On Payments

Original Language Title: o platebním styku

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=69225&nr=284~2F2009~20Sb.&ft=txt

284/2009 Coll.


LAW
Dated July 22, 2009


On Payments
Change: 156/2010 Coll.

Change: 139/2011 Coll.

Change: 420/2011 Coll.

Change: 37/2012 Coll.

Change: 261/2014 Coll.

Change: 261/2014 Coll. (Part)

Parliament has passed this Act of the Czech Republic:
PART ONE

GENERAL PROVISIONS


§ 1
Subject Matter


This Act incorporates the relevant regulations of the European Union ^ 1), while
follows directly applicable European Union regulations ^ 2) and regulates

A) the activities of certain persons authorized to provide payment services and
issue electronic money, including the activities of those persons abroad

B) participation in payment systems and the creation and operation of payment systems
with settlement finality,

C) the rights and obligations of payment service providers (hereinafter
"Provider") and payment services users (hereinafter "User")

D) the rights and obligations of issuers of electronic money (hereinafter
"publisher") and holders of electronic money (hereinafter "holder").

§ 2

Definition of certain terms

(1) For the purposes of this Act

A) payment transactions depositing money to a payment account
withdrawing money from a payment account or a money transfer
funds, unless it is not a payment service (§ 3 para. 3)

B) payment account account that is used to execute payment transactions

C) funds in bank notes, coins, cash
cashless funds and electronic money

D) payment means a device or set of procedures agreed between the provider and the user
which are related to the individual user and the user
which gives a payment order,

E) non-cash transactions in foreign currency purchase or sale of cash
funds in Czech or foreign currency for funds in another currency,
if the funds are received from the user or user
made available cashless,

F) direct debit transfer of funds from the payment account, to which gives the recipient
payment order on the basis of consent granted by the payer
recipient, recipient's provider or your provider.

(2) For the purposes of this Act shall refer

A) Member State of the European Union or another Contracting State to the Agreement on the European Economic Area
,

B) another Member State, the Member State other than the Czech Republic,

C) home Member State, the Member State in which the head office
provider or publisher; If no provider or publisher
e-money mansion, then the Member State where it has its headquarters
,

D) host Member State Member State other than the home Member State
provider or publisher and where the
provider or publisher of branch sales representative or where otherwise
temporarily provides services

E) the initial capital sum

First paid-up capital,

Second paid-up share premium

Third obligatory reserve funds

Fourth Other funds created from profit distribution, which can be used
solely to cover losses in the financial statements

Fifth difference in retained earnings from previous periods referred to in the financial statements
audited and approved by the competent authority
legal persons whose division competent authority of the legal entity undecided and
accumulated losses from previous periods, including the loss for past accounting | || period

F) qualifying holdings, direct or indirect share or totaling to
capital of the legal entity or voting rights in
legal entity, which represents 10% or
option to exercise a significant influence on corporate governance other persons

G) close links relationship

First between two or more entities which has one of the persons on the other
a direct or indirect stake in the share capital, the sum
represents at least 20%

Second between two or more entities which has one of the persons on the other
a direct or indirect holding of voting rights, the sum
represents at least 20%

Third between two or more persons where one person or the other person
others controls, or

Fourth two or more entities that are controlled by the same person


H) senior officer

First in the case of a legal entity's statutory body, its member
statutory body, its director, proxy or other person who
otherwise actually manages its activities in the event of a payment institution
(§ 7) and payment services provider minor (§ 36) also
person who effectively control their business in providing
payment services, and in the case of electronic money institutions (§ 46) and
electronic money issuer minor (§ 53) also person who
effectively conduct their activities in the field of issuing electronic money
or providing payment services; if the statutory body or its member
legal person means a director of a natural person who
behalf of the legal person, the statutory body or its member
exercises,

Second in the case of residential customers by its Director, Proxy
or other person who otherwise actually manages its business and in the case
payment service provider of small-scale (§ 36) also
person who actually manages its activities in
the provision of payment services,

I) branch

First organizational component of the enterprise other than the home Member State
which includes all establishments of the person concerned in that State

Second establishment in the home Member State

J) the sales representative, who under contract with the provider
acts when concluding a contract on payment services or providing
payment service provider on behalf of, or whoever
under contract with the publisher is at distribution or redemption
electronic money on behalf of the issuer;
sales representative is not an employee nor a proctor provider or publisher

K) group of a group consisting of

First controlling entity and its controlled entities,

Second persons in which the persons referred to in point 1 share

Third people whose statutory, management or supervisory body is largely composed of the same persons
as a statutory or supervisory body of another person
mentioned in point 1 or 2

L) payment system system with uniform rules, which are used to
execution, clearing or settlement of payment transactions.

(3) For the purposes of this Act shall refer

A) the payer of the user from whose payment account to be debited
means a payment transaction or who makes available
funds for the payment transaction

B) the recipient user whose payment account should be paying
statement credited money to or who have to be
payment order, the funds made available

C) consumer any natural person who enters into a contract with the provider or publisher
or otherwise acting outside his
business or outside independent performance of his
profession

D) payment order instructs providers, which the payer or payee
requesting the execution of payment transactions

E) the value date moment at which the payment transaction is recorded for
needs of calculating interest on the funds on a payment account

F) reference exchange rate exchange rate which is used as the basis for
currency conversion and which comes from publicly available source or provider
been disclosed,

G) the reference rate interest rate which is used as
basis for calculating interest and which comes from publicly available source

H) a unique identifier of a combination of letters, numbers or symbols
which is by determining the provider identifies the user or his
account when executing payment transactions

I) a permanent data carrier, any object that allows the user
preservation of information intended for him personally so that they could be used for a reasonable period
purposes of the information and which allows the reproduction of the information
unchanged ,

J) business day day when the provider of the payer or the payee
performing the payment transaction usually performs activities
necessary for the execution of the payment transaction,

K) operating hours of the business day on which the payer or payee
provider performing payment transaction usually performs
activities necessary for execution of the payment transaction.

§ 3


Payment Service
(1) Payment service is


A) Services enabling cash to be placed on a payment account
provider

B) Services enabling cash withdrawals from a payment account held
provider

C) a transfer of funds from the payment account, for which a payment order


First billing

Second recipient, or

Third payer through a payee, if the provider does
users
transferred cash funds as a loan,

D) a transfer of funds from the payment account, for which a payment order


First billing

Second recipient, or

Third payer through a payee
if the provider provides the user
transferred the funds as a loan,

E) issuing payment instruments, and devices for accepting
payment means

F) a transfer of funds, in which the payer or payee
not use a payment account with the payer (remittance)

G) for payment transaction provider of electronic communications
if the payer's consent to the payment transaction
given by means of electronic communication equipment.

(2) The execution of the transfer of funds is in the case
non-cash foreign currency transactions, unless the activity that is
investment services under the laws governing business activities on the capital market
.

(3) payment service is not

A) transportation, gathering, processing and delivery of banknotes and coins

B) foreign exchange activities,

C) the issue

First checks, drafts or travelers checks in paper form,

Second Paper vouchers for goods or services

Third postal vouchers under the law regulating postal services

Fourth means of payment which are used only for payment for goods or services
in the premises used by the issuer of the payment instrument or
goods or services narrowly defined group of suppliers or to pay
narrowly defined group of goods or services, or payment transactions covered by them || | performed,

D) payment transactions carried

First between providers or their sales representatives on their own
account

Second Within the group without the participation or intermediation
person outside the business group,

Third within a payment or settlement system for transactions in securities
among participants in the system and providers or between
other participants in the system,

Fourth in the administration of securities

Fifth under the management of another's property by another law, 3)

6th a person who acts on behalf of another person when buying or selling goods or
provision or use of services, or a person who mediates
such purchase, sale, delivery or pumping, and it
case of a payment transaction arising from the purchase, sale, or providing
pumping

7th provider of electronic communications services through
electronic communication equipment used when payment transactions
payment for goods or services that are delivered to
electronic communication equipment and will be used
via electronic communication device, the service provider
electronic communications not only as an intermediary between the payment service user
payment and the supplier of goods or services

E) payment of cash

First supplier of goods or services to customers when paying for goods or services
beyond this payment (cashback)

Second using an ATM, a person acting on behalf of the publisher
paying agent if such person does not provide other payment services,

F) service providers of technical services, which support the provision of payment services
without funds, which are subject
payment transactions, moved into their tenure.

§ 4
Electronic money


(1) electronic money is the monetary value that

A) represents a claim against the person who issued it,

B) is stored electronically

C) is issued on receipt of funds for the execution of payment transactions and


D) is adopted by persons other than the person who issued it.

(2) electronic money is not the monetary value that can not be

Used to make payment transactions than other payment transactions
specified in § 3 para. 3 point. c) 4 or § 3 para. 3 point. d) Section
7th
PART TWO


Person authorized to provide payment services to issue electronic MONEY

TITLE
I


GENERAL PROVISIONS
§ 5

Authorized to provide payment services

Provide payment services as a business may only following persons:

A) banks under the conditions stipulated by the law regulating the activities of banks

B) foreign banks and foreign financial institutions under the conditions laid down
law regulating the activities of banks

C) savings and credit cooperatives under the conditions provided by law
regulating the activities of credit unions,

D) electronic money institutions (§ 46) under conditions laid down by
law

E) foreign electronic money institutions under the conditions set
this Act

F) electronic money issuers minor (§ 53)
under the conditions prescribed by this Act

G) payment institutions (§ 7) the conditions laid down in this Act,

H) foreign payment institutions under the conditions laid down in this Act,

I) payment service providers minor (§ 36)
under the conditions prescribed by this Act

J) The Czech National Bank.

§ 6

Authorization to issue electronic money

Issue electronic money as a business can only following persons:

A) banks under the conditions stipulated by the law regulating the activities of banks

B) foreign banks and foreign financial institutions under the conditions laid down
law regulating the activities of banks

C) savings and credit cooperatives under the conditions provided by law
regulating the activities of credit unions,

D) electronic money institutions (§ 46) under conditions laid down by
law

E) foreign electronic money institutions under the conditions set
this Act

F) electronic money issuers minor (§ 53)
under the conditions prescribed by this Act

G) the Czech National Bank.
TITLE II


Payment institutions
Part 1

Basic provisions


§ 7

Payment institution is a legal entity that is authorized to provide
payment services based on authorization to operate a payment institution
to it by the Czech National Bank.

§ 8

(1) On the basis of an authorization to operate a payment institution, the payment institution is authorized


A) the provision of payment services listed in the license for the payment
institution

B) to carry out activities related to the provision of payment services by
letter a), including lending, and

C) operate a payment system with the exception of the payment system with settlement finality
.

(2) loans for the purposes of this Act means any form of temporary
funds provided.

(3) Credit's activities under paragraph 1. b) if

A) related to the provision of payment services listed in § 3 para. 1 point.
D), e) or g), and the payment service is listed in the authorization to operate
payment institution

B) credit is not granted from the funds that were paying
institution entrusted with the execution of payment transactions,

C) capital payment institution is proportionate to the total amount of loans granted
and

D) the loan has to be a contract concluded between the payment institution and
borrower repaid within one year; This does not apply if the
credit is granted in the Czech Republic.
Part 2


License for the activities of a payment institution

§ 9

(1) The Czech National Bank shall grant a license for the payment institutions
applicant

A) who is a legal person

B) having its registered office and head office in the Czech Republic

C) which has an initial capital of at least EUR
provided by this Act (§ 16)

D) the business plan including a forecast budget for the first three financial years
is supported by realistic economic calculations,

E) the material, technical, personnel and organizational prerequisites are
appropriate in terms of sound and prudent provision of payment services,

F) the control system complies with the requirements laid down by this
Act (§ 18)

G), which provides protection funds, unless the users

Entrusted to execute the payment transaction

H) the potential business consisting in activities other than the provision of payment services
not constitute a substantial threat to the financial stability
payment institution, nor can prevent effective exercise
supervise the activities of credit institutions

I) in which a qualifying holding only people who are trustworthy and capable
ensure the sound and prudent management of a payment
institutions

J) whose close links with any other person do not hinder effective supervision over the activities
payment institution; close association with a person who
governed by the law of a State which is not a Member State, not the
legal order nor the manner of its application prevent effective supervision over the activities
payment institution

K) whose directors are trustworthy in terms of sound and prudent
payment services,

L) the leading persons who effectively conduct the business of
payment services are professionally qualified and have sufficient experience
terms of sound and prudent
provision of payment services.

(2) Paragraph 1 point. b) does not apply if an international treaty,
which is part of the law, an obligation to allow the applicant to
headquartered in a country that is not a Member State to provide the Czech Republic
payment services under similar conditions as those
based in the Czech Republic, and if the law of the State in which the applicant is established,
not prevent the effective protection of funds that were paying
institution entrusted to execute the payment transaction.
Payment institution domiciled in a country that is not a Member State with § 29-31
apply.

(3) An application for authorization to operate a payment institution may only be submitted on the prescribed form
, which shall attach documents certifying
conditions referred to in paragraph 1. Specimen forms and contents of attachments down detailed
law regulation.

§ 10

(1) The decision on the application for authorization to operate a payment institution
Czech National Bank issued within 3 months from the date of initiation.

(2) The decision on granting authorization to operate a payment institution
Czech National Bank stating that the payment service payment institutions authorized to provide
.

§ 11

(1) The payment institution shall without undue delay to the Czech National Bank
change information in the application for a permit for activities or their
supplements on the basis of which it was granted authorization to operate.

(2) The notice referred to in paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents certifying
change in data specified in the application for a permit to an activity or its annexes on
under which authorization was the action is granted.
Specimen forms and content of their annexes in the implementing legislation.

Termination and withdrawal of authorization to operate a payment institution

§ 12

(1) A license for the payment institutions shall be terminated upon

A) cancel payment institution

B) when the decision on bankruptcy or payment institution
which the decision to reject the insolvency petition for lack of assets
payment institution

C) the legal force of a decision by the Czech National Bank granted
authorization to operate an electronic money institution (§ 46), or the day
which is stated in the decision as the date of authorization or

D) payment institutions enrollment in the register of providers of payment services
minor (§ 36).

(2) The Czech National Bank shall withdraw authorization to operate a payment institution
if that payment institution requests.

(3) The Czech National Bank may withdraw authorization to operate a payment institution
if

A) a payment institution has repeatedly or egregiously violated
obligation stipulated by this Act or other legislation
governing the procedure for the performance of activities under § 8

B) a payment institution fulfills the conditions for granting a
activities of payment institutions

C) the credit institution has not begun within 12 months of the granting of permits
provide payment services

D) payment institutions did not provide payment services for more than 6 months
or

E) the authorization was granted based on false or incomplete information

Or due to some other illegal method of payment institutions.

(4) The Czech National Bank shall inform the public in a manner allowing remote access
that there was a termination or withdrawal of authorization to payment institutions
activity.

§ 13

(1) After the termination or withdrawal of authorization to operate a payment institution
not one whose permits expired or to whom the permit was revoked
perform activities in accordance with § 8. Cash, entrusted
a payment transaction shall be issued to users;
if you can not determine what proportion of funds is transmitted by the user
payment institution is intended for payment transactions must be returned to the user
such portion of the funds by which to 1 year from the date of termination or withdrawal
permits the activities of a payment institution requests. Do
settlement of liabilities towards users with a person whose authorization to operate
payment institutions disappeared or who has authorization to operate a payment institution
revoked continue to be considered a payment institution.

(2) Paragraph 1 shall not apply to activities that is the one whose permission to perform activities
payment institutions disappeared or who were withdrawn
entitled to continue to perform in any other capacity.

Change in scope of authorization to operate a payment institution

§ 14

Submits a payment institution with a request to expand the scope
payment service, which has given its authorization to operate, shall apply mutatis mutandis
§ 9 par. 1 point. c) to j) and l), § 9. 3, § 10 and 11.

§ 15

(1) The Czech National Bank narrows the range of payment services, which has
payment institution given its authorization to operate, if they so request
payment institutions.

