorities



59. (1) has the FMA compliance with articles 5 to 22 and 23 paragraph 2, 24 and 25 of this Federal Act by payment institutions in accordance with § 3 No. 4 lit. a and their branch offices in accordance with article 13, to monitor and to be taken into account in the national economic interest in a functioning financial market and the stability of the financial market. The same applies in relation to the compliance with § § 33, 35 para. 1 No. 1 lit. c and d, Z 2, para. 2, 36 and 40 to 41 Banking Act by payment institutions of Member States pursuant to article 3 No. 4 lit. b in Austria within the framework of establishment and freedom to provide services and in relation to which comply with § § 33, 35 par. 1 Z 1 lit. c and d, Z 2, para. 2, 36 and 40 to 41 Banking Act by payment institutions in accordance with § 3 No. 4 lit. (a) in Austria.

(2) it is the FMA for the imposition of administrative fines for violation the §§ 26 to 33 and 35, 37 para 4, 38 and 40 to 43 of the Federal Act and of the Regulation (EC) No. 2560/2001 on cross-border payments in euro, by payment in accordance with § 1 para. 3 Z 1 to 6, as well as branch offices in accordance with §12 and to Regulation (EC) No. 1781 / 2006 on information on the payer accompanying transfers of funds , by payment institutions in accordance with § 3 No. 4 lit. a or responsible through branch offices in accordance with § 12.

(3) the FMA and the OeNB cooperate closely to effectively fulfill of their respective tasks in accordance with this federal law. Section 79 BWG applies with the proviso that that apply there controlled tasks of the Austrian National Bank for the area of banking supervision for the purposes of this federal law for the area of payment institution supervision and in place of the reference to article 73 BWG in paragraph 2 by section 79 BWG § 11 of this Act and in place of the reference to section 44 BWG occur in paragraph 2 by section 79 BWG § 25 of this Act. Takes the place of the reference to section 74 BWG in paragraph 2 by section 79 BWG § 20 of this Act.

(4) in cooperation with other authorities, section 72 shall apply BWG.

(5) the FMA has to publish the following information in the Internet and constantly to update:



1. the wording of the laws in force in the area of payment institution supervision and regulations;

2. the minimum standards and circulars of the FMA in the area of payment institution supervision;

3. the exercise of voting rights in Directive 2007/64/EC.

(6) the responsibilities, rights and duties of the Austrian National Bank in the area of payment system supervision according to § 44a NBG remain unaffected by the provisions of this Federal Act.

Cost determination



60. (1) the allocation of costs of payment service supervision within the accounting group 1 in accordance with article 19, paragraph 1 Z 1 financial market supervisory authority Act - FMABG, Federal Law Gazette I no. 97/2001, on the fee payment institutions has to be made to paragraph 2 and 3. For a fee, payment institutions are lit according to § 3 Z 4. a and branch offices in accordance with § 12 are costs in the context of bank supervision costs of payment service supervision of credit institutions.

(2) the cost number is first to determine for each premium payment institution. The number of costs for fee-based payment institutions is in the notification referred to in article 20 for the last vorangegangenen designated December minimum capital requirement.

(3) from the ratio of the cost number of each payment institution pursuant to par. 1 to the sum of all cost numbers, a ratio is to calculate for each payment institution. The distribution of costs on the individual fee to be replaced in the accounting group 1 after deducting any income referred to in paragraph 5 is done using their ratio.

(4) the calculation carried out pursuant to paragraph 3 for a payment institution results in an amount of less than EUR 1 000, so are the payment institution to impose supervisory costs 1 000 euros (minimum); the difference between the calculated cost share and the minimum amount is disposed by the FMA of a provision that assign is in the next annual financial statements.

(5) the provision made pursuant to paragraph 4 in a fiscal year is to resolve in the next annual financial statements of the FMA; the resulting yield is to deduct by way of derogation from section 19 para 4 FMABG only by the cost of the accounting group 1.

(6) the calculation carried out pursuant to paragraph 3 for a payment institution results in an amount of more than 0.8 vT of its cost number (para. 2), so an amount of 0.8 is the payment institution his vT to impose cost number as supervision costs.

(7) are on a payment institution both the requirements of paragraph 4 as also of paragraph 6 apply, only paragraph 4 shall apply.

Data protection



61. (1) the FMA and the OeNB are authorized to the conventional and automated identification and processing of data within the meaning of the DSG 2000, insofar as this is in their remit under this federal law; These are:



1. concessions by payment institutions and for issuing relevant circumstances;

2. Management, administrative and accounting organization and internal control and audit of payment institutions;

3. branch offices and the exercise of the free movement of services;

4. equity;

5. qualified participation of payment institutions;

6th annual accounts and accounting;

7 regulatory action pursuant to §§ 63 and 64;

8 administrative penalties pursuant to §§ 66 to 68;

9 determinations in accordance with section 22 b FMABG;

10 information obtained by competent authorities within the framework of the exchange of information referred to in paragraphs 71 to 74.

11 maintaining of the payment institution register;

12. the allocation of costs for the payment service supervision.

(2) the transmission of data referred to in paragraph 1 by the FMA is allowed in the framework of mutual assistance as well as to competent authorities of Member States, as far as this is necessary for the fulfilment of tasks that correspond to the tasks of the FMA and Oesterreichische Nationalbank according to this federal law, and as far as the forwarded data with these authorities 2007/64/EC subject to the obligation of professional secrecy pursuant to article 22 of the directive.


(3) the transmission of data referred to in paragraph 1 by the FMA is within the same frame, for the same purposes and with the same restrictions as to competent authorities of Member States referred to in paragraph 2 also to the authorities of third countries, which perform functions corresponding to the tasks of the FMA or the Austrian National Bank have only allowed as far as the next preceded data with these authorities are subject to a confidentiality corresponding to the professional secrecy in article 22 of Directive 2007/64/EC, and in accordance with chapter IV of the directive 95/46/EC on the protection of natural persons in the processing of personal data and the free movement of persons, OJ No. L 281 of 23.11 1995, p. 31, available.

Professional secrecy



§ 62. Experts commissioned by the FMA or the Austrian National Bank are subject to the obligation of secrecy pursuant to § 14 para 2 FMABG.

Examinations and tests



63. (1) the FMA has all investigations and to take those measures which are necessary to carry out the tasks it according to this federal law in accordance with article 59, paragraph 1 coming to.



              (2) in exercising the powers referred to in paragraph 1, the FMA without prejudice to the powers available to you on the basis of other provisions of bundesgesetzlicher is at any time entitled.



