66. Federal Law, with which a federal law on the provision of payment services (Payment Services Act-ZaDiG) enacted and the Banking Act, the Fern-Finanzdienstleistungs-Gesetz, the Consumer Protection Act, the Financial Market Supervisory Authority Act, the Insurance Supervision Act and the Securities Supervision Act 2007 are amended and the Referral Law is repealed

The National Council has decided:

table of contents

Article 1-Implementation of a directive of the European Union

Article 2-Bundesgesetz über die Provision von Payment Services (Payment Services Act-ZaDiG)

Article 3-Amendment of the Banking Act

Article 4-Amendment of the Fern-Financial Services Act

Article 5-Amendment of the Consumer Protection Act

Article 6-Amendment of the Financial Market Supervisory Authority Act

Article 7-Amendment of the Insurance Supervision Act

Article 8-Repeal of the Referral Act

Article 9-Revision of the Securities and Markets Act 2007

Article 1

This federal law is designed to implement 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 to the Repeal of Directive 97 /5/EC (OJ L 327, 28. No. OJ L 319, 5.12. 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 as regards the coverage level and the payout period (OJ L 206, 22.7.2009, p. No. OJ L 68 of 13.3.2009, p. 3).

Article 2

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

table of contents

1. Main item General provisions
Section 1 Scope and terms
§ 1.	Scope
§ 2.	Exceptions
§ 3.	Definitions
Section 2 Access to payment systems
§ 4.	Access to payment systems
2. Main piece Payment institutions
Section 1 Concession
§ 5.	Requirement and scope of the concession
§ 6.	Concession request
§ 7.	Concession
§ 8.	Withdrawal of the concession
§ 9.	Quenchment of the concession
§ 10.	Company register and payment institute register
§ 11.	Amendment of the concessionary bases
Section 2 Freedom of 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 freedom of service and establishment
Section 3 Other requirements and regulatory requirements for upright operation
§ 15. and § 16.	Own resources
§ 17.	Securing customer funds
§ 18.	Retention of records and records
§ 19.	Organizational requirements, confidentiality and due diligence obligations
§ 20.	Notifications
Section 4 Offload and agents
§ 21.	Assignment of tasks
§ 22.	Agents
Section 5 Liability for persons attributable to the payment institution
§ 23. and § 24.	Liability for persons attributable to the payment institution
6. Accounting and auditing
§ 25.	Accounting and auditing
3. Main piece Payment Services
Section 1 Information obligations, charges and contract types
§ 26.	Form, timing, language, and transaction currency
§ 27.	Charges
§ 28.	Information requirements and contractual terms and conditions of the framework contract
§ 29.	Changes to the framework contract
§ 30.	Ordinary termination of the framework contract
§ 31.	Individual payment transactions within a framework contract
§ 32.	Individual payments outside a framework contract
§ 33.	Special provisions for small amount payments and electronic money
Section 2 Authorization and execution of payment transactions
§ 34.	Consent and revocation of consent
§ 35.	Due diligence obligations of the payment service provider
§ 36.	Due diligence and notification obligations of the payment service user
§ 37.	Lockout of a payment instrument
§ 38.	Receipt Date of Payment Orders
§ 39.	Rejection of payment orders
§ 40.	Irrevocability of the payment order
§ 41.	Transfer of the amount in full
§ 42.	Execution Time and Availability
§ 43.	Value Creation Date
Section 3 Liability and refund
§ 44.	Liability for non-authorized payment transactions
§ 45.	Reimbursement of an authorized payment transaction initiated by the payee
§ 46.	Liability for non-execution or incorrect execution
§ 47.	Regress
§ 48.	Disclaimer
4. Main piece Prudential supervision, insolvency rules, supervision and international cooperation
Section 1 Business supervision and insolvency provisions
§ 49. up to § 58.
Section 2 Supervision
§ 59.	Competent authorities
§ 60.	Cost Determination
§ 61.	Data protection
§ 62.	Professional secrecy
§ 63.	Investigations and examination procedures
§ 64.	Supervisory measures and publications
§ 65.	Reporting requirements of auditors
§ 66. up to § 70.	Procedural and criminal provisions
Section 3 International cooperation
§ 71.	Contact point and exchange of information
§ 72.	Cooperation in monitoring, on-the-spot checks and investigations
§ 73.	Powers of the host Member States
§ 74.	Security measures to be taken by the host Member States
5. Main piece Transitional and final provisions
§ 75.	Transitional provisions
§ 76.	References and Regulations
§ 77.	Linguistic equality
§ 78.	Enforcement
§ 79.	entry into force

1. Main item

General provisions

Section 1

Scope and terms

Scope

§ 1. (1) This federal law lays down the conditions on which persons are allowed to provide payment services for commercial purposes in Austria (payment service provider) and regulates the rights and obligations of payment service providers and payment service users in the Link with payment services provided to payment service users resident in Austria or to payment service providers established in Austria, as well as access to payment systems.

(2) Payment services shall include the following activities:

1.		services that allow cash payments to be made to a payment account or cash withdrawals from a payment account, as well as all the operations required for the management of a payment account (deposit and disbursements);
2.		the execution of the following payment transactions, including the transfer of sums of money to a payment account from the payment service provider of the user or to another payment service provider (payment transaction):
a)			Direct debits including one-off direct debits (direct debit);
b)			Payment transactions by means of a payment card or a similar instrument (payment card business);
c)			Transfers, including permanent orders (transfer business);
3.		the execution of the payment transactions referred to in Z 2 where the amounts are covered by a credit framework for a payment service user (payment transaction with credit);
4.		the issuing of payment instruments or the acceptance and settlement ("acquiring") payment instruments (payment instrument business);
5.		Services in which, without the establishment of a payment account, the name of the payer or the payee shall be subject to a payment by a payer solely for the transfer of a corresponding amount to a payee or to another, in the name of the payer or the payee, the payee is receiving payment service providers, or where the amount of money is received on behalf of the payee and made available to the payee (financial transfer business);
6.		the execution of payment transactions in which the payer's consent to the execution of a payment transaction is transmitted via a telecommunications, digital or information technology (IT) device and the payment to the operator of the the telecommunications or IT system or network which acts exclusively as an intermediary between the payment service user and the supplier of the goods and services (digitised payment transaction).

(3) Payment service providers are:

1.		Credit institutions within the meaning of Section 1 of the Banking Act-BWG, BGBl. 532/1993 as well as credit institutions pursuant to § 9 of the Federal Elections Act, which are entitled to provide payment services in accordance with the law of their Member State of origin;
2.		payment institutions within the meaning of § 3 Z 4;
3.		E-money institutions within the meaning of § 1 of the German Federal Money Act, BGBl. I No 45/2002 and E-money institutions within the meaning of Article 1 (3) (a) of Directive 2000 /46/EC on the taking up, pursuit and prudential supervision of electronic money institutions which, in accordance with the law of their Member State of origin, are required to provide payment services are entitled;
4.		the postal service in respect of its money transport;
5.		the European Central Bank, the Oesterreichische Nationalbank, and other central banks of the European Union, provided that they do not act in their capacity as monetary authority;
6.		the Federal Government, the Länder and the municipalities, in so far as they provide payment services within the framework of the private economic administration;
7.		for the purposes of access to payment systems (§ 4): natural or legal persons pursuant to Article 26 of Directive 2007 /64/EC on payment services in the internal market which are authorised in their Member State of origin for the provision of payment services.

(4) With regard to § § 41, 42, 43 and 46, the following application area shall apply:

1.		Section 43 concerning the date of value creation shall be applied only to payment transactions;
a)			within the European Community and
b)			in euros or in the currency of a Member State of the European Union outside the euro zone or an EEA Contracting State,
c)			provided that at least one of the payment service providers is established in the European Community.
2.		§ § 41 and 46 concerning liability for error-free execution are to be applied only to payment transactions,
a)			where both the payer's payment service provider and the payee's payment service provider are established in the European Community or, if only one payment service provider is involved in the payment transaction, the payment service provider in the European Community is located in the European Community the Community is established and
b)			that are provided within the European Community; and
c)			in euros or in the currency of a member state of the European Union outside the euro zone or an EEA contracting state.
3.		Section 42 concerning the period of implementation of the implementation period shall apply only to payment transactions;
a)			where both the payer's payment service provider and the payee's payment service provider are established in the European Community or, if only one payment service provider is involved in the payment transaction, the payment service provider in the European Community is located in the European Community the Community is established and
b)			that are provided within the European Community; and
c)			in euros, or
d)			which are provided within a Member State of the European Union in the currency of that Member State outside the euro area or within an EEA Contracting State in the currency of this EEA Contracting State, or
e)			where only one currency translation takes place between the euro and the currency of a non-euro area Member State or the EEA Contracting State, provided that the currency conversion required in the non-euro area is not the euro area and-in the case of cross-border payment transactions-the cross-border transfer takes place in euro.
4.		The period of execution referred to in § 42 shall not exceed four business days in the event of payment transactions,
a)			where both the payer's payment service provider and the payee's payment service provider are established in the European Community or, if only one payment service provider is involved in the payment transaction, the payment service provider in the European Community is located in the European Community the Community is established and
b)			that are provided within the European Community; and
c)			in the currency of a Member State of the European Union outside the euro area or of an EEA Contracting State, but where the conditions of the Z 3 lit. d or e are not satisfied.

Exceptions

§ 2. (1) This federal law shall not apply to:

1.		the European Central Bank, the central banks of other Member States of the European Union and the Oesterreichische Nationalbank, if acting in their capacity as monetary authority or when the Oesterreichische Nationalbank is acting within the framework of the this federal law, the BWG, the National Bank Act 1984-NBG, BGBl. No. 50/1984, the Foreign Exchange Act 2004, BGBl. I n ° 123/2003, the Finality Act, BGBl. I n ° 123/1999, Scheidemünzengesetz 1988, BGBl. No 597/1988, or the Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001 are delegated tasks;
2.		the federal government, the Länder and the municipalities, if they act as authority;
3.		the Oesterreichische Kontrollbank Aktiengesellschaft.

(2) The second main piece of this Federal Act shall not apply to:

1.		credit institutions within the meaning of Section 1 of the BWG and credit institutions, in accordance with Section 9 of the BWG, which are entitled to provide payment services in accordance with the law of their Member State of origin;
2.		E-money institutions within the meaning of Article 1 of the E-Money Act and of electronic money institutions within the meaning of Article 1 (3) (a) of Directive 2000 /46/EC, which are entitled under the law of their Member State of origin for the provision of payment services,
3.		the postal service in respect of its money transport;
4.		the European Central Bank, the Oesterreichische Nationalbank, and other central banks of the European Union, provided that they do not act as a monetary authority within the meaning of paragraph 1, or if the Oesterreichische Nationalbank does not act within the framework of the (1) the federal laws referred to in paragraph 1 (1);
5.		the Federal Government, the Länder and the municipalities, insofar as they act within the framework of the private economic administration.

(3) This federal law shall not apply to the following activities:

1.		payment transactions, which shall be made without intermediaries solely as a direct cash payment from the payer to the payee;
2.		payment transactions between the payer and the payee through a commercial agent authorised to negotiate or conclude the sale or purchase of goods or services on behalf of the payer or the payee;
3.		the commercial transport of banknotes and coins, including the receipt, processing and transfer;
4.		the non-commercial reception and transfer of cash within the framework of a charitable or charitable activity;
5.		Services in which the payee pays cash to the payer in the course of a payment transaction after the payment service user expressly refers to it before the execution of a payment transaction for the purchase of goods or services ,
6.		Currency exchange transactions within the meaning of Section 1 (1) (1) (22) of the BWG (exchange-level business);
7.		Payment transactions on which one of the following documents is based, drawn on the payment service provider and provides for the provision of a sum of money to a payee:
a)			a cheque for paper within the meaning of the Geneva Convention of 19 March 1931 on the Single Schake Act;
b)			one of those under lit. a cheque of comparable paper cheques under the law of a Member State which is not a party to the Geneva Convention of 19 March 1931 on the Single Scheck Act;
c)			a change in paper form within the meaning of the Geneva Convention of 7 June 1930 on the Uniform Exchange Act;
d)			one of those under lit. (c) the exchange of comparable forms of 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 Single Exchange Act;
e)			a voucher in paper form;
f)			a travel check in paper form;
g)			a postal order in paper form as defined by the Universal Postal Association;
8.		Payment operations carried out within a payment or securities settlement system between payment compensation agents, central counterparties, clearing houses or central banks and other participants in the system and payment service providers § 4 shall remain unaffected by this;
9.		Payment transactions in connection with the operation of securities, such as dividends, returns or other distributions or their redemption or disposal, of the persons referred to in Z 8 or of the persons referred to in investment firms providing investment services, credit institutions, collective investment undertakings or asset management companies, or any other entity which is authorised to maintain financial instruments; are carried out;
10.		Services provided by technical service providers who, while contributing to the provision of payment services, do not at any time obtain the funds to be transferred, such as the processing and storage of data; Confidence-building measures and services for the protection of privacy, message and instant authentication, provision of information technology (IT) and communications networks, and provision and maintenance of the payment services terminal equipment and equipment;
11.		Services based on instruments for the purchase of goods or services only in the premises of the exhibitor or in the context of a business agreement with the exhibitor either for the acquisition within a limited network may be used by service providers or for the acquisition of a limited selection of goods or services;
12.		Payment transactions carried out via a telecommunications, digital or IT device when the goods or services are delivered to a telecommunications, digital or IT equipment and are used by such equipment , provided that the operator of the telecommunications, digital or IT system or network does not act exclusively as an intermediary between the payment service user and the supplier of the goods and services;
13.		Payment transactions carried out by payment service providers on their own account or by their agents or branches on their own account;
14.		payment transactions between a parent undertaking and its subsidiary, or between subsidiaries of the same parent undertaking, without the participation of a payment service provider which is not part of the same group;
15.		Services provided by service providers who have not concluded a framework contract with the customer paying money from a payment account where, for one or more card issuers, cash is withdrawn at multi-functional ATM machines, provided that: these service providers do not provide any other payment services referred to in Article 1 (2).

Definitions

§ 3. For the purposes 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 located, or
b)			where the payment service provider does not have a registered office in accordance with the national law applicable to it, the Member State in which its head office is situated;
2.		Host Member State: the Member State in which a payment service provider has an agent or branch or provides payment services and is not the Member State of origin of that payment service provider;
3.		Member State: Member State of the European Union or a Contracting State of the European Economic Area (EEA Contracting State);
4.		Payment institution shall be a legal person who shall:
a)			in accordance with § 7 or
b)			in their Member State of origin, in accordance with Article 10 of Directive 2007 /64/EC
		the commercial provision and execution of payment services throughout the territory of the European Community;
5.		the payment process: the provision, transfer or withdrawal of a monetary amount triggered by the payer or payee, irrespective of any underlying obligations in relation to the payer and the payee;
6.		Payment system: a system for the transfer of monetary amounts with formal and standardised rules and uniform rules for the processing, clearing or settlement of payment transactions;
7.		Payer: a person who is the holder of a payment account and who grants or permits a payment order from that payment account, or-if there is no payment account-a person who grants the order for a payment transaction;
8.		Payees: a person who is to receive the amount of money transferred during a payment transaction;
9.		extrajudicial FIN-NET arbitration body: out-of-court complaint and dispute settlement body pursuant to Art. 83 of Directive 2007 /64/EC, which is issued in Austria by the Joint Schlichtungsstelle der Österreichischen Kreditwirtschaft (Joint arbitration body of the Austrian credit industry) Austrian member of FIN-NET is perceived;
10.		Payment service user: a person who uses a payment service as a payer or payee or in both of these characteristics;
11.		consumer: a natural person who is acting in the payment service contracts covered by this Federal Act for purposes which cannot be attributed to his commercial or professional activities;
12.		framework contract: a payment service contract, which can regulate the future execution of individual and successive payment transactions and may contain the obligation to set up a payment account and the corresponding terms and conditions;
13.		Payment account: an account, denominating in the name of one or more payment service users, which is used for the execution of payment transactions;
14.		Amount of money: banknotes and coins, Giralgeld and electronic money within the meaning of § 2 Z 58 BWG;
15.		Payment order: any order issued by a payer or payee to its payment service provider for the execution of a payment transaction;
16.		Reference exchange rate: the exchange rate used for each currency exchange and made available by the payment service provider or originating from a publicly available source;
17.		Authentication: a procedure by which the payment service provider can verify the use of a specific payment instrument, including its personalised security features;
18.		Reference interest rate: the interest rate on which the interest rate calculation is based and which comes from a publicly available source which is verifiable for both parties to a payment service contract;
19.		Customer identifier: a combination of letters, numbers or symbols communicated to the payment service user by the payment service provider and which the payment service user must specify in order for the other to participate in the payment transaction. the payment service user or his/her payment account can be identified without any doubt;
20.		Agent: a natural or legal person who carries out payment services on behalf of a payment institution;
21.		Payment instrument: any personalised instrument or process which has been agreed between the payment service user and the payment service provider and which shall be used by the payment service user , in order to issue a payment order;
22.		Means of distance communication: means any means of communication which can be used without the simultaneous physical presence of payment service providers and payment service users for the conclusion of a contract for the provision of payment services;
23.		permanent data medium: any medium which enables the payment service user to store information addressed to him in person in such a way that he can subsequently consult it for a period of time appropriate for the purposes of the information and for the purpose of the information to be provided to the payment service user. allows the unchanged reproduction of stored information;
24.		Business day: each day on which the payment service provider of the payer or the payee involved in the execution of a payment transaction maintains the business operations required for the execution of payment transactions;
25.		Direct debit: a payment service issued by the payee to debit the payer's payment account on the basis of the payer's consent to a payment transaction by the payer to the payee, the payment service provider of which is or its own payment service provider;
26.		Branch: a place of business which is not the head office and which forms a part of a payment institution which has no legal personality and which operates directly all or part of the transactions carried out with the activities of a payment institutions; all the offices of a payment institution with a head office in another Member State which are located in the same Member State shall be considered as a single branch;
27.		group: a group of undertakings which consists of a parent undertaking, its subsidiaries and the undertakings in which the parent undertaking or its subsidiaries hold a shareholde within the meaning of Article 2 (2) of the BWG, as well as undertakings, which are linked to each other by a relationship within the meaning of Article 12 (1) of Directive 83 /349/EEC on consolidated accounts.

Section 2

Access to payment systems

§ 4. (1) The operator of a payment system shall not be allowed to directly or indirectly

1.		Payment service providers, payment service users or other payment systems on accession to a payment system uncheaply impede or impose restrictive rules on effective participation in other payment systems;
2.		, in respect of their rights and obligations as participants in the payment system, authorised payment service providers or registered payment service providers shall treat them differently without objectively justifiable reason;
3.		payment service providers, payment service users or other payment systems, with regard to the institutional status of the participants.

(2) In the interest of financial stability and security of payments system security, payment system operators shall, where they grant payment service providers who are legal persons, access payment systems, to take into account the following criteria:

1.		the protection of certain risks, such as the risk of performance, operational risk and entrepreneurial risk, and
2.		the protection of the financial and operational stability of the payment system.
Before accession and during its participation in a payment system, each payment service provider shall provide the operator of the payment system and the other participants with proof that its internal arrangements are sufficiently sound to: to be able to withstand all types of cracks within the meaning of Z 1 and 2.

(3) The provisions referred to in paragraphs 1 and 2 shall not apply to:

1.		Payment systems within the meaning of Section 2 of the Finality Act, BGBl. I No 123/1999,
2.		Payment systems consisting exclusively of payment service providers belonging to a single group, between the individual legal units of which there are capital links, one of the affiliates being the actual control over the other, and
3.		Payment systems in which a single payment service provider (as a single legal entity or as a group)
a)			is a payment service provider for the payer and the payee, or can act as such, and is solely responsible for the management of the system, and
b)			to other payment service providers, the right to participate in the system and the other payment service providers are not entitled to negotiate charges in relation to the payment system, but their own pricing in relation to the payer and the payee.

(4) If the person concerned is in breach of paragraph 1, the person concerned shall be obliged to remedy the situation and, in the event of a repetition of the risk, shall be obliged to pay compensation for damages. The tasks and responsibilities of the Federal Competition Authority, the Bundeskartellanwalts and the Antitrust Court under the Antitrust Act 2005, BGBl. No 61/2005, as well as the Oesterreichische Nationalbank according to § 44a NBG remain unaffected.

2. Main piece

Payment institutions

Section 1

Concession

Requirement and scope of the concession

§ 5. (1) The commercial provision of one or more payment services in accordance with § 1 para. 2 in Germany shall be required, except in the case of § 2 para. 2, the concession (§ 7) as payment institution by the FMA. A payment institution with a head office and head office in the country is required to provide one or more payment services in accordance with Article 1 (2), according to the concession notice in the context of the freedom of service and establishment in all Member States, with due regard for the Provisions of this Federal Law entitled.

(2) Weiters may carry out the following activities:

1.		the provision of operational and closely related ancillary services, such as ensuring the execution of payment transactions, foreign exchange transactions, custody services, data protection services 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 the non-legislative provisions of the Community law or provisions in other federal laws are contrary to the law.