(2) The Czech National Bank may narrow range of payment services, which has
payment institution given its permission to work if

A) a payment institution has repeatedly or egregiously violated
obligation stipulated by this Act or other legislation
governing the procedure for the performance of activities under § 8 or

B) a payment institution does not meet the conditions for authorization to provide some
payment service or

C) the authorization was granted on the basis of false or incomplete information
or due to some other illegal actions by the applicant.

(3) To narrow the range of payment services to a payment institution
given its authorization to operate shall apply mutatis mutandis § 12 para. 4 and § 13th

Part 3


Some of the operating conditions for credit institutions
Capital


§ 16

The initial capital of a payment institution shall be at least equivalent amount


A) € 20,000 if the payment institution is authorized to provide payment
service under § 3 para. 1 point. f)

B) € 50,000 if the payment institution is authorized to provide payment
service under § 3 para. 1 point. g) or

C) € 125,000 if the payment institution is authorized to provide any
of payment services under § 3 para. 1 point. a) to e).

§ 17

(1) A payment institution maintains ongoing capital of at least EUR
corresponding capital requirement to cover risks (
"capital adequacy"). Capital payment institutions while not
fall below the minimum amount of initial capital prescribed in § 16th

(2) An application for authorization to operate a payment institution applicant shall
approach that payment institutions to apply when calculating capital adequacy
. Czech National Bank decision to authorize the activity
payment institution approves this approach, if it is appropriate in terms
proper provision of payment services or due to circumstances
applicant; otherwise provided by any other suitable approach. The approach set may
Czech National Bank changed later if circumstances change or
conditions under which access has been established.

(3) The Czech National Bank may, based on an evaluation of the management and control system
payment institution may decide that payment
institution is obliged to continuously maintain capital adequacy ratio
up to 20% higher, or up to 20 % lower than specified in paragraph 1
first sentence.

(4) The implementing regulation lays down rules for the calculation of capital
payment institutions, as well as rules for calculating capital adequacy
, including different approaches to credit institutions

Can when calculating capital adequacy apply.

Control system

§ 18

(1) Credit institutions shall establish and maintain command and control system
which is suitable in terms of sound and prudent provision of payment
services and in terms of compliance with obligations related to the fight against
legalization of proceeds from crime and financing of terrorism.
Control and monitoring system must be comprehensive and proportionate to the nature, scale and complexity
payment institution's activities and ensure the proper and smooth
payment services.

(2) The control system includes

A) organizational preconditions and prerequisites of good governance
company, always

First management policies and procedures,

Second organizational structure with a proper, transparent and comprehensive specification
activities and related responsibilities and decision-making powers, within
which also lays down procedures to avoid potential for conflicts of interest and
define the function whose performance is inconsistent, and

Third sound administrative and accounting procedures

B) risk management system, which always includes

First access rules for payment institutions risks payment
is or might be exposed to, including those posed by
external environment and liquidity risk

Second procedures for identifying, evaluating, measuring, monitoring and reporting of risks and


Third procedures for the adoption of measures to reduce risks,

C) internal control rules, which always includes

First internal audit,

Second Continuous monitoring compliance with the obligations of the payment institution
arising from this Act and other legislation.

(3) As part of organizational requirements pursuant to paragraph 2. a) they are always


A) the rules for keeping records of the funds that were
payment institution entrusted with the execution of payment transactions,

B) rules for handling complaints and claims of users and

C) internal communication system.

(4) internal control rules under paragraph 2. c) also include

A) control and security measures for processing and recording
information and taking into account their character and

B) rules for checking the activities of sales representatives whose
via a payment institution provides payment services.

(5) The payment institution shall continuously verify and regularly
evaluate the adequacy and effectiveness of internal control system.

(6) Method of meeting the requirements for the control system
payment institution in the implementing legislation.

Protection funds intended for payment transactions

§ 19

The funds that were paying institution entrusted to perform
payment transactions are not considered deposits accepted payment institutions
under the law regulating the activities of banks or for electronic money.

§ 20

(1) The funds that have been entrusted to the credit institution
execution of payment transactions must be

A) recorded separately from its own cash payment
institutions and funds from other persons except
other funds that have been entrusted payment institution in order
payment transaction,

B) after the end of the business day following the date on which payment is received
institution, deposited in a separate account with the institution
banks, savings and credit cooperatives, foreign banks domiciled in a Member State or
foreign banks domiciled in a non-Member State
which is subject to supervision comparable to the supervision of the Czech national Bank
or be invested in liquid assets with low risk
if the payment institution does not pass the recipient or another provider.

(2) Paragraph 1 shall not apply if the payment institution has entered
insurance contract or for her was granted another comparable guarantee
under which users are entitled to compensation in the amount corresponding
right to release cash funds entrusted
the payment institution to make a payment transaction in the event that the payment institution is
able to satisfy this right itself, especially if a decision on bankruptcy
payment institutions.

(3) take out insurance under paragraph 2, as the insurer may

Only insurance company or a foreign person with similar objects of business
established in a Member State or domiciled in a non-Member State
which is subject to supervision comparable to the supervision of the Czech National Bank
if these persons are not members same group as
payment institution. Provide other comparable guarantee referred to in paragraph 2 may only
bank, savings and loan association or a foreign bank or
foreign person with similar objects of business established in another Member State or
established in another Member State than that
subject to supervision comparable to the supervision of the Czech national Bank
if these persons are members of the same group as the payment institution.

(4) The implementing regulation lays down the assets into which the payment institution
invest its funds under paragraph 1. b).

§ 21

If you can not determine what proportion of funds is transmitted by the user
payment institution is intended for the payment transaction, the payment institution shall
protected under § 20
a portion of these funds, which corresponds to an estimate based on data
from previous periods.

§ 22

(1) If the decision on bankruptcy payment institution is a special
bankruptcy trustee is obliged to issue funds that were
payment institution entrusted to perform a payment transaction
users. If you can not reliably determine what portion of its cash resources
transmitted user payment institution is intended for
payment transaction is a special insolvency administrator must issue
funds that have been entrusted to a payment institution could be used to
execution of payment transactions.

(2) Special bankruptcy trustee shall publish within 15 days of its
provisions in at least two nationally distributed newspapers in each
State in whose territory the payment institution or transacts business challenge
users who payment institution entrusted funds to
execution of payment transactions to be signed by them, including deadlines and
instruction about the consequences of such lapse.

(3) Special bankruptcy trustee shall, within seven months from the date of publication pursuant to paragraph 2
funds that were
payment institution entrusted with the execution of payment transactions, users

A) who are these funds known within three months from the date of publication
pursuant to paragraph 2 and proved their right to their release, or

B) who are these funds signed within 6 months from the date of publication
under paragraph 2 and the right to release results from the
records of payment institutions.

(4) Special bankruptcy trustee cashing assets referred to in § 20 para. 1
point. b). Indemnity or benefit from the guarantee in accordance with § 20 para. 2 and 3
obliged person pays special insolvency administrator.

(5) If the funds mentioned in § 20 para. 1, mining
monetized assets in accordance with paragraph 4 and indemnity or payment under the guarantee
according to § 20 para. 2 and 3 are insufficient to fully satisfy all | || users referred to in paragraph 3 will satisfy the rights of these users
fairly.

(6) the extent to which the right to release funds pursuant to paragraph 1
been satisfied in accordance with paragraphs 2 to 5, the relevant
receivable deemed timely and duly registered in terms of the law regulating
decline.

(7) If the bankruptcy petition was dismissed for lack of assets or
if bankruptcy was canceled due to the debtor's assets to satisfy creditors
completely insufficient, the liquidator shall proceed similarly
under paragraphs 4 and 5. | ||
Provision of payment services through an agent
payment institutions

§ 23

(1) A payment institution may provide payment services through
sales representative if

A) management and control system sales representative is suitable in terms
observance of obligations related to the fight against money laundering
crime and terrorist financing,

B) sales representative who is a natural person, a senior officer
sales representative who is a legal entity, are trusted
professionally qualified and have sufficient experience in terms of sound and prudent
payment services .

(2) A payment institution intends to provide payment services

Through an agent, it shall notify the Czech National Bank.

(3) The notification pursuant to paragraph 2 may only be submitted in the prescribed form, which
notifier accompanied by documents certifying that the conditions
referred to in paragraph 1. Specimen forms and content of their annexes provides
implementing legislation.

§ 24

When providing payment services through payment institutions
sales representative in the host Member State shall apply mutatis mutandis §
29 and 30. Before writing a sales representative to list payment
institutions, the Czech National Bank on the opinion of the supervisory authority | || host Member State and that opinion into account.

§ 25

(1) When providing payment services foreign credit institutions
established in another Member State through an agent in
Czech Republic The Czech National Bank shall notify the supervisory authority of the home Member State of the
payment institutions on request, its
opinion on this fact.

(2) If the Czech National Bank has reasonable suspicion that in connection with the provision of payment services
foreign credit institutions established
in another Member State through an agent in the Czech Republic
may increase risk of money laundering or financing activities
terrorism communicate this fact without undue delay
supervisory authority of the home Member State of the payment institution
.

Performance of certain operations via another person

§ 26

(1) A payment institution intends to entrust the performance of some
operating activities relating to the provision of payment services
another person, it shall notify the Czech National Bank.

(2) Performance of an important operational activity relating to the provision of payment services
payment institutions may entrust another person only
provided that no significant deterioration in the functioning of the management and control system
payment institution, a substantial reduction
options Czech national Bank to supervise the activities of credit institutions
or transferring the responsibility of persons performing business executives
payment institution to another person.

(3) Significant operations in accordance with paragraph 2 is operating,
whose failure or improper implementation would materially impair the continuing compliance obligations
payment institutions
stipulated by this law.

(4) Notification pursuant to paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents certifying that the conditions
referred to in paragraphs 2 and 3. The model forms and content of their annexes shall be laid down
regulation.
Disclosure


§ 27

(1) A payment institution provides the Czech National Bank information about their
financial position, the results of its operations, compliance with the conditions
exercise of their activities and information about sales representatives, whose
through providing payment services.

(2) The content, form, deadline and provides information
implementing legislation.

Storing documents and records

§ 28

(1) Payment institutions retain documents and records relating to the performance of duties
payment institutions under this title, at least
5 years from the date when such documents or records arose.
Obligation to keep the documents under other laws remain unaffected.

(2) The obligation referred to in paragraph 1 has the legal successor
payment institution and the person whose authorization to operate a payment institution
expired or has been withdrawn.
Section 4


Business Performance credit institutions and foreign credit institutions in the host Member State


Performance of activities of the payment institution in the host Member State

§ 29

(1) A payment institution intending to perform activities
referred to in § 8 in the host Member State shall notify the Czech National Bank
. In the notification, the payment institution shall state that payment services will
in the host Member State to provide, and if
provide payment services through a branch, as well as data on the organizational
structure and governance of the branch.

(2) The notice referred to in paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents confirming the information given in

Notice. Specimen forms and content of their annexes
down implementing legislation.

§ 30

Czech National Bank shall notify the supervisory authority of the host Member State
within 1 month of the date on which the notification pursuant to § 29 occurred, business
credit institution has its registered office and other data contained in the notification.

Business Performance foreign credit institution established in another Member State

Czech Republic
§ 31

(1) Foreign credit institutions established in another Member State may
Czech Republic in the activities referred to in § 8, whose performance is
entitled under the authorization, which was granted supervisory authority
its home Member State.

(2) If the Czech National Bank has reasonable suspicion that in connection with the provision of payment services
foreign credit institutions established
in another Member State through a branch in the Czech Republic
may be increased danger laundering of the proceeds of crime or financing of terrorism
shall communicate this fact without undue delay
supervisory authority of the home Member State of the payment institution.
Heading left


§ 32


Canceled
§ 33


Canceled
§ 34


Canceled
§ 35


Canceled TITLE III


Payment service provider of small-scale
Part 1

Basic provisions


§ 36

(1) payment service provider a small scale is the one who is
authorized to provide payment services based on a registry entry
payment service providers is small in scale. The provisions of § 8
used for the payment service provider of small-scale analogy.

(2) The payment service provider of small-scale
is authorized to provide payment services only if the monthly average of the amounts it
payment transactions executed in the Czech Republic, including
payment transactions executed through its business
representatives for the past 12 months does not exceed an amount corresponding to 3,000
000. If the payment service provider of small-scale
provides payment services for less than 12 months, starting at
determine the amount of payment transactions it has carried out its business plan
.
Part 2


Registration payment service providers to small-scale

§ 37

(1) The Czech National Bank entered in the register of providers of payment services
small-scale applicants

A) has its registered office or place of business in the Member State in which
actually operates, and a branch in the Czech Republic

B) whose business plan is supported by realistic economic calculations and
in accordance with the conditions set out in § 36 para. 2

C), which provides protection funds, unless the users
entrusted to execute the payment transaction

D) has not been convicted of a crime against property, economic
offense or for a criminal offense committed in connection with the financing of terrorism
; the same applies to a senior officer of the applicant

E) for which there are no circumstances constitutes an obstacle to the operation
trade in accordance with the law regulating business activities,

F) that, if a natural person meets the conditions for operating
trade in accordance with the law regulating business activities.

(2) If an applicant for registration in the register of providers of payment services
small-scale registered in the Trade Register, it is considered that
conditions referred to in paragraph 1. e) and f) are met.

(3) The application for entry in the register of payment service providers
small scope can only be submitted on the prescribed form, to which the applicant
accompanied by documents certifying that the conditions specified in paragraph 1
specimen forms and the content of their annexes in the implementing legislation.

§ 38

(1) The Czech National Bank within one month from the date on which the request was received, the applicant
entered into the register of payment service providers
small scale and in the same period him about this issue a certificate if the data || | contained in the request shows that the conditions for entry in the register.
The registration to the Czech National Bank stating that the payment service
payment service provider authorized to provide small-scale.

(2) If the applicant does not demonstrate that the conditions for entry in the register
payment service providers to small-scale or if there

Doubts about the accuracy and completeness of the information contained in the application,
Czech National Bank shall reject the application.

§ 39

(1) payment service provider a small scale shall without undue delay
Czech National Bank of change of information contained in the application for registration in the register
payment service providers to small-scale or its
annexes on the basis of the this registry enrolled.

(2) The notice referred to in paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents certifying
change in data specified in the application for registration in the register of payment service providers
small-scale or its annexes, under which it was to this
the register. Specimen forms and content of their annexes provides
implementing legislation.

Dissolution and deregistration payment service provider of small extent


§ 40

(1) Registration payment service provider minor lapse day


A) death payment service provider of small-scale or
revocation

B) when the decision on bankruptcy provider of payment services
small-scale or when the decision to reject
insolvency petition for lack of assets
payment service provider of small-scale

C) the legal force of a decision by the Czech National Bank granted
payment service providers, small-scale authorization to operate
payment institution or a license for the institution of electronic money
(§ 46), or on the date in the decision as the date of creation
permit or

D) enrollment payment service provider to register small-scale electronic money issuers
minor (§ 53)

(2) The Czech National Bank shall cancel the registration of providers of payment services
small scale, if a payment service provider
small-scale requests.

(3) The Czech National Bank may cancel the registration of providers of payment services
small extent, if

A) the payment service provider of small-scale
repeatedly or egregiously violated obligations under this Act or any other legislation governing
procedure for the provision of payment services,

B) the payment service provider of small-scale
meets the conditions set out in § 36 para. 2 and § 37 para. 1, or

C) the registration was based on false or incomplete information or
as a result of other illegal practices of
small payment service.

(4) If the payment service provider of small-scale
within 30 days from the date on which it ceased to meet the conditions stipulated in § 36 para. 2
submit an application for authorization to operate a payment institution or a request for authorization || | the business of electronic money institutions, the Czech national Bank
decision pursuant to paragraph 3. b) provide that
not take effect before the coming into effect of the decision on the request submitted.