1 the books, documents and data carriers of the companies referred to in article 59, paragraph 1 access to and copies of them to get. the scope of the rights of information, template and a show of FMA and the commitment to the availability of documents in the domestic section 25 para 4 shall apply;

2. by the company in accordance with article 59, paragraph 1 and their bodies as well as by all agents and offices, to the payment services, moved to request information and to summon persons in accordance with the administrative procedure law, and asking questions;

3 are to perform all required exams by auditors or other experts, where to apply the exclusion grounds referred to in article 25, paragraph 6; Provision of information by the FMA to the examiner appointed by you is permitted, insofar as this is relevant to the completion of the audit assignment;

4. the Austrian National Bank with the testing of payment institutions and their branches and representative offices outside Austria to hire; the competence of the Austrian National Bank to of site inspections in the field of the supervision of payment institutions extends this comprehensive examination of all business areas and all types of risk; the Austrian National Bank has to ensure that it has sufficient human and organizational resources to carry out the above checks; the FMA is entitled to its own employees take part in tests of the Austrian National Bank;

5. for the inspection of branch offices and representations in Member States the authorities of the host Member State for carrying out of the examination to ask if this simplifies the procedure compared to a test in accordance with no. 4 or accelerated or if this is; located in the interest of practicality, simplicity, quickness, or cost savings under these conditions, the Austrian National Bank may be required to participate in such an examination and can our own employees of the FMA is participating in such an examination;

6. by the Auditors to obtain information.

(3) in the case of an examination in accordance with paragraph 2 Z 3 to 5 must be provided to the audit organs with a written audit and have to identify themselves without being asked before the exam begins, as well as to present the audit engagement. In addition, section 71 shall apply BWG. With regard to the cooperation of the FMA with the Austrian National Bank and carry out tests by this are the sections 70 to apply paragraph 1a to 1 c and 79 BWG.

Supervisory measures and publications



Section 64 (1) to avert a threat to the financial interests of which customers of a payment institution pursuant to § 3 Z 4 lit. (a) in connection with its activity may order temporary measures the FMA by ruling that occur no later than 18 months after the start of effective override. The FMA may by ruling in particular



1 capital and profit withdrawals as well as capital and profit distributions fully or partially prohibit;

2. a competent supervisor (Government Commissioner) order that belongs to the profession of lawyers or the auditor; the supervisory person all rights pursuant to § 63 para 3 are entitled to, has a) this payment institution all local businesses to prohibit, which are likely to increase the risk of the above, or b) in the event that the continuation of the business was, prohibited the payment institution wholly or partially to allow individual transactions which do not increase the risk of above;

3. wholly or partially prohibit management of the payment institution under simultaneous understanding of the organ competent to order the General Manager the management of the company; the competent body shall have within a month to order the appropriate number of business managers; the order to their legal validity of the consent the FMA that is to fail, when the newly appointed Managing Director seem not to be able to bring about a turning away of the above risk;

4. the continuation of business activities entirely or partially prohibit.

(2) the FMA may request which supervisor (Government Commissioner) ordered Z 2 or § 3 order a Deputy referred to in paragraph 1, if and as long as this is necessary for important reasons, in particular because of temporary prevention of the Invigilator,. For the order of the Deputy as well as its rights and obligations the provisions applicable to the Invigilator shall apply. The Invigilator (Government Commissioner) can serve their duties professionally suitable persons with approval of the FMA to meet as far as this is necessary to scope and difficulty of the tasks. The approval of the FMA has to call these individuals by name and is to deliver also the payment institution. These persons acting under the direction and on behalf of the supervisor (Commissioner of the Government) or their Deputy.

(3) the FMA by the Austrian day of Chamber of lawyers, and by the Chamber of Auditors gather messages about appropriate government Commissioners. A Government Commissioner is no. 2 or a Deputy referred to in paragraph 1 according to paragraph 2 to order and no order on the basis of these messages is possible, the FMA has to notify competent under the seat of the payment institution Chamber of lawyers or the Board of Auditors, make this call a professionally appropriate lawyer or accountant as a Government Commissioner. In imminent danger, the FMA may



1. a lawyer or order 2 an accountants for the time being as a Government Commissioner. This order occurs after the first set aside with the appointment of a lawyer or accountant.

(4) all of the measures ordered by the FMA in accordance with paragraphs 1 and 2 to rest for the duration of business Supervisory proceedings.

(5) the Commissioner of the Government to provide compensation (feature fee) that is in a reasonable proportion to the work associated with the supervision and the expenses for this purpose by the FMA. The Commissioner of the Government is entitled to the accounting on the preceding each quarter, as well as after his occupation. The FMA has to make the payment immediately after invoice verification.

(6) notices that business managers the management of a payment institution pursuant to § 3 No. 4 lit. a whole or in part is prohibited (para 1 Nos. 3 and 8), are, as also any repeal this measure to submit the registration Court for registration in the commercial register by the FMA.

(7) a licence condition in accordance with § 7 paragraph 1 after a licence no longer exists in or injured a payment institution pursuant to § 3 Z 4 lit. a provisions in accordance with section 59 paragraph 1 of this Federal Act, an Ordinance issued on the basis of this Federal Act, or a notice to the FMA has measures in section 70 para 4 referred to in subpara 1 to 3 BWG on this payment institution and to withdraw any concession pursuant to section 8.

(8) the FMA can it measures taken according to paragraph 1, 3 and 7, as well as sanctions for a violation of this Federal Act or on the basis of this Federal Act of mutual regulations by proclamation in the Internet, print in the "Amtsblatt zur Wiener Zeitung" or in a newspaper having circulation in the entire Federal territory, or by posting them at a suitable place in the premises of the payment institution (§ 3 Z 4 lit. a) make known. Publications of measures pursuant to paragraph 7 in conjunction with § 70 para 4 Z 1 Banking Act may be made however only, if this is necessary and proportionate in terms of possible disadvantages of the person concerned to the type and severity of the violation to the public. This publication measures may be taken also cumulatively.


(9) the FMA may by proclamation in the Internet, print in the "Amtsblatt zur Wiener Zeitung" or in a newspaper with circulation in the whole country, inform the public, that is a particular natural or legal person (person) to carry out of certain payment services (§ 1 para 2) is not authorized unless this person has given rise and a public information is necessary and proportionate in terms of possible disadvantages of the person concerned. This publication measures may be taken also cumulatively. This person must be clearly identifiable in the publication; for this purpose may, if known of the FMA, also business address or home address and company registration number, Internet address, telephone number and fax number specified.

(10) he can apply for a review of the legality of the publication referred to in paragraph 8 or 9 in one administrative decision to be procedure by the FMA by the publication concerned. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. Suspensive effect is detected to a complaint against an administrative decision, which was made known in accordance with paragraph 8, to the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website.

(11) the suspicion that a transaction is money laundering or the financing of terrorism, is for the FMA in the exercise of their functions, it has the Authority (§ 6 SPG) subject immediately to inform. § 41 para 6 BWG is to apply.

Reporting by auditors



65. (1) an auditor is the concluding year one in § 3 No. 4 lit. checks a payment institution referred to or this exerts an other prescribed activity, solid facts that 273 par. establish a reporting obligation pursuant to § 2 and 3 of the commercial code, so has he immediately, at the latest at the same time, the pursuant to section 273, para 3 UGB to to submit Rapporteur report of also the FMA and Oesterreichische Nationalbank.