(3) In the case of the provision of one or more of the payment services referred to in Article 1 (2), payment institutions may only conduct payment accounts which are used exclusively for payment transactions; amounts of money which they are used by payment service users for the payment transactions for which the payment services are to be provided. The provision of payment services and balances on payment accounts held by a payment institution shall not be deemed to be deposits or other repayable funds within the meaning of Section 93 (2) of the BWG or as electronic money within the meaning of § 2 Z BWG and shall not be discounted. In so far as payment services are provided by investment firms or investment service providers, the use of funds received in payment accounts or received for payment services shall be used by payment service users for the provision of Investment services of this or of another payment service user shall not be permitted.

(4) Payment institutions may not accept deposits or other repayable funds within the meaning of Section 1 (1) (1) of the Federal Elections Act (BWG), either on the basis of the issument of bearer or order bonds.

(5) Payment institutions shall only grant credit in connection with the payment services referred to in Article 1 (2) (2) (3), (4) or (6) if:

1.		the granting of a loan is a secondary activity and is carried out exclusively in connection with the execution of a payment transaction;
2.		the term of the credit granted in connection with a payment is not more than 12 months and that credit is also to be repaid in full within those twelve months; a subsequent extension shall not be allowed;
3.		the loan is not granted from the sums of money received or held for the purpose of carrying out a payment; and
4.		the payment institution's own funds, in the opinion of the FMA, are at any time in proportion to the total amount of the loans granted. The FMA, taking into account the methods available in accordance with § 16 (1) and taking account of the volume and volume of the loan business in relation to the total business by means of a regulation, can determine the ratio of the ratio of the total transaction. Own resources according to § 15 on the total amount of loans granted must be available.

(6) A loan granted in accordance with Section 5 (1) does not apply as a credit transaction within the meaning of Section 1 (1) (1) (3) of the BWG.

Concession request

§ 6. (1) The applicant shall have the following particulars and documents to be attached to the application for concession:

1.		the business model, which in particular indicates the nature of the payment services envisaged;
2.		the business plan, with a budget plan for the first three financial years, which indicates that the applicant has appropriate and proportionate systems, resources and procedures to carry out its activities properly;
3.		the proof that the initial capital of the payment institution is freely available to the directors of the payment institution in accordance with § 7 (1) (7) (7) (7) (7) (7), without being subject to domestic
4.		a description of the measures taken to protect the monetary amounts of the payment service users in accordance with Article 17;
5.		a description of the applicant's corporate management and its internal control system, including the administrative, risk management and accounting procedures, which indicates that such management, control mechanisms and procedures are proportionate, appropriate, reliable and sufficient;
6.		a description of the internal control system which the applicant intends to introduce in order to comply with § § 40 to 41 of the Federal Elections Act concerning the due diligence and reporting obligations to combat money laundering and terrorist financing as well as the requirements of the Regulation (EC) No 1781/2006 on the transmission of information to the payer on transfers of funds for the prevention of money laundering and terrorist financing;
7.		a presentation of the organisational structure of the applicant, including, where appropriate, a description of the planned use of agents and branches, as well as a presentation of the swap arrangements, and a description of the applicant's organisational structure. the manner in which it is to participate in a national or international payment system;
8.		the identity and amount of the participation amount of the persons holding, directly or indirectly, a qualifying holding within the meaning of § 2 Z 3 BWG in the payment institution, as well as those in the interest of ensuring a sound and prudent management the payment institution for the assessment of the reliability of such persons, the legal representatives and the partners of those persons who may be personally liable, as well as the disclosure of the group structure, provided that such information Persons belonging to a group;
9.		the names of the directors and, in the case of section 5 (2) (3), the name of the persons responsible for the management of the payment services of the payment institution, as well as in accordance with § 7 (1) Z 9 to 15, proof that they are reliable and that they are reliable and adequate knowledge and skills for the provision of payment services;
10.		the names of the auditors and, in the case of an audit firm, the natural persons entrusted with the examination, in the sense of § § 60 to 63b of the Federal Elections Act (BWG) in conjunction with § § 270 to 271c of the German Corporate Code-UGB, dRGBl. S 219/1897;
11.		the legal form and the statutes of the applicant;
12.		the seat and address of the principal administration of the applicant.
For the purposes of Z 4, 5 and 7, the applicant shall provide a description of his examination procedures and of the organisational arrangements which will enable him to take all reasonable steps he may have to take in order to protect the interests of his users. and to guarantee continuity and reliability in the provision of payment services.

(2) Within three months of the date of receipt of the application or, if the applicant is incomplete, the FMA shall either grant the concession or reject the application within three months of the submission of all the information required for the communication. of the application by means of duly substantiated notification.

Concession

§ 7. (1) The concession shall be granted if:

1.		The company should be managed in the legal form of a capital company or cooperative;
2.		the seat and the head office are located in the territory of the country;
3.		A sound and prudent management of a payment institution is guaranteed, and the payment institution has a solid corporate management system for its payment service business, for which a clear organisational structure with precisely defined, transparent and consistent areas of responsibility, effective procedures for the identification, management, monitoring and reporting of the risks to which it may be exposed or may be exposed, as well as appropriate internal control mechanisms, including sound administrative and accounting procedures; these rules, procedures and mechanisms must be comprehensive and proportionate to the nature, extent and complexity of payment services provided by the payment institution;
4.		the shareholders or members who hold qualifying holdings (Article 2 (3) of the Federal Elections Act), which are sufficient to ensure the sound and prudent management of a payment institution, and which do not have any facts from which the shareholders or members of the payment institution are responsible for the sound and prudent management of a Doubts as to the personal reliability of such persons arise; if such facts are present, the concession may only be granted if the unfounded nature of such doubts has been certified;
5.		close links between the payment institution and other natural or legal persons within the meaning of Section 2 (28) of the Federal Elections Act (BWG), do not hinder proper supervision;
6.		the proper supervision does not comply with the laws, regulations or administrative provisions of a third country to which one or more natural or legal persons are subject, to which the payment institution has close links, or by difficulties in their application are hampered;
7.		the initial capital according to § 15 (1), which includes the components within the meaning of Article 23 (1) (1) (1) and (2) of the Federal Elections Act (BWG) and which is freely available to the directors of the business without being subject to any domestic charge;
8.		the measures to protect the monetary amounts of the payment service users in accordance with Section 17 are satisfactory;
9.		in the case of none of the directors, there is no reason for exclusion within the meaning of Article 13 (1) to (3), (5) and (6) (6) of the Code (1994), Federal Law Gazette No 194/1994, and none of the directors or any other legal entity as a natural entity. A person whose business is or is admitted to a business manager who has been granted bankruptcy, unless the bankruptcy proceedings have concluded a forced offsetting which has been fulfilled; this is the case. shall also apply in cases where a similar offence has been achieved abroad;
10.		the directors have an orderly economic situation and there are no facts from which there are doubts as to their personal reliability required for the operation of the transactions in accordance with § 1 (2) and § 5 (2); where such facts are present, the concession may only be granted if the unfounded nature of the doubts has been certified;
11.		the managers are technically suitable because of their pre-training and have the experience required for the operation of the payment institution. The professional competence of a manager requires that he has sufficient theoretical and practical knowledge in the transactions requested in accordance with § 1 (2) and the management experience; the professional suitability for the management of a business manager The payment institution shall be accepted if at least three years of managerial activity is demonstrated at a company of comparable size and business type;
12.		in the case of a manager who is not an Austrian citizen, in the State of which he has a nationality, there are no grounds for exclusion as the head of a payment institution within the meaning of Z 9, 10, 11 or 15; this is due to confirm the supervision of the home country; however, if such a confirmation cannot be obtained, the head of the business concerned shall make this credible, certify the absence of the grounds for exclusion, and make a statement Whether the stated exclusion grounds are available;
13.		at least one head of business has the centre of his life interests in Austria;
14.		at least one head of business dominates the German language;
15.		at least one head of business does not exercise any other principal occupation outside the payment service or banking system;
16.		the statutes do not contain any provisions which do not guarantee the security of the amounts of money entrusted to the payment institution and the proper conduct of the transactions in accordance with Article 1 (2);
17.		the information and evidence attached to the application are in accordance with Section 6 of this Federal Law and the FMA has reached a positive overall assessment after a thorough examination of the application.

(2) Before issuing the concession, the FMA

1.		to consult the Oesterreichische Nationalbank and, where appropriate,
2.		the competent authority of the Member State of origin where a shareholder or a shareholder who holds a qualifying holding in the payment institution is a credit institution within the meaning of Article 4 (1) of the Directive in that Member State of origin 2006 /48/EC, as an asset management company within the meaning of Article 1a (2) of Directive 85 /611/EEC, as amended by Directive 2001 /107/EC, OJ L 327, 31.12.2001, p. No. OJ L 41 of 21.01. 2002, p. 20, as an investment firm or as an insurance undertaking or as a payment institution; and
3.		where the documents to be submitted within the scope of the concession application indicate that a manager has previously served in another Member State, the competent authority responsible for the supervision of payment services in the relevant Member State, and
4.		in the case of payment institutions which also intend to carry out activities within the meaning of Article 5 (2) (3), to consult the competent authorities in Austria for the supervision of those activities.

(3) The concession must be given in writing in the event of any other invalidity; it may be provided with appropriate conditions and conditions, denominated in one or more payment services in accordance with § 1 (2) and parts of individual payment services from the scope of the concession. At the same time as the concession department, the FMA has to make the registration in the register of payments in accordance with § 10 paragraph 2.

(4) In the event of a payment institution applying one of the payment services referred to in Article 1 (2), and at the same time doing other business activities, the FMA may require that a separate entity with its own legal personality for the payment services be provided for The payment services business must be created if:

1.		the non-payment services of the payment institution could adversely affect or affect the financial soundness of the payment institution, or
2.		The non-payment services of the payment institution the possibility of the FMA to check whether the payment institution is sufficient to comply with all the requirements of this federal law, or could affect or impair the payment institution.

Withdrawal of the concession

§ 8. (1) The FMA may withdraw the concession granted to a payment institution if:

1.		the business to which it relates has not been included within 12 months after the concession or the concession, or
2.		of the business to which it relates has not been exercised for more than six months.

(2) The FMA has to withdraw the concession if:

1.		it has been unlawfully obtained on the basis of false information or in any other way;
2.		the conditions necessary for granting the concession are no longer available or have been subsequently omitted (Section 64 (7) of this Federal Act in conjunction with Section 70 (4) (3) of the Federal Elections Act);
3.		a continuation of payment services by the payment institution would constitute a threat to the stability of the payment system, or the payment institution does not fulfil its obligations to its creditors;
4.		the payment institution exceeds the limits set in § 5 for the granting of credit or receives deposits or issues e-money;
5.		on the assets of the payment institution, the bankruptcy procedure shall be opened; or
6.		the payment institution has taken the decision to resolve it, and all payment services have been wound up.

(3) A decision by which the concession is withdrawn acts as a resolution decision of the payment institution, if not within three months after the legal force of the date of the decision the transactions according to § 1 para. 2 are abandoned as corporate object , and the company is not changed in the event of the designation of "payment institution". The FMA has issued a copy of this decision to the Company's Court of Appeal; the concession's withdrawal must be entered in the company's register.

(4) At the request of the FMA, the court has to order unwinders if the persons otherwise employed for the settlement do not offer any guarantee for the proper handling. If the FMA considers that the persons appointed for the settlement do not provide any guarantee for the proper handling, the FMA shall, in the case of the seat of the payment institution, have the right to exercise the jurisdiction in commercial matters first The Court of Justice shall decide on the appointment of appropriate winders, and the Court of Justice shall decide in proceedings in addition to disputes.

(5) The withdrawal of the concession is to be pronounced against the persons concerned by means of written reasoned decisions.

(6) The withdrawal of the concession is to be made public by the FMA in the register pursuant to § 10 para. 2 and on the Internet site of the FMA. In the same way, the FMA has to publish if a complaint against a notification of withdrawal of the concession is granted suspensive effect in a maximum court proceedings. The publication of the withdrawal of the concession shall be revoked if the communication is cancelled.

Quenchment of the concession

§ 9. (1) The concession shall be issued:

1.		By time lapse;
2.		at the entry of a resolving condition (§ 7 para. 3);
3.		with their deferment;
4.		with the registration of the merger or division of payment institutions in the company register of the transferring payment institution or of the transferring payment institutions and with the registration of the complete succession on the basis of an entry into the A company's book with regard to the double or multiple concession stock at an institute;
5.		with the registration of the European Company (SE) or European Cooperative Society (SCE) in the register of the new Member State.

(2) The erasing of the concession shall be determined by the FMA. § 8 (3) and (4) shall apply.

(3) The deferment of a concession (para. 1 Z 3) shall be admissible only in writing and only if all payment transactions have been processed before.

(4) With regard to the procedure to be applied by directors of the payment institution, the FMA and the unwinders, § 7a of the Federal Elections Act (BWG) shall apply.

Company register and payment institute register

§ 10. (1) Payment institutions may only be entered in the company's register if the relevant legally enforceable documents are in original or certified copy (copy). The competent court must also grant decisions on such company records to the FMA.

(2) Weiters shall establish a public register of the approved payment institutions, their agents and branches, to which all payment institutions based in Austria are to be registered and which are listed on the Internet site of the FMA can be updated regularly. Registration shall be effected immediately after the entry of the legal force of the concession modesty. In addition to the company, the concession scope and the seat of the payment institution, the company's book number, insofar as it has been notified to the FMA, must also be disclosed. If the payment institution provides its services through agents or branches, the payment institution shall also indicate the name or company name, the registered office and the company's directory number, provided that such a service has been communicated to the FMA. Furthermore, the FMA shall have in this database a list of payment institutions from Member States entitled to provide payment services by means of the freedom to provide services or through a branch to the extent that such payment services are Domestic activities have been notified in accordance with Article 25 of Directive 2007 /64/EC. Under these conditions, financial institutions entitled to provide payment services in accordance with Article 88 (2) of Directive 2007 /64/EC shall also be included in the register.

(3) The payment institution shall immediately notify the FMA in writing of its company book number and any modification thereof.

(4) On an individual request, the FMA has provided, within a reasonable period of time, information on the scope of the concession of payment institutions in accordance with § 3 Z 4 lit. a to be granted.

Amendment of the concessionary bases

§ 11. (1) The payment institution shall notify the FMA in writing without delay of any change in the concession of the concession, and, in the event of a decision, the occurrence of the effectiveness of the decision shall not be await;-and Although:

1.		Any amendment to the statutes and the resolution;
2.		any change in the conditions laid down in Article 7 (1) (9), (10), (13) and (15) with existing managers;
3.		any change in the person of the directors as well as the compliance with § 7 (1) Z 9 to 15;
4.		the intended opening and the transfer, closure or temporary cessation of the business of the principal place of business;
5.		circumstances which allow the ordinary manager to recognise that the fulfilment of the obligations is at risk;
6.		the entry of insolvency or over-indebtedness;
7.		any intended extension of the business object;
8.		any reduction in the capital paid in accordance with Article 15 (1);
9.		any proposed change with regard to the protection of the customer's funds in accordance with § 17;
10.		the person or persons responsible for the internal audit, as well as changes in the person's person;
11.		the reduction of the amount of eligible own funds under the amounts referred to in Article 15 (1);
12.		any intended outsourcing of operational tasks of payment services in accordance with § 21;
13.		any intended provision of payment services by agents, including the name or company name, the seat and the company's book number, and any change in the identity, including any change in the company's book number or address, or the seat of the agents in accordance with Section 22;
14.		Any non-compliance with scales of more than one month, which are prescribed in accordance with § 16 as well as regulations or regulations issued on the basis of this federal law.

(2) In the event of an exchange of persons pursuant to § 7 (1) Z 4, the procedure provided for in § § 20 to 20b of the Federal Elections Act (BWG) shall apply. In the event of a change in the form of law, merger or division, the proceedings shall apply in accordance with Section 21 (1a) to (3) of the Federal Elections Act (BWG) and § § 5 to 8 of this Federal Act.

Section 2

Freedom of establishment and freedom to provide services

Payment institutions from Member States in Austria

§ 12. (1) Payment services referred to in Article 4 (3) of Directive 2007 /64/EC may be provided by a payment institution within the meaning of Article 4 (4) of Directive 2007 /64/EC, which is authorised in another Member State, in accordance with the conditions laid down in Directive 2007 /64/EC in Austria through a branch or by way of freedom to provide services, to the extent that their authorisation entitles them to do so. Ancillary services pursuant to Section 5 (2) to (5) may only be provided in connection with the provision of payment services. Secondary activities within the meaning of § 5 paragraph 2 Z 3 are not covered by the freedom of service and establishment under this federal law.

(2) The establishment of a branch office in Austria shall be permissible if the competent authority of the Member State of origin of the FMA has provided all the information in accordance with Article 13 (1) and the FMA is to receive the same information vis-à-vis the home Member State , but no later than one month after the competent authority of the Member State of origin of the payment institution has received the information from the payment institution.

(3) Payment institutions carrying out activities in Austria through a branch shall have the provisions of the III. The main piece of this federal law and the § § 33, 35 (1) Z 1 lit. (c) and (d), (2), (2), (36), (40) to (41) of the BWG and the regulations and regulations adopted pursuant to these provisions.

(4) The competent authorities of the Member State of origin of a payment institution pursuant to Article 4 (4) (4) of Directive 2007 /64/EC may, after prior notification to the FMA, carry out an investigation into the branch on the spot in the performance of their duties. of this branch.

(5) The FMA receives a request from the competent authority of a Member State of origin for an opinion within the meaning of Article 13 (2) and has a reasonable suspicion that money laundering or a branch office should be established in the context of the planned establishment of a branch office. terrorist financing within the meaning of Directive 2005 /60/EC have taken place, have taken place or have been attempted, or the establishment of the branch increases the risk of money laundering or terrorist financing taking place, it shall inform the the competent authorities of the Member State of origin, in order to ensure that the Member State the branch office may refuse to enter the register or, if an entry has already been made, it may withdraw it.

(6) The provision of payment services by means of the freedom to provide services in Austria is permissible if the competent authority of the Member State of origin of the FMA has provided all the information in accordance with Article 13 (6) and the FMA receives the same information. , but no later than one month after the authority of the Member State of origin of the payment institution has been given the information.

Austrian payment institutions in Member States

§ 13. (1) Each payment institution in accordance with § 3 Z 4, which wishes to establish a branch office in the territory of another Member State, has previously notified the FMA in writing, and shall provide the following information:

1.		the Member State in whose territory the establishment of a branch is planned;
2.		a business plan to indicate the nature of the intended payment services and the organisational structure of the branch;
3.		a description of the internal control mechanisms to be applied at the branch in order to meet the requirements of § § 40 to 41 of the BWG to prevent money laundering and terrorist financing;
4.		the company and the address of the payment institution;
5.		the names of the directors of the branch office and proof that they are reliable (§ 7 para. 1 Z 9 and 10) and technically suitable (§ 7 para. 1 Z 11).

(2) The FMA has to examine the information received in accordance with paragraph 1. If the FMA has doubts as to the accuracy of the information, it may take further measures to verify the information received and, in particular, request further information. In the course of the examination of the data, the FMA has delivered opinions to the competent authorities of the host Member State on the suitability and reliability of the directors of the branch referred to in paragraph 1 (5) and of the suitability of the internal To collect and take account of the control mechanisms referred to in paragraph 1 (3). In the event that the documents to be submitted in accordance with paragraph 1 indicate that the head of the branch of the branch has previously been active in another Member State, the FMA has the competent authority responsible for the supervision of payment services. to consult the authority in the Member State concerned. The competent authorities of the host Member State shall be informed of the outcome of the procedure.

(3) Insofar as the FMA has no reason, the appropriateness of the organisational structures and the financial position of the payment institution, as well as the suitability of the internal control mechanisms to prevent money laundering and terrorist financing, as well as the The suitability and reliability of the directors of the branch shall be doubted,

1.		submit the information referred to in paragraph 1 within one month after the date of entry of all the data of the competent authority of the host Member State designated in accordance with Article 20 (1) of Directive 2007 /64/EC;
2.		agree to the payment institution in a modest way within the time limit referred to in Z 1; and
3.		the information referred to in points (1), (1), (2) and (5) relating to the host Member State, the nature of the intended payment services, the names of the directors of the branch office and the address of the branch in the register of payment institutions.

(4) The FMA shall prohibit the establishment of the branch within one month after receipt of all information by means of written instructions, provided that the conditions set out in paragraph 1 are not met without any doubt.

(5) After receiving a notification from the competent authority of the host Member State or the non-expression thereof no later than one month after the receipt of the documents from the payment institution by the FMA, the branch office may be established and its Take action.

(6) Payment institutions which, in the territory of another Member State, wish to provide payment services for the first time by means of freedom to provide services or to modify the types of payment services offered there, have previously written to the FMA in writing , and to provide the following information:

1.		the Member State in which they intend to carry out their activities;
2.		the information referred to in paragraph 1 (2) on the nature of the transactions envisaged.

(7) The FMA shall forward the notification in accordance with paragraph 6 within one month of receipt of the notification to the competent authority of the host Member State designated pursuant to Article 20 (1) of Directive 2007 /64/EC. At the end of one month after the FMA has received the notification in accordance with paragraph 6, the payment institution in the host Member State may provide the payment services concerned by means of the freedom to provide services.