§ 41

(1) From the date of termination or cancellation of registration of the payment service
small scale not one whose registration expired or been canceled
practice activities that can be performed on the basis of this
registration. Funds entrusted to carry
payment transaction must be issued to users; If you can not determine
what proportion of funds transmitted to the provider
small payment service is intended for payment transactions must be returned to the user
such portion of the funds by which to
1 year from the date of termination or cancel the registration of a payment service
small-scale requests. Until the date of settlement of liabilities towards users
a person whose registration expired or been revoked, continues to consider
a payment service provider a small scale.

(2) Paragraph 1 shall not apply to activities that is the one whose
registration payment service provider of small-scale
disappeared or been revoked, is entitled to continue to perform in any other capacity.

§ 42

When administered payment service provider of small-scale
request for extension of the scope of payment services covered by the registration
apply mutatis mutandis to § 37 para. 1 point. b) and paragraph. 3, § 38 and
39th

§ 43

(1) The Czech National Bank narrows the range of payment services, which are covered by the registration
payment service provider of small-scale

If a payment service provider of small-scale requests.

(2) The Czech National Bank may narrow range of payment services, which are covered by the registration
payment service provider of small-scale, if


A) the payment service provider of small-scale
repeatedly or egregiously violated obligations under this Act or any other legislation governing
procedure for the provision of payment services, or


B) the registration was based on false or incomplete information or
due to other illegal actions by the applicant.

(3) To narrow the range of payment services covered by the registration
payment service provider of small-scale, shall apply mutatis mutandis §
41st
Part 3


Some of the operating conditions for the payment service provider of small extent


§ 44

(1) payment service provider a small scale shall apply mutatis mutandis
§ 19-22, 27 and 28

(2) The payment service provider of small-scale users must provide
interest or other benefits depending on the length of time for which he
funds are entrusted to execute the payment transaction.
Heading left


§ 45


Canceled TITLE IV


Electronic money institution
Part 1

Basic provisions


§ 46

(1) An electronic money institution is a legal entity that is
authorized to issue electronic money under the authorization to operate
electronic money institutions, given to it by the Czech National Bank.

(2) On the basis of an authorization to operate an institution
electronic money electronic money institution authorized to

A) issue electronic money

B) provide payment services relating to electronic money

C) to provide payment services not related to electronic money
specified in the license for the electronic money institution

D) to carry out activities related to the activities listed in subparagraphs a) to c
), including lending, and

E) operate a payment system with the exception of the payment system with settlement finality
.

(3) Credit's activities pursuant to paragraph 2. d) if

A) related to the provision of payment services listed in § 3 para. 1 point.
D), e) or g), and the payment service is listed in the authorization to operate
electronic money institutions

B) credit is not granted from the funds against the adoption
been issued e-money institution or were
electronic money entrusted to execute the payment transaction

C) the capital of an electronic money institution is proportionate to the total amount of loans and


D) the loan has to be according to the agreement between the institutions
electronic money and the borrower repaid within one year;
this does not apply if the credit is granted in the Czech Republic.
Part 2


A license for the electronic money institution

§ 47

(1) The Czech National Bank shall grant a license for the electronic money institution
applicant

A) who is a legal person

B) having its registered office and head office in the Czech Republic

C) which has an initial capital of at least EUR
provided by this Act (§ 52a par. 1),

D) the business plan including a forecast budget for the first three financial years
is supported by realistic economic calculations,

E) the material, technical, personnel and organizational prerequisites are
appropriate in terms of sound and prudent issuance of electronic money, and
payment services,

F) the control system complies with the requirements laid down by this
Act (§ 52c)

G), which provides protection for funds against their
receipt was issued electronic money or that he entrusted
users to execute the payment transaction

H) the potential business consisting in activities other than the issuance of electronic money, and
in the provision of payment services
constitute a substantial threat to the financial stability of electronic money institutions
nor can it prevent effective supervision over the activities of the institution | || eM

I) in which a qualifying holding only people who are trustworthy and capable
ensure the sound and prudent management of the institution
electronic money


J) whose close links with any other person do not hinder effective supervision over the activities
electronic money institutions; close association with
person who is governed by the law of a State which is not a Member State
not that law nor the manner of its application
prevent effective supervision of electronic money institutions,

K) whose directors are trustworthy in terms of sound and prudent
issuance of electronic money and payment
service

L) the leading persons who effectively conduct the business of issuing
electronic money and payment services are professionally
eligible and have sufficient experience in terms of sound and prudent
issuance of electronic money and payment services.

(2) Paragraph 1 point. b) does not apply if an international treaty,
which is part of the law, an obligation to allow the applicant to
headquartered in a country that is not a Member State issue in the Czech Republic
electronic money under similar conditions as those based in the Czech Republic and
if the law of the State in which the applicant is established, does not preclude
effective protection of funds against the adoption were issued
electronic money, or which have been entrusted to the applicant to carry out the payment
transaction. For an electronic money institution headquartered in
State which is not a Member State with § 52 meters and 52H apply.

(3) An application for a license for the electronic money institution
can be filed only in the prescribed form, which shall be accompanied
documents certifying that the conditions referred to in paragraph 1. Patterns
forms and content of their annexes down implementing legislation.

§ 48
Heading left


(1) The decision on the application for a license for the institution of electronic money
Czech National Bank issued within 3 months from the date of initiation.

(2) The decision on granting a license for the institution of electronic money
Czech National Bank indicate that payment services which are not related
electronic money, electronic money institution authorized to provide
.

(3) The electronic money institution shall without undue delay
Czech National Bank of change of information contained in an application for authorization to operate
or its annexes on the basis of which it was authorized to practice
granted.

(4) The notice referred to in paragraph 3 may be made only on the prescribed form, which
notifier accompanied by documents certifying
change in data specified in the application for a permit to an activity or its annexes on
under which authorization was the action is granted.
Specimen forms and content of their annexes in the implementing legislation.

Termination and withdrawal of authorization to operate an electronic money institution

§ 49

(1) A license for the electronic money institution shall be terminated upon

A) the abolition of electronic money institutions

B) when the decision on bankruptcy EMIs
money or when the decision to reject the proposal
bankruptcy for lack of assets, electronic money institutions,

C) the legal force of a decision by the Czech National Bank granted
electronic money institution authorization to operate a payment institution
or on the date specified in the decision as the date of authorization or

D) registration of electronic money institutions to the register of
small payment service or to register electronic money issuers
minor (§ 53).

(2) The Czech National Bank shall withdraw authorization to operate an electronic money institution
if requested by the electronic money institutions
requests.

(3) The Czech National Bank may revoke a license for the business of electronic money institutions
if

A) an electronic money institution has repeatedly or egregiously violated
obligation stipulated by this law or other legal
regulation governing the procedure for activities according to § 46 para. 2

B) an electronic money institution meets the conditions for granting authorization to operate
electronic money institutions

C) an electronic money institution has not begun within 12 months from the date of
permission to issue electronic money or provide payment services
related to electronic money

D) electronic money institutions not issue electronic money nor

Not provide payment services related to electronic money
for more than 6 months, or

E) The authorization was granted on the basis of false or incomplete information
or due to some other illegal procedure EMIs
money.

(4) The Czech National Bank shall inform the public in a manner allowing remote access
that there was a termination or withdrawal of authorization to
activities of electronic money institutions.

§ 50
Heading left


(1) After the termination or withdrawal of authorization to operate an electronic money institution
not one whose permits expired or who were
withdrawn perform activities according to § 46 para. 2. Funds that
entrusted to execute the payment transaction must be issued
users. Cash, against whose adoption was issued
electronic money must be issued to holders. If you can not determine
what proportion of funds submitted by the holder or user
electronic money institution is intended for payment transactions must be holders
returned to the user or such portion of the funds on which
1 year from the the termination or withdrawal of authorization to operate
electronic money institution requests. To settle obligations towards
holders and users are the one whose authorization to operate an electronic money institution
disappeared or who have been authorized to practice
electronic money institution is withdrawn, and continues to be an institution
electronic money.

(2) Paragraph 1 shall not apply to activities that is the one whose permission
the business of electronic money institutions disappeared or who were
withdrawn, be entitled to continue to perform in any other capacity.

Change in scope of a license for the electronic money institution

§ 51
Heading left


When administered an electronic money institution request the extension of the scope
payment services which are not related to electronic money and that
has given its authorization to operate shall apply mutatis mutandis § 47 para. 1
point. d) to j) and l), § 47 para. 3 and § 48.

§ 52
Heading left


(1) The Czech National Bank narrows the range of payment services which are not related
electronic money and that has an electronic money institution
given its authorization to operate, if that institution
e-money requests.

(2) The Czech National Bank may narrow range of payment services which are not related
electronic money and that has an electronic money institution
given its permission to work if

A) an electronic money institution has repeatedly or egregiously violated
obligation stipulated by this law or other legal
regulation governing the procedure for activities according to § 46 para. 2

B) an electronic money institution meets the conditions for granting
authorization to provide some payment service, or

C) the authorization was granted on the basis of false or incomplete information
or due to some other illegal actions by the applicant.

(3) To narrow the range of payment services which are not related
electronic money and that has an electronic money institution
given its authorization to operate shall apply mutatis mutandis § 49 para. 4 and § 50. || | Part 3


Some operating conditions for electronic money institutions

§ 52a
Capital


(1) The initial capital of an electronic money institution shall be at least
amount corresponding to 350,000 euros.

(2) The electronic money institution continually maintains capital adequacy
. The capital of electronic money institutions while not
fall below the minimum amount of initial capital referred to in paragraph
first

(3) An application for a license for the electronic money institution
applicant shall give access to the electronic money institution
apply when calculating capital requirement to cover risks associated with
provision of payment services which are not related
electronic money. Czech National Bank decision to authorize the activities of electronic money institutions
approve this approach, if it is suitable from the viewpoint
proper provision of payment services which are not related
electronic money, or because of the circumstances of the applicant;
otherwise provided by any other suitable approach. The approach set out Czech National Bank may later
change if circumstances change or the conditions under which access was

Determined.

(4) The Czech National Bank may, based on an evaluation of the management and control system
electronic money institutions decide that
electronic money institution is obliged to continuously maintain capital adequacy
of up to 20% higher, or up 20% lower than
specified in paragraph 2, first sentence.

(5) The implementing regulation lays down rules for the calculation of capital
electronic money institutions, as well as rules for calculating capital adequacy
, including different approaches to electronic money institutions
may apply when calculating capital requirement
to cover risks associated with the provision of payment services which are not related to electronic money
.

§ 52b

Acquisition, Loss, raising and lowering the qualifying holding
electronic money institution and its domination

(1) A person or persons acting in concert, give advance notice to the Czech National Bank of its intention


A) acquire a qualifying holding in an electronic money

B) loss of a qualified holding in an electronic money

C) increase the qualifying holding in an electronic money so that
reach or exceed 20%, 30% or 50%

D) reduce the qualifying holding in an electronic money so that
falls below 50%, 30% or 20%

E) to become the person controlling an electronic money institution, or

F) cease to operate electronic money institution.

(2) If a person or persons acting in concert, which made
notification pursuant to paragraph 1. a), c) and e) are not trusted or
eligible in terms of the need to ensure sound and prudent management
electronic money institutions, the Czech National Bank expresses disagreement with
acquire or increase a qualifying holding or mastering institution || | electronic money. This applies even if you did not notice
inconsistent with paragraph 1. a), c) or e) done.
Management of disagreement may be initiated within 60 working days of the date on which
Czech National Bank notification pursuant to paragraph 1. a), c) or e)
occurred or when the Czech National Bank learned that the announcement was not
inconsistent with paragraph 1. a), c) or e) done. Where the Czech National Bank
before the deadline to initiate proceedings to determine
disagreement that a person or persons acting in concert, which made
notification pursuant to paragraph 1. a), c) and e) are not trusted or
eligible in terms of the need to ensure sound and prudent management
electronic money institutions, this fact communicated to them.

(3) If the Czech National Bank expresses its disagreement under paragraph 2
person who made the notification under paragraph 1. a), c) or e)
or notice that contrary to paragraph 1 point. a), c) or e)
done so, may not exercise the voting rights attached to participation
electronic money institution to the extent to which the holding is acquired or increased
.

(4) Notification pursuant to paragraph 1 may only be submitted on a prescribed form.
In the case of a notice under subsection 1. a), c) or e) the notifier
form accompanied by documents certifying its properties in terms
need to ensure sound and prudent management of the institution
electronic money. Specimen forms and contents of their annexes shall be laid down
regulation.

§ 52c

Control system

(1) The electronic money institution shall establish and maintain command and control
system that is suitable in terms of sound and prudent
issuance of electronic money and payment services and in terms
compliance obligations related to combating money
proceeds from crime and terrorist financing. The management and control system
must be comprehensive and proportionate to the nature, scale and complexity of activities
electronic money institutions and ensure the proper and smooth
issuing electronic money and payment services.

(2) The control system includes

A) organizational preconditions and prerequisites of good governance
company, always

First management policies and procedures,

Second organizational structure with a proper, transparent and comprehensive specification
activities and related responsibilities and decision-making powers, within
which also lays down procedures to avoid potential conflicts of formation

Interests and define the function whose performance is inconsistent, and

Third sound administrative and accounting procedures

B) risk management system, which always includes

First access rules for electronic money institutions risks that
electronic money institution is or might be exposed to, including
risks arising from the external environment and liquidity risk

Second procedures for identifying, evaluating, measuring, monitoring and reporting of risks and


Third procedures for the adoption of measures to reduce risks,

C) internal control rules, which always includes

First internal audit,

Second monitor compliance with the obligations of EMIs
money resulting from this Act and other laws.

(3) As part of organizational requirements pursuant to paragraph 2. a) they are always


A) the rules for keeping records of funds against the
acceptance have been issued e-money institution or were
electronic money entrusted to execute the payment transaction

B) rules for handling complaints and claims of holders and users

C) internal communication system.

(4) internal control rules under paragraph 2. c) also include

A) control and security measures for processing and recording
information and taking into account their character and

B) rules for checking the activities of sales representatives whose
via electronic money institution provides payment services
.

(5) The electronic money institution is obliged to continuously verify and
periodically assess the adequacy and effectiveness of internal control system
.

(6) Method of meeting the requirements for the control system of electronic money institutions
in the implementing legislation.

Protection funds

§ 52d

(1) Cash, against whose adoption was issued
electronic money or electronic money institution were entrusted to
payment transaction, no deposit
under the law regulating the activities of banks.

(2) Electronic money institutions issue electronic money
immediately after they accepted funds from the adoption to be
electronic money issued.

§ 52e

(1) Cash, against whose adoption was issued
electronic money or electronic money institution were entrusted to
execution of payment transactions must be

A) recorded separately from its own funds institutions
electronic money and cash from other persons except
other funds, against whose adoption was issued
electronic money or which have an electronic money institution || | entrusted to execute the payment transaction, and

B) after the end of the business day following the date on which the institution
electronic money received, deposited in a separate account
institution of electronic money at a bank, savings and credit cooperatives, foreign banks
established in a Member State or foreign bank
established in another Member State than that is subject to supervision comparable
with the supervision of the Czech national Bank, or be invested in liquid assets
low risk if the electronic money institution does not pass || | recipient or another provider.

(2) Paragraph 1 shall not apply where an electronic money institution
concluded the insurance contract or for her was granted another comparable
warranty under which holders and users have the right to indemnity in the amount corresponding to the right
to release funds against their
acceptance have been issued e-money institution or were
electronic money entrusted to execute the payment transaction, if
electronic money institution is not able to satisfy this right
itself, especially in the case of a decision by an institution fails
electronic money.

(3) take out insurance under paragraph 2, as the insurer may only
insurance company or a foreign person with similar objects of business
established in a Member State or domiciled in a non-Member State which is subject to supervision
comparable to the supervision of the Czech national Bank
if these persons are not members of the same group as the electronic money institution
. Provide another comparable security by

Paragraph 2 may only bank, savings and loan association,
foreign bank or a foreign person with similar objects of business
based in another Member State or established in another Member State than that
subject to supervision comparable to the supervision of the Czech national Bank
if these persons are members of the same group as EMIs
money.

(4) The implementing regulations shall specify the assets in which an institution
electronic money to invest funds under paragraph 1
point. b).