(2) the statutory auditor has, even if no reporting obligation pursuant to § 273 par. 2 and 3 UGB to report the FMA and Oesterreichische Nationalbank and the managers and the competent according to law or the articles of Association of supervisors immediately in writing with explanations, if an issue relating the approved payment institution, which he finds facts in its audit work, the



1. a substantial violation of the provisions referred to in article 59, paragraph 1 or regulations adopted on the basis of this Federal Act against or notices which can be seen FMA; or 2 indicate the feasibility of the obligations of the payment institution for at risk; or 3. represent a significant tightening of the risk situation. or 4 significant items of the balance sheet or off-balance sheet positions as not valuable; identified or 5 there are reasonable doubts about the accuracy of the documents or the representation of the Executive Committee.

The auditor finds other defects, not worrying changes in the risk situation or the economic situation or only minor violations of rules, and the shortcomings and violations of regulations are fixable in the short term, so the statutory auditor of the FMA and Oesterreichische Nationalbank must report only if the deficiencies fixed the payment institution within a reasonable period of time, at the latest within three months, and this has demonstrated the auditor. To report is when the Director improperly give information requested by the Auditors within a reasonable period of time. In cases in which a Wirtschaftsprüfungsgesellschaft as auditor is appointed, the reporting obligation applies also after § 88 par. 7 WTBG designated individuals.

(3) the auditor is required to notify such facts of which it gained knowledge in the exercise of one of the aforementioned activities in a company, the affiliates (section 228 para 3 UGB) to in § 3 No. 4 lit. a the payment institution is for which he engaged in this activity.

(4) the auditor is obliged in carrying out his duties outside of audit engagements of the supervisory body to the understanding of the Chairman of the Board, if a reporting to the Managing Director due to the nature and circumstances of the offences would not achieve the purpose of the removal of defects and these are serious.

(5) the Auditors in good faith reports an according to par. 1 to 4, does not apply this as a violation of a contractual or legal or administrative provisions regulated notice restriction and entail no responsibility for him.

Procedural and penal provisions



66. (1) who provides payment services in accordance with § 1 para 2 without the necessary authorization, commits, if action is not the offence of a criminal offence falling within the jurisdiction of the courts, an administrative offence and is to punish up to 50 000 euro fine.

(2) a person who disclosed confidential facts contrary to section 19 para 4 or recycled, to gain a pecuniary benefit himself or another or to inflict a disadvantage to another, is by the Court to imprisonment up to six months or to punish with fines of up to 360 daily rates. The offender is only with authorization of the to pursue his interest in keeping injured.

(3) the FMA payment service users, that bring a violation of a payment institution against section 17 or a payment against a provision of the 3 main piece to display, to refer to conciliation under the seat and address the possibility of a complaint to the extrajudicial FIN-NET.



67. (1) who of responsible (§ 9 VStG) a payment institution pursuant to § 3 No. 4 lit. a branch in accordance with section 13 or a



1. a restriction pursuant to section 5 or an obligation pursuant to § § violate 1-3 18 or 19 para or 2 against an obligation in accordance with section violates section 15, 16 or 20 or 3. contrary to articles 5 and 14 of Regulation (EC) 1781/2006 on the transmission of information on the payer accompanying transfers of funds the collection, storage, verification or forwarding which omits required information or makes money transfers or receives or retention obligations or duties of notification injured No. , commits an administrative offence and is with respect to the Z 1 with fine up to 50 000 euros and the No. 2 or the No. 3 with fine up to 30 000 euro to punish.

(2) whoever was responsible (§ 9 VStG) a payment institution pursuant to § 3 No. 4 lit. a or a branch office in accordance with section 13 the safety duties of section 17 injured, commits an administrative offence and is fined to punish up to EUR 50 000.

(3) a person who as auditor of a payment institution pursuant to § 3 No. 4 lit. a or a branch office in accordance with § 13 its reporting obligations in accordance with article 65, paragraph 1, 2 or 3 injured, commits an administrative offence and is fined to punish up to EUR 50 000.

(4) whoever was responsible (§ 9 VStG) a payment institution pursuant to § 3 No. 4 lit. a or a branch office in accordance with section 13 fails to submit the annual accounts to the FMA contrary to article 25, para. 3 in time, commits an administrative offence and is to punish with fines up to EUR 10 000.

(5) an administrative offence is carried out only according to the par. 1 to 4, if the fact is not the offence of a criminal offence falling within the jurisdiction of the courts.

(6) in determining in administrative criminal proceedings in accordance with section 66 and in accordance with paragraphs 1 to 5 and 7, 8, 9 and 10, all competencies pursuant to § 63 para 2 come to the FMA.

(7) who was responsible (§ 9 VStG) a payment institution pursuant to § 3 No. 4 lit. a



1. the obligations pursuant to sections 21 paragraph 1 and 2, 23 para 2, 24, 27, 29, 30, 35, 37 para 4, 38, 41, 42, 43 of the Federal Act or pursuant to § § 33, 35 para. 1 No. 1 lit. c and d, no. 2, para 2, 36, 40, 40a, 40b, 40c, 40 d, 41 (1) to 4 BWG injured or 2. violates the obligations referred to in sections 26, 28, 31, 32, 33 of this Federal Act or 3 para of 3, 22 para 1 neglects referred matters to the FMA the immediate written notification in the § 10 ABS. 3, 11, 21, commits, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts , an administrative offence and went to no. 1 by the FMA with fine up to 30 000 euros in cases and in cases such as 2 or 3 with a fine up to 5 000 euro to punish.


(8) who was responsible (§ 9 VStG) Branch Office in accordance with §12



1. the obligations referred to in sections 26, 28, 31, 32, 33 of this federal law violated, or 2. the obligations of sections 27, 29, 30, 35, 37 para 4, 38, 41, 42, 43 of this Federal Act or § § 33, 35 para 1 subpara 1 lit. c and d, no. 2, para. 2, 36, 40, 40a, injured 40 b, 40 c, 40 d, 41 para 1 to 4 BWG, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is in the cases after no. 1 by the FMA with fines up to EUR 5 000 and to punish in cases after no. 2 with fine up to 30 000 euro.

(9) who was responsible (§ 9 VStG) a payment pursuant to § 1 paragraph 3 Nos. 1 and 3 to 5



1. the obligations referred to in sections 26, 28, 31, 32, 33 of this Federal Act or 2 of sections 27, 29, 30, 35, 37 obligations have a paragraph 4, 38, 41, 42, 43 of the Federal law, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is in the cases after no. 1 by the FMA with fines up to EUR 5 000 and in cases after no. 2 with fine up to 30 000 Euro to punish.

(10) who as a trustee of a payment service user of a payment institution of its disclosure obligation pursuant to § 40 paragraph 2 fails to BWG, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and is to be punished up to 30 000 euro from the FMA with fine.

(11) who was responsible (§ 9 VStG) a payment institution pursuant to § 3 No. 4 lit. (b) that obligations pursuant to §§ 40, 40a, injured 40b, 40c, 40 d, 41 para 1 to 4 BWG, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts and be punished up to 30 000 euro fine.