(8) The payment institution shall inform the FMA in writing of any change to the information provided pursuant to paragraph 1 or 6 at least one month prior to its implementation. The FMA shall immediately forward this information to the competent authority of the host Member State.

Supervision within the framework of freedom of service and establishment

§ 14. (1) Finally, a payment institution which carries out its activities in Austria by a branch office shall be subject to the provisions of the third paragraph of this Article. Main piece of this federal law or § § 33, 35 (1) Z 1 lit. (c) and (d), (2), (2), (36) and (40) to (40) to (41) of the Federal Elections Act (BWG) or regulations and regulations adopted pursuant to the above-mentioned provisions, he shall, without prejudice to the application of § § 66 to 71 of the FMA, be applied by the FMA within three months of the corresponding condition . If the payment institution does not comply with the request, the FMA shall inform the competent authorities of the Member State of origin of the request.

(2) In spite of the measures referred to in paragraph 1, the payment institution referred to in paragraph 1 shall continue to apply the provisions referred to in paragraph 1 in spite of the measures set out or to be set by the Member State of origin, the FMA shall, with the simultaneous agreement of the competent authorities of the The Member State of origin and the European Commission

1.		To prohibit the responsible directors of the branch of the payment institute from all or part of the management;
2.		to prohibit the inclusion of new business activities in Austria in the event of further infringements.

(3) If there is an urgent risk of fulfilling the obligations of the payment institution in relation to its creditors in accordance with paragraph 1 above, in particular for the security of the assets entrusted to it, the FMA may, for the purpose of wasting that risk, temporarily Measures pursuant to paragraph 2 (2) (1) and (2) by communication with the simultaneous information of the competent authorities of the Member State of origin and of the European Commission, which shall not enter into force at the latest 18 months after the date of the effective date of action.

(4) Where authorisation is withdrawn from the payment institution in accordance with paragraph 1, the FMA shall immediately prohibit the admission of new business activities. § 8 (3) and (4) shall apply.

(5) In spite of a request by the competent authorities, an Austrian payment institution carrying out its activities in a Member State by a branch or by means of the freedom to provide services, the legal status of the institution concerned, , further the national provisions of the host Member State, the FMA, after agreement by the competent authorities of the host Member State, has taken appropriate measures in accordance with Section 64 (8) of this Federal Law in conjunction with § 70 Paragraph 4 of the BWG, in order to state the state of law in the Host Member State. The competent authority of the host Member State shall, without delay, inform the competent authority of the host Member State in writing.

(6) Where the concession is withdrawn from an Austrian payment institution, the FMA shall immediately inform the competent authorities of the Member States in which its activities are carried out in writing.

Section 3

Other requirements and regulatory requirements for upright operation

Own resources

§ 15. (1) The own funds, which comprise the components within the meaning of Article 23 (1) (1) (1) and (2) of the Federal Elections Act (BWG) shall at no time be less than:

1.		EUR 20 000 if the payment institution only operates the financial transfer business (Article 1 (2) (Z) 5);
2.		EUR 50 000 if the payment institution operates the digitised payment transaction (Article 1 (2) (6) (6)); and
3.		EUR 125 000 if the payment institution operates one of the payment services referred to in Article 1 (2) (2) (1) (1) to (4) (deposit and payout, payment transaction with or without credit, payment instrument business).

(2) The own funds of the payment institution pursuant to Article 23 (1) (1) (1) and (2), taking into account the provisions of Section 13 of the BWG, shall not fall below the respective higher amounts referred to in paragraph 1 and section 16.

§ 16. (1) Payment institutions shall at all times have sufficient own resources to be held. Apart from the provisions relating to the initial capital in accordance with § 7 (1) Z 7 in conjunction with Section 15 (1), payment institutions shall at any time have at least own funds at a level which shall be calculated according to one of the following three methods:

1.		Method A: Payment institutions must have an equity basis equivalent to at least 10 vH of their fixed overheads of the previous year. FMA may adjust this requirement in the event of a significant change in the business activity of a payment institution compared with the previous year. Payment institutions carrying out their business at the time of the calculation for less than one year shall meet an equity requirement of 10 vH of the corresponding fixed overheads provided for in the business plan, provided that: does not require the FMA to adapt this plan in accordance with paragraph 4.
2.		Method B: Payment institutions must have an equity basis equal to at least the sum of the following elements multiplied by the scale factor k as defined in paragraph 2, the volume of payments (ZV) being one twelfth the total amount of payment transactions carried out by the payment institution in the previous year:
a)			4.0 vH of the ZV tranche up to 5 million euros
		plus
b)			2.5 vH of the Tranche of the ZV from over 5 million euros to 10 million euros
		plus
c)			1 vH of the ZV tranche from over 10 million euros to 100 million euros
		plus
d)			0.5 vH of the ZV tranche of more than 100 million euros up to 250 million euros
		plus
e)			0.25 vH of the ZV tranche of more than 250 million euros.
3.		Method C: Payment institutions must have an equity basis which is at least the relevant indicator according to lit. a, multiplied by the in lit. b defined multiplication factor and with the scaling factor as defined in paragraph 2.
a)			The relevant indicator is the sum of the following components:
aa)				Interest receivable,
bb)				interest expense,
cc)				revenue from commissions and charges, and
dd)				other operating income.
			In sum, each value goes with its positive or negative sign. Extraordinary or irregular returns should not be included in the calculation of the relevant indicator. Expenses for the outsourcing of services provided by third parties may then reduce the relevant indicator if the expenses are borne by a company which is subject to the provisions of this Federal Act or of the Directive 2007 /64/EC. The relevant indicator shall be calculated on the basis of the last twelve-month observation taken at the end of the previous financial year. The relevant indicator is calculated for the previous financial year. However, the own funds determined in accordance with method C may not be less than 80% of the amount calculated as the average value of the relevant indicator for the previous three financial years. As long as no figures are available under Section 25, estimates may be used.
b)			The multiplication factor is:
aa)				10 vH of the tranche of the relevant indicator of up to EUR 2.5 million;
bb)				8 vH of the tranche of the relevant indicator from more than EUR 2.5 million to EUR 5 million;
cc)				6 vH of the tranche of the relevant indicator from more than EUR 5 million to EUR 25 million;
dd)				3 vH of the tranche of the relevant indicator from more than EUR 25 million to EUR 50 million;
ee)				1.5 vH of the tranche of the relevant indicator over 50 million euro.

(2) The scaling factor k to be used in methods B and C shall be:

1.		0.5, if the payment institution operates only the payment service referred to in § 1 (2) (2) (5);
2.		0.8, if the payment institution operates the payment service referred to in Article 1 (2) (2) (6);
3.		1.0, if the payment institution operates one or more of the payment services referred to in Article 1 (2) (2) (1) to (4).

(3) The payment institution shall, at the same time, make a proposal concerning the method to be chosen by the FMA with the request for concession. The payment institution may also submit an application to the FMA for the establishment of a different method during the upright business operation, in each case for the new financial year. The FMA can also set a different method from its own point of view. After consulting the payment institution, it shall determine, by means of written decisions, in the case of the granting of the concession under one of the concession notification in accordance with Article 7 (3), which method the payment institution shall apply. In this context, it has on the complexity of the business model, in particular whether it involves a management of payment accounts, whether payment transactions are covered by a credit framework for the payment service user within the meaning of Article 1 (2) Z 3, to the To take care of the payment volume and the duration of the company's existence. The method must appropriately correspond to the company management, the organizational structure and in particular to the risk management within the meaning of § 19.

(4) The FMA may, on the basis of an assessment of the risk management system and the internal control system of the payment institution,

1.		require the payment institution's own resources to be subject to an amount up to 20 vH higher than the amount that would result from the application of the method chosen in accordance with paragraph 1; or
2.		allow the payment institution to meet the amount of its own funds, which is up to 20 vH lower than the amount resulting from the application of the method chosen in accordance with paragraph 1.

Securing customer funds

§ 17. (1) Payment institutions shall secure the amounts of money which they have received from the payment service users or through another payment service provider for the execution of payment transactions, in accordance with one of the two following variants:

1.		Variant A
a)			The amounts of money shall not be mixed at any time with the sums of money from other natural or legal persons other than the payment service user for which they are held;
b)			the sums of money must be paid if they are still in the hands of the payment institution at the end of the business day following the day of their receipt, and
aa)				where the payment service provider of the payer is concerned, not yet transferred to another payment service provider; or
bb)				where the payee is the payment service provider of the consignee, the payee has not yet been handed over to the payee,
			be deposited in a separate Treuhand account at a credit institution or separate from the assets of the payment institution in safe liquid assets with a low risk according to Article 3 (1) of the e-money law; and
c)			the amounts of money shall be kept identifiable in such a way as to be able to be paid at any time to the individual payment service user with regard to the respective share of the payment service.
		In the event of execution, the payment service user may object to his payment service provider (§ 37 EO) if the execution is based on the after-lit execution. c secured amounts. Under the same conditions, in the event of bankruptcy on the assets of his payment service provider, the payment service user shall have the right to sow the payment (§ 44 bankruptcy order-KO, RGBl. 337/1914).
2.		Variant B
		The amounts of money shall be covered by an insurance policy or other comparable guarantee by an insurance undertaking or credit institution which is not part of the same group as the payment institution itself, over an amount , which corresponds to the one which would have to be kept separately without the insurance policy or other comparable guarantee and which must be paid out in the event of the payment institution's insolvency.

(2) If a payment institution has to hedge funds in accordance with paragraph 1 and if part of these funds is to be used for future payment transactions, while the remaining part must be used for non-payment services, the conditions shall apply in accordance with Paragraph 1 shall also apply to this proportion of the amounts of money to be used for future payment transactions.

(3) The payment institution shall set out the FMA on request during the current business operation and shall demonstrate that it has taken sufficient measures to comply with the requirements set out in paragraphs 1 and 2. If the proof is not provided or if the measures are not sufficient, the FMA shall require the payment institution to provide the necessary evidence or to make arrangements which are appropriate and necessary to provide the necessary evidence of the existence of the existing To remedy shortcomings. The FMA has to determine a reasonable period of time for this. If the evidence or arrangements are not submitted or not submitted in due time, the FMA may take measures in accordance with Section 64 (1) and (8).

Retention of records and records

§ 18. For the purposes of the second main item of this Federal Act, payment institutions have to keep all relevant records and records for at least five years. The use of the data processed for the purposes of the second main piece is for the purpose of the prevention, investigation or detection of fraud in the payment transactions in accordance with the Data Protection Act 2000-DSG 2000, BGBl. I No 165/1999, and in accordance with the legal powers.

Organizational requirements, confidentiality and due diligence obligations

§ 19. (1) Payment institutions shall have administrative, accounting and control procedures for the identification, assessment, management, monitoring and reporting of the payment service business and the operational risks associated with the payment of the payment service and the payment service risks, the extent and complexity of the payment services operated and of the activities which may be carried out pursuant to Section 5 (2) are appropriate. The organisational structure has to avoid conflicts of interest and conflicts of interest due to the business operation. The areas of responsibility must be clearly delineated, coherent and transparent. The appropriateness of these procedures and their application shall be reviewed at least once a year as part of the internal audit. The test fields and the results of this test shall be documented.

(2) The directors of a payment institution have the diligence of a prudent and conscientious business manager within the meaning of Section 84 (1) of the German Stock Corporation Act 1965-AktG, BGBl. No 98/1965. In doing so, they shall, in particular, inform themselves of the payment service and payment service risks, and shall manage, monitor and limit them through appropriate strategies and procedures, and provide a sound and prudent To ensure the management of the payment institution. Furthermore, they shall inform the Chairman of the Board of Supervisors without delay of any seizure of the FMA in accordance with the provisions of paragraph 64.

(3) The Managing Director shall be responsible for ensuring that the payment institution has a proper business organisation within the meaning of paragraph 1, which includes in particular:

1.		appropriate measures of management, control mechanisms and procedures to ensure that the payment institution fulfils its obligations;
2.		a complete documentation of the business activity which enables FMA to be monitored for its area of responsibility;
3.		Data security measures according to § 14 DSG 2000 as well as an adequate emergency concept for data processing systems;
4.		appropriate risk management and appropriate control mechanisms and procedures and data processing systems to ensure compliance with the requirements of Articles 40 to 41 of the BWG and Regulation (EC) No 1781/2006; and,
5.		insofar as the concession includes the possibility of granting a loan (§ 1 para. 2 Z 3, 4 or 6), an appropriate risk management system with regard to the credit risk according to § 2 Z 57 BWG.

(4) Payment institutions and the persons acting on behalf of them shall be obliged to secrecy about the secrets which they have experienced exclusively from payment services (Article 1 (2)), which they carry out on behalf of their payment service users, except

1.		This duty of confidentiality is subject to a legal obligation to provide information;
2.		the payment service user shall agree in writing to the disclosure of the secret;
3.		the disclosure of the secret is necessary to clarify legal matters arising from the relationship between payment service provider and its payment service user.

(5) The provisions of § § 33, 35 (1) Z 1 lit. c and d, Z 2, para. 2, 36 and 40 to 41 as well as 78 para. 8 and 9 BWG shall be applied to payment institutions.

Notifications

§ 20. (1) Payment institutions shall forward notifications immediately after the end of each calendar quarter of the FMA in accordance with the breakdown provided for in the Regulation referred to in paragraph 5. These reports, in particular, have information on the balance sheet, items on the balance sheet, the profit and loss account and mandatory details of the Annex, as well as information relating to the assessment and monitoring of § § 5 (5), 17 and 19 allow to contain.

(2) Payment institutions shall forward notifications of compliance with § § 15 and 16 immediately after the end of each calendar month of the FMA. These reports shall include information on the monitoring of compliance with these standards and the information required for their derivation.

(3) Payment institutions shall forward to the FMA, immediately after the end of a calendar half-year, notifications of the company-related master data. Regardless of this, payment institutions have to submit any change of master data without delay. The reporting of the employee status has only to the annual vote up to 31 at the latest. January of the following year.

(4) The Oesterreichische Nationalbank has to report on the notifications in accordance with paragraph 2 and the regulations of the FMA which are to be adopted in this way.

(5) The FMA has to determine the breakdown of the notifications pursuant to paragraphs 1 to 3 by regulation. The FMA has to pay attention to a meaningful expulsion required for the ongoing supervision of payment institutions. FMA may lay down by means of a regulation that individual positions of paragraph 2 are to be communicated only in a quarterly manner. In the event of the adoption of this Regulation, it shall also take account of the economic interest in a functioning financial market and the stability of financial markets. The FMA may, in so far as it is thereby not affected in the performance of its tasks under this or other federal laws, provide for the transmission of the reports in accordance with paragraphs 1 to 3 exclusively to the Oesterreichische Nationalbank. Regulations of the FMA pursuant to this paragraph shall be subject to the approval of the Federal Minister of Finance.

(6) The notifications referred to in paragraphs 1 to 3 shall be submitted in a standardised form by means of electronic transmission. The transmission has to comply with certain minimum requirements to be announced by the FMA after consultation of the Oesterreichische Nationalbank.

Section 4

Offload and agents

Assignment of tasks

§ 21. (1) The outsourcing of important operational tasks shall not be subject to the quality of the internal control of the payment institution or to the supervision of the payment institution by the FMA with a view to meeting the requirements of this federal law are significantly affected. An operational task shall be considered to be important in this context if its inadequate or failure to exercise the obligation to comply with the concession requirements or the other obligations of the payment institution in accordance with this Regulation shall be considered as important in this context. Federal law, its financial standing, or the solidity or continuity of its payment services would be significantly affected. In the event of a conclusion, implementation or termination of an agreement on the outsourcing of important operational tasks, the necessary professionalism and diligence must be carried out. In particular, a clear division of the rights and obligations between the payment institution and the service provider shall be made in the form of a written agreement.

(2) The outsourcing of important operational tasks

1.		do not lead to a delegation of the duties of the management;
2.		do not alter the relationship and obligations of the payment institution in relation to its payment service users in accordance with this Federal Law;
3.		do not hinder or hamper compliance with the concession requirements and the other provisions of the second main piece of this Federal Law; and
4.		do not result in an accident or a change in the other conditions under which the concession has been granted to the payment institution.

(3) The payment institution has previously notified the FMA in writing of the intended outsourcing of operational tasks of payment services, irrespective of whether they are important tasks within the meaning of paragraph 1. At their request, the payment institution of the FMA has to provide all the information necessary to monitor whether the requirements of this Federal Act concerning the outsourcing of tasks are complied with.

Agents

§ 22. (1) Where a payment institution intends to provide payment services through an agent, it shall, in writing, previously inform the FMA, stating the payment service to be provided by the agent, and by providing the following information in writing display:

1.		the name and address of the agent;
2.		a description of the internal control mechanisms used by the agents to meet the requirements of § § 40 to 41 of the BWG on the prevention of money laundering and terrorist financing; and
3.		the names of the directors and the persons responsible for managing an agent who are to be used for the provision of payment services and proof that they are reliable (Article 7 (1) (9), (10) and (12)) and (Section 7 (1) (11)).

(2) The FMA has to verify the accuracy of the information. If the FMA has doubts as to the accuracy of the information, it may take further measures to verify the information received, in particular to request further information concerning the organisational structure of the agent. Where the payment institution intends to appoint agents established in another Member State, the FMA has delivered opinions to the competent authorities of the host Member State on the suitability and reliability of the directors of the To obtain and take into account the agents referred to in paragraph 1 (3) and the suitability of the internal control mechanisms in accordance with paragraph 1 (1) (2); the procedure shall apply in accordance with § 13. In the event that the agent or its head of business, who is to act domestily for the payment institution, has previously served in another Member State, the FMA has the competent authority responsible for the supervision of payment services in the shall be consulted on the suitability and reliability of the agent or the managers of the agent concerned.

(3) If the FMA has no doubt as to the accuracy of the information and the suitability of the control mechanisms referred to in paragraph 1 (2), it shall enter the name and address of the agent in the register of payment institutions and the payment institution shall have this fact in writing. Once the registration has been made, the agent may take up his/her activities for the payment institution. In the case of an agent established in another Member State, the FMA shall inform the competent authority within one month of such registration.

(4) The FMA has to prohibit the provision of payment services by agents by means of written foes, if the requirements of paragraph 1 (1) (1) to (3) are not met without doubt or the control mechanisms according to paragraph 1 (2) are not suitable appear. If it is an agent established in another Member State, the FMA shall inform the competent authority.

(5) The FMA receives a request for an opinion within the meaning of the second paragraph from the competent authority of a Member State of origin and has reasonable suspicion that money laundering or the like in connection with the planned assignment of an agent is terrorist financing within the meaning of Directive 2005 /60/EC, have taken place, have taken place or have been attempted, or that the assignment of the agent increases the risk of money laundering or terrorist financing taking place, it shall inform the the competent authorities of the Member State of origin, in order to ensure that the Can refuse an agent in the register or, if an entry has already been made, can withdraw it.

Section 5

Liability for persons attributable to the payment institution

§ 23. (1) Payment institutions shall be liable for the conduct of their employees, agents, branches or bodies to which activities are outsourced, as for their own.

(2) A payment institution entrusted to third parties with operational tasks shall make reasonable arrangements to ensure that the requirements of this Federal Law are met. In any event, the outsourcing of operational tasks to service providers must not take place in such a way that the quality of the internal control or the possibility of the FMA to verify that the company meets all the requirements is significantly affected. . When concluding, carrying out or terminating an agreement on the outsourcing of essential operational tasks or payment services to a service provider, the necessary professionalism and care must be taken. In particular, a clear division of the rights and obligations between the payment institution and the service provider shall be made in the form of a written agreement.

(3) The activity as an agent does not constitute an employment relationship within the meaning of federal law, social or tax law.

§ 24. The payment institution shall ensure that agents or branches operating on its behalf communicate to the payment service users prior to the conclusion of the contract the property in which they act and which payment institution they represent.

6.

Accounting and auditing

§ 25. (1) Payment institutions which are financial institutions within the meaning of Article 4 (5) of Directive 2006 /48/EC shall apply the provisions of Sections 43 and 45 to 59a, 64 and 65 (2) of the BWG. All other payment institutions shall apply only the provisions of the Third Book of the UGB as well as those provisions which apply to their legal form. All payment institutions shall disclose, in the Annex, own resources, own resources requirements and compliance with own resources requirements. With regard to publication, Section 65 (1) of the Federal Elections Act shall apply with the proviso that the reference to Section 25 (3) of this Federal Act shall be replaced by Section 63 (5) of the Federal Elections Act.

(2) In the event of payment institutions also providing activities within the meaning of Article 5 (2) (2) or (3), special segment information relating to payment services within the meaning of section 1 (2) shall be included in the notes to their annual or consolidated financial statements. to disclose secondary activities within the meaning of Article 5 (2) (1) (1), which shall also include the mandatory particulars of the Annex. The segment information must provide a true picture of the assets, financial position and performance of the "Payment Services and related ancillary services" segment in a reasonable degree of detail and a transfer invoice to the information provided by the company or group as a whole. The information for this segment is to be drawn up on the basis of the collection, assessment and outline provisions of § § 43 and 45 to 59a BWG or, as far as relevant, of the international accounting standards according to § 245a UGB.