(5) For special reasons, the Czech National Bank
general measure to temporarily disable EMIs
invest its funds under paragraph 1. b) against whom
were issued electronic money into assets
laid down by implementing act in accordance with paragraph 4, the kind that measure
also be defined. While Czech National Bank account of the security
maturity and value of these assets.

(6) Measures of general nature pursuant to paragraph 5 shall not take effect before
perform the procedure for this measure under the Administrative Procedure, prior
discussed his draft day posting a public notice, which is a general measure
announces. If there is danger in delay, may
Czech National Bank limit laid down by administrative rules for publication
draft general measures for notifying the public hearing and
for comments or objections to general measures to shorten || | 3 days.

§ 52f

(1) If you can not determine what proportion of funds is transmitted
occupier or user of an electronic money institution is intended for
payment transactions, electronic money institution is obligated to protect
according to § 52e of a portion of those funds which corresponds
estimate based on data from previous periods.

(2) If an electronic money institution receives from the holders
cash resources, against whose adoption was issued electronic money
through the adoption of a payment instrument, the funds were
adopted when he was means of payment determined by the payment order.
In this case protects the electronic money institution, these cash resources
according to § 52e after having been credited to its account
payment or put at its disposal, but at the latest after 5 working days of the date
issuance of electronic money.

§ 52 g

(1) If the decision on bankruptcy electronic money institutions
is a special insolvency administrator is obliged to deliver cash against
whose adoption was issued electronic money or which were
electronic money institution entrusted to payment transaction,
holders and users. If you can not reliably determine what part
funds submitted by the holder or member institution
electronic money is intended for the payment transaction is special
bankruptcy trustee is obliged to issue funds that were
electronic money institution entrusted with and They could be used to perform
payment transaction.

(2) Special bankruptcy trustee shall publish within 15 days of its
provisions in at least two nationally distributed newspapers in each
State on whose territory an electronic money institution or business
own business, a challenge holders who electronic money institutions
issued electronic money, and users who
electronic money institution entrusted funds for the payment transaction
to the cash subscribed, including deadlines and
instruction about the consequences of such lapse .

(3) Special bankruptcy trustee shall, within seven months from the date of publication pursuant to paragraph 2
funds, against whose adoption was issued
e-money or were
electronic money institution entrusted with the execution of payment transactions, holders and users who
about these funds signed up

A) three months from the date of publication pursuant to paragraph 2 and proved its right to
their issue or

B) six months from the date of publication pursuant to paragraph 2 and the right to release their
clear from the records of electronic money institutions.

(4) Special bankruptcy trustee cashing assets referred to in § 52e paragraph. 1
point. b). Indemnity or benefit from the guarantee according to § 52e paragraph. 2 and 3

Liable entity pays special insolvency administrator.

(5) If the funds mentioned in § 52e paragraph. 1, the yield
monetized assets in accordance with paragraph 4 and indemnity or performance of
warranties according to § 52e paragraph. 2 and 3 are insufficient to fully satisfy all | || holders and users referred to in paragraph 3 will satisfy the rights of these
holders and users fairly.

(6) the extent to which the right to release funds pursuant to paragraph 1
been satisfied in accordance with paragraphs 2 to 5, the relevant
receivable deemed timely and duly registered in terms of the law regulating
decline.

(7) If the bankruptcy petition was dismissed for lack of assets or
if bankruptcy was canceled due to the debtor's assets to satisfy creditors
completely insufficient, the liquidator shall proceed similarly
under paragraphs 4 and 5. | ||
Publishing and distribution of electronic money and payment
services through representative institutions of electronic money


§ 52h

(1) Electronic money institutions shall not issue electronic money through
person that when issuing electronic money
acting on its behalf; It does not apply to an employee nor a proctor
electronic money institutions.

(2) The electronic money institution may provide payment services through
sales representative if

A) management and control system sales representative is suitable in terms
observance of obligations related to the fight against money laundering
crime and financing of terrorism and

B) sales representative who is a natural person, a senior officer
sales representative who is a legal entity, are trusted
professionally qualified and have sufficient experience in terms of sound and prudent
payment services .

(3) An electronic money institution that intends to provide
payment services through an agent, it shall notify the Czech National Bank
.

(4) The notice referred to in paragraph 3 may be made only on the prescribed form, which
notifier accompanied by documents certifying that the conditions
referred to in paragraph 2. Specimen forms and content of their annexes provides
implementing legislation.

§ 52i

(1) When distributing electronic money or the provision of payment services
electronic money institutions through the commercial
representative in the host Member State shall apply mutatis mutandis § 52 meters.
Before writing a sales representative on the list of electronic money institutions
ask the Czech National Bank of opinion
supervisory authority of the host Member State and that opinion into account.

(2) When distributing electronic money or the provision of payment services
foreign electronic money institution established in another Member State
through a sales representative in the Czech Republic
communicate to the Czech National Bank supervisory authority of the home Member State || | this electronic money institution upon request, its opinion on
this fact.

(3) If the Czech National Bank has reasonable suspicion that
in connection with the distribution of electronic money or to the provision of payment services
foreign electronic money institution established in another Member State through
sales representative Czech Republic may
increasing the risk of legalization of proceeds from crime or financing of terrorism
shall communicate this fact without undue delay
supervisory authority of the home Member State of the institution
electronic money.

Performance of certain operations via another person

§ 52j

(1) An electronic money institution that intends to delegate the performance of some
operating activities relating to the issuance of electronic money or
for providing payment services to another person, it shall notify the Czech National Bank
.

(2) Performance of an important operational activity related to the issuance of electronic money or
for providing payment services may
payment institutions entrust another person only if this does not significantly
deterioration in the functioning of the management and control system
electronic money institutions, substantial reduction in capacity of the Czech national Bank
supervise the activities of electronic money institutions, or transferring responsibility
persons performing business management institutions

Electronic money to other persons.

(3) Significant operations in accordance with paragraph 2 is operating,
whose failure or improper implementation would materially impair the continuing compliance obligations
electronic money institutions
provided by this Act.

(4) Notification pursuant to paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents certifying that the conditions
referred to in paragraphs 2 and 3. The model forms and content of their annexes shall be laid down
regulation.
Disclosure


§ 52k

(1) The electronic money institution provides the Czech National Bank
information about its financial situation, the results of its operations, a
compliance exercise of their activities and information about business
representatives, through which distributes electronic money
in another Member State or provides payment services.

(2) The electronic money institution shall notify the Czech National Bank with
advance of any substantial change in measures concerning
safeguarding against the adoption were issued
electronic money.

(3) The content, form, deadlines and the provision of information pursuant to paragraph 1
in the implementing legislation.

Storing documents and records

§ 52 l

(1) The electronic money institution shall retain documents and records relating to the performance
obligations electronic money institutions under this
head, at least for a period of 5 years from the date when such documents or records
incurred. The obligation to keep the documents under other laws
unaffected.

(2) The obligation referred to in paragraph 1 has the legal successor institution
electronic money and the person whose authorization to operate an electronic money institution
expired or has been withdrawn.
Section 4


Performance of electronic money institutions and foreign institutions
electronic money in the host Member State

§ 52 meters

Performance of electronic money institutions in the host Member State


(1) An electronic money institution that intends to start exercising
activities referred to in § 46 para. 2 in the host Member State, it
notify the Czech National Bank. If the electronic money institutions
intends to pursue the activities referred to in § 46 para. 2 through
branches specified in the notice as well as data on the organizational structure and the way
management of the branch.

(2) The Czech National Bank shall notify the supervisory authority of the host Member State
within 1 month of the date on which the notice under paragraph 1 occurred
business name electronic money institution has its registered office and other data contained
in the notification.

(3) Notification pursuant to paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents confirming the information given in the notice
. Specimen forms and content of their annexes
down implementing legislation.

§ 52H

Performance of activities of foreign electronic money institution based in another Member State
in the Czech Republic

(1) Foreign electronic money institution established in another Member State may
Czech Republic in the activities referred to in § 46 paragraph
. 2, whose performance is authorized under the license which it
was granted supervisory authority of its home Member State.

(2) If the Czech National Bank has reasonable suspicion that in connection with the performance of activities
foreign electronic money institutions based in
another Member State through a branch in the Czech Republic
may be increased danger laundering of the proceeds of crime or financing of terrorism
shall communicate this fact without undue delay
supervisory authority of the home Member State of the institution
electronic money.
TITLE V


Electronic money issuer minor
Part 1

Basic provisions


§ 53

(1) electronic money issuer small-scale legal person
who is authorized to issue electronic money based on entry in the register
electronic money issuers small scale. The provisions of §
46 paragraph. 2 shall apply mutatis mutandis.

(2) electronic money issuer minor is authorized to issue
electronic money and provide payment services that relate
electronic money only if issued by diameter

Electronic money in circulation in the Czech Republic
exceed the amount corresponding to 5,000,000 euros. If you can not determine what proportion of funds
funds submitted by the holder of a small electronic money issuers
range is designed for payment transactions relating
electronic money comes in determining the average
electronic money in circulation of such part of these funds, which
corresponds to an estimate based on data from previous periods. If
electronic money issuer minor issues electronic
money for less than six months, starting in determining it
average outstanding electronic money in circulation of its business plan.

(3) electronic money issuer minor is entitled
provide payment services not related to electronic money
only if the monthly average of the amounts it has carried
payment transactions that are not related to electronic money, in the Czech Republic, including
payment transactions executed through its business representatives
over the past 12 months does not exceed an amount corresponding to 3,000
000. If the issuer of electronic money small-scale
provides payment services not related to electronic money
shorter than 12 months, starting in determining the amount it has carried
payment transactions of its business plan.

(4) an average outstanding electronic money for the purposes of this Act
means the arithmetic average of the obligations arising from the publisher
electronic money at the end of the calendar day for the last 6
calendar months.
Part 2

Registration
electronic money issuer minor
Registration
electronic money issuer minor

§ 54

(1) The Czech National Bank entered into the register of issuers of electronic money
small-scale applicants

A) who is a legal person

B) having its registered office in a Member State in which it actually operates, and
branch in the Czech Republic

C) the business plan is supported by realistic economic calculations and
in accordance with the conditions set out in § 53 par. 2 and 3,

D), which provides protection for funds against their
acceptance have been issued or electronic money entrusted to
payment transaction,

E) if none of its senior officers have been convicted of a criminal
crime against property, economic offense or offense
committed in connection with the financing of terrorism and

F) for which there are no circumstances constitutes an obstacle to the operation
trade in accordance with the law regulating business activities.

(2) If the applicant is entered in the register of issuers of electronic money
small-scale registered in the Trade Register, it is considered that
condition referred to in paragraph 1. f) is met.

(3) An application for registration in the register of electronic money issuers small
range may only be submitted in the prescribed form, to which the applicant
accompanied by documents certifying that the conditions specified in paragraph 1
specimen forms and the content of their annexes in the implementing legislation.

§ 55

(1) The Czech National Bank within one month from the date on which the request was received, the applicant
entered into the register of issuers of electronic money
small scale and in the same period him about this issue a certificate if the data || | contained in the request shows that the conditions for entry in the register.

(2) If the applicant does not demonstrate that the conditions for entry in the register
electronic money issuers small-scale or if there
doubts about the accuracy and completeness of the information contained in the application, launch
Czech National Bank within the period referred to in paragraph 1 administrative proceedings and request
reject, unless it is proved that the conditions for entry into the register nor
this procedure.

§ 56

(1) electronic money issuer minor shall without undue delay
Czech National Bank of change of information contained in the application for registration in the register
electronic money issuer or its small-scale
supplements on the basis of which was to of the register.

(2) The notice referred to in paragraph 1 may only be submitted in the prescribed form, which
notifier accompanied by documents certifying
change in data specified in the application for registration in the register of electronic money issuers

Small-scale or its annexes on the basis of this
was in the Register. Specimen forms and content of their annexes provides
implementing legislation.

Dissolution and deregistration electronic money issuer small extent


§ 57

(1) Registration of electronic money issuer minor lapse day


A) cancel electronic money issuer small-scale

B) when the decision on bankruptcy issuer of electronic money
small size or when the decision to reject
insolvency petition for lack of assets publishers of electronic money
small-scale

C) the legal force of a decision by the Czech National Bank granted
electronic money issuers small-scale authorization to operate
electronic money institutions or on the date specified in the decision
as the date of authorization, or

D) writing electronic money issuer in the register of
small payment service.

(2) The Czech National Bank will cancel the registration of issuers of electronic money
small scale, if that electronic money issuer
requests.

(3) The Czech National Bank may cancel the registration of electronic money issuer
small extent, if

A) electronic money issuer minor repeatedly or egregiously violated
obligation stipulated by this Act or other
legislation governing the procedure for activities according to § 46 paragraph
. 2

B) electronic money issuer minor does not qualify for
registration or conditions set out in § 53 par. 2, or

C) the registration was based on false or incomplete information or
due to other illegal procedure publisher
small-scale electronic money.

(4) If the issuer of electronic money small-scale
within 30 days from the date on which it ceased to satisfy the conditions set out in § 53 par. 2
submit an application for authorization to operate a payment institution, an application for permission to | || activities of an electronic money institution or a request for registration in the registry
payment service provider of small-scale, the Czech national Bank
decision pursuant to paragraph 3. b) provide that
not take effect earlier than the coming into effect of the decision on the request submitted.
Heading left


§ 58

(1) From the date of termination or cancellation of registration of issuers of electronic money
small scale not one whose registration expired or been canceled
practice activities according to § 46 para. 2. Funds to him
entrusted to execute the payment transaction must be issued
users. Cash, against whose adoption was issued
electronic money must be issued to holders. If you can not determine
what proportion of funds submitted by the holder or user
electronic money issuers small scale is intended for payment transactions
they must hold or returned to the user
that part of the funds by which to 1 year from the date of termination or cancellation of registration
electronic money issuer minor requests.
To the settlement obligations to the holders and users are the one whose
registration expired or was canceled, and continues to be an issuer of electronic money
small scale.

(2) Paragraph 1 shall not apply to activities that is the one whose registration
electronic money issuer minor
disappeared or been revoked, is entitled to continue to perform in any other capacity.

§ 58a

When administered electronic money issuer minor
request for extension of the scope of payment services which are not related to electronic money, and
covered by its authorization shall apply mutatis mutandis
§ 54 paragraph. Point 1. c) § 55 and 56.

§ 58b

(1) The Czech National Bank narrows the range of payment services which are not related
electronic money covered by the registration
electronic money issuer small scale, if that publisher
e-money requests.

(2) The Czech National Bank may narrow range of payment services which are not related
electronic money covered by the registration
electronic money issuer small extent, if

A) electronic money issuer minor
meets the conditions set out in § 53 par. 3,

B) electronic money issuer or repeated minor

Seriously violated the obligation stipulated by this Act or other
legislation governing the procedure for activities according to § 46 paragraph
. 2, or

C) the registration was based on false or incomplete information or
due to other illegal procedure publisher
small-scale electronic money.

(3) To narrow the range of payment services which are not related to electronic money, and
covered by the registration of electronic money issuer
small-scale, shall apply mutatis mutandis § 58.
Part 3


Some operating conditions for electronic money issuer small extent

Heading left


§ 59

(1) electronic money issuer minor
shall apply mutatis mutandis to 52 g § 52d, 52k and 52 liters.

(2) electronic money issuer small scale may not provide the user
interest or other benefits depending on the length of time for which he
funds are entrusted to execute the payment transaction.
PART THREE

PAYMENT SYSTEMS

TITLE
I

Access to payment systems

§ 60

(1) The operator or a participant in a payment system may not prevent
legal persons authorized to provide payment services access
payment system by accessing these persons bound to meet
requirements that

A) are discriminatory or disproportionate, or

B) restrict access of such persons to the payment system more than
necessary to safeguard against specific risks and to protect
financial and operational stability of the payment system.