68. (1) Whoever, contrary to the provisions of Regulation (EC) No. 2560/2001 on cross-border payments in euro



1. for cross-border intra-Community electronic payment transactions in euro up to an amount of EUR 50 000, higher fees charged than for corresponding electronic payment transactions in euro within the Federal territory; or 2. for cross-border intra-Community transfers in euro charged up to an amount of EUR 50 000, higher fees than for corresponding credit transfers in euro within the Federal territory;

commits, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts or other administrative penal provisions more stringent punishment threatened is an administrative offence, and to punish the FMA with a fine up to 30 000 euro.

(2) a person who omits contrary to the provisions of Regulation (EC) No. 2560/2001 on cross-border payments in euro



1. a customer in writing or electronically, in easily understandable form about the fees that are charged by the payment service provider for cross-border payments and for payments within Austria as well as of any change in fees before their in force to inform, or 2 in the buying and selling of euro customers a) advance via all Exchange fees to inform and b) exchange fees withheld in separately, commits, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts or other administrative penal provisions threatened with stricter punishment is an administrative offence, and to punish the FMA fined up to EUR 5 000.

(3) a person who neglects, contrary to the provisions of Regulation (EC) No. 2560/2001 on cross-border payments in euro



1 on the account statements of its customers or on an attachment to his international bank account number (international bank account number, IBAN) and the Bank (bank identifier code, BIC) to announce, or 2. to communicate his IBAN and the BIC a customer on request, or be informed 3. a customer during the execution of a transfer that charged in advance about the amount of fees are , because the customer not announced the recipient's IBAN and the BIC of the payment service provider of the recipient, commits an administrative offence, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts or is threatened after other administrative penal provisions with more severe penalty and is the FMA with a fine up to 5 000 euros to punish.



Section 69 (1) for the imposition of administrative penalties pursuant to §§ 66 to 68 is responsible in the first instance the FMA.

(2) in the case of administrative offences pursuant to §§ 66 to 68, a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 2 of six months.



Article 70. Who provides payment services pursuant to section 1 para 2 without permission or contrary to the limitations of § 5 ABS. 4 loans or accepts deposits contrary to section 5, subsection 3 or emits electronic money, has no claim on all fees associated with these transactions, costs and fees. The legal invalidity of agreements associated with these transactions does not the legal invalidity of the whole business. Conflicting agreements and guarantees related to these transactions and guarantees are void.

3. section

International cooperation

Point of contact and exchange of information



71. (1) the FMA acts as the competent authority in accordance with article 20 paragraph 1 of Directive 2007/64/EC.

(2) the FMA can with competent authorities of other Member States, the European Central Bank and the central banks of other Member States in their capacity as monetary and supervisory authorities and other authorities, which are responsible in other Member States for the oversight of payment and settlement systems, the protection of natural persons in the processing of personal data or for combating money laundering and financing of terrorism, work together, when this perception of tasks laid down in the Directive 2007/64/EC or by means of administrative and legal assistance is required and as far as the information submitted to these authorities when these are subject to the obligation of professional secrecy pursuant to article 22 of Directive 2007/64/EC. The FMA may exercise for the purposes of cooperation and to the forwarding of data to this main piece of its powers, even if the conduct which is the subject of the investigation, represents no violation of a provision of applicable in Austria. Their powers according to § 63 para 2 Nos. 1 and 2 can make use of the FMA for the purposes of cooperation also to legal entities that are approved in their home Member States to the provision of payment services as a payment institution within the meaning of article 4 Z 4 of Directive 2007/64/EC.

(3) the FMA has justified cause to believe that companies that are not of their supervision, have infringed the provisions of Directive 2007/64/EC in the territory of another Member State or violated, she as closely as possible to inform the competent authority of the other Member State. It has in turn appropriate measures to take if it has received such a notice from another competent authority, and shall inform that authority of the outcome of these measures and as far as possible on essential in the meantime occurred developments. The powers of the FMA as competent authority which has submitted the information, will not be affected by this paragraph.

Cooperation in the monitoring, verification on the spot and in investigations



72. (1) may request the competent authority of another Member State to cooperate in an audit or a review the FMA on site or an investigation. The FMA receives a request for a review on site or an investigation, it shall within their powers to take action, by they



1. the verification or investigation itself does, the Austrian National Bank transfers or 2. the requesting authority permitted the carrying out of the verification or investigation or 3. permitted the carrying out of the verification or investigation accountants or experts of the Government.


(2) the FMA has other competent authorities named the for the performance of duties pursuant to article 20 paragraph 1 of Directive 2007/64/EC competent authorities required information to submit arising out of this federal law, especially when infringements or suspected infringements of an agent, a branch office or a business entity to which activities are outsourced. The FMA has to submit all relevant information upon request and to present all essential information by itself. The FMA can indicate if it exchanges information with other competent authorities, transmission, that this information may be published only with their explicit consent. In this case, they should be carried out only for the purposes for which the approval was granted.

(3) the Federal Minister for finance may conclude following agreements on a joint proposal from the FMA and Oesterreichische Nationalbank with authorities about the procedure for cooperation with the FMA and Oesterreichische Nationalbank in the exercise of their functions of monitoring and supervision of payment institutions, if the Federal Minister of finance to the conclusion of agreements in accordance with article 66 par. 2 B-VG is authorized :



1. agreement with competent authorities of other Member States; in these agreements, in particular the cooperation of the FMA procedure can be controlled with the competent authorities of the Member States with regard to the exchange of information referred to in article 24 of Directive 2007/64/EC.

2. agreements with the competent authorities of third countries, provided that the exchange of information is used with those competent authorities under the conditions of article 22 of Directive 2007/64/EC of equivalent professional secrecy, the performance of supervisory tasks of that competent authorities.

Powers as a host Member State



Article 73. The FMA as competent authority of the host Member State may require the information in exercise of the powers conferred on it under this Federal Act of payment institutions in accordance with § 12 branch offices that are required to monitor compliance with the standards applicable to these companies. These requirements may not be more stringent than the requirements imposed on the FMA the licensed institutions to monitor the same standards.

Precautionary measures



74. (1) has clear and demonstrable grounds to believe that the FMA as competent authority of the host Member State that a payment institution operating in Austria in the framework of the free movement of services or via a branch office violates the obligations in accordance with article 12, paragraph 1 that him from this Federal Act or regulation (EC) No. 2560/2001 on cross-border payments in euros or in Regulation (EC) No. 1781/2006 on information on the payer accompanying transfers of funds grow up , which transferred jurisdiction of the FMA as competent authority of the host Member State, so has their findings of the competent authority of the Member State of origin to notify them.

(2) the FMA as competent authority of the host Member State finds that a payment institution pursuant to § 12 para 1, which has a branch in Austria, violated the Austrian law or administrative provisions relating to the jurisdiction of the FMA as an authority of the host Member State in accordance with article 59, paragraph 1 and 2, the FMA has to request the payment institution concerned to establish the lawful conditions within three months. The payment institution does not fulfil the request, the FMA as competent authority of the host Member State has to take all appropriate measures to ensure that the payment institution restores the rightful State. The FMA is the nature of such measures to inform the competent authorities of the Member State of origin. The payment institution despite the measures taken by the FMA which continue in §§ 66 par. 1 and 2 or injured in 67 paragraph 8 of Austrian legal referred to or administrative provisions, to the FMA may take appropriate measures after informing the competent authorities of the Member State of origin, to prevent further violations or to punish; If necessary, it can completely or partially prohibit the management the responsible managers of the Branch Office of the payment institution and prohibit new stores in Austria the payment institution.