(3) The annual financial statements and, if necessary, the management report or the consolidated financial statements and the group management report of payment institutions, as well as compliance with § § 5 (5), 6 (1) Z 6, 7 (1) Z 3 and § § 11, 15, 16, 17, 18, 19, 21, 22 this federal law and the obligations of the payment institution pursuant to Regulation (EC) No 1781/2006 on the transmission of information on the payer in the event of transfers of funds are to be considered by a statutory auditor. The audit shall also include the factual accuracy of the evaluation, including the acceptance of the depreciation, impairment and provisions of value. The result of this examination shall be presented in an annex to the audit report on the annual accounts. The audited financial statements together with the appendix and the management report as well as, where necessary, the consolidated financial statements together with the appendix and the group management report, the audit report of the auditor and the annex to the audit report are the FMA and the Oesterreichische National Bank under the terms of section 44 (1) of the Federal Elections Act (BWG). This audit report, together with the installation, shall be submitted to the directors of the payment service institution and to the supervisory bodies of the payment service institution in accordance with the law or the statutes, in such a timely manner that the pre-registration period shall be sent to the FMA and the Oesterreichische Nationalbank. can be observed. The FMA may fix the type of transmission, form and structure of the system to the test report by regulation. FMA may, after hearing the Oesterreichische Nationalbank, prescribe by means of a regulation that this electronic transmission has to comply with certain requirements and minimum technical requirements. FMA is authorized to prescribe, by means of a regulation, that electronic transmission must be made exclusively to the Oesterreichische Nationalbank if, for reasons of economic viability, it is appropriate to do so by electronic means at any time. Availability of the data for the FMA is ensured and supervisory interests are not impaired.

(4) The auditor's information, submission and registration rights (§ 272 UGB) extend to all documents and data carriers even if they are conducted or held by a third party or if they are conducted abroad or if they are held abroad or are not available for use in the third party. shall be kept. Without prejudice to the above rights of the auditor, the payment institution shall, without prejudice to the above rights of the auditor, be responsible for the availability of the documents in progress, in particular the documents to be examined, in particular the accounts, abroad, or the holding of the accounts. The financial year and at least three preceding financial years in Germany shall be ensured. The payment institution has to provide the auditor with the audit plans and audit reports of the internal audit.

(5) statutory auditor of payment institutions may be certified accountants or auditing companies as well as the audit bodies of statutory audit institutions.

(6) Persons who are subject to exclusive grounds pursuant to Section 62 of the Federal Elections Act or in accordance with § § 271 and 271a of the German Commercial Code (UGB) or in accordance with other federal laws may not be appointed to the statutory auditors. The reason for exclusion in § 62 Z 1a BWG is to be applied with the proviso that, instead of the reference to § 63 (4) to (6a) of the Federal Elections Act, a reference to § 25 (3) first sentence occurs, and § 62 Z 17 is to be applied with the proviso that instead of the reference to § 63 Section 3 of the Federal Elections Act (BWG) refers to § 65. The provisions of Section 62a of the Federal Elections Act in conjunction with Section 275 of the German Commercial Code (UGB) on the auditor's responsibility shall also be applied to payment institutions.

(7) The appointment of auditors must be made before the beginning of the financial year to be audited and must be reported to the FMA in writing without delay; if an accounting firm is appointed to the auditor, the following shall be indicated on the ad Also, according to § 88 (7) of the German Economic Scatter Act (WTBG), BGBl. I N ° 58/1999, of natural persons for which the examination is to be carried out. Any change of these persons shall be reported to the FMA without delay. The FMA may object to the appointment of a statutory auditor or to a certain natural person repudiated pursuant to section 88 (7) WTBG in accordance with Section 270 (3) of the UGB if the substantiated suspicion of the presence of an auditor of a person or person is subject to a If the order has been notifiable, the objection must be made within one month. The court must decide on the objection in the light of the grounds for exclusion; pending a final court decision, the auditor or the natural person reputable in accordance with Section 88 (7) of the WTBG must not be allowed to take legal action against the law. Examination actions may be made by the payment institution for information subject to the secrecy pursuant to section 19 (4).

(8) The auditor shall certify within two weeks of his appointment to the FMA that there are no grounds for exclusivation. At its request, it shall provide all the other certificates and evidence required for the assessment. If such a request is not complied with, the FMA may proceed in accordance with paragraph 7.

3. Main piece

Payment Services

Section 1

Information obligations, charges and contract types

Form, timing, language, and transaction currency

§ 26. (1) The payment service provider shall have the information and contractual terms and conditions of the payment service user in good time before the payment service user is bound by a contract or a contract offer

1.		in the case of a framework contract in accordance with § 28 in paper form or, if the payment service user agrees to communicate on another durable medium, or
2.		in the case of a single payment, which is not the subject of a framework contract, to be made accessible in a simple manner in accordance with section 32 (1) and, at the request of the payment service user, also to be notified in the form described in Z 1.
A copy of a draft contract may also be made available for this purpose.

(2) The information and terms and conditions of the contract shall be drawn up in a clear and comprehensible way, namely:

1.		if the payment service is offered in Austria, in German, or in another between the parties in accordance with § 28 (1) (4) (4) lit. c agreed language;
2.		where the payment service is offered in another Member State, in the official language of that Member State, or in another language agreed between the parties.

(3) If the contract was concluded at the request of the payment service user by means of a means of distance communication which does not allow the payment service provider to comply with its obligations under paragraph 1, the payment service provider shall have the following information: To fulfil obligations immediately after the conclusion of the contract or in the case of a single payment which is not the subject of a framework contract, after the execution of the payment transaction.

(4) The payment service user may, at any time during the contract period of the framework contract, require the presentation of the information and contractual conditions in paper form or on another durable medium.

(5) Payments shall be made in the currency agreed between the parties. A request for currency conversion before the payment transaction is triggered at the point of sale by the payee shall require the consent of the payer. Within the framework of such a bid, the provider of this currency translation shall disclose to the payer all the charges associated with it and the exchange rate used for the currency conversion.

(6) In so far as in agreements to the detriment of the consumer is deviated from § § 26 to 46 and 48 concerning information requirements, authorisation and execution of payment transactions as well as liability, these deviating provisions are ineffective. If agreements to the detriment of the payment service user, which is not a consumer, deviate from § § 27 (5) and (6), 33 (2) to (4), (1), last sentence, and (2), (1), (35) (1) to (6), first sentence, 36 to 39, 41 to 44 (1) and 48 (48), These derogations shall be ineffective.

(7) § 5 para. 1 Z 1, Z 2 lit. a and b, Z 3 lit. b, c, f and g as well as Z 4 lit. a Fern-Finanzdienstleistungs-Gesetz-FernFinG, BGBl. I n ° 62/2004, concerning certain sales information concerning the entreprent, the financial service, the distance contract and the remedies are not applicable to payment services. The other provisions of the FernFinG concerning pre-contractual information requirements as well as the provisions of the ABGB and of the Consumer Protection Act-KSchG, BGBl. No. 140/1979 concerning pre-contractual information requirements as well as § 25b KSchG and § § 33, 34, 35 (1) Z 1 lit. c and d and Z 2, para. 2, 36 BWG concerning the granting of credit to consumers shall remain unaffected by this Federal Act.

Charges

§ 27. (1) The provision of information pursuant to § 26 (1), (3) and (4) in conjunction with sections 28 to 30, 31 (1) to (4), 32 and 33 by the payment service provider to the payment service user shall be made free of charge. For more information and for the more frequent provision or transmission of information other than provided for in the framework contract, an adequate remuneration and the actual costs of the payment service provider may be subject to the following: shall be agreed upon, provided that such services are provided on the request of the payment service user and agreed separately. Any offsetting of charges for information beyond this shall be ineffective.

(2) Charges for the provision of payment services or in connection with the framework contract may only be charged if they have previously been charged in accordance with § 28 (1) Z 3 lit. a or § 32 para. 1 have been effectively agreed upon.

(3) The payment service user may only be charged by the payment service provider for the following services for the provision of any other subsidiary obligations:

1.		Communications on the refusal pursuant to § 39 (2);
2.		a revocation of a payment order after the date of the unrevocability in accordance with section 40 (3);
3.		the recovery of an amount of money that has been lost due to defective customer identifiers (§ 35 para. 4 Z 4).
Such charges are, moreover, only admissible if it is expressly agreed between the two parties (Section 28 (1) Z 3 lit. (a) or § 32 (1)), and are appropriate and aligned with the actual costs of the payment service provider.

(4) Discounts or reductions for the use of a particular payment instrument are-apart from the information in the framework contract according to § 28 (1) Z 3-before the triggering of the payment transaction (§ 32 paragraph 1), in the case of a single payment within a framework contract at the request of the payment service user (§ 31 para. 1) or in the event of deviating from the information provided pursuant to section 28 (1) (3) of the contract, to be notified:

1.		if the fees or reductions are required or offered by the payee, the payer;
2.		if the payment is requested by the payment service provider or by a third party, the payment service user.

(5) If no currency translation is associated with a payment transaction, payees and payers shall bear the charges levied by their respective payment service providers.

(6) The payment service provider shall not refuse the payee to offer a discount to the payer for the use of a certain payment instrument. The collection of charges by the payee in the event of the use of a particular payment instrument is inadmissible.

Information requirements and contractual terms and conditions of the framework contract

§ 28. (1) The payment service provider shall inform the payment service user of the following information and terms and conditions:

1.		Via the payment service provider:
a)			the name of the payment service provider, the address of its head office and, where appropriate, the address of its agent or branch in the Member State in which the payment service is offered, as well as all other addresses including the address for electronic mail which are relevant to the communication with the payment service provider; and
b)			the information on the competent supervisory authorities and the register of payment institutions in accordance with § 10 and any other relevant public register in which the payment service provider is registered as registered, and its registration number or any other relevant public register equivalent identifier used in this register.
2.		About the use of the payment service:
a)			a description of the essential characteristics of the payment service to be provided;
b)			the information or customer identifiers to be communicated by the payment service user, which are necessary for the orderly execution of a payment order;
c)			the form and the procedure for the consent to the execution of a payment transaction or the withdrawal of such consent in accordance with § § 34 and 40, whereby it may also be expressly agreed that the payment service user shall also after the payment transaction after consent (§ 34 para. 1) and the payment order can also be revoked even after the expiry of the time limits pursuant to § 40 (1) and (2), whereby in the cases of § 40 paragraph 2 for the effective revocation pursuant to § 40 paragraph 3 also the consent of the the number of recipients is required;
d)			the date from which a payment order is deemed to have been received in accordance with Section 38;
e)			the maximum execution period for the payment services to be provided, taking into account § 42 and
f)			provided that the consent for payment (§ 34) is granted by means of a certain payment instrument, possibilities of agreeing expenditure ceilings for payment services executed by means of this payment instrument.
3.		About charges, interest rates and exchange rates:
a)			all charges to be paid by the payment service user to the payment service provider and the breakdown thereof; in particular, charges for a communication on the refusal to carry out a payment transaction in accordance with § 39 (2) or for the Revocation in accordance with § 40 (3) or for the retrieval of a sum of money due to defective customer identifiers according to § 35 (4) (4) (4) (4);
b)			the underlying interest rates and exchange rates, or, where reference rates or exchange rates are applied, the method for calculating the actual interest rates and the relevant date and index or the basis for determining the reference interest rate or exchange rate; and,
c)			as far as expressly agreed, the direct application of changes in the reference interest rate or exchange rate and the information requirements in respect of these changes in accordance with § 29 (2).
4.		About the communication:
a)			Means of communication expressly agreed between the parties for the transmission of information and disclosure obligations under the terms of this Federal Law, including their requirements for the technical equipment of the payment service users;
b)			Information on how and how often the information required under this federal law is to be communicated or made available, whereby it can be expressly agreed that information pursuant to section 31 (2) and (3) shall be made at least once a month and after shall be notified or made available to an expressly agreed procedure in such a way that the payer may retain and reproduce the information in accordance with section 31 (2) and the payee in accordance with section 31 (3) unchanged;
c)			the language or languages in which the framework contract is to be concluded and in which the communication is to be carried out for the duration of the contractual relationship; and
d)			an indication of the right of the payment service user to obtain information and the terms and conditions of the framework contract in accordance with section 26 (4).
5.		On protection and remedial measures:
a)			a description of the arrangements to be made by the payment service user for the safe custody of a payment instrument, and how the payment service user must comply with his obligation to notify the payment service provider pursuant to Article 36 (2); has;
b)			to the extent expressly agreed, the conditions under which the payment service provider reserves the right to block a payment instrument in accordance with section 37;
c)			information on the liability of the payer in accordance with § 44, including information on the relevant amount;
d)			Information on how and within which time limit the payment service user must indicate payment transactions which are not authorized or incorrectly executed by the payment service provider, in accordance with section 36 (3), as well as information on the liability of the payment service provider. payment service provider in the event of non-authorised payment transactions in accordance with section 44 (1);
e)			information on the liability of the payment service provider in the execution of payment transactions in accordance with section 46; and
f)			the conditions for reimbursements pursuant to § 45 (1), whereby for direct debit proceedings the conditions of Z 1 and 2 of § 45 para. 1 can be waited.
6.		On changes and dismissal of the framework contract:
a)			where expressly agreed, the indication that the payment service user's consent shall be deemed to be subject to a change in the terms of section 29 (1) if he does not oppose the payment service provider before the scheduled date of the entered into force of the amended conditions, the change being communicated to the payment service user within the time limit laid down in § 29 (1) (1) (1);
b)			the duration of the contract; and
c)			an indication of the right of the payment service user to terminate the framework contract, as well as other agreements relevant to termination in accordance with § 29 (1) and (30).
7.		About the appeal:
a)			the contractual clauses relating to the law applicable to the framework contract and to the competent courts; and
b)			an indication of the possibility of notification to the payment service user pursuant to § 13 of the AVG (AVG) of the FMA and the possibility of asserting his rights before the ordinary courts, with the indication of the place of jurisdiction and before the out-of-court FIN-NET Schlichtungsstelle, stating its registered office and address.

(2) Weiters may be agreed between the payer and the payment service provider that the payer shall not be entitled to reimbursement in accordance with § 45 if he/she agrees to carry out the payment transaction directly to his payment service provider. , and where appropriate, the information on the pending payment transaction in an agreed form shall be communicated or made available by the payment service provider or by the payee at least four weeks before the due date. .

Changes to the framework contract

§ 29. (1) The payment service provider shall:

1.		to propose to the payment service user amendments to the framework contract no later than two months before the scheduled date of application in the manner provided for in Article 26 (1) (1) (1) and (2);
2.		if an agreement is reached in accordance with § 28 (1) Z 6 lit. a has been made to point out
a)			the consent of the payment service user to the amendments shall be deemed to have been granted if he has not indicated his refusal to the payment service provider before the proposed date of application of the changes; and
b)			that the payment service user has the right to terminate the framework contract without free of charge prior to the entry into force of the changes.

(2) Changes in interest rates or exchange rates may be applied directly and without prior notice, provided that this right has been agreed in the framework contract and the changes to the terms of section 28 (1) Z 3 lit. b and c agreed reference interest rates or reference exchange rates. The payment service user shall be informed as soon as possible in the manner provided for in Article 26 (1) (1) (2) and (2) of any change in the interest rate, unless the parties have concluded an agreement which deviates from them, as often as and how the information is to be communicated or made available. Interest rates or exchange rates which are more favourable to payment service users do not require notification.

(3) The revised interest rates or exchange rates used for payment transactions shall be carried out in a neutral manner and shall be calculated in such a way as to ensure that the payment service users are not penalised. § 6 para. 1 Z 5 KSchG shall remain unaffected.

Ordinary termination of the framework contract

§ 30. (1) The payment service user may terminate the framework contract at any time, provided that the parties have not agreed upon a period of notice. The notice period shall not exceed one month. This shall not affect the right of termination in accordance with section 2 Z 1 without notice.

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

1.		without notice of a period of notice before the entry into force of amendments to the framework contract in accordance with § 29 (1);
2.		for a duration of the framework contract of more than 12 months, or for an indefinite period, in compliance with the notice period.
In all other cases, if in the framework contract according to § 28 paragraph 1 Z 3 lit. a agrees to be levied on charges which are proportionate and at the cost.

(3) The payment service provider may terminate a framework contract concluded for an indefinite period, provided that it is agreed in the framework contract, in accordance with a two-month period in the form provided for in § 26 (1) (1) (1).

(4) Payment service charges levied on a regular basis shall be payable only in part until the termination of the contract by the payment service user. Fees paid in advance shall be reimbursed by the payment service provider.

(5) The general provisions concerning the nullity or cancellation of contracts or the early cancellation of permanent debt ratios for important reasons shall remain unaffected by this Federal Act.

Individual payment transactions within a framework contract

§ 31. (1) Prior to the execution of the individual payment transaction triggered by the payer within a framework contract, the payment service provider shall, at the request of the payer, have the maximum execution period for this payment transaction (§ 42) as well as the payment service provider. to inform him of the charges and, where appropriate, the breakdown of charges.

(2) After loading the payer's account with the amount of a single payment transaction or-if the payer does not use a payment account-upon receipt of the payment order, the payer's payment service provider shall immediately inform the payer of the payment transaction. the following information in the manner provided for in Article 26 (1) (1) (1):

1.		a reference which enables the payer to identify the payment transaction in question and, where appropriate, details of the payee;
2.		the amount which is the subject of the payment transaction in the currency in which the payer's payment account is debited, or in the currency used in the payment order;
3.		where appropriate, the amount of the fees to be paid for the payment transaction and the breakdown thereof, or the interest payable by the payer;
4.		where appropriate, the exchange rate used by the payment service provider of the payer to the payment transaction and the amount which is the subject of the payment transaction after this currency translation; and
5.		the value date of the burden or the date of receipt of the payment order.

(3) After the execution of a single payment transaction, the payment service provider of the payee shall immediately inform the payee of the following information in the manner provided for in § 26 (1) (1) (1) and (2):

1.		a reference enabling the payee to identify the payment transaction in question and, where appropriate, the payer, as well as further information communicated with the payment transaction;
2.		the amount which is the subject of the payment transaction, in the currency in which that amount is credited to the payee's payment account;
3.		where appropriate, the amount of the fees to be paid for the payment transaction and the breakdown thereof, or the interest payable by the payee;
4.		where appropriate, the exchange rate used by the payee's payment service provider for the payment transaction and the amount which was the subject of the payment transaction prior to that currency conversion; and
5.		the value date of the credit.

(4) The framework contract may provide that the information referred to in paragraph 2 and paragraph 3 shall be communicated or made available at least once a month and in accordance with an agreed procedure, in such a way that the payer shall have the information referred to in paragraph 2 and of the Payee can keep and reproduce the information according to paragraph 3 unchanged. The information requirements referred to in paragraphs 1, 2 and 3 shall only be the payment service provider which is the party to the framework contract.

(5) However, the payment service user may require the payment service provider to transmit the information referred to in paragraphs 2 and 3 once a month against reasonable cost compensation.

Individual payments outside a framework contract

§ 32. (1) In the event that an individual payment is not made within a framework contract, the payment service provider shall have the payment service user in the manner provided for in § 26 (1) (2) (2) and on the date provided in § 26 (1) or (3). concerning the customer identification indicators (§ 28 paragraph 1 Z 2 lit. (b) and the period of implementation (Section 28 (1) (2) lit. e), the charges (§ 28 para. 1 Z 3 lit. (a) and, where appropriate, to communicate or make available the actual exchange rate or exchange rate to be used for the payment transaction. The other information and contract terms listed in § 28 (1) shall be made available to the payment service user in a simple manner, insofar as relevant for the specific payment transaction.

(2) immediately after receipt of the payment order, the payment service provider of the payer shall inform the payment service provider in the manner provided for in Article 26 (1) Z 2 of the following information or to make it available:

1.		a reference which enables the payer to identify the payment transaction in question and, where appropriate, details of the payee;
2.		the amount which is the subject of the payment transaction, in the currency used in the payment order;
3.		the level of charges to be paid by the payer for the payment transaction, and, where appropriate, the breakdown thereof;
4.		where applicable, the exchange rate used by the payer's payment service provider to the payment transaction, or a reference thereto, provided that the rate deviates from the rate referred to in paragraph 1 above, and the amount of the exchange rate after that currency conversion the subject of the payment transaction; and
5.		the date of receipt of the payment order.

(3) The payment service provider of the payee shall, without delay after the execution of the payment transaction, inform or make available to the payee the following information in the manner provided for in Article 26 (1) (2) (2) (2):

1.		a reference enabling the payee to identify the payment transaction in question and, where appropriate, the payer, as well as further information communicated with the payment transaction;
2.		the amount which is the subject of the payment transaction, in the currency in which it is available to the payee;
3.		the level of charges to be paid by the payee for the payment transaction, and, where appropriate, the breakdown thereof;
4.		where appropriate, the exchange rate used by the payee's payment service provider for the payment transaction and the amount which was the subject of the payment transaction prior to that currency conversion; and
5.		the value date of the credit.