(2) The operator or a participant in a payment system providers must,
users or on other payment systems, their operators or subscribers to store


A) limitations on their participation in other payment systems,

B) requirements that discriminate against some of the participants in the payment system, or


C) restrictions based on the distinction between categories of persons entitled
provide payment services in accordance with § 5

§ 61

Conditions of access to payment systems referred to in § 60 shall not apply to

A) payment system with settlement finality,

B) payment system whose participants are the only providers who
are members of the same group

C) payment system, through which provides payment services to users
single provider or group of providers.
TITLE II


Payment system with settlement finality
Part 1

Basic provisions


§ 62
Heading left


(1) Payment system with settlement finality is a system

A) having at least three participants mentioned in § 64 para. 1 point. a) to h)

B) which settles [§ 63 point. a)]
based on defined rules

C) whose participants, of which at least one has its registered office and head office in
Czech Republic, agreed that the legal relations between them during the implementation of the settlement
governed by Czech law, and

D) the existence of the Czech National Bank announced a European supervisory authority
Authority (European Securities and Markets Authority) ^ 12) (hereinafter
"Authority European Securities and Markets Authority") pursuant to § 73f paragraph. 1 or 2.

(2) Foreign payment system with settlement finality is
payment system, announced the existence of the European authority for securities
Securities and Markets competent authority of another Member State pursuant to Regulation
European Union governing settlement finality in payment | || systems ^ 10).

(3) Payment system with settlement finality and participation in this system
based contract.

§ 63

Definition of certain terms

For the purposes of this Act

A) settlement

First off mutual monetary claims, or

Second fulfillment of financial debts mutual transfer of funds,

B) Payment Order shall instruct the participant's payment system with settlement finality
or participant or a system operator
connected according to § 69, on the basis of which should be in accordance with the rules
payment system with settlement finality (hereinafter "rules
system") performed clearing

C) CCP whoever enters in the settlement between the parties
payment system with settlement finality mentioned in § 64 para. 1

Point. a) to h) as the exclusive counterparty

D) a settlement whoever leads the participants in the payment system with settlement finality
referred to in § 64 para. 1 point. a) to h) or
j) the account on which the settlement is carried out,

E) clearing institution whoever settles
offsetting mutual debts participants in the payment system with irrevocability
settlement specified in § 64 para. 1 point. a) to h), j) or k)

F) operating system rules the day fixed, periodic
period during which payment system with settlement finality
receives and executes commands for clearing and other tasks to such settlement
related.

§ 64

Participant payment system with settlement finality

(1) A participant in a payment system with settlement finality can only be


A) Bank

B) a foreign bank

C) a savings and loan association,

D) a securities dealer,

E) a foreign person authorized to provide principal investment services

F) legal entity under public law or a legal person under whose
any commitments liable entity under public law,

G) the Czech National Bank, a foreign central bank or the European Central Bank
,

H) legal entity with a special status, which is excluded from the scope
EU regulations governing access to the activity of credit institutions and
its power ^ 11)

I) the operator of the payment system with settlement finality (§ 70)

J) the CCP

K) settlement,

L) clearing house and

M) a person who performs a similar function as one of the persons referred to in subparagraphs
i) to l) settlement system with finality
settlement in foreign payment system with irrevocability
clearing or settlement of foreign
system with finality of settlement.

(2) The activities of central counterparty or clearing
institution can be performed by several participants in the payment system
SFD.
Part 2


Operate a payment system with settlement finality


System rules
§ 65
Heading left


(1) The operator of a payment system with settlement finality
lays down the rules of the system.

(2) The rules governing the system at least

A) the company name, address and identification number, if assigned
, operator of the payment system with irrevocability
clearing

B) conditions of participation in the payment system with settlement finality,
which must be transparent and must contain objective criteria for
access to the payment system with settlement finality,

C) the rights and obligations of participants in the payment system with irrevocability
settlement stemming from their participation in this system,

D) the manner and terms of securing liabilities arising from participation in
payment system with settlement finality,

E) the manner and terms of settlement including the establishment of a procedure for repairing errors
incurred during the settlement

F) particulars of payment order, method and conditions for its entry into
payment system with settlement finality,

G) information that the participant payment system with irrevocability
settlement provides payment system operator with finality of settlement
to perform his duties, and the manner of their provision,

H) the measures which the operator may
payment system with settlement finality invoked against a participant in a payment system
with settlement finality, and the procedure for their application,

I) the timetable for the implementation of the settlement, including a schedule of individual
phases in which settlement takes place

J) the definition of the business day,

A) the moment at which the command for clearing deemed accepted
payment system with settlement finality,

L) the moment at which the command for clearing entered into
payment system with settlement finality deems unilaterally
irrevocable, and technical conditions for its security
finality,

M) the currency in which the settlement is carried out, and

N) rules approach to risks that include at least


First the risks to which payment system with settlement finality
is or may be exposed, including systemic risk, operational risk, liquidity risk and credit
risk

Second procedures for identifying, evaluating, measuring, monitoring and reporting of risks and


Third procedures for the adoption of measures to reduce risks, including
determine appropriate conditions for participation in a payment system with settlement finality
.

§ 66
Heading left


(1) The operator and the participants in the payment system with irrevocability
clearing abide by the rules of the system.

(2) The operator of a payment system with settlement finality
publishes the rules of the system in a manner allowing remote access. In
headquarters and the premises operator
payment system with settlement finality to them, anyone can inspect.

§ 67

Change system rules

(1) Changing the rules of the system becomes effective upon publication unless
payment system operator with finality of settlement
later time of effectiveness. You can not change the rules of the system
publish until the Czech National Bank this change has given its approval.

(2) a party may consent to change the rules of the system is only
payment system operator with settlement finality.
In the absence Czech National Bank decision on the application for consent
to change the rules of the system within one month from the date on which the request was received,
true that consent was given.

Finality of payment order

§ 68
Heading left


(1) From the moment defined by the rules of orders can not be revoked unilaterally
settlement.

(2) The decision on bankruptcy or decision or other interference by a public authority
aimed at stopping or limiting settlement, to the exclusion or limitation
use of funds in the account on which is carried
settlement, or to exclude or limit exercise of the right to satisfaction of securing
do not affect

A) the validity, effectiveness and enforceability of the payment order, if
this command was accepted payment system with settlement finality
before this decision or before this intervention

B) the ability to use the funds on the participant's account
payment system with settlement finality on which settles to
meet obligations incurred in the payment system with settlement finality
or in an interconnected system according to § 69
if the funds are used as follows during the business day,
in the course of which was the publication of the decision or the implementation of this intervention
and

C) the validity, effectiveness and enforceability of rights to satisfaction from the security
provided by the subscriber or the operator of the payment system with settlement finality
system or networked according to § 69

(3) To eliminate the effects of a bankruptcy or judgment or other
interference by a public authority pursuant to paragraph 2. a) occurs even if
that the command was accepted for clearing payment system with irrevocability
clearing after that decision or after this intervention, if


A) clearing is done during the business day, during which there was a
issuance of this decision or the implementation of this intervention, and

B) the operator of the payment system with settlement finality
been the moment when the order to become irrevocable settlement
according to paragraph 1 of this decision or the implementation of this intervention
announced, nor was it not even be otherwise known; the fact that
decision on bankruptcy was published in the insolvency register, alone
not mean that this decision was the operator
payment system with settlement finality known or should be known to him.

(4) The decision on bankruptcy or a decision or other interference by a public authority
under paragraph 2 does not have retroactive effects on the rights and obligations that
incurred in the payment system with settlement finality or system interconnected by
§ 69 before this decision or
before performing this action.


Interconnection System
§ 69
Heading left


(1) Closes if the operator of the payment system with irrevocability
settlement agreement on interconnection systems with another operator of payment

System with settlement finality, settlement system
finality of settlement, international payment system
settlement finality or foreign settlement system with settlement finality
enabling mutual execution orders
settlement does not constitute a new fact payment system with settlement finality
.

(2) If possible, the operator of the payment system with settlement finality
ensure that the system's rules and regulations
system connected in accordance with paragraph 1 was coordinated in terms of
moment at which the command the clearing deems unilaterally
irrevocable, and the moment at which such a statement
deemed accepted by the system. Unless the parties to the agreement referred to in paragraph 1
otherwise, the rules of the interconnected systems regarding these
moments independently.
Part 3


The operator of a payment system with settlement finality

§ 70
Heading left


(1) The operator of a payment system with settlement finality
is a legal entity that is authorized to operate a payment system with settlement finality
based on a license to operate a payment system
with settlement finality to it by the Czech National
bank.

(2) The operator of a payment system with settlement finality
is required to operate a payment system with settlement finality with
professional care.

Permit to operate a payment system with settlement finality

§ 71
Heading left


(1) The Czech National Bank shall grant a permit to operate a payment system with settlement finality
applicant

A) which is a limited liability company or limited liability company,

B) having its registered office and head office in the Czech Republic

C) which has an initial capital of at least an amount equivalent to 730
000,

D) the business plan including a forecast budget for the first three financial years
is supported by realistic economic calculations,

E) the material, technical, personnel and organizational prerequisites are
appropriate in terms of sound and prudent operation of the payment system
with settlement finality,

F) the potential business consisting in activities other than
operate a payment system with settlement finality
not constitute a substantial threat to the financial stability of
payment system with settlement finality, nor can hinder effective supervision
the activities of the operator of the payment system with settlement finality
,

G) in which a qualifying holding only people who are trustworthy and capable
ensure the sound and prudent management of the
payment system with settlement finality,

H) whose close links with any other person do not hinder effective supervision over the activities of the operator
payment system with irrevocability
clearing; close association with a person who is governed by the laws
State which is not a Member State, not the rule of law nor the manner of its application
prevent effective supervision over the activities
operator of a payment system with settlement finality, || |
I) whose directors are trustworthy,

J) whose senior persons who effectively conduct the business of
operate a payment system with settlement finality,
are competent and have sufficient experience in terms of sound and prudent
operate a payment system with settlement finality | || and

K) which set the rules of the system that are suitable in terms
sound and prudent operation of the payment system with irrevocability
settlement and in terms of systemic risk.

(2) The Czech National Bank shall grant a permit to operate a payment system with settlement finality
an applicant who

A) is an entity

B) has its registered office and head office in another Member State

C) is authorized to operate a system similar payment system
settlement finality in which the legal relations between the parties
system in the implementation of the settlement governed by the law of another Member State, and

D) set the rules of the system that are suitable in terms of sound and

Prudent operation of the payment system with settlement finality
and in terms of systemic risk.

(3) An application for a permit to operate a payment system with settlement finality
may only be submitted in the prescribed form, to which the applicant
accompanied by documents certifying that the conditions referred to in paragraph
1 or 2. Specimen and content of its annexes provides
implementing legislation.

§ 72
Heading left


(1) The decision on the application for a permit to operate a payment system
Czech National Bank shall, within 6 months from the date of initiation.

(2) The decision on granting a permit to operate a payment system with settlement finality
Czech National Bank approves rules
system.

(3) The operator of a payment system with settlement finality
notified without delay to the Czech National Bank of change of information contained in
application for authorization to operate a payment system with irrevocability
clearing or its annexes on the basis of which
permit to operate is granted.

(4) The notice referred to in paragraph 3 may be made only on the prescribed form, which
notifier accompanied by documents certifying the data changes.
Pattern form and content of its annexes in the implementing legislation.

Termination and withdrawal of authorization to operate a payment system with settlement finality


§ 73
Heading left


Permit to operate a payment system with settlement finality
shall expire on

A) which was withdrawn

B) to which the system operator repealed,

C) from which, as decided by the General Meeting
system operator will cease to carry on any activity for which a license is required, or

D) of which the number of participants in the system drops below the number specified in § 62 paragraph
. Point 1. and).

(1) Permission to operate a payment system with finality of settlement shall be terminated upon


A) cancel service payment system with irrevocability
clearing or

B) when the decision on bankruptcy
operator of a payment system with settlement finality, or when the decision
rejecting the insolvency petition for lack of assets of
payment system with settlement finality.

(2) The Czech National Bank shall withdraw authorization to operate a payment system
with settlement finality, if

A) the operator of the payment system with settlement finality
requests or

B) payment system with settlement finality
meets the conditions specified in § 62 paragraph. 1 point. a), b) or c).

(3) The Czech National Bank may withdraw a license to operate a payment system
with settlement finality, if

A) the operator of the payment system with settlement finality
repeatedly or egregiously violated
obligation stipulated by this Act or any other legislation governing the procedure for the operation
payment system with settlement finality,

B) the operator of the payment system with settlement finality
does not meet the conditions for authorization to operate a payment system
with settlement finality,

C) the operator of the payment system with settlement finality
did not begin until 12 months from the date of granting a license to operate a payment system with settlement finality
,

D) the operator of the payment system with settlement finality
engages in payment system with settlement finality
for more than 6 months, or

E) The authorization was granted on the basis of false or incomplete information
or due to some other illegal procedure
operator of a payment system with settlement finality.

(4) The Czech National Bank shall inform the public in a manner allowing remote access
that there was a termination or withdrawal of authorization to operate
payment system with settlement finality.

§ 73a

He whose authorization to operate a payment system with irrevocability
settlement expired or has been withdrawn without undue delay
notify the participants of the payment system with irrevocability
settlement. Pending the completion of settlement on the basis of settlement orders
adopted before the date of termination or withdrawal of authorization continue to be considered

For the operator of a payment system with settlement finality.
Section 4


Information obligations of the operator and the subscriber payment system with settlement finality


§ 73b

(1) The operator of a payment system with settlement finality
notify the Czech National Bank without undue delay of

A) business name or name, or the name and surname of the participants
payment system with settlement finality, their headquarters
place of business or residence, their identification number, if
assigned, and case of individuals on their date of birth and
number, if assigned, and the change of the data and

B) a draft decision on its dissolution with or without liquidation
or a change of its business; well informed about the adoption of such a decision
operator's competent authority
payment system with settlement finality.

(2) The participant in the payment system with settlement finality
without undue delay informs the payment system with settlement finality
about the data within the scope of paragraph 1 point. and).

(3) The operator of a payment system with settlement finality
immediately inform the participants of the payment system with irrevocability
clearing and operator system connected by § 69 of
announcement according to § 73f paragraph. 4th

(4) The operator of a payment system with settlement finality
provides the Czech National Bank information about their financial situation,
results of its operations and its compliance performance of its activities.

(5) The content, form, deadlines and the provision of information pursuant to paragraph 4
in the implementing legislation.

§ 73c

Participant payment system with settlement finality at the request
inform anyone on a legitimate interest, the payment system with settlement finality
involving, and its rules.

§ 73d

Participant of international payment system with settlement finality,
which has its registered office or place of business in the Czech Republic

A) upon request, inform anyone on a legitimate interest, on this
system and its rules and

B) promptly notify the Czech National Bank about its participation in
this system, the Member State in which the existence of this system, announced
European authority for securities markets and the address of its registered office or
place of business and change these facts.
Section 5


Reporting obligations of public authorities

§ 73e

The obligation to notify the court or other public authority

The issuance of the decision on bankruptcy or a decision or other action
public authority under § 68 para. 2 against the party
payment system with settlement finality shall without undue delay
court or other public authority, who carried out the work, the Czech national bank
. Court or other public authority shall notify the Czech National Bank
also in the case where those decisions are issued or similar interventions
body of public authority carried out against a participant in the international payment system
settlement finality, which has its registered office or place of business in
Czech Republic.

§ 73f

Reporting obligations of the Czech National Bank

(1) The Czech National Bank shall without undue delay
European authority for securities markets and the existence of a payment system with irrevocability
settlement, the operator has granted a license to operate
payment system with settlement finality. In the notification, the Czech National Bank shall
operator of a payment system with irrevocability
settlement. If the changes mentioned in this announcement
inform the Czech National Bank without undue delay Authority European Securities
Securities and Markets Authority. If the authorization to operate a payment system with settlement finality
expired or been revoked, the Czech National Bank
notify the European authority for securities markets and the demise of
payment system with settlement finality without undue delay
after was completed settlement on the basis of orders received prior to the date
withdrawal or expiration of license.