(3) the FMA has any measure referred to in the paragraph 1 correctly to establish 2 or 3 involving sanctions or restrictions of the business of a payment institution, and to inform the relevant payment institution.

(4) violates a payment institution pursuant to § 3 Z 4 lit. a, which performs its activities in a Member State through a branch office, despite the request by the national regulations of the host Member State, so the FMA after agreement by the competent authorities of the host Member State has competent authorities, the rightful State to establish, continue to use appropriate measures pursuant to article 64, paragraph 8, to establish the legal status in the host Member State. The competent authority of the host Member State is to inform in writing without delay of the measures taken.

(5) If a payment institution pursuant to § 3 Z 4 lit. deprived of a concession, the competent authorities of the Member States, where the payment institution carries on his activities, the FMA has this immediately and in writing to take note.

5. main piece

Transitional and final provisions

Transitional provisions



Section 75 (1) credit institutions, which already before December 25, 2007 a licence pursuant to section 1 para 1 Z 23 Banking Act, as amended by Federal Law Gazette I no. 35/2003, held and continue to hold and Z 9 BWG make use of the exemption under article 3, paragraph 1 may until 30th April 2011 the financial transfer business pursuant to section 1 para 2 Z 5 of this federal law , but not exercise more payment services; § 17 ZaDiG is to apply. These credit institutions can apply for a licence pursuant to section 7 within that period. The FMA has already in the concession of credit institution to take this information into account in the examination of the application.

(2) corporations and cooperatives based in Austria, which have recorded their activities to the provision of payment services within the meaning of § 1 para 2 Z 4 or 6 of this federal law, not covered by an exemption under section 2 and in the provision of payment services proven to have complied with the applicable provisions for combating money laundering and terrorist financing before December 25, 2007 , its activity in Austria may continue until April 30, 2011 at the latest if they combined the existing provision of payment services in accordance with the applicable provisions for combating money laundering and financing of terrorism prove a concession request until October 31, 2009 with an application to the exercise of this transitional provision and stating what activities it should be covered for the transitional period the FMA put and under a. The terms of the § 73 apply with the proviso that instead of the period of six months and three months of a period of 18 months shall AVG and § 6 section 2 of the Federal Act. These companies have the provisions of §§ 17-19 and 21 to 48 of this federal law, as well as the sections 40 to 41 and 99 Z to comply 19 BWG from 1 November 2009. Such a company the articles 17 to 19 and 21 to 25, injured the FMA pursuant to § 64 paragraph 7 has to proceed. Is to apply to such company article 66 par. 3 in conjunction with article 67 paragraph 9.

(3) the provisions of the 2nd section of the 3 main piece as well as the articles 66, 67 and 69 are applied first to payment orders, triggered on November 1, 2009. Administrative procedures of payment operations, which were raised before November 1, 2009, but which have no administrative procedures at the district administrative authority have been made pending are to which to apply the transfer law brought by the FMA.

(4) prior to November 1, 2009 pending cases are already under the transfer Act to continue at the district administrative authority.

References and regulations



As far as other federal laws are referenced in this federal law, these are 76. (1) in their respectively valid version to apply unless it is otherwise arranged expressly.

(2) if the European Community is referenced in this Federal Act following acts, they are, unless otherwise arranged, apply respectively in the following version:



1. Directive 2007/64/EC 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, OJ No. L 319 of the 05th 12th 2007, S. 1;

2.

Directive 2006/48/EC on the taking up and pursuit of the business of credit institutions, OJ No. L 177 of the 30.06.2006, p. 1, as amended by Directive 2007/44/EC amending Directive 92/49/EEC and the directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of shareholdings in the financial sector, OJ No. L 247 of 21.09. 2007, p. 1;

3. Regulation (EC) No. 2560/2001 on cross-border payments in euro, OJ No. L 344 of 28 12 2001, p. 13;

4. Directive 2005/60 of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ No. L 309, 25.11.2005, p. 15, as amended by Directive 2008/20/EC of March 11, 2008, OJ No. L 76 of 19.3 2008, p. 46;

5. Directive 95/46 of 24 October 1995 on the protection of natural persons in the processing of personal data and on the free movement of data, OJ No. L 281 of 23.11 1995, p. 31, as amended by Regulation (EC) No 1882/2003 of 29 September 2003, OJ No. L 284 of 31.10.2003, p. 1;

6. Directive 2000/46 of 18 September 2000 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, OJ No. L 275 of 27.10 2000, p. 39;

7. seventh Directive 83/349/EEC of 13 June 1983 based on article 54 paragraph 3 letter g) of the Treaty on consolidated accounts, OJ No. L 193 18.07., 1983, p. 1, as amended by Directive 2006/99/EC of 20 November 2006, OJ No. L 363 of 20.12.2006, p. 137;

8 Regulation (EC) No 1781/2006 of 15 November 2006 on information on the payer accompanying transfers of funds, OJ No. L 345 08.12. 2006, p. 1.

(3) Regulations under this Federal Act as amended should be adopted from the day following the announcement of the Federal Act to be conducted; they may not however into force prior to the required legal provisions.

Linguistic equal treatment



§ 77. As far as this federal law are personal names only in the male form, they relate to women and men in the same way. When applied to certain persons, the respective gender-specific form is to use.

Enforcement



§ 78. With the completion of this federal law is



1. with regard to the §§ 4 para 4, 8 paragraph of 4, 10 para of 1, 23 paragraph 1, 34, 36, 39, 40, 44 and 48 and 66 paragraph 2 of the Federal Minister of Justice, 2. with regard to the articles 19, 23 para 2 and 26 to 33, 35, 37, 38 and 41 to 43 of the Federal Minister of finance in agreement with the Federal Minister of Justice, 3. with regard to the other provisions of the Federal Minister of finance entrusted.

Entry into force



section 79. This federal law shall enter into force on 1 November 2009. Article 75, paragraph 2 However with the day following the by-laws enter into force.

Article 3

Amendment of the Banking Act

The Bankwesengesetz - BWG, BGBl. No. 532/1993, as last amended by the Federal Act Federal Law Gazette I no. 39/2009, as well as the by-laws Federal Law Gazette I no. 42/2009, is amended as follows:

1 § 1 para 1 No. 6 is:





"6. the issue and management of means of payment such as credit cards, cheques and traveller's cheques, with the term of crediting for credit cards is not limited is;"

2. § 1 par. 1 Z 23 is eliminated.

3. in section 1 para 2 No. 6 is the point replaced with a semicolon at the end and following no. 7 added:





"7. the provision of payment services pursuant to section 1 para 2 payment Services Act - ZaDiG, Federal Law Gazette I no. 66/2009."