Special provisions for small amount payments and electronic money

§ 33. (1) In the case of payment instruments which, in accordance with the framework contract, relate only to individual payment transactions up to a maximum of EUR 30 or which either have an expenditure ceiling of EUR 150 or which store monetary amounts (payment instruments on Guthabenbasis), which does not exceed 150 Euro at any time,

1.		By way of derogation from § § 26, 28 and 31 (1), the payment service provider shall only have to pay the payer the essential characteristics of the payment service, including the use possibilities of the payment instrument, liability notices and the charges incurred and communicate other essential information which is necessary in order to be able to decide on the facts of the case; furthermore, it shall indicate where the further information and contractual terms and conditions prescribed in accordance with section 28 are easily accessible are made;
2.		may be agreed that, by way of derogation from § 29, the payment service provider does not have to propose amendments to the terms of the contract in the manner provided for in Article 26 (1) (1) (1);
3.		may, by way of derogation from § 31, be agreed that the payment service provider shall, after the execution of a payment transaction,
a)			the payment service user shall communicate or make available to the payment service user only a reference enabling the payment service user to identify the payment transaction in question, the amount of the payment transaction and the corresponding charges, or, in the case of a number of similar payment transactions to the same payee only inform or make available to the same payee information on the total amount and the corresponding charges for such payment transactions;
b)			which is lit. If the payment instrument is used anonymously, or if the payment service provider is otherwise technically unable to communicate this information, it shall not inform or make available the information. However, the payment service provider shall be able to grant the payer the possibility of checking the amounts stored.

In the case of payment instruments as referred to in paragraph 1, the payment service providers may, with their payment service users, agree that:

1.		Section 35 (1) (2) and (3), section 36 (2) and section 44 (3) concerning blocking, display and liability shall not apply if the payment instrument does not enable the payment instrument to be blocked or further used to prevent it;
2.		§ 34 (3) (proof of authorisation) as well as § 44 (1) and (2) (liability for unauthorised payment transactions) shall not be applied if the payment instrument is used anonymously or the payment service provider for other reasons, which are the nature of the payment instrument does not show that a payment transaction has been authorized;
3.		by way of derogation from Article 39 (2), the payment service provider is not obliged to inform the payment service user of a rejection of the payment order if the non-execution is already apparent from the context;
4.		by way of derogation from § 40 of the payer, the payment order cannot be revoked after the payment order has been submitted, or after the payee has given its consent to the payment order;
5.		by way of derogation from § 42, other implementation periods shall apply.

(3) The amounts referred to in paragraph 1 for the purposes of paragraphs 1 and 2 shall be increased for domestic payments.

1.		in the case of individual payment transactions, to a maximum of EUR 60;
2.		in the case of payment instruments, the expenditure ceiling shall be 300 euro;
3.		for payment instruments which store monetary amounts (payment instruments on a credit basis) to 400 euros.

(4) The liability of § 44 shall apply to electronic money within the meaning of § 2 Z 58 BWG.

1.		they are payment accounts or payment instruments up to an amount of EUR 400; and
2.		the payment service provider of the payer does not have the option to block the payment account or the payment instrument.

Section 2

Authorization and execution of payment transactions

Consent and revocation of consent

§ 34. (1) A payment transaction shall be deemed to be authorized only if the payer is the payment transaction in the form and procedure agreed between the payer and his payment service provider (§ 28 para. 1 Z 2 lit. (c) has agreed. Consent has to be given before-or in the case of express agreement (§ 28 paragraph 1 Z 2 lit. (c) also after-the execution. Court orders or administrative orders replace the payer's consent.

(2) The consent may be revoked at any time by the payer until the occurrence of the unrevocability in accordance with § 40. If the consent to the execution of several payment transactions is revoked, then any subsequent payment transaction shall be deemed not to be authorized.

(3) In the event of an authorization by the payment service user or the assertion of the non-proper execution, the payment service provider of the payment service provider shall prove that:

1.		the payment transaction was authenticated,
2.		has been duly recorded and recorded, and
3.		has not been affected by a technical breakdown or any other disturbance.
Proof of use of a payment instrument is sufficient for the verification of the authorization of the payment process by the payer, an intentional or grossly negligent breach of the due diligence obligations in accordance with § 36 or a The payer's actions in fraudulent intent are not necessarily the case.

(4) If the payer is not a consumer, this can be done on a case-by-case basis, if this is in the framework contract (§ 28 paragraph 1 Z 2 lit. (c) agreed, authorisation shall also be accepted without consent in the agreed form.

Due diligence obligations of the payment service provider

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

1.		the personalised security features of the payment instrument shall not be accessible to any person other than the payment service user entitled to use the payment instrument;
2.		the payment service user may at any time, by means of appropriate means, be able to make the advertisement in accordance with § 36 para. 2 or to request the cancellation of the blocking pursuant to section 37 (4);
3.		any use of the payment instrument shall be excluded as soon as a notification has been made in accordance with Article 36 (2);

(2) In the event of the sending of a payment instrument or the dispatch of personalized security features of the payment instrument to the payer, the payment service provider shall bear the risk of sending and of an abuse or of a non-payment instrument. authorized use. In addition, the unsolicable and unagreed delivery of a payment instrument is inadmissible.

(3) The payment service provider shall provide the payment service user on request with the evidence with which the payment service user can prove, up to 18 months after the notification, whether he/she is obliged to notify him in accordance with Article 36 (2) of the German law. has arrived.

(4) The payment service provider of the payer shall also:

1.		specify clearly what information (§ 28 paragraph 1 Z 2 lit. (b) are necessary for the proper execution of a payment order;
2.		comply with the diligence required in the transport sector and, where technically and without manual intervention is possible, to verify whether the customer identification is coherent;
3.		if the customer identifier is not coherent, dismiss the payment order and inform the payer thereof;
4.		the amount of money which has been the subject of the payment transaction with defective customer identifiers, to the extent reasonably reasonably reasonable to recover;
5.		in the event of a payment transaction which is not or incorrectly executed, where the payment order has been triggered by the payer, at the request of its payment service user, to return immediately the payment transaction and to the payment service user via to inform the outcome.

(5) If the payment service provider of the payer has complied with the care required by the traffic in accordance with paragraph 4 Z 1 to Z 3 and executed the payment order in accordance with the customer identifier, the payment order shall be deemed to have been correctly executed In addition to the obligations laid down in Section 4 (4) (4) and (5), the payment service provider shall not be subject to any further obligations or liability

(6) Where the payment service provider of the payee has, in the event of a payment order initiated by or via the payee, has complied with the care required by the traffic referred to in paragraph 4 (1) and has received the payment order in accordance with the Customer identifier executed, the payment order is considered to be executed correctly. The payee's payment service provider also has, in the event of a payment transaction which has not been executed or has been incorrectly executed, where the payment order has been triggered by the payee or via the payee, at the request of its payment service user. , immediately following the payment transaction, and inform the payment service user of the outcome. In addition, the payment service provider of the payee does not meet any further obligations and no further liability.

Due diligence and notification obligations of the payment service user

§ 36. (1) In the use of a payment instrument, the payment service user shall comply with the terms and conditions for its issument and use, in particular also the customer identifier (§ 28 paragraph 1 Z 2 lit. (b) to indicate correctly and to take all reasonable steps to protect the personalised security features and the payment instrument from unauthorised access immediately upon receipt of a payment instrument.

(2) The payment service user shall immediately have the loss, theft, improper use or other unauthorised use of the payment instrument, as soon as he is aware of it, to the payment service provider or to the payment service provider. to indicate the notified body.

(3) In order to obtain a correction by the payment service provider, the payment service user shall immediately have the payment service provider after the determination of a payment transaction which has not been authorized or has been executed in error and which has the effect of creating a payment service provider. To inform (Rügeoblieority), including any such claim, pursuant to § 46. If the payment service provider has disclosed or made available the information in accordance with § § 31 to 33, the time limit for the payment service user to inform the payment service provider for the effect of a correction shall end at the latest 13 months after the date of the payment service provider. Day of exposure or credit. The limitation period of claims open to the payment service user on the basis of a timely complaint shall be based on the general provisions. Any other claims between payment service providers and payment service users shall remain unaffected.

(4) If the payment service user is not a consumer, according to § 28 paragraph 1 Z 5 lit. d a shorter time limit for the complaint under paragraph 3 is agreed.

Lockout of a payment instrument

§ 37. (1) The payment service provider may, if this is in the framework contract (§ 28 paragraph 1 Z 5 lit. (b) has been expressly agreed to block a payment instrument if:

1.		objective reasons in connection with the security of the payment instrument justify this; or
2.		there is a suspicion of an unauthorized or fraudulent use of the payment instrument; or
3.		in the case of a payment instrument with a credit line, there is a significant increase in the risk that the payer is unable to comply with his payment obligation.

(2) Obligations under other federal laws or in accordance with legal or administrative orders for the blocking of a payment instrument or account remain unaffected by paragraph 1.

(3) The payment service provider shall inform the payment service user of the blocking and the reasons for it as soon as possible, at the latest, however, after the blocking of the payment instrument in the agreed form (section 28). Information on the blocking or on the grounds for blocking it may be withheld if it is contrary to objective security considerations or is contrary to Community or national legislation, or if it is not Court or administrative order would be infringed.

(4) As soon as the reasons for the blocking are no longer available, the payment service provider shall cancel the blocking of the payment instrument or replace it with a new payment instrument.

Receipt Date of Payment Orders

§ 38. (1) The point in time at which the payment order received directly by the payer or indirectly by a payee or via a payee enters the payment service provider of the payer shall be deemed to be the date of receipt.

(2) If the date of receipt is not due to a business day of the payer's payment service provider, the payment order shall be treated as if it had been received on the following business day.

(3) By way of derogation from paragraph 1, the payment service provider may stipulate that payment orders received after a specified date close to the end of a business day shall be treated as if they were on the following business day received.

(4) Insofar as the payment service user who triggers the payment order and his payment service provider have agreed in accordance with § 28 that the execution of the payment order on a given day or at the end of a specific period or on the day, where the payer has provided the payment service provider with the sum of money, the agreed date shall be deemed to be the date of arrival for the purposes of section 42. If the agreed date does not fall on a business day of the payment service provider, paragraph 2 shall apply.

Rejection of payment orders

§ 39. (1) The payment service provider shall not refuse to execute an authorized payment order, whether or not it has been triggered by a payer or by or through a payee, except

1.		not all of the conditions laid down in the framework contract pursuant to section 28 are fulfilled; or
2.		the execution would be in breach of a Community or national system or an order of judicial or administrative order; or
3.		there is a reasonable suspicion that the execution of the payment service provider would constitute a criminal offence.

(2) If the payment service provider is based on the execution of the payment order, the payment service user shall do so as soon as possible, but in any case within the time limits pursuant to § 42, in the form agreed in accordance with § 28 (1) (4) of the second subparagraph, stating the Reasons and ways to improve, inform or make available. An indication of the reasons shall not be required if this would be contrary to a Community or national system or to a judicial or administrative order.

(3) For the purposes of § § 42 and 46, a payment order, the execution of which has been rejected, shall be deemed not to have been received.

Irrevocability of the payment order

§ 40. (1) The payment service user can no longer revoke a payment order,

1.		when the payment order has been received by the payer's payment service provider;
2.		in the case of section 38 (4) (agreement of an execution date in the future) after the end of the business day before the agreed day.

(2) In the event that the payment transaction has been triggered by the payee or via the payee, the payer can no longer revoke a payment order after the payer has received the payment order or his consent to the payment transaction to the Payee submitted. However, in the event of a direct debit, the payer may, however, revoke the payment order by the end of the business day at the latest before the agreed debit day.

(3) After the date of the unrevocability in accordance with paragraphs 1 and 2, a payment order can only be revoked if this has agreed to payment service users and payment service providers (§ 28 paragraph 1 Z 2 lit. c). In the case of paragraph 2, the consent of the payee is also required.

Transfer of the amount in full

§ 41. (1) The payment service provider of the payer, the payee and all intermediary entities shall transfer the amount which is the subject of the payment order in full and shall not be allowed to pay the amount transferred from the transfer .

(2) However, the payee and his payment service provider may agree that the payment service provider may withdraw his charges from the transferred amount in accordance with § § 27 and 28 (1) Z 3 before crediting him to the payee. In such a case, the full amount of the payment transaction and the charges in the information for the payee shall be shown separately.

(3) If the payment transaction is initiated by the payer, its payment service provider shall ensure that the payee receives the amount of the payment transaction in full, apart from the charges referred to in paragraph 2. If the payment transaction is initiated by the payee or by the payee, its payment service provider shall ensure that the payee receives the full amount of the payment transaction.

Execution Time and Availability

§ 42. (1) The payment service provider of the payer shall ensure that the amount which is the subject of the payment transaction shall be the account of the payee's payment service provider at the latest at the end of the date of the date of receipt (§ 38) of the Business day is credited. Up to 1. However, in January 2012, the payer and its payment service provider may have a maximum period of three business days (§ 28 paragraph 1 Z 2 lit. e and § 32 (1). For payment transactions triggered in paper form, these periods shall be extended by another business day. For payment transactions in accordance with Section 1 (4) (4) (4), the agreed implementation period shall not exceed four business days after the entry date.

(2) The payment service provider of the payee shall immediately have the amount which is the subject of the payment transaction after that amount has been credited to him or his account,

1.		to make available on the payee's payment account and to value or,
2.		if a payment account is not held with the payee's payment service provider, to make available to the payee.

(3) In the event of a payment transaction initiated by or through the payee, the payee's payment service provider shall have the payment service provider of the payer with that payment order within the period between the payee and his/her payee's payment service provider. Payment service providers shall forward agreed time limits. In the case of direct debits, the transfer of the payment order to the payment service provider of the payer must be carried out in good time, so that the settlement is possible on the agreed maturity date.

(4) In the case of cash deposits on a payment account in the case of a payment service provider in the currency of the payment account, the payment service provider shall ensure that the amount of money,

1.		if the account is to a consumer, be made available and made available immediately after the date of receipt;
2.		if the account is not a consumer, made available to the payee's account at the latest on the business day following the receipt of the account, and is made available.

Value Creation Date

§ 43. (1) The value date of a credit on the payee's payment account shall be no later than the business day at which the amount of the payment transaction is the account of the payee's payment service provider. is credited. This date shall be used for the calculation of interest on the payee's payment account, provided that the granting or settlement of interest is legally permissible.

(2) The value date of a debit on the payer's payment account is at the earliest the time at which this account is charged with the amount that is the subject of the payment transaction. This date shall be used for the calculation of the interest in the payer's payment account, provided that the granting or settlement of interest is legally permissible.

Section 3

Liability and refund

Liability for non-authorized payment transactions

§ 44. (1) Without prejudice to § 36 (3), the payment service provider of the payer shall reimburse the latter without delay in the event of an unauthorised payment transaction and shall return the loaded account to the debtor's account. To stand where it would have been without the unauthorised payment transaction. In addition, any claims by the payer from the contract or the law are not excluded.

(2) where unauthorised payment transactions are based on the improper use of a payment instrument, the payer shall be obliged to pay his payment service provider for the compensation of the entire damage suffered as a result of the non-authorised use of the payment instrument. The payment transaction has arisen if it has made it possible for fraudulent intent or by deliberate or grossly negligent breach of the law

1.		one or more of the obligations referred to in § 36 or
2.		One or more agreed terms and conditions for the issuance and use of the payment instrument
. If the obligations and conditions referred to in Z 1 and 2 were only slightly negligently violated by the payer, his liability for the damage shall be limited to the amount of 150 euros. In the event of any division of the liability, the nature of the security features and the circumstances in which the loss, theft or misuse of the payment instrument have been carried out shall be in particular the nature of the damage. shall be considered.

(3) By way of derogation from paragraph 2, the payer shall not be obliged to compensate for damages arising from the use of a payment instrument used on the notice pursuant to section 36 (2). The payer shall also not be obliged to compensate for damages within the meaning of paragraph 2 if the payment service provider has failed to comply with his obligations pursuant to § 35 (1) Z 2 or Z 3. Sentences 1 and 2 shall not apply if the payer has acted fraudulently.

Reimbursement of an authorized payment transaction initiated by the payee

§ 45. (1) A payer shall be entitled to a refund of the full amount of an authorised payment transaction, initiated and already executed by a payee, against its payment service provider, if:

1.		in the case of authorization, the exact amount has not been specified; and
2.		the amount of the payment transaction exceeds the amount which the payer could reasonably have expected in accordance with his previous issue, the terms of his framework contract and the respective circumstances of the individual case.
At the request of the payment service provider, the payer shall state the circumstances in respect of these conditions. In the case of the direct debit procedure, the requirements of Z 1 and 2 do not have to be fulfilled if they are satisfied in accordance with § 28 (1) Z 5 lit. f abbeding. The right to a refund pursuant to paragraph 1 may be waited in the framework contract in accordance with Section 28 (2) under the conditions mentioned there.

(2) Was the one pursuant to § 28 paragraph 1 Z 3 lit. b) or in accordance with Section 32 (1), the payer may not claim against his payment service provider for reasons relating to the exchange of currency with regard to paragraph 1 (1) (2).

(3) The right to reimbursement referred to in paragraph 1 shall be asserted by the payer with respect to his payment service provider within eight weeks from the date on which the payment account is charged with the amount of money concerned. The payment service provider shall, within ten business days following receipt of a refund request, either reimburse the full amount of the payment transaction or inform the payer of the reasons for refusing the refund. In the event of repayment of the refund, the payment service provider shall also have the payer, in accordance with Section 13 of the AVG, the possibility of complain to the FMA, the possibility of asserting his rights before the ordinary courts, stating that: of the place of jurisdiction and of the out-of-court FIN-NET dispute settlement body, stating the place and address of the court.

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

(5) The right of the payer for revocation up to the date of the unrevocability referred to in § 40 (1) and (2) shall remain unaffected.

Liability for non-execution or incorrect execution

§ 46. (1) If a payment order is initiated by the payer, its payment service provider shall be liable to the payer for the proper execution of the payment transaction up to the receipt of the sum, without prejudice to § 36 (1) and (3) and section 48. of the payment transaction, in the payment service provider of the recipient. The burden of proof for the receipt at the payment service provider of the recipient in accordance with Section 42 (1) with regard to the payer and the payment service provider of the recipient is in this case the payment service provider of the payer. In the event of liability, the payment service provider of the payer shall immediately reimburse the payer the amount of the payment transaction which is not or incorrectly executed and, if necessary, bring the loaded payment account back to the state on which it is would have been found without the incorrectly executed payment transaction.

(2) From the receipt of the amount which is the subject of the payment transaction triggered by the payer, the payment service provider of the payee shall be liable to the payee for the proper execution of the payment transaction and shall provide him with the sum of the amount of the payment transaction. without delay and, where appropriate, shall make the payment account of the beneficiary the appropriate amount.

(3) If a payment order is initiated by the payee or via the latter, its payment service provider shall be liable to the payee, without prejudice to § 36 (1) and (3) and § 48

1.		for the proper transmission of the payment order to the payment service provider of the payer in accordance with section 42 (3) and
2.		for the processing of the payment transaction in accordance with its obligations regarding value and availability according to § 43.
In the event of liability in accordance with Z 1, the payment service provider of the payee shall immediately return the payment order in question to the payment service provider of the payer. In the case of liability in accordance with Z 2, the payment service provider of the payee shall ensure that the amount which is the subject of the payment transaction is immediately available to the payee after the credit has been credited to the payee Payment account of the payee's payment service provider.

(4) In all other cases of a payment transaction triggered by or through the payee, the payment service provider of the payer shall be liable to the payer and shall, if necessary, immediately inform the payer of the payment transaction. The amount which is the subject of the payment transaction which is not or incorrectly executed shall be refunded and, where appropriate, the loaded account shall be returned to the state on which it would have been without the incorrectly executed payment transaction.

(5) In addition, the payment service providers shall be liable to their respective payment service users for all charges and interest to be charged to the payment service user as a result of the non-execution or incorrect execution of the payment service provider. Payment transaction is invoied.

(6) The replacement of any further damage shall be governed by the general provisions.

Regress

§ 47. The liability provisions pursuant to this section shall be without prejudice to statutory or contractual recourse claims between payment service providers. Regressive claims shall include at least all of the losses or amounts paid in accordance with § 46 by a payment service provider.

Disclaimer

§ 48. The liability in accordance with § § 44 to 46 does not extend to unusual and unpredictable events, to which the party which is based on these events does not have any influence and whose consequences, despite the use of due care, are not could have been avoided, or in cases where a payment service provider is bound by orders to the contrary by Community law, national, judicial or administrative authorities.

4. Main piece

Insolvency provisions, supervision and international cooperation

Section 1

Business supervision and insolvency provisions

§ 49. (1) A compensation procedure cannot be opened on the assets of a payment institution. In the bankruptcist of a payment institution there is no forced compensation.

(2) In the business supervision and bankruptcy proceedings of payment institutions, the FMA is party to party status.

(3) The application for the opening of the bankruptcy of a payment institution can only be submitted by the FMA. Otherwise, § 70 KO shall apply.

(4) As a supervising person, a natural or legal person may be appointed.

(5) The court has to consult the FMA before ordering and dismissing a supervising person or a masseh administrator.

(6) The General Court shall immediately notify the FMA of the order of business supervision by sending an Edict.

§ 50. (1) Payment institutions which are over-indebted or insolvent can, if the overindebtedness or insolvency is likely to be rectified, may, in the case of the court responsible for the opening of bankruptcy, take the order of: Apply for business supervision. This application can also be submitted by the FMA.