(2) The Czech National Bank may notify the European Commission of the existence
payment system that operates according to the law regulating the status of

And scope of the Czech National Bank if the system fulfills the conditions
specified in § 62 paragraph. 1 point. a) to c). In the notification, the Czech National Bank
indicating that the operator of the system. For this system and for
Czech National Bank in the exercise of its activity with operators
§ 67 paragraph. 1 second sentence and paragraph. 2, § 71, 72, § 73b. 1 and Section 4
apply. Czech National Bank notification under the first sentence without undue delay
withdrawn if the system ceases to meet the conditions specified in §
62 paragraph. 1 point. a), b) or c).

(3) If the Czech National Bank receives notification pursuant to § 73e, which concerns
participant of international payment system with irrevocability
clearing house which has its registered office or place of business in the Czech Republic
it shall notify the European authority securities and markets
European systemic risk Board ^ 13) and the competent authority of the Member State
that the existence of this system, the European Commission announced.

(4) If the Czech National Bank receives notification pursuant to § 73e
or similar notice from the authority of another Member State which relates
party payment system with settlement finality, it notifies immediately
operator of the payment system
with finality of settlement.
PART FOUR


RIGHTS AND RESPONSIBILITIES IN PROVIDING PAYMENT SERVICES AND ISSUE OF ELECTRONIC MONEY

TITLE
I

RIGHTS AND RESPONSIBILITIES IN PROVIDING PAYMENT SERVICES
Part 1

Basic provisions


§ 74

Payment service contract

(1) of the payment service provider committed to the user

A) carry out payment transactions for him individually in the contract of unspecified
(hereinafter the "Framework Agreement"), or

B) make for him a single payment transaction unedited
framework agreement (hereinafter "the single payment transaction").

(2) The framework contract may lay down the conditions for operating a payment account.

§ 75

(1) The provider and the user is not an agreement derogate from the provisions of this Title
to the detriment of users, unless stipulated otherwise.

(2) In the event of a payment transaction provider of the payer or payee
provider performs in a non-Member State or in
payment transactions in a currency that is not the currency of a Member State, the provider may
and user agreement deviate

A) of § 77 par. 2, § 79 par. 2 point. b) to d), § 82 point. e) ag), §
86 paragraph. 1 point. c) and d), § 89, 107, 109, 111, 113, § 117 paragraph. 2-5
a paragraph. 6 second sentence and § 118

B) of § 103, if the provider informs the user in accordance with § 80 paragraph
. 1, of the risk that is associated with the way consent or
way of using a means of payment.

(3) The provider and the user, who is not a consumer or small
entrepreneur, may agree to deviate from § 77 par. 1, § 79-97, §
103, 106, § 116-118 and § 120 para. 1 and the period referred to in § 121.

(4) Small Entrepreneur For the purposes of this Act, a businessman
which has fewer than 10 employees and an annual turnover or annual balance sheet total not exceeding
balance in an amount equivalent to two million euros.
Fulfillment of the conditions in the first sentence shall be considered the date of conclusion of the payment
services or the date of the agreement to amend the agreement on payment
services if the purpose of such agreements is solely into account the changes in compliance by
the first sentence. If the user is on a call
providers disclose or call provider can demonstrate a reasonable period
that small entrepreneur, the small entrepreneur is not.

§ 76

(1) provider and user may agree to deviate from § 101 point.
B), § 102 para. 1 point. c), d) and e) and § 116 if payment
resource for small payments can not be blocked.

(2) The provider and user may agree to deviate from § 115, § 120, paragraph
. 1 and the maximum amounts specified in § 116 paragraph. 1 point. a)
case of anonymous use of the payment instrument for retail payments and further
for the case where a payment instrument for retail payments
its nature does not allow providers to prove that a payment transaction was authorized
.

(3) The provider and the user in case of payment instruments for retail payments
agreement may derogate from the dates specified in § 109 to 113.

(4) The paying agent for small payments for the purposes of this Act

Means paying agent

A) which can be put under a framework contract injunction

First payment transaction in the amount not exceeding 30 euros,

Second national payment transactions in an amount equivalent to more than 60
euros, or

Third payment transaction that involves electronic money, the amount
corresponding to a maximum of 500 euros, or

B) who is under a framework contract spending limit or store
cash funds in the amount not exceeding

First 150 euros,

Second 300 euros if it can be by means of payment under the framework contract
give the order only national payment transaction or

Third 500 euros if it can be by means of payment under the framework contract
give the order only for the payment transaction that involves
electronic money.

§ 77

(1) Without prejudice to the possibility of agreeing a fee for the payment service provider shall
a user to agree a fee for the fulfillment of obligations
provider under this Title. This does not apply if the
otherwise stipulated by law and if the agreed remuneration is adequate and meets
provider's actual costs.

(2) Excludes transactions where the payment currency conversion, the payer pays the required fee
provided by the payer and the payee payment provider
desired recipient.

(3) The provider shall not prevent the payee to demand payment from the payer
using a means of payment or him for his acceptance
offered a discount.

(4) The provider and user may agree on remuneration for additional or more frequent information
mentioned in § 86-91 and § 93
provided at the user's request.

The provision of and access to information

§ 78

(1) Provider fulfills the obligation to provide information to the user
if as a result of negotiations provider will
user information captured on a durable medium.

(2) Provider fulfills the obligation to disclose information to the user
if his pre-contract or during the contractual relationship
communicate data, which allows users to search for information.
Way to find users not unreasonably burden.

(3) Unless the contrary is proved, it is understood that a provider of information under this Title
users did not provide nor disclose.
Part 2

Information obligations

Section 1


Information obligations of providers before entering into a contract on payment services


§ 79

Information before concluding a contract for a single payment transaction

(1) The provider shall make available to the user sufficiently in advance of the
than the user bound by a single payment transaction
information referred to in paragraph 2. This information shall be made available to the user
definitely and understandably in the official language of the country where the
payment service is offered or in the language agreed by the parties;
At the user's request, this information must be this way the user
provided.

(2) Users must be in accordance with paragraph 1
disclosed or provided with the following information:

A) the indication or unique identifier that is the condition
proper execution of the payment order

B) the maximum time for the payment service

C) an indication of the consideration that the user is obliged to pay the provider, and consists
if the consideration of several separate items, as well as a breakdown of these items
,

D) where applicable, reference to the actual or
reference exchange rate to be used in the payment transaction,

E) other information pursuant to § 81-85, if applicable
due to the content of a contract for a single payment transaction.

(3) The user is not bound by its proposal for the conclusion of a single
payment transaction if it has done before him
disclosed information pursuant to paragraph 1

(4) If a payment order for a single payment transaction is transmitted
payment instrument covered by a framework contract is a provider
obliged to provide or make available user information pursuant to paragraph 1
if he were or will be provided or made available
based on that framework contract.

(5) If a contract for a single payment transaction closed on
user request using a means of distance communication that
provider does not fulfill the obligation under paragraph 1
provider shall fulfill this obligation immediately after payment

Transaction.

Information provided prior to the conclusion of a framework agreement

§ 80

(1) The Provider will provide the user with sufficient advance before
than the user is bound by a framework contract, the information set out in § 81 to
85th This information must be provided to the user
definitely and understandably in the official language of the State where the payment service is offered or in
language in which the parties agree. This does not affect § 93.

(2) The user is not bound by its proposal for a framework agreement,
if it did before it was provided under paragraph 1.


(3) If the framework agreement concluded at the request of the user with
means of distance communication which does not allow providers to meet
obligation under paragraph 1 provider shall fulfill this obligation
immediately after the conclusion of a framework agreement.

§ 81

Users must be in accordance with § 80 paragraph. 1 provided with the following information providers
:

A) business name or name, or the name and surname,

B) place of business or residence of the provider, or other
address, including electronic, that are important for communication with the user
provider

C) address of the agent or branch providers abroad
where the payment service is provided through them,

D) an indication of whether the provider is registered in the list or register
providers, its registration number or other indication enabling identification of
provider in such a list or registry

E) the name and address of the authority to supervise the activities
providers of payment services.

§ 82

Users must be in accordance with § 80 paragraph. 1 provided the following information about the payment service provided
:

A) a description of the payment service

B) information or unique identifier that is the condition
proper execution of the payment order

C) the form and procedure for giving consent to execute a payment transaction and
withdrawal of such consent in accordance with § 98a

D) an indication of the time of acceptance of the payment order pursuant to § 104 and
moment near the end of the working day in accordance with § 104 paragraph. 4, if it was agreed,

E) the maximum time for the payment service

F) the limit on the total amount of payment transactions executed
using a means of payment for a certain period in accordance with § 99, if
agreed

G) information about the consideration that the user is obliged to pay the provider, and consists
if the consideration of several separate items, as well as a breakdown of these items
,

H) where applicable, information about interest rates and exchange
courses to be used, or the method for calculating interest or
currency conversion, and the relevant date and index or base for determining
reference interest rate or reference exchange rate, if applied
reference interest rate or reference exchange rate

I) an indication that the provider is entitled at any time unilaterally and without prior notice
agreement between the parties on interest rates and exchange
courses according to § 94 paragraph. 5, if this was agreed, and other data
associated with it.

§ 83

Users must be in accordance with § 80 paragraph. 1 provided with the following information
way communication between the user and the provider:

A) where applicable, an indication of the means of communication between the parties
about the technical requirements for equipment users to this
communication

B) an indication of the manner and time limits providing or accessing information,

C) an indication of the language in which the framework agreement to be concluded, and the language in which it will
during its term communication between the user and the provider
,

D) information about the right to request the user to obtain information and terms and conditions
framework agreement pursuant to § 88

§ 84

Users must be in accordance with § 80 paragraph. 1 provided the following information on the framework agreement
:

A) information that the proposal to change the provider of a framework agreement with
deemed to be accepted under the conditions specified in § 94 paragraph. 3, if it
agreed

B) an indication of the duration of the framework agreement

C) information on the right of the user to terminate the framework agreement and
conditions and consequences of termination,

D) information about the legal system governing framework contract and
powers or jurisdiction, if they are really intended
agreement between the parties


E) information on how ADR
between the user and the provider and user options file a complaint with the supervisory authority.

§ 85

Users must be in accordance with § 80 paragraph. 1 provided with the following information
duties and responsibilities of providers and users:

A) if it has to be a framework contract issued to the user paying agent


First description of steps that the user must adopt to protect its
personalized security features, and information about the way in which a user
report a loss, theft, misuse or unauthorized use
payment instrument

Second conditions under which the service provider may block the payment instrument,
if this was agreed

B) information about the conditions under which the payer shall bear the loss on
unauthorized payment transaction, including information on the amount up to which
the loss to be borne

C) information about the method and period of notice
unauthorized or incorrectly executed payment transaction provider,

D) information about the Provider's liability for unauthorized payment
transaction

E) information on the Provider's liability for incorrect transposition
payment transaction

F) information regarding the refund
authorized payment transaction pursuant to § 103

G) information about the conditions under which a provider
beneficiary is entitled to make the correction according to the law regulating the activities of banks or
under the law regulating the activities of credit unions.
Section 2


Information obligations of providers during the duration of the legal relationship
payment services contract
Subsection 1


Information during the duration of the legal relationship of the contract on one-time payment transaction


§ 86

Information payer after acceptance of the payment order

(1) The provider of the payer shall provide or make available to the payee
specified in § 79 par. 1 immediately after receipt of the payment order
payment transaction not regulated by a framework contract following information:

A) information enabling the payer to identify the payment transaction and, where
applicable, data on beneficiaries

B) the amount of the payment transaction in the currency used in the payment order

C) an indication of the consideration payable by the taxpayer is obliged to pay the provider for
payment transaction, and consists if the consideration of several separate
items, as well as a breakdown of these items,

D) where applicable, the exchange rate used
provider of the payer or link to it, if the exchange rate different from the rate
referred to in § 79 par. 2 point. d), and the amount of the payment transaction after that currency conversion
,

E) the date of receipt of the payment order.

(2) If a payment order for a single payment transaction is transmitted
payment instrument covered by a framework contract is a provider
obliged to provide or make available to users of the information referred to in paragraph 1
if he were or will be provided or
made available on the basis of the framework agreement.

§ 87

Information beneficiaries when the payment transaction

(1) Provider recipient will provide or make available to the recipient
manner specified in § 79 para. 1 immediately after the execution of payment transactions
untreated framework contract following information:

A) information allowing the recipient to identify the payment transaction and, where
applicable, information about the payer and other information submitted in connection with
payment transaction

B) the amount of the payment transaction in the currency in which the funds are made available
recipient

C) an indication of the consideration that the recipient is obliged to pay the provider for
payment transaction, and consists if the consideration of several separate
items, as well as a breakdown of these items,

D) where applicable, the exchange rate used
provider of the payee and amount of the payment transaction before that currency

E) the value date of the amount credited to the account.

(2) If a payment order for a single payment transaction is transmitted
payment instrument covered by a framework contract is a provider
obliged to provide or make available user information pursuant to paragraph 1
if he were or will be provided or made available
based on that framework contract.
Subsection 2


Information during the duration of the legal relationship of the framework agreement

§ 88

Provider is obliged during the duration of the framework agreement to provide

User at his request, the content of the framework agreement and other information
specified in § 81 to 85.

§ 89

Payer information before making a payment transaction

Before making a payment transaction, which is governed by a framework contract
and for which a payment order billing provider to the payer on his request
information

A) the maximum time limit for the payment transaction

B) the consideration payable by the taxpayer is obliged to pay the supplier for the execution
payment transactions, and consists if the consideration of several separate items,
a breakdown of these items.

§ 90

Information payer payment transaction

(1) The provider shall provide the payer to the payer in the manner specified in § 80 paragraph. 1
without undue delay after debiting payment transactions covered by a framework contract
payer's payment account or after receipt of the payment order
if payment transactions not made a payment account
billing following information:

A) information enabling the payer to identify the payment transaction and, where
applicable, data on beneficiaries

B) the amount 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

C) an indication of the consideration payable by the taxpayer is obliged to pay the provider for
payment transaction, and consists if the consideration of several separate
items, as well as a breakdown of these items,

D) where applicable, the exchange rate used
provider of billing and amount of the payment transaction after that currency

E) the value date of the amount debited from the payer's payment account or
date of receipt of the payment order.

(2) The parties may agree that the information referred to in paragraph 1
will be provided or made available to the payer at regular intervals
which may not be longer than one month, an agreed way so that it could payer
store and reproduce information unchanged.

§ 91
Information
recipient of a payment transaction

(1) The provider of the recipient pays beneficiaries in the manner specified in § 80 paragraph
. 1 without undue delay after the payment transactions covered by a framework contract
following information:

A) information allowing the recipient to identify the payment transaction and, where
applicable, information about the payer and other information submitted in connection with
payment transaction

B) the amount of the payment transaction in the currency in which the amount is credited to the payee's payment account
,

C) an indication of the consideration that the recipient is obliged to pay the provider for
payment transaction, and consists if the consideration of several separate
items, as well as a breakdown of these items,

D) where applicable, the exchange rate used
provider of the payee and amount of the payment transaction before that currency

E) the value date of the amount credited to the account of the payee.

(2) The parties may agree that the information referred to in paragraph 1
provided or made available to recipients at regular intervals
which may not be longer than one month, an agreed way so that the recipient can
these store and reproduce information unchanged.
Section 3


Additional reporting obligations

§ 92

(1) When offering before the initiation of the payment transaction
consignee or other person in the place of sale of goods or services to the payer currency exchange, the
informs the person who offers this service, billing prior to initiation of the payment transaction
of the consideration and the exchange rate to be used for converting currencies
used.

(2) If the recipient using a means of payment requires consideration
offers or discounts inform the taxpayer before the initiation of the payment transaction
.

(3) If the provider or other person using a specific means of payment
require payment or offer discounts inform the provider
users prior to the commencement of the payment transaction.
Section 4


Reporting obligations in case of payment instruments for retail payments

§ 93

(1) In the case of payment instruments for retail payments § 80-85 and § 89
apply; in this case, provider

A) provide the user with information about payment services, including information on how to use
means of payment, the liability of the provider and the user
, the remuneration received by the user is required to pay providers, and other relevant information
, which are necessary for an informed decision
users


B) make available to users of the information referred to in § 81 to 85.