4. paragraph 1 para 3:



"(3) credit institutions are also to carry out the in para 1 Nos. 22 (currency exchange business) and paragraph 2 activities referred to in no. 1 to 6 entitled, in addition to the provision of in section 1 para 2 Z of referred 5 ZaDiG financial transfer business as well as in § 5 para 2 Z referred 2 ZaDiG activities and to carry out any other activities which are directly related with the activity of the Bank according to the respective scope of the licence or represent ancillary activities in relation to this" , such as in particular the placement of building Association savings agreements, of companies and businesses, from investment funds, equity shares, the provision of services in the field of automatic data processing, as well as the distribution of credit cards. In addition they are entitled in the context of foreign exchange regulations for the trade in coins and medals and ingots of gold, also for the rental of safe-deposit boxes (safes) with classified by the landlord. You are also to perform in section 3 para 2 No. 1 to 3 WAG entitled activities referred to 2007. Credit institutions, a concession referred to in paragraph 1 No. 1 and no. 3 or pursuant to par. 1 Z 2, are Z 1 to 4 in section 1, paragraph 2 for the implementation and payment services referred to in 6 ZaDiG entitled and credit institutions, which have a licence referred to in paragraph 1 No. 6, are to carry out in § 1 para 2 Z 4 and 6 referred ZaDiG payment services authorized. Besides, the commercial provision of payment services pursuant to section 1 para 2 necessary credit institutions a licence from the FMA, which varies according to the licensing requirements of the BWG. ZaDiG"

5. in section 2 Z 3 is each according to the sequence of the words "§§ 20 and 20b" the phrase "and § 21 para 1 No. 2" inserted.

6. in article 3, paragraph 1 Z 9 is as follows:





"9. the operation of the currency exchange business (§ 1 para 1 Z 22) and financial transfer business (article 103j par. 2 in conjunction with § 1 para 2 Z 5 ZaDiG) with regard to § 1 para 3, § 5 par. 1 Z 5, 12 and 13, §§ 22 to 23, § 24, as far as it would be to a parent credit institution, paragraphs 25 to 29, § 30, insofar as it would be to a parent credit institution" , sections 31 to 34, articles 36, 37 and 39a, §§ 42 to 65, if not participation in the preparation of the consolidated financial statements of the parent credit institution is necessary, sections 66 to 68, article 73, paragraph 1 Z 1, paragraphs 74 to 76, § 78 para 1 to 7 and XIX-th section; with the exception for the operation of the financial transfer business pursuant to article 103j paragraph 2 in conjunction with § 1 para 2 Z until April 30, 2011 is limited 5 ZaDiG and is applicable only to banks, which have already received its licence before December 25, 2007; These financial institutions have to apply article 17 to ZaDiG;"

7 § 4 paragraph 7 and 8 are:



"(7) the FMA may by proclamation in the Internet, print in the"Amtsblatt zur Wiener Zeitung"or in a newspaper with circulation in the whole country, inform the public, that is a particular natural or legal person (person) to carry out of certain banking operations shall not be entitled, unless this person has given rise and a public information is necessary and proportionate in terms of possible disadvantages of the person concerned." This publication measures may be taken also cumulatively. The person must be clearly identified in the publication; for this purpose may, if known of the FMA, also business address or residential address, company registration number, Internet address, telephone number and fax number specified. He may apply for a review of the legality of the publication in a administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of a review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website.

(8) the FMA has to provide information about the scope of the licence of credit institutions on individual request within reasonable time. The FMA has to keep a database that contains information about the current scope of the existing licences of credit institutions, and has a query of this data via Internet to allow."

8. in section 9, paragraph 7, the phrase ", the sections 4 and 26 to 48 ZaDiG" is inserted after the term "WAG 2007".

9. in article 9, paragraph 8, the phrase ", the sections 4 and 26 to 48 ZaDiG" is inserted after the term "Federal laws".

10. in article 23 paragraph 13 Z 3 is after the word "Financial institutions" the phrase "or payment institutions (§ 3 Z 4 ZaDiG)" added.

11. in article 23, paragraph 13, Z 4 the phrase "or payment institutions" is inserted after the word "Financial institutions".

12 paragraph 34:





34. (1) consumer checking account are accounts of consumers within the meaning of § 1 para 1 Z 2 Consumer Protection Act.

(2) the consumer checking account contract has at least the following information in addition to the information referred to in ZaDiG to contain.



1. the annual interest rate for balances, provided that this information is not already provided information in the context of the grant in accordance with § 28 ZaDiG, and 2.

a note on the notice board of the fictitious year interest rate for overdrafts in accordance with article 35, paragraph 1 subpara 1 lit. d. (3) the credit institution shall by means of account statements at least once every three months to announce the balance the consumer and for longer than three months continuous overdraft on the notice board of the fictitious year interest rate for overdrafts in accordance with article 35, paragraph 1 subpara 1 lit. (d) to point out."

13 the following paragraph 3 is added to § the 37:



"(3) by way of derogation from paragraphs 1 and 2 ZaDiG in terms of the transfer period section 42 are in the scope of application in accordance with section 1, paragraph 4 ZaDiG and in terms of value and availability of amounts section 43 ZaDiG."

14. in article 40 paragraph 8, introductory part, the phrase is omitted in the third movement "or financial transfer business (§ 1 para 1 Z 23)".

15 § 40 paragraph 8 Nos. 1 and 2 are:





"1 the article credit referred 3 Nos. 1 and 2 of Directive 2005/60/EC - and financial institutions, as well as in § 3 Z referred 4 ZaDiG payment institutions, 2. in article credit referred 3 Nos. 1 and 2 of Directive 2005/60/EC - and financial institutions, as well as in § 3 Z 4 called ZaDiG payment institutions in a third country and" 16 § 69 paragraph 8, first sentence, is :



"Banks, solely for the operation of one or both in article 1, paragraph 1 Z 22 and article 103j par. 2 of the Federal Act in conjunction with § 1 para 2 Z referred 5 ZaDiG shops are entitled, as well as representative offices of credit institutions (article 73) is to prescribe which called minimum amount in subsection 4."

17 paragraph 70 paragraph 7:



"(7) the FMA is entitled to provide information to the public, it measures taken according to paragraph 2, 3 and 4 by fingerprint in the"Amtsblatt zur Wiener Zeitung"or to make known in a newspaper having circulation in the entire Federal territory or on the Internet or by posting at a suitable place in the premises of the institution." Publications of measures under paragraph 4 are Z 1 to perform but only if this is necessary on the type and severity of the violation to the public. This publication measures may be taken also cumulatively. He may apply for a review of the legality of the publication in a administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. Suspensive effect granted an appeal against an administrative decision in accordance with paragraph 2, 3 or 4 in most judicial proceedings, so the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website."

18. in article 73, paragraph 1 Z 4 eliminates the phrase "or of branches".

19 § 93 par. 3 No. 3 is:





"3. with regard to the safe deposits of a member institution a payment adjustment is officially has (§ 70 para 2, § 78), whereby these available at the latest after five working days after the FMA has determined for the first time that the concrete Member Institute has not paid its due and non-refundable deposits, has to be carried out, or" 20. In § 93 par. 3 trailer, the phrase "three months" is replaced by the phrase "twenty working days, in wholly exceptional circumstances and in special cases with the approval of the FMA within maximum thirty working days".