(2) Payment institutions shall submit with the application an ordered list of their assets and liabilities, as well as the annual accounts, including annexes, and the annual reports of the last three years.

(3) The Court may, in the preparation of its decision, hear information and experts from the experts and maintain other surveys.

§ 51. (1) If the supervisor is arranged, the court shall appoint a supervising person. It is the responsibility of this person to monitor the management of the payment institute. It shall be liable to all parties for the damage caused by undue conduct of their office.

(2) The supervisor shall have the right to inspect the business records of the payment institution; it shall be invited to attend meetings of the administrative and supervisory bodies and may also convene such meetings. The supervising person shall be entitled to prohibit the implementation of decisions of the institutions of the payment institution.

(3) The court may revoke the order of the supervising person at any time.

(4) The supervising person shall be entitled to remuneration for their activity, the amount of which shall be determined by the court.

(5) The arrangement of the business supervision and the supervisory staff shall be made public. The court has to arrange for the arrangement of the business supervision and the supervisory staff to be registered in the company's register.

§ 52. The effects of supervision shall enter into force at the beginning of the day following the publication of the Edict's public notice on the arrangement of business supervision.

§ 53. (1) With the effective start of the business supervision, all previously incurred claims against the payment institution, including the claims arising from bills of exchange and cheques, which are to be made in the bankruptcy of the Community bankruptcy insurance fund (§ 50 KO) , as well as their interest and other charges, even if they have only become due or accumulated during the course of the business supervision period.

(2) In accordance with the arrangement of the supervisory authority, the Court of First Instance shall have the financial status of the payment institution to be determined by experts at the expense of the latter. The supervisory authority shall report to the court in writing on the result of the determination. The report shall also indicate whether the payment institution is in a position to pay a certain fraction of its liabilities incurred prior to the occurrence of the legal effects of business supervision. In accordance with the report, the Court may order that the old claims are subject to only a certain fraction of the dismissal; it may also allow the supervising person to determine, in accordance with the genus or the amount, old claims to be determined. Goose is satisfied.

(3) During the supervision of the business, the old claims shall not be guaranteed or, unless a partial payment is not permitted (paragraph 1). 2), paid out or be satisfied in any way.

(4) In the course of business supervision, because of the old claims, insofar as they are subject to deferment, the assets of the payment institution can neither open the bankruptty nor, in the case of the goods, a judicial deposit or deposit. Satisfaction law is acquired.

(5) The period in which payment is deferred as a result of the payment is not to be included in the calculation of the period of limitation and the legal deadlines for the collection of claims.

(6) Payment service users are entitled, in the bankrupty of the payment institution, to offset their claims against the payment institution with their claims.

§ 54. (1) If the payment institution for which the business supervision is arranged is a cooperative, the shares of the business may not be terminated in accordance with the law during the supervision of the business or the shares and those who have been removed from the company shall be subject to the Co-operatives otherwise pay due credit on the basis of the cooperative relationship; the periods of termination and disclaimer already in progress are being inhibited.

(2) If, at the request of the supervisory authorities, the court has no other option, the payment institution may continue its business activities. However, the consent of the supervising person is required for the acceptance of transactions which are not part of the ordinary business operation. However, the payment institution shall also refrain from acts which are part of the ordinary business operation if the supervising person objects to the contrary. Acts carried out without consent or against the objection of the supervising person shall be ineffective against the creditors if the third party knew or had to know that they were beyond the ordinary business operation and that the Supervisors do not give their consent or that they have objected to their acceptance.

(3) The funds allocated to the payment institution from the transactions concluded after the start of business supervision (new receivings) are to be offset and managed separately; they form-even after the erasure of the business supervision- A special mass serving for the preferential satisfaction of the claims arising from the new claim.

§ 55. After two years have elapsed since the end of the business supervision, the payment institution may, if a bankrupter has not been opened within this period of time, its exemption from the obligation of the separate settlement and administration request the funds received from the new claims. Where such a request is made, the court shall examine the assets of the applicant. If the review shows that the security of the new claims is not endangered by the dismissal, the application shall be accepted; from that date on, the special mass shall be deemed to be dissolved.

§ 56. In cases of dispute arising out of the orders of the supervising person, the General Court shall decide by decision. The Court of First Instance may also seek the necessary information without mediation of the parties concerned and shall, for the purposes of the necessary findings of its own motion, take care of all the surveys which are appropriate for this purpose.

§ 57. (1) The supervision of the business shall be cancelled by a decision of the Court of Justice and by the opening of the bankruptcy proceedings.

(2) The Court of First Instance shall abolish the supervision of the business if:

1.		the conditions governing the order have not been met, or
2.		since the order of business supervision has elapsed a year.

(3) The cancellation of the business supervision shall be made public by the legal force of the repeal decision. In addition, the court has to arrange for the cancellation of the business supervision to be registered in the company's book and the registration of the supervisory entity to be deleted.

(4) If the supervision of the business is extinguisher as a result of the opening of the bankruptcy proceedings or if a bankruptcy procedure is opened on the basis of an application submitted within 14 days after the business supervision has been extinguisher, the following shall be the case after the bankruptcy order of the to calculate the days of the application for the opening of such a procedure or from the day on which such a procedure is to be opened from the day on which the supervisory authority has been effective.

(5) The payment institution as well as the FMA shall be open to recharge against the removal of the order for the order of business supervision and against the cancellation of the business supervision, against decisions, whereby the amount of the remuneration of the supervisory staff and shall be determined by the cash outlays to be replaced, but only to the payment institution. Other decisions cannot be challenged. The decisions of the Oberlandesgericht (Oberlandesgericht) do not take place in another legal suit.

§ 58. (1) The rules of the bankruptcy order shall apply to the public notices.

(2) The review of the Edits file shall not be granted any more if three years have passed since the repeal of the business supervision. If the business supervision has expired as a result of the opening of the bankruptcy proceedings, the inspection shall not be granted until the time limit for the recognition in the bankruptcy has expired (Section 14 Insolvency Law-IEG, RGBl. 337/1914).

Section 2

Supervision

Competent authorities

§ 59. (1) The FMA has the compliance of § § 5 to 22 as well as 23 para. 2, 24 and 25 of this Federal Act by payment institutions in accordance with § 3 Z 4 lit. a and its branches in accordance with § 13, taking into account the economic interest in a functioning financial market and the financial stability of the financial markets. The same applies in respect of compliance with § § 33, 35 (1) Z 1 lit. c and d, Z 2, para. 2, 36 and 40 to 41 BWG by payment institutions from Member States according to § 3 Z 4 lit. b in Austria within the scope of the freedom of establishment and the freedom to provide services and in respect of compliance with § § 33, 35 (1) (1) (1) (1) lit. c and d, Z 2, para. 2, 36 and 40 to 41 BWG by payment institutions in accordance with § 3 Z 4 lit. a in Austria.

(2) Weiters is the FMA for the imposition of administrative penalties in the event of violation of Articles 26 to 33 and 35, 37 (4) and 38 and 40 to 43 of this Federal Act and against Regulation (EC) No 2560/2001 on cross-border payments in euros, by payment service providers in accordance with § 1 (3) (1) to (6) and by branches in accordance with § 12 and against Regulation (EC) No 1781/2006 concerning the transmission of information on the payer for transfers of funds, by payment institutions pursuant to § 3 Z 4 lit. a or by branch offices according to § 12.

(3) The FMA and the Oesterreichische Nationalbank shall cooperate closely in order to carry out their respective duties effectively in accordance with the provisions of this Federal Act. § 79 BWG shall apply with the proviso that the tasks of the Oesterreichische Nationalbank, which are regulated in the area of banking supervision, apply for the purposes of this Federal Act for the area of the supervision of the payment institution and to the body the reference to § 73 BWG in paragraph 2 of § 79 BWG § 11 of this Federal Act and to the site of the reference to § 44 BWG in para. 2 of § 79 BWG § 25 of this Federal Act. The reference to § 74 BWG in paragraph 2 of § 79 of the Federal Elections Act (BWG) is replaced by Section 20 of this Federal Act.

(4) In the case of cooperation with other authorities, § 72 BWG shall apply.

(5) The FMA has to publish the following information on the Internet and to update it on an ongoing basis:

1.		The texts of the laws and regulations in force in the field of prudential supervision;
2.		the minimum standards and circulars of the FMA in the field of payment institution supervision;
3.		the exercise of the electoral rights opened in Directive 2007 /64/EC.

(6) The tasks, rights and obligations of the Oesterreichische Nationalbank in the area of payment system supervision in accordance with § 44a NBG remain unaffected by the provisions of this Federal Act.

Cost Determination

§ 60. (1) The allocation of the costs of the payment service supervision within the accounting unit 1 according to § 19 para. 1 Z 1 Financial Market Supervisory Authority Act-FMABG, BGBl. I No 97/2001 to the payment institutions subject to payment shall be made in accordance with the provisions of paragraphs 2 and 3. Payment institutions according to § 3 Z 4 lit are subject to a charge. a and branches according to § 12. The costs of the payment service supervision of credit institutions are costs in the context of banking supervision.

(2) For each payment institution which is subject to payment, the number of costs must first be determined. The number of costs for payment institutions subject to payment is the minimum requirement of own resources reported in the notification in accordance with § 20 for the last preceding December.

(3) From the ratio of the number of costs of each payment institution in accordance with paragraph 1 to the sum of all cost figures, a ratio is to be calculated for each payment institution. The division of the costs to the individual payers of the individual taxable persons in accordance with paragraph 5 shall be apported in each case by applying their ratio.

(4) where the calculation carried out in accordance with paragraph 3 provides for a payment institution an amount of less than EUR 1 000, the payment institution shall be required to impose EUR 1 000 as the supervisory cost (minimum amount); the difference between the amount of the payment institution shall be EUR 1 000. the calculated cost share and the minimum amount shall be supplied by the FMA to a return, which shall be shown in the next annual financial statements.

(5) The provision made pursuant to paragraph 4 in a financial year shall be dissoled in the next annual financial statements of the FMA; the income resulting from this shall be deducted only from the costs of the accounting unit 1 by way of derogation from § 19 (4) FMABG.

(6) The calculation carried out in accordance with paragraph 3 for a payment institution shall be based on an amount equal to more than 0.8 vT of its number of costs (par. 2), the payment institution shall be required to have an amount of 0.8 vT of its cost count as the supervisory cost.

(7) If both the conditions of paragraph 4 and (6) are applicable to a payment institution, only paragraph 4 shall apply.

Data protection

§ 61. (1) The FMA and the Oesterreichische Nationalbank are authorized for the conventional and automated investigation and processing of data within the meaning of the DSG 2000, insofar as this is within their remit pursuant to this Federal Law; these are:

1.		the concession of payment institutions and the circumstances in which they are granted;
2.		Management, administrative and accounting organisation and internal control and auditing of payment institutions;
3.		Branches and the exercise of the freedom to provide services;
4.		Equity;
5.		Qualifying holdings in payment institutions;
6.		Annual accounts and accounts;
7.		prudential supervision measures in accordance with § § 63 and 64;
8.		Administrative penalties according to § § 66 to 68;
9.		Investigations pursuant to § 22b FMABG;
10.		information obtained by competent authorities within the framework of the exchange of information in accordance with § § 71 to 74;
11.		Management of the payment institute register;
12.		the allocation of costs of payment service supervision.

(2) The transfer of data as referred to in paragraph 1 by the FMA shall be admissible within the framework of mutual assistance and to competent authorities of Member States, insofar as this is necessary for the performance of tasks relating to the tasks of the FMA and the Oesterreichische Nationalbank in accordance with this federal law, and insofar as the data forwarded to those authorities are subject to the obligation of professional secrecy pursuant to Article 22 of Directive 2007 /64/EC.

(3) The transfer of data as referred to in paragraph 1 by the FMA shall also be carried out within the same framework, for the same purposes and with the same restrictions as the competent authorities of Member States referred to in paragraph 2, also to the authorities of third countries which have The tasks of the FMA or the Oesterreichische Nationalbank shall be carried out in accordance with the tasks of the FMA or the Oesterreichische Nationalbank, provided that the information forwarded to them is subject to a professional secrecy in Article 22 of Directive 2007 /64/EC Professional secrecy and in accordance with Chapter IV of Directive 95 /46/EC on protection natural persons with regard to the processing of personal data and the free movement of persons, OJ L 327, No. OJ L 281, 23.11.11. 1995, p. 31.

Professional secrecy

§ 62. Experts commissioned by the FMA or the Oesterreichische Nationalbank are subject to the obligation of confidentiality in accordance with § 14 para. 2 FMABG.

Investigations and examinations

§ 63. (1) The FMA has to carry out all investigations and to take those measures which are necessary for the performance of the tasks assigned to it under this Federal Act pursuant to Section 59 (1).

(2) In the exercise of the powers referred to in paragraph 1, the FMA is authorized at any time, without prejudice to the powers conferred on it by other provisions of the federal law,

1.		in the books, documents and data media of the companies pursuant to § 59 para. 1, and to obtain copies of them; to the extent of the FMA's information, submission and inclusion rights and to the obligation to make available documents in the Inland is to be applied to § 25 (4);
2.		to request information from the undertakings pursuant to Article 59 (1) and its institutions, as well as to all agents and bodies to which payment services have been outsourced, and to pre-load and interview persons in accordance with the administrative procedures laws;
3.		carry out all necessary checks by auditors or other experts, subject to the exclusion grounds mentioned in section 25 (6); the issuing of information by the FMA to the auditor appointed by the auditor. shall be admissible in so far as it is appropriate for the performance of the examination contract;
4.		to commission the Oesterreichische Nationalbank with the examination of payment institutions and their branches and representative offices outside of Austria; the competence of the Oesterreichische Nationalbank for the on-the-spot audit in the field of oversight of In this context, payment institutions shall cover the examination of all business fields and all types of risk; the Oesterreichische Nationalbank shall ensure that it has sufficient human and organisational resources to implement the ; the FMA is entitled to carry out its own employees to take part in the Oesterreichische Nationalbank exams;
5.		for the examination of branches and representative offices in Member States, also the authorities of the host Member State to request the examination to be carried out if this simplifies or accelerates the procedure in relation to an examination in accordance with Z 4, or where: The Oesterreichische Nationalbank may also be obliged to take part in such an examination and may be required to participate in such an audit, in the interest of expediency, simplicity, convenience or cost savings. Members of the FMA participate in such a review;
6.		to obtain information from the auditor.

(3) In the case of an examination pursuant to subsection 2 (2) (3) to (5), the examination bodies must be provided with a written examination order and have to show unsolicly prior to the examination and to present the examination order. § 71 of the Federal Elections Act is also to be applied. With regard to the cooperation of the FMA with the Oesterreichische Nationalbank and the taking of exams by these, § § 70 (1a) to (1c) and (79) of the Federal Elections Act (BWG) shall apply.

Supervisory measures and publications

§ 64. (1) In order to avoid a risk to the financial interests of the clients of a payment institution pursuant to § 3 Z 4 lit. In the context of its activity, the FMA may order temporary measures by means of a communication which shall not enter into force at the latest 18 months after the date of the effective date of the effective date. The FMA may, in particular,

1.		prohibit in whole or in part capital and profit-making, capital and profit distributions;
2.		appoint a competent supervisory body (government commissioner) who is a member of the profession of attorneys or auditors; the supervising person, who shall be responsible for all the rights in accordance with Section 63 (3), has
a)			prohibit this payment institution from any business that is likely to increase the risk above, or
b)			in the event that the payment institution has been banned in whole or in part from continuing to do so, to allow individual transactions which do not increase the risk above;
3.		directors of the payment institution, subject to the simultaneous understanding of the institution responsible for the appointment of the directors, prohibit the management of the undertaking in whole or in part; the competent institution shall, within one month, inform the competent authorities of the The number of managers to be reordered; the order shall be subject to the legal validity of the consent of the FMA, which is to be refused if the newly appointed managers do not seem likely to cause a waste of the above risk. ,
4.		Prohibit the continuation of business operations in whole or in part.

(2) The FMA may, at the request of the supervising person appointed pursuant to paragraph 1 (1) (2) or (3), appoint a deputy if and for so long for important reasons, in particular because of temporary prevention of the Supervising person, is required. The appointment of the Deputy as well as the rights and obligations of the Deputy shall apply the provisions applicable to the supervisory staff. The supervisory authority (Government Commissioner) may, with the approval of the FMA, be able to meet professionally qualified persons in order to fulfil their duties, to the extent that this is necessary in accordance with the scope and difficulty of the tasks. The approval of the FMA has to name these persons in particular and must also be granted to the payment institution. These persons act on instructions and on behalf of the supervisory staff (government commissioner) or their deputy.

(3) The FMA has to obtain reports on appropriate government commissioners from the Austrian Bar Association and from the Chamber of Economic Scatterers. If a government commissioner is to be ordered pursuant to paragraph 1 (2) or a deputy in accordance with paragraph 2 and if no order is possible on the basis of these reports, the FMA shall have the legal chamber or the attorney responsible for the office after the seat of the payment institution. To notify the Chamber of Business Scatters so that they can repudiate a professional lawyer or chartered accountant as a government commissioner. In case of danger in default, the FMA

1.		a lawyer or
2.		an economic scatter
provisionally order as government commissioner. This order shall not apply to the appointment of a lawyer or chartered accountant after the first sentence.

(4) All measures ordered by the FMA pursuant to paragraphs 1 and 2 shall rest for the duration of a business supervision procedure.

(5) The Government Commissioner is to be paid by the FMA (function fee), which is proportionate to the work involved in supervision and to the costs of the work. The Government Commissioner shall be entitled to invoice for the preceding quarter and after the end of his activity. The FMA has to pay the remuneration immediately after auditing the invoice.

(6) insults, with which managers are led by a payment institution in accordance with § 3 Z 4 lit. a, in whole or in part (par. 1 Z 3 and Section 8), as well as any cancellation of this measure, are to be sent by the FMA to the Company's Book Court for registration in the Company Book.

(7) If a concession requirement in accordance with § 7 (1) is no longer available after the concession has been granted, or if a payment institution is infringed in accordance with § 3 Z 4 lit. a provisions pursuant to § 59 (1) of this Federal Act, a regulation issued under this Federal Act or a circumcection, the FMA shall have the measures referred to in Article 70 (4) (4) (1) to (3) of the Federal Act relating to the payment institution to be used in respect of that payment institution. , and, where appropriate, withdraw the concession pursuant to § 8.

(8) The FMA may adopt measures taken pursuant to paragraphs 1, 3 and 7 and sanctions on the grounds of an infringement of this Federal Act or of regulations issued pursuant to this Federal Law of the Federal Republic of Germany by the Internet, the print in the "Official Journal of the Viennese" Newspaper " or in a newspaper with distribution in the entire territory of the Federal Republic of Germany or by means of a notice at the appropriate place in the premises of the payment institute (§ 3 Z 4 lit. (a) make known. However, publications of measures referred to in paragraph 7 in conjunction with Section 70 (4) (1) of the BWG may only be made if this is necessary in the light of the nature and seriousness of the breach of information to the public and in view of possible disadvantages. of the person concerned. These publication measures may also be taken cumulatively.

(9) The FMA may inform the public that a named natural or legal person has been named by the Internet, printing in the "Official Journal of the Wiener Zeitung" or in a newspaper with distribution throughout the territory of the Federal Republic of Germany. (person) is not entitled to receive certain payment services (§ 1 para. 2), provided that this person has given rise to this and is required to inform the public and is proportionate in view of possible disadvantages of the person concerned. These publication measures may also be taken cumulatively. This person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residential address and company book number, Internet address, telephone number and fax number may also be specified.

(10) The person affected by the publication may request a review of the legality of the publication in accordance with paragraph 8 or 9 in a procedure to be carried out in a modest way with the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication which has been made known in accordance with paragraph 8 is granted suspensive effect, the FMA has to make this known in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled.

(11) In the event of the FMA's suspicion that a transaction of money laundering or terrorist financing may be used, it shall immediately inform the Authority (Section 6 of the SPG) of this. Section 41 (6) of the BWG shall apply.

Reporting requirements of auditors

§ 65. (1) Presents a statutory auditor who has the annual accounts of one of those in § 3 Z 4 lit. If the above-mentioned payment institution is examining or carrying out any other activity prescribed by law, facts which establish a reporting obligation pursuant to Section 273 (2) and (3) of the UGB (UGB), it shall immediately, at the latest at the same time, be subject to the provisions of 273 (3) (3) of the UGB is also to be sent to the FMA and the Oesterreichische Nationalbank.

(2) The auditor shall, even if there is no reporting obligation pursuant to § 273 (2) and (3) of the UGB, immediately the FMA and the Oesterreichische Nationalbank, as well as the business managers and the supervisory body responsible under the law or statutes, without delay. to report in writing, when a case concerning the audited payment institution, of which it finds, in the course of its audit work, the facts which:

1.		see a significant breach of the regulations or orders of the FMA issued pursuant to Section 59 (1) or against the regulations or orders issued under this Federal Act; or
2.		show the fulfilment of the obligations of the payment institution at risk; or
3.		are a major tightening of the risk situation; or
4.		significant balance sheet items or out-of-balance-sheet positions are identified as non-valued; or
5.		there are reasonable doubts as to the correctness of the documents or the completeness statement of the board.
If the auditor finds other defects, non-worrying changes in the risk situation or the economic situation, or only minor breaches of rules, and are the deficiencies and breaches of rules in the short term, the auditor of the FMA and the National Bank of Oesterreichische Nationalbank must report only if the payment institution does not within a reasonable period of time, but within three months, at the latest, the deficiencies found and this has been proven by the auditor. Reports shall also be reported if the directors do not properly grant any information requested by the auditor within a reasonable period of time. In cases where an accounting firm is appointed as a statutory auditor, the reporting obligation shall also be subject to the natural persons designated pursuant to section 88 (7) WTBG.