(2) In the case of payment instruments for retail payments with § 90 and 91
not apply if this was agreed. In this case, the provider
provide or make available information allowing the user to identify
payment transaction, the amount of the payment transaction, an indication of the consideration, which is
User is obliged to pay the supplier for the execution of a payment transaction
. In the case of several payment transactions of the same kind in the same payee
may be provided or disclosed only
data on the total amount and the total consideration for these payment transactions.

(3) Paragraph 2, second and third sentences shall not apply if Anonymous
use of the payment instrument for retail payments and if
disclosure is not technically possible. In this case, however
provider allows the user to verify the amount of funds with which
can generally perform payment transactions based on payment order
given means of payment.
Part 3


Amendment and termination of the framework agreement

§ 94

Change framework agreement

(1) if the proposed user to change the provider of a framework agreement, it must do so on
permanent data carrier in the manner specified in § 80 paragraph. 1
later than two months before the day when, according to the draft amendment of the framework || | treaty to take effect. In the case of payment instruments for retail payments
provider and the user can in the framework contract agree that
provider is not obliged to propose the user to change the framework agreement on
permanent data carrier in the manner specified in § 80 paragraph. 1st || |
(2) If this is not a change in the framework agreement, the provider must notify the user
change the information referred to in § 81-85 manner and within the period specified in paragraph
1. Paragraph 1, second sentence shall apply mutatis mutandis.

(3) If it is agreed, the user proposal amending the framework contract
accepted if

A) provider proposing an amendment to the framework agreement no later than two months before
date when the changes take effect,

B) the user proposal to amend the framework agreement not refuse

C) provider in the proposal to amend the framework agreement on this user
due informed

D) provider in the proposal to amend the framework agreement
users informed of his right to terminate the framework contract under paragraph 4.

(4) If the user is a proposal to amend the framework agreement in the case referred to in paragraph 3
refuses to have the right framework agreement before the date when the
change to take effect, without charge and with immediate effect.

(5) If it was agreed, the provider is entitled at any time unilaterally
without prior notice to change the agreement between the parties on interest rates and exchange rates
if the change is based on a change to reference rates or exchange
courses according to § 82 point. and). Changes in interest or exchange rates
used in payment transactions shall be implemented and calculated in a neutral manner
. Changing interest rates must be user
notified without undue delay in the manner specified in § 80 paragraph. 1
except where the parties agree to another method or deadlines
providing or accessing information. Any change
interest rates or exchange rates which are more favorable for the user, may be
applied without prior notice.

Termination of a framework agreement

§ 95

(1) The user may terminate the framework agreement at any time, even if it was
for a fixed period. Been agreed notice period, will expire
framework contract expiry of the notice period. The notice period shall not be
longer than one month.

(2) Where the agreed Provider's right to remuneration for the termination of the framework contract
user belongs providers such consideration only if
framework agreement lasted for less than one year.
Consideration must be reasonable and must meet the provider's actual costs.

§ 96

(1) The grantor may framework contract concluded for an indefinite period
terminate only if it has been agreed. The notice period shall not be
less than two months.

(2) The notice must be made in the manner specified in § 80 paragraph. 1st

§ 97

If the consideration for the provision of payment services a fixed sum for a certain period
belongs providers in case of termination of the framework contract
, only the proportionate part of the remuneration for the period until the termination of the framework contract
.
Section 4



Authorization of payment transactions
Section 1


Consent payer and his appeal

§ 98

(1) A payment transaction is authorized if the payer has given
agreement, unless other legislation provides otherwise ^ 6).

(2) The payment transaction may be authorized before making payment
transaction, or by agreement between the payer and the provider, after the execution
. Consent may be granted to an individual payment transaction or
several payment transactions. Consent may be granted through
means of payment.

(3) The form and procedure for granting consent shall be agreed between the payer and provider
.

§ 98a

(1) The payer may revoke his consent to the payment transaction until
can revoke a payment order for the payment transaction.

(2) the payer's consent to the collection may not be withdrawn after the expiration
service provider billing period immediately preceding the date that was
between the payer and the payee concluded for the day when it should be the amount of the payment transaction is debited
payer's payment account. Payer's consent to another
payment transaction, the payment order which gives the recipient can not be appealed
after the taxpayer gave its consent to the beneficiary; § 106 par. 2
unaffected.

(3) The agreement of the payer and the provider, according to which the payer may
after the deadlines specified in paragraph 2 withdraw consent to the payment
transaction that gives a payment instruction recipient, the recipient requires approval
.

(4) the payer and the provider may agree that the provider
includes consideration of the appeal payer's consent to the payment transaction if it was
agreement canceled after the dates referred to in paragraph 1 or 2

(5) Where the payer agreed with several payment transactions simultaneously
assess the conditions for the withdrawal of his consent for each payment transaction
separately.
Section 2

Payment methods


§ 99

Payer and the provider may agree to limit the total amount
payment transactions executed through a payment instrument
for a certain period.

§ 100

Deadlock means of payment provider's own initiative

(1) If such a framework contract, the provider may block the payment instrument
because

A) security of payment means, especially when
suspected unauthorized or fraudulent use of the payment instrument, or

B) significantly increased risk that the payer will not be able to repay the loan
which can be drawn through this means of payment.

(2) The provider is required prior to blocking of the payment instrument
under paragraph 1, or if that is not possible, immediately thereafter, inform
agreed manner to the payer of the blocking of the payment instrument and the reasons
. This does not apply if providing such information could
thwart the purpose of blocking the payment instrument or in conflict with other legislation
.

(3) Once the reasons blocking the payment instrument is
provider is obliged to unblock a payment instrument or replace it with a new payment instrument
.

§ 101
Duties of the user


User entitled to use a payment instrument shall

A) use the payment instrument in accordance with the framework agreement, in particular
shall immediately after receiving a payment instrument, take the
all reasonable measures to protect his personalized
security features

B) without undue delay notify the provider or a person designated by him
loss, theft, misuse or unauthorized use of the payment instrument
.

§ 102
Obligations of


(1) A provider publishes a means of payment, shall

A) ensure that the personalized security features
payment instrument are not accessible to persons other than the holder;
this does not affect the obligations of holders of means of payment specified in § 101

B) refrain from issuing unsolicited payment instrument if it is not a substitute for
previously issued payment instrument

C) ensure that users have adequate means to enable anytime


First report a loss, theft, misuse or unauthorized use
payment instrument

Second request unblocking of the payment instrument in accordance with § 100 paragraph. 3,

D) upon request, provide the user with a document may be for 18 months

From notification pursuant to § 101 point. b) prove that the notice did

E) prevent any use of the payment instrument once it
notification under § 101 point. b) if it is not a
e-money, which does not prevent such a nature.

(2) The provider bears the risk associated with the delivery of the payment instrument
or its personalized security features users.
Section 3


Refund of authorized payment transactions

§ 103

(1) In the case of a payment transaction that gives a payment order
recipient or payer through a payee, the payer is entitled to eight weeks
date on which the amount of the payment transaction is debited from his account payment
, demand repayment of the amounts authorized payment transaction if


A) at the time of authorization did not specify the exact amount of the payment transaction and


B) the amount of the payment transaction exceeds the amount the payer could reasonably expect
with regard to all circumstances;
taxpayer can not object to an unexpected change in the exchange rate, if the reference
exchange rate agreed between the payer and the provider according to § 81
point. h).

(2) The framework agreement with the payer and the provider may agree that
provisions of paragraph 1 shall not apply if

A) consent to the payment transaction gave payer directly to your provider and also


B) where applicable, information on the exact amount of the payment transaction was
payer, provider or the recipient provided or made available
agreed manner at least 4 weeks prior to the receipt of the payment order
.

(3) the payer grantor at its request information and documents
suggesting that the conditions for reimbursement
payment transaction pursuant to paragraph 1

(4) Service Provider within 10 working days of receipt of the application billing
payment transaction amount back or return it refuses to communicate
payers and the reasons for rejection, along with information on how alternative dispute
dispute between the payer and the the provider of billing and the possibility to file a complaint
supervisor.
Section 5

Execution of payment transactions

Section 1


Payment orders and amounts transferred

§ 104
Acceptance of payment orders


(1) Upon receipt of the payment order is the moment when a provider
payer's payment order directly from the payer or by the recipient.

(2) If a user who makes a payment order for payment
transaction, and the provider agree that the execution of payment transactions
begin in a moment, in the moment they met certain conditions
, or at the end of a certain period (hereinafter referred to as "deferred maturity
payment order"), the moment of the adoption of the following designated
moment.

(3) Should the date of acceptance of the payment order for a period which is not working time
provider of billing, the payment order was received at the beginning
following operating hours payer's provider.

(4) Payment orders that the provider has received after a moment
near the end of working hours, to which the user has agreed to consider
been accepted at the beginning of the next operational period.

§ 105

Refusal to execute payment orders

(1) The provider may refuse to execute payment orders only
unless the terms and conditions for its implementation, or determined if
so by applicable law. The provider is obliged to refuse to execute
payment order, if so provided by other legislation.

(2) If the provider refuses to execute a payment order, provide or make available to the user
by this reality
agreed manner at the earliest opportunity and no later than the deadline specified in § 109 and 113, and je-
If possible, notify him of the reasons for refusal and the procedure for correcting errors
which led to the refusal. This does not apply if the provision or
disclosure would be contrary to other legislation or
if the provider and the user agreed to use case
means of payment for retail payments, the acceptance of a payment order is
user obvious.

(3) The framework contract may establish a fee for providing or making available
information referred to in paragraph 2.

§ 106

Appeal the payment order


(1) A user who gives a payment order, it may appeal until
payment order is received.

(2) Payment of deferred order can not be revoked after the operation time has elapsed
provider immediately preceding the day on which
payment order is accepted.

(3) Payment order, which gives a payer through a payee, not
appeal after being handed a payer to the recipient.

(4) The agreement payer and the provider, according to which the payer may
after the expiry of the period referred to in paragraph 3 revoke the payment order, which gives
through a payee, requires the consent of the recipient.

(5) Users who gives a payment order, and the provider may
agree that providers includes consideration for the revocation of the payment order
, where the payment order revoked after the deadlines specified in paragraphs
1 to 3

(6) Further, if a user payment order for multiple payment transactions
simultaneously assess the conditions for the withdrawal of the payment order for each
payment transaction separately.

§ 107

The ban on making deductions from the amount of the payment transaction

(1) The provider of the payer, provider of the recipient and other persons
through which these providers directly or indirectly
fulfills its obligations when making a payment transaction (hereinafter referred to as "catalyst
providers") are obliged to transfer the amount of the payment transaction
full amount without any deductions. The recipient and the provider may, however
agree that the provider of your payment deducted from the amount transferred
before crediting it to the payee's payment account or payment;
in this case must be the amount of the payment transaction and charges collected by the
information pursuant to § 87 para. 1 point. c) or § 91 para. 1 point. C).

(2) In violation of the obligations set out in paragraph 1
provider of billing, payment transactions, for which a payment order
payer, provider or the recipient, in the event of a payment transaction that gives
payment instruction recipient or payer through a payee
required to ensure that beneficiaries receive the payment transaction amount in full
amount.
Section 2


Deadlines for execution of payment transactions

§ 108

(1) The provider makes a payment transaction within the deadlines agreed with
user in accordance with the provisions of this section, unless another law
option to extend the deadline.

(2) If a moment of receipt of funds by
moment or crediting the amount of the payment transaction to the account provider
beneficiary over any period which is not working time provider true that the acceptance or crediting
occurred at the beginning of the next operational period
provider.

§ 109

The deadline for the execution of payment transactions provided by the payer

(1) The provider of the payer shall ensure that the amount of the payment transaction was credited to the account
provider at the latest at the end
next working day after the receipt of the payment order.

(2) the payer and the provider may agree a deadline of 1
working day is longer than the period referred to in paragraph 1, in the case of a payment transaction


A) euro currency, which is given to a paper payment order, which does not include
currency exchange, the

B) euro currency, which is given to a paper payment order, which includes
currency exchange between the euro and the currency of the Member State in whose territory the
currency conversion occurs, or

C) Czech currency, which is carried exclusively in the Czech Republic and
includes different than currency conversion exchange between the Czech currency and the euro.

(3) the payer and the provider may agree a deadline of three working days
longer than the period specified in paragraph 1, in the case of a payment transaction


A) euro currency, which includes currency exchange between the euro and another currency
than the currency of the Member State in whose territory the currency conversion occurs

B) Czech currency, which is not conducted exclusively on the territory of the Czech Republic, or


C) currency of another Member State with the exception of the euro currency.

§ 110

The deadline for the payment transaction by the payee

Provider recipient

A) credit the amount of the payment transaction to the payee's payment account, or

B) does not lead to the recipient's payment account, gives the recipient the amount of the payment transaction available

immediately after it was credited to the account of the recipient's provider or

Case of a payment transaction in a currency other than the Member State to
end of the business day following the date on which it was credited to the account
recipient's provider.

§ 111

The deadline for the execution of payment transactions within one provider in the Czech currency


The provisions of § 109 shall not apply in the case of payment transactions within the same
provider in the Czech Republic in Czech currency.
In this case, the amount of the payment transaction is credited to the account
recipient or provider does not lead to the recipient's payment account, given
available to the recipient by the end of the day, which was the moment receiving the command
. If such payment transaction involves currency exchange, the
the payer and the provider agree on a period of one working day
longer.

§ 112

The deadline for the execution of payment transactions consisting in the insertion of cash on a payment account


(1) Inserts If the consumer or small business payment account
cash in the currency of the Member State in which the payment account is credited
provider of payment transaction amount to the account of the recipient
immediately after adoption cash. At the same time comes the day
foreign currency.

(2) Inserts If the consumer or small business payment account
cash in a currency other than the Member State in which the payment account
guided or inserted if the user is not a consumer or small || | entrepreneur, on account of cash payment in the currency in which the payment
account is credited provider of payment transaction amount for payment
account no later than the next business day after the receipt of cash.
Later than this deadline occurs value date.

§ 113

The deadline for delivery of the payment order in the case of a payment transaction, the
payment order which gives the recipient or payer through a payee

(1) In the case of a payment transaction that gives a payment order
recipient or payer through a payee shall deliver
recipient of the payment order to the payer's deadline agreed between the beneficiary and the provider
.

(2) In the case of collection shall deliver recipient of the payment order to the payer's
within a period agreed between the beneficiary and the provider
so that compliance
upon receipt of the payment order agreed between the payer and the payee.

§ 114
The value date


(1) The value date occurs when debiting a payer's payment account
soon as possible upon receipt of the payment order.

(2) The value date occurs when crediting the payment transaction
payment account at the latest at the time when the amount of the payment transaction
credited to the recipient's provider.

(3) Upon the payment transaction amount is credited to the account of the beneficiary must be
amount of the payment transaction available to the recipient.
Part 6

The provider


Provider's liability for unauthorized payment transactions

§ 115

(1) If you were an unauthorized payment transaction, the payer
immediately after the taxpayer had
unauthorized payment transaction announced

A) state payment account from which the amount of the payment transaction
debited to the state in which it would have been had this not been debited,

B) refund the amount of the payment transaction, including the consideration paid and foregone interest
payers if the procedure under a) is not an option.

(2) Paragraph 1 shall not apply if the loss from unauthorized payment transactions
borne by the payer.

§ 116

(1) The taxpayer bears the loss from unauthorized payment transactions

A) to the equivalent of 150 euros, if the loss was caused

First the use of a lost or stolen payment instrument or

Second misuse of a means of payment in case the payer has failed
protect his personalized security elements

B) in full, if the loss caused by his
or by intentionally or through gross negligence, breached any of its obligations set out in
§ 101.

(2) Paragraph 1 shall not apply if the payer has not acted fraudulently and

A) the loss occurred after the taxpayer reported the loss, theft or misuse
payment instrument, or

B) the provider failed to ensure that users are provided with adequate

Funds at any time to report a loss, theft, misuse or unauthorized use
payment instrument.