21 paragraph 93 para 3d Z 2:





"2. balances arising directly from the credit of income, sales and other settlement of securities transactions, are attributable to the investor compensation scheme, if they are not already credited in an interest account of a credit institution authorised to operate of commercial;"

22 paragraph 93 paragraph 4:



"Is by way of derogation from paragraph 3 (4) for deposits referred to in paragraph 2 by creditors who are not natural persons, the obligation to pay the deposit guarantee with a maximum of 50 000 EUR per depositor limited;" at investment services referred to in paragraph 2a by creditors who are not natural persons, the payment obligation of the protective device with 90 vH of the receivables from securities transactions per investor is limited notwithstanding the maximum amount referred to in paragraph 3a. Deposits in an account to which two or more persons as partners of an open society corresponding to society, a limited partnership, a company of civil law or one of these societies can have under the law of a Member State or a third country, are summarized in the calculation of the upper limit of this paragraph and treated as deposits of a depositor; This applies to credits and other receivables from securities transactions in the same way. The protective device shall be entitled to offset compensation claims of the credit institution. Section 19 para 2 is to apply in all cases the payment of guaranteed deposits or receivables from securities transactions."

23. According to article 93, paragraph 4, the following paragraph 4a is inserted:



"(4a) multiple disbursements are allowed only if secure deposits on legitimate community accounts or if the legitimate from a legitimate account depositors prove their claim."

24 § 93 par. 5 No. 6 lit. e is:





"(e) depositor and creditor, the one in lit." Functions to (d) a in affiliated companies (§ 244 UGB) the credit institution or investment firm pursuant to § 12 para 1 WAG 2007 hold with investments that are below the thresholds referred to in article 24, para. 3, a lit the exception according to this. not trigger,"25 section 93 para 5 is no. 7:





"7 deposits and claims of near relatives (§ 72 StGB) the depositor referred to in no. 6 or creditor, acting for the account of the depositor referred to in no. 6 or creditor, as well as third parties who act for the account of the depositor referred to in no. 6 or creditor," 26 § 93 par. 8, second sentence, is:



"Is every depositor at starting a business relationship of subject to security deposits, at the latest upon conclusion of the contract, in writing and free of charge to hand over information in German language, which contains information about the protective device of which the credit institution, as well as height and scope of coverage including the exceptions referred to in paragraph 5 of the deposit guarantee in the form of easily understandable."

27. in section 93a paragraph 9, first sentence is inserted after the expression "Annex II of Directive 97/9/EC" the phrase "and in the cases referred to in § 93 par. 7, 8, 9 and 10".

28. According to section 93a paragraph 9 the following paragraph 10 is added:



"(10) the protection schemes have their systems to undergo regular tests and the FMA has, where appropriate, to teach the safety devices, if the FMA has found problems in a credit institution that is expected will lead to a triggering of the deposit insurance."

29. in article 94, paragraph 1, the phrase does not apply "in accordance with § 1 para 1 Z 23".

30. in article 98 para. 3 in the final section, the amount by '3 000 euro' is replaced by the amount of '5 000 euro'.

31 the last sentence is § 103e Z 2:



"The preliminary approval expires with legally granted approval in accordance with § 21a, no later than at the end of the December 31, 2011."

32. According to article 103i 103j following sections and 103 k shall be inserted:





Article 103j. (1) permission for the provision of the business of issue and management of means of payment such as credit cards and traveller's cheques in accordance with § 1 para 1 Z 6 Banking Act, Federal Law Gazette No. 532/1993 as amended by Federal Law Gazette I no. 136/2008, which at the time of entry into force of the Federal Act Federal Law Gazette I already consist No. 66/2009 [amendment], stay upright and entitle 4 and payment services referred to in 6 ZaDiG in section 1 subsection 2 also to carry out Z.

(2) at the time of entry into force of the Federal Act Federal Law Gazette I no. 66/2009 [amendment] in accordance with the Austrian Banking Act, Federal Law Gazette No. 532/1993, as amended by Federal Law Gazette I no.  136/2008, existing permissions for the provision of the financial transfer business will be transferred in such a way, that article 1, paragraph 1 Z 23 as amended by Federal Law Gazette I no. 136/2008 of the permission in accordance with § 1 para 2 Z 5 ZaDiG matches.



§ 103 k. As of January 1, 2011 § 93 par. 4 with the proviso that non-natural persons deposits are protected up to an amount of EUR 100 000 shall apply'.

33. § 105 para 5 No. 1 is:





"1.

Directive 2006/48/EC on the taking up and pursuit of the business of credit institutions (OJ No. L 177 of the 30.06.2006, p. 1) as amended by Directive 2007/64/EC 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 (OJ (Nr. L 319 vondem 05.12. 2007, S. 1) and ' 34. The following paragraph 7 is added to article 105:



"Referenced (7) as far as in this federal law to Directive 2005/60/EC, Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ is, unless otherwise arranged, No. L 309, 25.11.2005, p. 15, as amended by Directive 2007/64/EC 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, OJ No. L 319 of 05.12 2007, to apply S. 1."

35. the section 107 be attached following paragraph 63 and 64:



"(63) § 93 par. 3d, § 93 par. 4, 4a, 5 and 8 and section 93a paragraph 9 as amended by Federal Law Gazette I no. 66/2009 1 July 2009 into force." I no. 66/2009 § 93 par. 3, section 93a paragraph 10 and § 103 k as amended by Federal Law Gazette January 1, 2011 into force.

(64) article 1, paragraph 1 Z 6, § 1 para 2 Z 7, § 1, paragraph 3, article 3, paragraph 1 Z 9, § 4, paragraph 7 and 8, section 9, paragraph 7 and 8, § 23 paragraph 13 Nos. 3 and 4, § 34, § 37 para 3, § 40 paragraph 8 (introductory), § 40 paragraph 8 Nos. 1 and 2, § 69 paragraph 8, section 70 paragraph 7, article 73, paragraph 1 Z 4 , Article 94, paragraph 1, article 98 para 3, § 103e, § 103j, § 105 para 5 Nos. 1 and paragraph 7 as amended by Federal Law Gazette I no. 66/2009 into force on November 1, 2009; Article 1, paragraph 1 is Z 23 upon expiry of the 31 October 2009 override. I 66/2009 No. § 2 para 3, § 4, paragraph 7 and 8 and section 70 paragraph 7 as amended by Federal Law Gazette with the day following the proclamation into force."

Article 4

Change the remote financial services law

The remote financial services Act (FernFinG), Federal Law Gazette I no. 62/2004, is amended as follows:

1 the following paragraph 4 is added to section 5:



"(4) paragraph 1 Z 1, Z 2 lit. a and b, Z 3 lit. b, c, f and g, as well as no. 4 lit. "a find on payment services (§ 1 para 2 payment Services Act - ZaDiG, Federal Law Gazette I no. 66/2009) no application."

2. the existing text of § 13 receives the sales designation (1); the following paragraph 2 is added:



"(2) section 5 (4) as amended by Federal Law Gazette I no. 66/2009 November 1, 2009 into force."