(3) The auditor shall also be obliged to report such facts, of which he becomes aware in the exercise of one of the above activities in a company which is an affiliated undertaking (Section 228 (3) of the UGB) to that in § 3 Z 4 lit. (a) the payment institution for which it carries out the activity.

(4) In the performance of his duties, the auditor shall also be obliged to communicate to the Chairman of the Supervisory Board outside of examination orders of the Supervisory Board, if reporting to the Executive Directors is due to the nature and The circumstances of the administrative offences established would not achieve the purpose of the elimination of the deficiencies and are serious.

(5) In good faith, the auditor shall provide a report as referred to in paragraphs 1 to 4 above, shall not be deemed to constitute a breach of any restriction on disclosure regulated by contract or by law, regulation or administrative action, and shall not be liable for him. according to itself.

Procedural and criminal provisions

§ 66. (1) Anyone who provides payment services in accordance with Section 1 (2) without the necessary authorization shall, if the action does not constitute the offence of a criminal act falling within the jurisdiction of the courts, enter into an administrative surrender and shall be entitled to to punish fines of up to EUR 50 000.

(2) Any person who discloses or uses confidential facts in breach of Section 19 (4) in order to obtain an asset advantage or to inflict a disadvantage on another person shall be liable to imprisonment for up to six months from the court of law; or punish with a fine of up to 360 days ' records. The perpetrator is only to be prosected with the empowerment of the injured in his interest in the secrecy.

(3) The FMA has payment service users who are in breach of a payment institution in respect of § 17 or a payment service provider against a provision of the 3. To indicate the possibility of a complaint to the out-of-court FIN-NET dispute settlement body, indicating the location and address of the body.

§ 67. (1) Who, as the person responsible (§ 9 VStG) of a payment institution pursuant to § 3 Z 4 lit. a or a branch according to § 13

1.		is in breach of a restriction in accordance with § 5 or an obligation pursuant to § § 18 or 19 (1) to (3); or
2.		is in breach of an obligation pursuant to § § 15, 16 or 20; or
3.		Contrary to Articles 5 to 14 of Regulation (EC) No 1781/2006 on the transmission of information on the payer to transfers of funds, the collection, storage, verification or forwarding of the required information shall not be required or transfers of funds shall be made or is in breach of storage obligations or obligations of notification;
is subject to an administrative surrender and is punishable by a fine of up to EUR 50 000 with regard to Z 1 and a fine of up to EUR 30 000 with regard to the Z 2 or the Z 3.

(2) Who, as the person responsible (§ 9 VStG) of a payment institution pursuant to § 3 Z 4 lit. a or a branch in accordance with § 13 the security obligations of § 17 is infringed, is subject to an administrative surrender and is punishable by a fine of up to 50 000 euros.

(3) Anyone who is the auditor of a payment institution according to § 3 Z 4 lit. a or a branch in accordance with § 13 his reporting obligations pursuant to section 65 (1), (2) or (3) is infringed, is subject to an administrative surrender and is punishable by a fine of up to 50 000 euros.

(4) Who, as the person responsible (§ 9 VStG) of a payment institution pursuant to § 3 Z 4 lit. a or a branch in accordance with § 13 does not allow the FMA to submit the annual accounts in due time, contrary to § 25 (3), is subject to an administrative surrender and is punishable by a fine of up to 10 000 euros.

(5) An administrative surrender pursuant to paragraphs 1 to 4 shall be implemented only if the act does not constitute the offence of a criminal act falling within the jurisdiction of the courts.

(6) In the investigation into administrative prosecution proceedings pursuant to § 66 and in accordance with paragraphs 1 to 5 as well as 7, 8, 9 and 10, the FMA shall be responsible for all competencies in accordance with § 63 (2).

(7) Who, as the person responsible (§ 9 VStG) of a payment institution pursuant to § 3 Z 4 lit. A

1.		obligations pursuant to § § 21 (1) and (2), 23 (2), 24, 27, 29, 30, 35, 37 (4), 38, 41, 42, 43 of this Federal Law or in accordance with § § 33, 35 (1) Z 1 lit. c and d, z 2, para. 2, 36, 40, 40a, 40b, 40c, 40d, 41 para. 1 to 4 BWG, or
2.		the obligations of the German Federal Act, in accordance with § § 26, 28, 31, 32, 33 of this Federal Law, or
3.		the immediate written notification of the facts referred to in § § 10 (3), 11, 21 (3), (22) (1) to the FMA is not allowed,
if the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender and, in the cases after Z 1, is a fine of up to EUR 30 000 and, in the case of Z 2, or 3 to punish with a fine of up to 5 000 euros.

(8) Those who are responsible (§ 9 VStG) of a branch according to § 12

1.		the obligations under § § 26, 28, 31, 32, 33 of this Federal Act are infringed or
2.		The obligations of § § 27, 29, 30, 35, 37 para. 4, 38, 41, 42, 43 of this Federal Act or § § 33, 35 (1) Z 1 lit. c and d, Z 2, para. 2, 36, 40, 40a, 40b, 40c, 40d, 41 para. 1 to 4 BWG,
if the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender and, in the cases after Z 1, the FMA is fined up to EUR 5 000 and, in cases after Z 2, the Fines of up to € 30 000 to be punished.

(9) Those who are responsible (§ 9 VStG) of a payment service provider pursuant to § 1 (3) (1) and (3) to (5)

1.		the obligations under § § 26, 28, 31, 32, 33 of this Federal Act are infringed or
2.		Violates the obligations of Sections 27, 29, 30, 35, 37 (4), 38, 41, 42, 43 of this Federal Law,
if the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender and, in the cases after Z 1, the FMA is fined up to EUR 5 000 and, in cases after Z 2, the Fines of up to € 30 000 to be punished.

(10) If a payment service user of a payment institution does not comply with his disclosure obligation pursuant to Article 40 (2) of the Federal Elections Act (BWG), who does not comply with the facts of the case of a criminal offence within the jurisdiction of the courts. Act forms, an administrative surrender and is punishable by the FMA with a fine of up to 30 000 euros.

(11) Who, as the person responsible (§ 9 VStG) of a payment institution according to § 3 Z 4 lit. b violates the obligations pursuant to Articles 40, 40a, 40b, 40c, 40d, 41 (1) to 4 of the Federal Elections Act (BWG), insofar as the action does not constitute the offence of a criminal act falling within the jurisdiction of the courts, an administrative surrender and is fined to punish up to 30 000 euros.

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

1.		for intra-Community intra-Community electronic payment transactions in euro up to a sum of EUR 50 000, higher charges than for corresponding electronic payment transactions in euro within the territory of the Federal Republic of Germany; or
2.		for cross-border intra-Community credit transfers in euro up to a sum of EUR 50 000, higher charges than for corresponding transfers in euros within the Federal territory;
If the action does not constitute the offence of a criminal offence within the jurisdiction of the courts or if it is threatened with a stricter penalty in accordance with other administrative penalties, an administrative surrender and is subject to the FMA a fine of up to 30 000 euros.

(2) Any person who, contrary to the provisions of Regulation (EC) No 2560/2001 on cross-border payments in euro, does not:

1.		a customer in writing or electronically in an easily understandable form on the fees charged by the payment service provider in respect of cross-border payments and for payments within Austria, as well as on any change in charges to inform the entry into force of their entry into force, or
2.		for the purchase and sale of Euro a customer
a)			inform in advance of all exchange fees and
b)			the separately issued exchange charges,
If the action does not constitute the offence of a criminal offence within the jurisdiction of the courts or if it is threatened with a stricter penalty in accordance with other administrative penalties, an administrative surrender and is subject to the FMA to punish a fine of up to EUR 5 000.

(3) Those who refrain from making cross-border payments in euro against the provisions of Regulation (EC) No 2560/2001

1.		on the account statements of his or her client or on an asset, to announce the international bank account number (IBAN) and the bank identifier code (BIC), or
2.		to inform the customer of the IBAN and the BIC on request, or
3.		inform a customer in the execution of a transfer in advance of the amount of charges that will be charged because the customer has not disclosed the IBAN of the recipient and the BIC of the payee's payment service provider,
If the action does not constitute the offence of a criminal offence within the jurisdiction of the courts or if it is threatened with a stricter penalty in accordance with other administrative penalties, an administrative surrender and is subject to the FMA to punish a fine of up to EUR 5 000.

§ 69. (1) The FMA is responsible for the imposition of administrative penalties in accordance with § § 66 to 68.

(2) In the case of administrative transgressions in accordance with § § 66 to 68, a limitation period of 18 months shall be applied instead of the limitation period of § 31 para. 2 VStG of six months.

§ 70. Anyone who provides payment services in accordance with Section 1 (2) without the necessary authorization or, contrary to the limitations of Section 5 (4), provides or receives deposits or issues electronic money in violation of § 5 (3) shall have on all with these Transactions related to remuneration, costs and fees are not entitled to any claim. The legal invalidity of the agreements concluded with these transactions does not result in the legal invalidity of the whole business. Conflicting agreements as well as guarantees and guarantees relating to these transactions shall be legally ineffective.

Section 3

International cooperation

Contact point and exchange of information

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

(2) The FMA may be 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 competent authorities, the latter in other Member States. Member States shall cooperate in the supervision of payment and settlement systems, the protection of natural persons with regard to the processing of personal data or in the fight against money laundering and terrorist financing, if: This shall be carried out in accordance with the tasks set out in Directive 2007 /64/EC or in the Where the information provided to these authorities is subject to the obligation of professional secrecy pursuant to Article 22 of Directive 2007 /64/EC, it is necessary to provide for legal assistance and legal assistance. FMA may make use of its powers for the purposes of cooperation and for the forwarding of data on the basis of this main piece, even if the conduct which is the subject of the investigation does not infringe any one in Austria. shall be in force. By its powers under Section 63 (2) (1) and (2), the FMA may, for the purposes of cooperation, also make use of legal persons who, in their Member State of origin, are responsible for the provision of payment services as a payment institution within the meaning of Article 4 (4) (4) of Directive 2007 /64/EC is authorised.

(3) If the FMA has reason to suspect that companies which are not subject to their supervision have infringed or have infringed the provisions of Directive 2007 /64/EC in the territory of another Member State, it shall: to inform the competent authority of the other Member State as precisely as possible. It shall, for its part, take appropriate measures if it has received such a notification from another competent authority and shall, as far as possible, on the basis of the outcome of those measures and, as far as possible, on the outcome of such measures, shall have the following: to inform any developments that have been made. This paragraph shall not affect the powers of the FMA as the competent authority which has transmitted the information.

Cooperation in monitoring, on-the-spot checks and investigations

§ 72. (1) The FMA may request the competent authority of another Member State to cooperate in the event of monitoring or on-the-spot verification or an investigation. Where the FMA receives a request for an on-the-spot verification or an investigation, it shall act within the limits of its powers by:

1.		carry out the inspections or investigations themselves or transfer the Oesterreichische Nationalbank or
2.		the applicant authority shall allow the verification or investigation to be carried out, or
3.		Auditors or experts in the official contract shall be allowed to carry out the inspection or investigation.

(2) The FMA has to provide other competent authorities with the information required for the performance of the tasks of the competent authorities designated pursuant to Article 20 (1) of Directive 2007 /64/EC resulting from this Federal Law, , in particular in the case of infringements or alleged infringements of an agent, branch or business unit, to which activities are to be outsourced. At the request of the FMA, the FMA has to provide all relevant information and, on its own, to provide all relevant information. When exchanging information with other competent authorities, the FMA may, upon transmission, indicate that such information may only be published with the express consent of the FMA. In such a case, they may only be exchanged for the purposes for which the consent was given.

(3) The Federal Minister of Finance, on a joint proposal by the FMA and the Oesterreichische Nationalbank, may conclude the following agreements with the competent authorities concerning the way in which cooperation with the FMA and the Oesterreichische Nationalbank is carried out in the performance of their tasks of supervision and supervision of payment institutions, provided that the Federal Minister of Finance is authorized to conclude agreements pursuant to Art. 66 (2) B-VG:

1.		Agreements with the competent authorities of other Member States, which may include, in particular, procedures for cooperation between the FMA and the competent authorities of the Member States in respect of the Exchange of information.
2.		Agreements with competent authorities of third countries, provided that the exchange of information with those competent authorities, subject to the condition of Article 22 of Directive 2007 /64/EC, equivalent professional secrecy, the performance of the supervisory tasks of those competent authorities competent authorities.

Powers as a host Member State

§ 73. The FMA, acting as the competent authority of the host Member State, may, in the exercise of the powers conferred on it under this Federal Law, require the branches of the payment institutions, in accordance with Article 12, to provide the information necessary to ensure compliance with the to check the standards applicable to these companies. These requirements may not be more stringent than the requirements imposed by the FMA on the concessionary institutions to monitor compliance with the same standards.

Security measures

§ 74. (1) As the competent authority of the host Member State, the FMA has clear and demonstrable reasons to believe that a payment institution operating in Austria within the framework of the freedom to provide services or by means of a branch in accordance with § 12 para. 1 against the obligations imposed on it by this Federal Act or Regulation (EC) No 2560/2001 on cross-border payments in euro or Regulation (EC) No 1781/2006 on the transmission of information on the payer to: Transfers of funds raised by the FMA as the competent authority of the host Member State , it shall communicate its findings to the competent authority of the home Member State.

(2) The FMA, as the competent authority of the host Member State, shall establish that a payment institution pursuant to Article 12 (1), which has a branch in Austria, shall have the Austrian laws, regulations or administrative provisions relating to the competence of the FMA as an authority of the host Member State in accordance with Article 59 (1) and (2), the FMA shall require the payment institution concerned to establish the legal status within three months. If the payment institution does not comply with the request, the FMA shall, acting as the competent authority of the host Member State, take all appropriate measures to ensure that the payment institution concerned restores the legal status. The FMA shall inform the competent authorities of the home Member State of the nature of these measures. If, despite the measures taken by the FMA, the payment institution continues to infringe the Austrian laws, regulations or administrative provisions referred to in § § 66 (1) and (2) or in Article 67 (8), the FMA may, after informing the competent authorities of the Member State of the Member State of origin shall take appropriate measures to prevent or penalise further infringements; where necessary, it may, in whole or in part, the managers responsible for the management of the branch of the payment institution. Also prohibit the payment institution from doing business in Austria.

(3) The FMA shall duly substantiate any measure referred to in paragraph 1, 2 or 3, which includes sanctions or restrictions on the activities of a payment institution, and shall communicate to the payment institution concerned.

(4) Finally, a payment institution pursuant to § 3 Z 4 lit. a, which provides its activities in a Member State by a branch, despite the request by the competent authorities to establish the legal status, further the national In order to establish the legal status in the host Member State, the FMA shall, after agreement by the competent authorities of the host Member State, take appropriate measures in accordance with Section 64 (8). The competent authority of the host Member State shall, without delay, inform the competent authority of the host Member State in writing.

(5) Where a payment institution is referred to in accordance with § 3 Z 4 lit. If the concession is withdrawn, the FMA shall immediately inform the competent authorities of the Member States in which the payment institution carries out its activities in writing.

5. Main piece

Transitional and final provisions

Transitional provisions

§ 75. (1) Credit institutions which already have a concession pursuant to § 1 sec. 1 Z 23 BWG, as amended by the Federal Law BGBl, before 25 December 2007. No 35/2003, hold and continue to exercise the exemption pursuant to Article 3 (1) (9) of the Federal Elections Act (BWG) by 30 April 2011, the financial transfer business shall not, however, exercise any other payment services in accordance with Section 1 (2) (2) (5) of this Federal Act; § 17 ZaDiG is to be applied. These credit institutions may apply for a concession pursuant to § 7 within this period. During the examination of the application, the FMA has to take into account information already available within the framework of the credit-institute concession.

(2) Capital companies and cooperatives with registered offices in Austria, which have already started their activities in connection with the provision of payment services within the meaning of Section 1 (2) (2) (4) or (6) of this Federal Law before 25 December 2007, are not subject to a Exceptions pursuant to § 2 and in the provision of payment services have been shown to have complied with the provisions applicable to them in the fight against money laundering and terrorist financing, their activities in Austria shall be permitted until 30 April at the latest. Continue in 2011 when they are up to 31. October 2009, a request for concession, accompanied by a request for the exercise of this transitional provision and indicating the activities to be covered by it for the transitional period, shall be submitted to the FMA and shall be subject to the provision of such a request for the transitional period of the payment services in accordance with the rules on combating money laundering and terrorist financing in force for them. The time limits of § 73 AVG and § 6 (2) of this Federal Act apply in each case with the proviso that instead of the period of six months and of three months, a period of 18 months occurs. As of 1 November 2009, these companies have to comply with the provisions of Sections 17 to 19 and 21 to 48 of this Federal Act as well as § § 40 to 41 and 99 Z 19 of the Federal Elections Act (BWG). If such a company violates § § 17 to 19 as well as 21 to 25, the FMA shall act in accordance with Section 64 (7). In addition, § 66 (3) in conjunction with Section 67 (9) applies to such companies.

(3) The provisions of the second section of the third section of the third section. The main item as well as § § 66, 67 and 69 shall apply for the first time to payment orders, which are triggered on 1 November 2009. Administrative procedures relating to payment transactions which were initiated before 1 November 2009 but which have not yet been submitted to the district administrative authority by administrative procedures shall be carried out by the FMA, which shall: The transfer law shall apply.

(4) Before 1 November 2009, pending proceedings under the Referral Act are to be continued with the District Administrative Authority.

References and Regulations

§ 76. (1) As far as other federal laws are referred to in this Federal Act, these are to be applied in their respectively applicable version, except it is expressly arranged otherwise.

(2) Where reference is made in this Federal Act to the following acts of the European Community, these acts, unless otherwise arranged, shall be applied in the following text:

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 L 327, 30.12.2007, p. No. OJ No L 319, 05. 12. 2007, p. 1;
2.		Directive 2006 /48/EC on the taking up and pursuit of the business of credit institutions, OJ L 177, 30.4.2006, p No. 1., as amended by Directive 2007 /44/EC amending Directive 92/49/EEC and 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 C 327, 30.4.2004 No. OJ L 247 of 21.09. 2007, p. 1;
3.		Regulation (EC) No 2560/2001 on cross-border payments in euro, OJ L 139, 30.4.2001, p. No. OJ No L 344, 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 C 327, 28.11.2005 No. 15., as amended by Directive 2008 /20/EC of 11 March 2008, OJ L 327, 22.12.2008, p. No. OJ L 76 of 19.3. 46, 2008, p.
5.		Directive 95/46 of 24. 1 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, OJ C No. OJ L 281, 23.11.11. 31, as amended by Regulation (EC) No 1882/2003 of 29 September 2003, OJ L 327, 28.12.2003, p. No. OJ L 284, 31.10.2003, p. 1;
6.		Directive 2000/46 of 18 September 2000 on the taking up, pursuit and prudential supervision of the activities of electronic money institutions, OJ L 327, 28.12.2000, p. No. OJ L 275, 27.10. 39;
7.		Seventh Directive 83 /349/EEC of 13 June 1983 based on Article 54 (3) (g) of the Treaty on consolidated accounts, OJ L 327, 31.12.1983, p. No. OJ L 193 of 18.07. 1, as amended by Directive 2006 /99/EC of 20 November 2006, OJ L 327, 28.12.2006, p. No. OJ L 363, 20.12.2006, p.137;
8.		Regulation (EC) No 1781/2006 of 15 November 2006 on the transmission of information to the payer on transfers of funds, OJ L 393, 30.12.2006, p. No. OJ L 345 of 08.12. 2006, p. 1.

(3) Regulations on the basis of this Federal Act, as amended, may already be issued from the day following the presentation of the Federal Act to be carried out; however, they may not be issued prior to the application of the Act to be carried out. Legislative provisions enter into force.

Linguistic equality

§ 77. Insofar as personal names are only mentioned in male form in this federal law, they refer to women and men in the same way. The gender-specific form is to be used in the application to certain persons.

Enforcement

§ 78. With the enforcement of this federal law is

1.		with regard to § § 4 (4), 8 (4), 10 (1), 23 (1), 34, 36, 39, 40, 44 to 48 and 66 (2) of the Federal Minister of Justice,
2.		with regard to Sections 19, 23 (2) and 26 to 33, 35, 37, 38 and 41 to 43 of the Federal Minister of Finance, in agreement with the Federal Minister for Justice,
3.		in respect of the other provisions of the Federal Minister for Finance.

entry into force

§ 79. This federal law will enter into force on 1 November 2009. Section 75 (2) shall, however, enter into force with the day following that of the customer.

Article 3

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 39/2009 as well as the BGBl agreement. I n ° 42/2009, is amended as follows:

1. § 1 (1) Z 6 reads:

" 6.		the issuing and management of means of payment such as credit cards, bank cheques and traveller's cheques, the duration of credit cards being not limited to credit cards; "

2. § 1 para. 1 Z 23 deleted.

3. In § 1 para. 2 Z 6, the point at the end is replaced by a stroke point and the following Z 7 is added:

" 7.		the provision of payment services in accordance with § 1 para. 2 of the Payment Services Act-ZaDiG, BGBl. I n ° 66/2009. '

4. § 1 (3) reads:

" (3) Credit institutions shall also be entitled to carry out the activities referred to in paragraph 1 Z 22 (exchange business) and subsection 2 (1) to (6), further to the provision of the financial transfer business referred to in § 1 paragraph 2 Z 5 ZaDiG as well as to the activities referred to in § 5 2 (2) (2) of the ZaDiG (ZaDiG) and to carry out all other activities directly related to banking activity in accordance with the relevant scope of the concession or to represent ancillary activities related to such activities, such as: , in particular, the placement of construction contracts, of companies and businesses, of Investment fund shares, of own resources, the provision of services in the field of automatic data processing and the distribution of credit cards. Furthermore, they are entitled to trade in coins and medals as well as with bars of gold within the framework of the provisions of the visa regulations, as well as for the rental of cabinet compartments (safes) under the co-closure by the landlords. They are also entitled to carry out the activities referred to in § 3 paragraph 2 Z 1 to 3 WAG 2007. Credit institutions having a concession pursuant to (1) (1) (1) and (3) or (1) (2) shall be entitled to perform the payment services referred to in Article 1 (2) (2) (1) to (4) and (6) of the ZaDiG, and credit institutions having a concession pursuant to paragraph 1 (6) of the Act (6), shall be entitled to perform the payment services referred to in Article 1 (2) Z 4 and 6 of the ZaDiG. Moreover, the commercial provision of payment services in accordance with § 1 paragraph 2 of the ZaDiG requires a concession of the FMA by credit institutions, which is based on the concession requirements of the BWG. "

5. In § 2 Z 3, after the word order "§ § 20 to 20b" in each case the phrase "and § 21 para. 1 Z 2" inserted.

6. In § 3 (1) Z 9:

" 9.		the operation of the exchange business (§ 1 para. 1 Z 22) and the financial transfer business (§ 103j para. 2 in conjunction with § 1 paragraph 2 Z 5 ZaDiG) with regard to § 1 para. 3, § 5 paragraph 1 Z 5, 12 and 13, § § 22 to 23, § 24, as far as it is a parent Credit institution would act, § § 25 to 29, § 30, insofar as it would be a parent credit institution, § § 31 to 34, § § 36, 37 and 39a, § § 42 to 65, insofar as not the participation in the preparation of the consolidated financial statements of the parent Credit institution is required, § § 66 to 68, § 73 para. 1 Z 1, § § 74 to 76, § 78 para. 1 to 7 and of the XIX. Section; with the exception for the operation of the financial transfer business according to § 103j para. 2 in conjunction with § 1 para. 2 Z 5 ZaDiG until April 30, 2011 is limited and applicable only to credit institutions that already have their concession before the 25. , these credit institutions shall apply § 17 ZaDiG; "

§ 4 (7) and (8) are:

"(7) The FMA may inform the public that a named natural or legal person has been named by the Internet, printing in the" Official Journal of the Wiener Zeitung " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany. (person) is not entitled to carry out certain banking transactions, provided that such person has given rise to this and is required to inform the public and is proportionate in view of the potential disadvantages of the person concerned. These publication measures may also be taken cumulatively. The person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residence address, company book number, Internet address, telephone number and fax number may also be specified. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If the unlawfulness of the publication is determined in the course of a review, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence.

(8) The FMA has to provide, on an individual request, information on the scope of the concession of credit institutions within a reasonable period of time. The FMA shall have a database containing information on the current level of existing concession of credit institutions and shall enable the data to be queried via the Internet. "

8. In § 9 (7), the term " "WAG 2007" the phrase ", § § 4 and 26 to 48 ZaDiG" inserted.

9. In § 9 (8), the term " "Federal Laws" the phrase ", § § 4 and 26 to 48 ZaDiG" inserted.

10. In § 23 (13) (3) (3), after the word "financial institutions" the phrase "or payment institutions (§ 3 Z 4 ZaDiG)" inserted.

11. In § 23 para. 13 Z 4, after the word "financial institutions" the phrase "or payment institutions" inserted.

12. § 34 reads:

" § 34. (1) Consumer accounts are accounts of consumers within the meaning of Article 1 (1) (2) of the KSchG.

(2) In addition to the information in accordance with the ZaDiG, the contract of consumer credit agreement shall contain at least the following information.

1.		the annual interest rate for credit, provided that this information is not already provided in the context of the information given in accordance with § 28 ZaDiG, and
2.		an indication of the exclusion of the current fictitious annual interest rate for overdrains pursuant to section 35 (1) (1) (1) (1) (1) lit. d.

(3) The credit institution shall, by means of a statement of account, disclose to the consumer at least once a quarter the balance of the balance and, for more than three months, the credit institution shall draw on the balance of the current fictitious annual interest rate for Transfers according to § 35 (1) (1) (1) lit. d indicate. "

13. The following paragraph 3 is added to § 37:

"(3) By way of derogation from paragraphs 1 and 2, § 42 ZaDiG and with regard to the value and availability of amounts § 43 ZaDiG shall apply in the scope of application in accordance with Section 1 (4) of the ZaDiG."

14. In § 40 (8), introductory part, the word group shall not be used in the third sentence "or the financial transfer business (§ 1 para. 1 Z 23)" .

15. § 40 (8) (1) and (2) are:

" 1.		the credit and financial institutions referred to in Article 3 (1) (1) and (2) of Directive 2005 /60/EC and the payment institutions referred to in Article 3 (4) of the ZaDiG,
2.		the credit and financial institutions referred to in Article 3 (1) (1) and (2) of Directive 2005 /60/EC and the payment institutions in a third country referred to in Article 3 (4) of the ZaDiG;

16. § 69a (8), first sentence reads:

" Credit institutions which are exclusively entitled to operate one or both of the transactions referred to in § 1 (1) Z 22 and § 103j (2) of this Federal Law in conjunction with Section 1 (2) Z 5 ZaDiG, as well as representative offices of credit institutions (§ 73) the minimum amount referred to in paragraph 4 shall be required. "

17. § 70 (7) reads:

"(7) The FMA is entitled to inform the public, measures taken pursuant to paragraphs 2, 3 and 4 thereof by means of imprint in the" Official Journal of the Wiener Zeitung " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany or on the Internet or through To make it known at a suitable location in the premises of the credit institution. However, any publication of measures referred to in paragraph 4 (1) shall only be made where this is necessary in the light of the nature and seriousness of the breach of public information. These publication measures may also be taken cumulatively. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication pursuant to paragraphs 2, 3 or 4 has been granted suspensive effect in a maximum court proceedings, the FMA shall disclose this in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled. "

18. In Section 73 (1) (4), the word order shall be deleted "or branch offices" .

19. § 93 (3) Z 3 reads:

" 3.		in respect of the secured deposits of a member institution, a payment adjustment is provided by the authorities (Section 70 (2), § 78), with this disposition at the latest after five working days after the FMA first established that the the member institution shall not have repaid its due and repayable deposits, or "

20. In § 93 (3) final part the word group "Three months" through the word group "20 working days, in exceptional circumstances in all respects and, in special cases, with the authorization of the FMA, but within a maximum of thirty working days" replaced.

21. § 93 (3d) Z 2 reads:

" 2.		Deposits arising directly from the crediting of proceeds, divestitures and other settlement of securities transactions shall be attributed to investor compensation, provided that they are not already on a galvanised account of one of the operations of the Deposit-related credit institutions are credited; "

22. § 93 (4) reads:

By way of derogation from paragraph 3, for deposits in accordance with paragraph 2 of creditors who are not natural persons, the obligation to pay the deposit guarantee shall be limited to a maximum amount of EUR 50 000 per depositor; in the case of investment services in accordance with the provisions of paragraph 3 of this Article, Without prejudice to the maximum amount referred to in paragraph 3a, 2a of creditors who are not natural persons shall be subject to the obligation to pay the security facility at 90 vH of the claim on securities transactions per investor. Deposits in an account through which two or more persons are members of an open company, a limited partnership, a company under civil law, or a company corresponding to these forms of society, in accordance with the law of a Member State or of a third country shall be summarised in the calculation of the upper limit of this paragraph and treated as the deposit of a depositor, in the same way as credit and other claims arising from: securities transactions. The security establishment shall be entitled to offset claims for compensation with claims of the credit institution. § 19 para. 2 KO must be applied in all cases of payment of secured deposits or receivings from securities transactions. "

23. In accordance with § 93 (4), the following paragraph 4a is inserted:

"(4a) A multiple payout shall be permitted only if there are secured deposits on legitimate Community accounts or if the depositors authorised from a legitimate account prove their claim."

24. § 93 (5) Z 6 lit. e is:

" e)			Investors and receivables, the one of the in lit. a to d have held functions in affiliated companies (§ 244 UGB) of the credit institution or the investment firm according to § 12 para. 1 WAG 2007, whereby participations which are below the thresholds according to § 24 para. 3a, the exception according to this lit. do not trigger, "

25. § 93 (5) Z 7 reads:

" 7.		Deposits and claims of close relatives (§ 72 StGB) of the depositors or receivables listed under Z 6, acting on behalf of the depositors or receivables mentioned under Z 6, as well as third parties, who are responsible for the invoice of the under Z 6 or acting entitled to do so, "

Section 93 (8) second sentence reads as follows:

" In the event of a connection to a business connection, each depositor shall be informed in writing and free of charge in writing and free of charge at the latest when the contract is concluded, at the latest in the form of a contract, which shall be given in a readily comprehensible form. the security institution of which the credit institution is a member, as well as the amount and scope of the cover, including the exceptions to the deposit guarantee referred to in paragraph 5. "

27. In § 93a (9), first sentence, after the expression "Annex II to Directive 97 /9/EC" the word group "and in the cases referred to in § 93 (7), (8), (9) and (10)" inserted.

28. In accordance with Section 93a (9), the following paragraph 10 is added:

" (10) The safety devices have to undergo regular tests of their systems and the FMA has to inform the security institutions if necessary, if the FMA has identified problems in a credit institution which is likely to become a Release of deposit insurance will be triggered. "

29. In § 94 (1) the word order is deleted "pursuant to § 1 (1) (23)" .

30. In § 98 (3) in the final part, the amount of "EUR 3 000" by the amount of "EUR 5 000" replaced.

31. § 103e Z 2 last sentence reads:

"The provisional consent shall lapse with a legally convicted grant in accordance with § 21a, no later than 31 December 2011."

32. According to § 103i, the following § § 103j and 103k are inserted:

" § 103j. (1) Permissions for the provision of the business of the issuing and management of means of payment such as credit cards and traveller's cheques in accordance with § 1 para. 1 Z 6 BWG, BGBl. No. 532/1993 in the version of the Federal Law BGBl. I n ° 136/2008, which is at the time of the entry into force of the Federal Law BGBl. I n ° 66/2009 [Novelle] already exist, remain upright and entitle to the implementation of the payment services referred to in Article 1 (2) (2) (4) and (6) of the ZaDiG.

(2) At the time of the entry into force of the Federal Law BGBl. I n ° 66/2009 [Novelle] pursuant to the BWG, BGBl. No. 532/1993, in the version of the Federal Law BGBl. I n ° 136/2008, existing allowances for the provision of the financial transfer business are transferred in such a way that Section 1, Section 1, Z 23, as amended by the Federal Law of the Federal Republic of Germany, is BGBl. I n ° 136/2008 corresponds to the entitlement in accordance with § 1 para. 2 Z 5 ZaDiG.

§ 103k. From the 1st January 2011 applies § 93 (4) with the proviso that the deposits of non-natural persons are secured up to an amount of EUR 100 000. "

33. § 105 (5) Z 1 reads:

" 1.		Directive 2006 /48/EC on the taking up and pursuit of the business of credit institutions (OJ L 177, 30.4.2006, p No. 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 L 177, 30.6.2006, p. No. OJ L 319 of 05.12. 2007, p. 1) and "

34. The following paragraph 7 is added to § 105:

" (7) Where reference is made in this Federal Act to Directive 2005 /60/EC, unless otherwise provided, Directive 2005 /60/EC of the European Parliament and of the Council of 26 May 2005, October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ C 327, 28.11.2005 No. 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 L 309, 25.11.2007, p. No. OJ L 319 of 05.12. 2007, p. 1. "

35. The following paragraphs 63 and 64 are added to § 107:

" (63) § 93 (3d), § 93 (4), 4a, 5 and 8 and § 93a (9) in the version of the Federal Law BGBl. I n ° 66/2009 will enter into force on 1 July 2009. § 93 (3), § 93a (10) and § 103k in the version of the Federal Law BGBl. I n ° 66/2009 will be 1. Jänner 2011 in force.

(64) § 1 (1) Z 6, § 1 para. 2 Z 7, § 1 para. 3, § 3 para. 1 Z 9, § 4 para. 7 and 8, § 9 para. 7 and 8, § 23 para. 13 Z 3 and 4, § 34, § 37 para. 3, § 40 para. 8 (inclusion part), § 40 paragraph 8 Z 1 and 2, § 69a para. 8, § 70 para. 7, § 73 para. 1 Z 4, § 94 para. 1, § 98 (3), § 103e, § 103j, § 105 (5) (1) and (7) in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 66/2009 will enter into force on 1 November 2009; § 1 para. 1 Z 23 shall enter into force at the end of the 31 December 2009. October 2009. § 2 (3), § 4 (7) and (8) and § 70 (7) in the version of the Federal Law BGBl. I n ° 66/2009 shall enter into force with the day following the event. "

Article 4

Amendment of the Fern-Financial Services Act

The Fern-Financial Services Act (FernFinG), BGBl. I n ° 62/2004, shall be amended as follows:

1. § 5 is added to the following paragraph 4:

" (4) para. 1 Z 1, Z 2 lit. a and b, Z 3 lit. b, c, f and g as well as Z 4 lit. a found on payment services (§ 1 para. 2 Payment Services Act-ZaDiG, BGBl. I No 66/2009). "

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

" (2) § 5 (4) in the version of the Federal Law BGBl. I n ° 66/2009 will enter into force on 1 November 2009. '

Article 5

Amendment of the Consumer Protection Act

The Consumer Protection Act (KSchG), BGBl. No. 140/1979, as last amended by the Federal Law BGBl. I n ° 21/2008, shall be amended as follows:

1. § 28a (1) KSchG reads:

" (1) Those who in the course of business dealings with consumers in connection with door-to-door transactions, consumer credit relations, package travel agreements, timeshare relationships, distance selling, and the agreement of abusive Contractual clauses, the guarantee or guarantee in connection with the purchase or production of mobile physical objects, or in connection with information society services in electronic commerce or in connection with Investment services or payment services in respect of a legal Without prejudice to Section 29 (1), the bid or prohibition and thereby impairs the general interests of the consumer may be subject to dismissal. "

2. § 31a.

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

" (22) § 28a (1) in the version of the Federal Law BGBl. I n ° 66/2009 shall enter into force on 1 November 2009; Section 31a shall enter into force at the end of 31 December 2009. However, it shall continue to apply to business cases where a payment card or its data has been misused before 1 November 2009. "

Article 6

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I n ° 22/2009, shall be amended as follows:

1. In Section 2 (1), the phrase " and in the financial conglomerate law, BGBl. I No 70/2004, " through the phrase ", in the financial conglomerate law, BGBl. I n ° 70/2004, and in the Payment Services Act-ZaDiG, BGBl. I No 66/2009 " replaced.

The fourth sentence of Article 19 (5) reads as follows:

" For the next following FMA financial year, the costs liable to be paid in advance of 105 vH of the amount calculated in accordance with the first sentence are to be required; as far as the Oesterreichische Nationalbank is concerned pursuant to Article 79 (4b) of the BWG and By way of derogation from the first part of the record of this partial amount in the prepayment with 100 vH, the direct costs of the bank supervision notified separately in accordance with Section 20 of the FMA have reached the sum of four million euros. "

Section 19 (5a) of the second sentence reads as follows:

"The reimbursement amounts shall be calculated on the basis of the direct costs of the banking supervision notified for the previous financial year in accordance with Section 79 (4b) of the Federal Elections Act and § 20 ZaDiG and amount to a maximum of four million euros."

4. In § 22b (1), after the reference to "§ 98 (1) BWG," a reference to "§ 66 para. 1 ZaDiG," inserted.

5. In § 22c, after the reference to "§ 98 (1) BWG," a reference to "§ 66 para. 1 ZaDiG," inserted.

(6) In § 22d (1), after the reference to "§ 98 (1) BWG," a reference to "§ 66 para. 1 ZaDiG," inserted.

Section 28 is added to the following paragraph 16:

" (16) § 2 (1), § 19 (5) and (5a), § 22b (1), § 22c and § 22d (1) in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 66/2009 will enter into force on 1 November 2009. '

Article 7

Amendment of the Insurance Supervision Act

The Insurance Supervision Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I n ° 22/2009, shall be amended as follows:

1. § 4 (11) reads:

"(11) The FMA may inform the public that a named natural or legal person has been named by the Internet, printing in the" Official Journal of the Wiener Zeitung " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany. (person) is not entitled to the operation of the contract insurance or certain insurance business, provided that this person has given rise to it and requires information to the public and in view of possible disadvantages of the It is proportionate. These publication measures may also be taken cumulatively. The person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residence address, company book number, Internet address, telephone number and fax number may also be specified. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the course of a review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the Internet presence. "

2. In § 73b para. 4a, Z 1, the word group shall be "Financial institutions and investment firms" through the phrase "Financial institutions, investment firms and payment institutions" replaced.

(3) In § 86i (9), after the word "Investment Firm" A dash followed by the word group "a payment institution" inserted.

(4) § 119i is added to the following paragraph 24:

" (24) § 73b Para. 4a Z 1 and § 86i paragraph 9 in the version of the Federal Law BGBl. I n ° 66/2009 will enter into force on 1 November 2009. Section 4 (11) shall enter into force with the day following the event. "

Article 8

Repeal of the Referral Act

The Federal Act on Cross-Border Remittantions (Referral Act), BGBl. I No 123/1999, as amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 123/2003 shall be adopted by the end of the 31 December 2002 However, it will continue to apply to payment transactions until the end of the 31 October 2009. The report was launched in October 2009.

Article 9

Amendment of the Securities and Markets Act 2007

The Securities and Markets Act 2007-WAG 2007, BGBl. I n ° 60/2007, as last amended by the Federal Law BGBl. I n ° 39/2009, shall be amended as follows:

1. In § 92 (6):

"(6) The FMA is entitled to inform the public, measures taken pursuant to paragraphs 1, 3 and 8 by means of imprint in the" Official Journal of the Wiener Zeitung " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany or on the Internet or through To make it known at a suitable location in the business premises of the legal entity pursuant to § 91 (1) (1) and (2). However, publications of measures referred to in paragraph 8 in conjunction with Section 70 (4) (1) of the Federal Elections Act (BWG) shall only be made if this is necessary in the light of the nature and seriousness of the breach of information to the public. These publication measures may also be taken cumulatively. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication pursuant to paragraphs 1, 3 or 8 has been granted suspensive effect in the highest court proceedings, the FMA shall disclose this in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled. "

2. § 92 (11) and (12) are:

"(11) The FMA may inform the public that a named natural or legal person is responsible for the information provided by the Internet, printing in the" Official Journal of the Wiener Zeitung " or in a newspaper with distribution throughout the territory of the Federal Republic of Germany. Acceptance of certain investment services (Section 3 (2) (2) (1) to (4)) is not justified, provided that such person has given rise to this and requires information to the public and in view of the possible disadvantages of the person concerned. is proportionate. These publication measures may also be taken cumulatively. The person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residence address, company book number, Internet address, telephone number and fax number may also be specified. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If the unlawfulness of the publication is determined in the course of a review, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence.

(12) On an individual request, the FMA has to provide, within a reasonable period of time, information on the scope of the concession of legal entities in accordance with § 91 (1) Z 1 and 2. The FMA has a database containing information on the current extent of the existing concessions of these entities, and has to allow a query of these data via the Internet. The FMA shall also have in this database a list of investment firms from Member States entitled to provide investment services by way of freedom to provide services or through a branch, to the extent that: this activity has been notified within the territory of the country in accordance with Article 31 or 32 of Directive 2004 /39/EC. "

3. The following is added to Section 94 (4):

" These publication measures can also be taken cumulatively. The person affected by the publication may request a review of the legality of the publication in a modestly to-do procedure at the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. Where a complaint against a communication which relates to the measure or sanction has been granted suspensive effect in a maximum judicial proceeding, the FMA shall disclose this in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled. "

(4) The following paragraph 5 is added to § 108:

" (5) § 92 (6), (11) and (12) as well as § 94 (4) in the version of the Federal Law BGBl. I n ° 66/2009 shall enter into force with the day following the event. "

Fischer

Faymann