Article 5

Change of the consumer protection act

The Consumer Protection Act (KSchG), Federal Law Gazette No. 140/1979, as last amended by Federal Law Gazette I no. 21/2008 is amended as follows:

1. § 28 para 1 Consumer Protection Act is:



'(1) who in the course of trade with consumers in connection with consumer credit conditions, package travel arrangements, part time copyright conditions, the distance contracts, doorstep selling, of unfair contract terms agreement, which violates the warranty or guarantee at the time of purchase or in the production of physical goods or in connection with information society services in e-commerce or related investment services or payment services against a legal bid or ban and this impairs the general interests of consumers "that can be charged without prejudice to § 29 par. 1 to refrain from."

2. § 31a is eliminated.

3. § 41a is added the following paragraph 22:



"(22) § 28 para 1 as amended by Federal Law Gazette I no. 66/2009 November 1, 2009 into force; § 31a occurs at the end of October 31, 2009 except for force, but continue to apply to transactions involving a payment card or whose data are been misused before November 1, 2009."

Article 6

Amendment of the financial market Authority Act

The financial market Authority Act - FMABG, Federal Law Gazette I no. 97/2001, as last amended by Federal Law Gazette I no. 22/2009 is amended as follows:

1. in article 2, paragraph 1, the phrase is "and the financial conglomerate Act, Federal Law Gazette I no. 70/2004,"by the phrase", in the financial conglomerate Act, Federal Law Gazette I no. 70/2004, and in the payment Services Act - ZaDiG, Federal Law Gazette I no. 66/2009" replaced.

2. § 19 para 5 fourth sentence reads:



"For the next FMA financial year are %, of the amount calculated in accordance with the first sentence each to prescribe the paid advance payments amounting to 105; "insofar that the Austrian National Bank in accordance with § 79 para 4 b BWG and pursuant to § 20 ZaDiG, communicated and reported separately in the financial statements of the FMA direct bank supervision costs have reached the amount of EUR 4 million, by way of derogation from the first part of the sentence this component equal to the advance payment of 100% to prescribe."

3. § 19 para 5a second sentence reads:



"The reimbursement amounts are due to the for the respective previous year pursuant to § 79 para 4 b BWG and according to § 20 ZaDiG communicated direct costs of banking supervision to measure and amount to no more than four million euros."

4. in § 1 is 22 b after the reference to "article 98, paragraph 1 BWG," a reference on "article 66, paragraph 1 ZaDiG," inserted.

5. in paragraph 22 (c) shall after the reference to "article 98, paragraph 1 BWG," a reference on "article 66, paragraph 1 ZaDiG," added.

6. in article 22d, paragraph 1 is for the reference on "article 98, paragraph 1 BWG," a reference to "article 66, paragraph 1 ZaDiG," inserted.

7 § 28 16 the following paragraph is added:



"(16) § 2 para 1, § 19 para 5 and 5a, section 22 b para 1, § 22c and section 22d para 1 as amended by Federal Law Gazette I no. 66/2009 with November 1, 2009 into force."

Article 7

Amendment of the insurance supervision Act

The insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 22/2009 is amended as follows:

1 paragraph 4 section 11:



"(11) the FMA may by proclamation in the Internet, print in the"Amtsblatt zur Wiener Zeitung"or in a newspaper with circulation in the entire Federal territory inform the public that a required and in terms of possible disadvantages of the person concerned relatively is particular natural or legal person (person) to operate insurance or certain insurance business is not entitled, if this person has given rise and a public information. This publication measures may be taken also cumulatively. The person must be clearly identified in the publication; for this purpose may, if known of the FMA, also business address or residential address, company registration number, Internet address, telephone number and fax number specified. He may apply for a review of the legality of the publication in a administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in a review, so the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website."

2. Article 73b paragraph 4a Z 1 replaces the phrase "financial institutions and investment firms" by the phrase "investment firms, financial institutions, payment institutions".

3. in section 86i paragraph 9, a comma, and then the phrase "a payment institution" is inserted after the word "Firm".

4. § 119i 24 the following paragraph is added:



"I no. 66/2009 (24) section 73B paragraph 4a Z 1 and section 86i paragraph 9 as amended by Federal Law Gazette 1 November 2009 into effect. § 4 paragraph 11 with the day following the proclamation into force."

Article 8

Repeal of the Act of transfer

The Federal Act on cross-border credit transfers (transfer Act), Federal Law Gazette I no. 123/1999, in the version of Federal Law Gazette I no. is 123/2003 at the end of October 31, 2009, is to apply but continue to payment transactions that were raised up to the end of October 31, 2009.

Article 9

Amendment of the securities supervision Act 2007

The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 39/2009, is amended as follows:

1 in § 92 section 6 reads:




"(6) the FMA is entitled to provide information to the public, it measures taken according to paragraphs 1, 3 and 8 from imprint in the"Amtsblatt zur Wiener Zeitung"or to publicize in a newspaper with circulation in the entire Federal territory or in the Internet, or by posting them at a suitable place in the premises of the legal entity in accordance with article 91, paragraph 1 Nos. 1 and 2." Publications of measures pursuant to paragraph 8 in conjunction with § 70 para 4 1 BWG are Z to perform but only if this is necessary on the type and severity of the violation to the public. This publication measures may be taken also cumulatively. He may apply for a review of the legality of the publication in a administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. Suspensive effect granted an appeal against an administrative decision in accordance with paragraphs 1, 3 or 8 in most judicial proceedings, so the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website."

2. § 92 para 11 and 12 are:



"(11) the FMA may by proclamation in the Internet, print in the"Amtsblatt zur Wiener Zeitung"or in a newspaper with circulation in the whole country, inform the public, that is a particular natural or legal person to carry out of certain value paper services (section 3 para 2 Z 1 to 4) is not authorized unless this person has given rise and a public information is necessary and proportionate in terms of possible disadvantages of the person concerned." This publication measures may be taken also cumulatively. The person must be clearly identified in the publication; for this purpose may, if known of the FMA, also business address or residential address, company registration number, Internet address, telephone number and fax number specified. He may apply for a review of the legality of the publication in a administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of a review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website.

(12) the FMA has to provide information about the scope of the licence by entities referred to in article 91, paragraph 1 Nos. 1 and 2 on individual request within reasonable time. The FMA has to keep a database that contains information about the current scope of the existing concessions of this legal entity, and has a query of this data via Internet to enable. The FMA has to do further in this database are entitled in Germany for the provision of investment services by way of freedom to provide services or through a branch office, if this activity in the country in accordance with article 31 or 32 of Directive 2004/39/EC has been notified a directory of investment firms from Member States."

3. section 94, paragraph 4 is added:



"This disclosure measures may be taken also cumulatively. He may apply for a review of the legality of the publication in a administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. In most judicial proceedings on suspensive effect won an appeal against a decision of the measure or sanction to the subject that, as the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website."

The following paragraph 5 is added to § 4. 108:



"(5) I will take no. 66/2009 § 92 section 6, 11 and 12 and section 94 (4) in the version of Federal Law Gazette the day following the announcement effect."

Fischer

Faymann