(3) The taxpayer bears the loss from unauthorized payment transactions
electronic money providers whose nature does not prevent their
any use.

Responsibility for incorrectly executed payment transaction

§ 117

(1) The provider of billing taxpayers responsible for any incorrect
payment transaction, unless the payer and, where applicable, also
providers recipient can prove that the amount of the incorrectly executed payment
transaction was credited to recipient account provider. If
not liable for incorrectly executed payment transaction provider
payer payers, responsible to the provider of the recipient recipient.

(2) If the payer is responsible payer for an incorrectly executed payment transaction
payer and tells him he does not insist on
payment transaction, the payer immediately

A) state payment account from which the amount of the payment transaction
debited to the state in which it would have been had this not been debited, or


B) refund the amount of the payment transaction, including the consideration paid and foregone interest
payers if the procedure under a) is not an option.

(3) The procedure referred to in paragraph 2 shall apply only in relation to the amount
incorrectly executed payment transaction, which was not on account payee's
provider before his
billing provider announced that lasts for payment transaction, and it
condition that the payer demonstrate this credited to the payer and,
where applicable, also the provider of the recipient.

(4) If the payer is responsible payer for an incorrectly executed payment transaction
billing and notifies him that he does not at
payment transaction, the payer shall ensure
crediting incorrectly executed payment transaction to the account | || provider and recipient

A) state payment account of the payer to the state in which it would have been if the payer has performed
payment transaction correctly, or

B) returns incorrectly paid a fee payers and lost interest when
process described in subparagraph a) is not an option.

(5) If the recipient provider is responsible for the recipient
incorrectly executed payment transaction provider recipient immediately

A) state payment account to the state in which it would have been if the recipient
provider of payment transaction performed correctly or

B) make the amount of the incorrectly executed payment transaction, including
improperly paid the fees and interest foregone, available to the recipient, if the procedure
under point a) is not an option.

(6) In the case of payment transactions, for which a payment order
recipient or payer through a payee, paragraphs 1-5 do not apply if the provider
beneficiary has not fulfilled the obligation to submit a payment order to the payer's
. Provider of the recipient recipient, at his request
prove whether this obligation.

§ 118

(1) If a payment transaction, the payment order which gives the payer
was performed incorrectly, the payer shall, upon request of a payer
every effort that may reasonably be required to make a payment transaction was
searched, and the outcome inform the payer; This does not prejudice § 117.


(2) If the payment transaction that gives a payment order
recipient or payer through a payee has been correctly transposed
provider recipient develops at the recipient's request, all the effort that
may reasonably require, that the payment transaction was searched, and
about the outcome inform the beneficiary; This is without prejudice § 117.

§ 119

Incorrect unique identifier

(1) The payment transaction is correctly carried out as to the person recipient, if
conducted in accordance with the unique identifier.
This is true even if the user includes other information about the recipient other than those
specified in the contract between him and the provider.

(2) If the user has entered an incorrect unique identifier of the recipient, the payer
will make every effort to be fair to him
require that funds for payment transactions were returned
payer. Payer and his can in the framework agreement
agree that the provider is entitled for a refund
require consideration.


Common provisions on the liability of providers

§ 120

(1) When a user submits an executed payment transaction or
not authorize the payment transaction was executed incorrectly, it
provider shall prove that it has followed the procedure which allows
verify that it has been given credit statement that the payment transaction was
correctly recorded, accounted for, and not affected
technical or other failure.

(2) The right arising from unauthorized or incorrectly executed payment transactions
not exclude the right to compensation or refund
unjust enrichment. But what can be achieved against a provider
exercise of rights arising from unauthorized or incorrectly
payment transaction, it can not be claimed for any other legal reason
.

§ 121

The deadline for notification of unauthorized or incorrectly executed payment transaction


(1) The taxpayer can right arising from unauthorized or incorrectly executed payment transaction
filed with the court or other competent authority
notify if unauthorized or incorrectly executed payment transaction
provider without undue delay after what about her
but no later than within 13 months from the date on which the amount
payment transaction is debited from the payer's payment account or when the payer
otherwise made available to execute the payment transaction.

(2) The recipient can right arising from a defective payment transaction
filed with the court or other competent authority shall notify
if improperly executed payment transaction provider without undue delay after
what about her but no later than 13 months from
on which the amount of the payment transaction is credited to the account of the recipient or
which the beneficiary is otherwise made available.

(3) Should the provider obligation referred to in § 86, 87, 90 or 91,
deadline for notification of unauthorized or incorrectly executed payment transaction
suspended until the provider to fulfill this obligation least
later.

(4) Failure by a user unauthorized or incorrectly executed payment transaction
time and objected if the provider is delayed announcement
court or other competent authority of law arising out of an unauthorized or incorrectly executed
payment transactions users admit .

§ 122

Subsequent penalty

(1) A provider has fulfilled its obligations under
incorrectly executed payment transaction has recourse against the provider or an intermediary provider
which the incorrect transposition
caused. This does not apply if the payment service provider
provided by the payer or the payee in a non-Member State or
payment transactions in a currency other than the currency of the Member State
.

(2) Paragraph 1 shall not affect the right of unjust enrichment,
right to compensation or other rights resulting from the agreement between
provider or intermediary or other
legislation governing this contract controls.

§ 123
Exoneration


If the fulfillment of the obligations set out in this part and in parts 4 and 5
prevented by circumstances that are unusual, unpredictable, independent
will of the liable party and whose consequences could not avert the liable party, the liable party is not liable
for failing to fulfill this obligation.
TITLE II


RIGHTS AND OBLIGATIONS issuing electronic money

§ 124

Contract for the issuance of electronic money

(1) Publisher issuing electronic money based on the issuance of electronic money
concluded with the holder.
Rights and obligations of issuers and holders in the execution of payment transactions that
relating to outstanding electronic money shall be governed by the provisions governing
payment service agreement.

(2) Publisher issuing electronic money on receipt of funds
funds in the amount corresponding to the nominal value of electronic money issued
.

(3) The publisher shall provide the holder of the interest or other benefits
depend on the length of time during which an electronic money holder holds.

Redemption of electronic money

§ 124a

(1) redeem, for the purpose of this Act
exchange electronic money for bills, coins, cash or cashless
funds in the amount corresponding to the nominal value of exchanged

Electronic money issuer carried out at the request of the holder.
Holder may ask the publisher for redemption at any time.

(2) If the holder of redemption prior to the date of termination of the legal relationship of
on the issuance of electronic money, perform publisher
redeem the extent to which a holder requests it.

(3) If the holder of redemption on the date of termination of the legal relationship
on the issuance of electronic money, or within 1 year after the date
performs publisher redeem in full. If you can not determine
what portion of the funds received electronic money institutions
electronic money issuer or minor is intended for
payment transactions that relate to the electronic money refers
right to redeem all thus the funds received, and
to the extent that the holder of redemption requests.

(4) The right to redeem the nepromlčuje until the legal relationship of
on the issuance of electronic money lasts.

§ 124b

(1) The publisher shall inform the holder and certainly understandable the conditions
redemption in good time before the contract holder
issuance of electronic money bound.

(2) The holder is not bound by its proposal to contract for the issuance of electronic money
if it did before it was in accordance with paragraph 1
informed about the conditions of redemption.

(3) Where the agreed right to consideration for the publisher to reverse
exchange issuer is this consideration only if the holder
ask for redemption prior to the date of termination of the legal relationship of the agreement on extradition
electronic money, or more than one year after that date or
if the holder has terminated the contract for the issuance of electronic money, which
been concluded for a definite period. Consideration must be reasonable and must correspond to real costs
publisher.

§ 124c

When requesting the redemption of the person receiving the e-money, which is not
consumer, § 124a paragraph. 2 and 3 and § 124b paragraph. 3 are unnecessary.
In this case, the conditions of redemption governed by the contract between the publisher and
person receiving electronic money.
PART FIVE



ADMINISTRATIVE OFFENCES
§ 125

Administrative Offences payment institutions and payment service provider of small-scale


(1) The payment institution commits an administrative offense by

A) provides payment services contrary to § 10 paragraph. 2

B) fails to notify a change in data according to § 11

C) contrary to § 13 shall not issue cash users

D) fails to comply with any of the capital requirements under § 17

E) breaches obligations concerning the management and control system in accordance with §
18

F) provides payment services through an agent who
fulfills the conditions of § 23 para. 1

G) comply with the notification obligation pursuant to § 23 para. 2 and § 26 par. 1

H) entrust the performance of important activities related to the provision of payment services
another person in contravention of § 26 par. 2, or

I) comply with the notification obligation pursuant to § 29th

(2) payment service provider a minor commits an administrative offense
that

A) provides payment services contrary to § 36 para. 2

B) fails to notify a change in data according to § 39

C) contrary to § 41 shall not issue cash users or

D) contrary to § 44 para. 2 provides the user interest or other benefit
dependent on the length of time during which his funds are entrusted to
execution of payment transactions.

(3) The payment institution or payment service provider
small extent commits an administrative offense by

A) fails to comply with any of the requirements for funds to them
entrusted to carry out payment transactions, in accordance with § 20

B) violates the notification obligation pursuant to § 27

C) does not keep records or documents according to § 28

D) does not keep records of data relating to insured deposit claims
users under the law regulating the activities of banks, or

E) does not pass the data bank, savings and credit union or foreign bank
under the law regulating the activities of banks.

(4) An administrative offense shall be imposed

A) to 10 million CZK, for an administrative offense pursuant to paragraph 2. b)
or para 3. b), c), d) or e)

B) to 20 million CZK, for an administrative offense under paragraph 1. b)

D) to i)

C) 50 000 000 CZK, for an administrative tort pursuant to paragraph 1. a)
or c), paragraph 2. a), c) or d) or paragraph 3 point. and).

§ 126

Administrative Offences electronic money institution and electronic money issuer
small-scale

(1) The electronic money institution commits an administrative offense by

A) fail to notify change of data pursuant to § 48 par. 3 or 4

B) contrary to § 50 shall not issue cash or holders
users

C) fails to comply with any of the capital requirements under § 52a

D) violates the obligations concerning the management and control system in accordance with §
52c

E) contrary to § 52h paragraph. 1 issue electronic money through
another person that when issuing electronic money acting on its behalf

F) provides payment services through an agent who
does not qualify under § 52h paragraph. 2

G) comply with the notification obligation pursuant to § 52b paragraph. 3 or § 52j paragraph. 1

H) entrusts the performance of the important operational activity related to the issuance of electronic money or
for providing payment services to another person
contrary to § 52j paragraph. 2, or

I) comply with the notification obligation pursuant to § 52 meters paragraph. 1st

(2) electronic money issuer minor commits an administrative offense
that

A) issuing electronic money or provides payment services that
concerning electronic money, contrary to § 53 par. 2

B) provides payment services not related to electronic money in
inconsistent with § 53 par. 3,

C) fails to notify a change in data according to § 56

D) contrary to § 58 shall not issue cash or holders
users or

E) contrary to § 59 para. 2 provides the user interest or other benefit
dependent on the length of time during which his funds are entrusted to
execution of payment transactions.

(3) The electronic money institution or electronic money issuer
minor commits an administrative offense by

A) fails to comply with any of the requirements for funds against their
acceptance have been issued or electronic money entrusted to them for
payment transaction, pursuant to § 52e,

B) fails to comply with the notification obligation pursuant § 52k or

C) does not keep records or documents pursuant to § 52 l.

(4) An administrative offense shall be fined up

A) 10,000,000 CZK, for an administrative offense pursuant to paragraph 2. c)
or e) or para 3. b) or c)

B) 20,000,000 CZK, for an administrative offense under paragraph 1. a), c)
to i)

C) 50 million CZK, for an administrative offense under paragraph 1. b)
paragraph 2. a), b) or d) or paragraph 3 point. and).

§ 127


Canceled
§ 128

Administrative Offences of a participant's payment system

(1) The operator or a participant in a payment system commits an administrative offense
that binds the access of legal persons authorized to provide
payment services to meet any of the requirements specified in § 60 par. 1
point. a) or b), or saves providers or users of another
payment system that is a payment system that operates alone or
attended, any of the requirements specified in § 60 par. 2 point.
A), b) or c).

(2) For an administrative offense under paragraph 1 shall be fined up to 20 million CZK
.

§ 129

Administrative Offences of a participant's payment system with settlement finality


(1) The operator of a payment system with settlement finality with
committed an administrative offense that

A) contrary to § 67 para. 1, publish rules change
system without the consent of the Czech National Bank

B) fails to notify a change in data pursuant to § 72 para. 3, or

C) fails to comply with the notification obligation pursuant § 73b. 1st

(2) The operator of a payment system with settlement finality
is based in the Czech Republic has committed an administrative offense that

A) operates a payment system with settlement finality in conflict with
§ 70 para. 2

B) comply with the notification obligation pursuant to § 73a or

C) fails to comply with the notification obligation pursuant § 73b. 3rd

(3) The participant in the payment system with settlement finality
commits an administrative offense by violating the obligation to provide information pursuant to § 73b.
2 or § 73c.

(4) A participant in the international payment system with irrevocability

Settlement commits an administrative offense by violating the information
obligation under § 73d.

(5) An administrative offense shall be fined up

A) 10,000,000 CZK, for an administrative offense under paragraph 1. c)
paragraphs 2, 3 or 4

B) 20,000,000 CZK, for an administrative offense under paragraph 1. a) or b
).

§ 130

Administrative Offences provider

(1) The provider commits an administrative offense that consistently

A) violates the obligations according to § 79, 80, 88, § 92. 3,
§ 93 or § 94 paragraph. 2

B) violates the obligations relating to the amendment of the framework agreement according to § 94 paragraph
. 1 or 5

C) tells a framework contract concluded for an indefinite period in conflict with §
96

D) blocks a means of payment in contravention of § 100

E) violates the obligations relating to the payment order is rejected by §
105 paragraph. 1 or 2

F) does not comply with the deadline for the execution of payment transactions in accordance with § 109 to 113
or

G) contrary to § 114 paragraph. 3 does not make funds available
recipient.

(2) The provider of the payer commits an administrative offense by violating
information obligations pursuant to § 86 par. 1, § 89 or 90.

(3) Service recipient commits an administrative offense by violating
information obligations pursuant to § 87 para. 1 and § 91.

(4) Service, which issues means of payment
commits an administrative offense by violating the obligations under § 102 para. 1st

(5) The provider of the payer, provider of the recipient or the person they used
providers to fulfill their obligations in transposing
payment transaction commits an administrative offense if it conflicts with §
paragraph 107. 1 deducts from the amount of the payment transaction.

(6) An administrative offense shall be imposed

A) 1 000 000 CZK, for an administrative tort pursuant to paragraph 1. a)
paragraph 2 or 3,

B) 10 000 000 CZK, for an administrative tort pursuant to paragraph 1. b)
or c)

C) to 20 million CZK, for an administrative offense under paragraph 1. d)
e), f) and g) or paragraph 4 or 5.

§ 131

Administrative Offences publisher

(1) Publisher commits an administrative offense by

A) issuing electronic money in conflict with § 124 paragraph. 2

B) provide holders of interest or other benefits contrary to § 124 paragraph. 3,

C) fails to redeem pursuant to § 124a paragraph. 2 or 3,

D) violates the notification obligation pursuant to § 124b paragraph. 1st

(2) For an administrative offense under paragraph 1 shall be fined up to 1 million CZK.
Other administrative offenses


§ 132

(1) The legal person commits an administrative offense that

A) provides payment services or issuing electronic money without
is authorized to do so,

B) supplying incorrect information or conceal certain facts in the application
permit or a registration pursuant to this Act,

C) comply with the notification obligation pursuant to § 51 or

D) Provide the Czech National Bank requested information or clarification
according to § 135a paragraph. 3rd

(2) A legal or natural person subject to supervision by the Czech National Bank
commits an administrative offense by

A) Provide the Czech National Bank in the supervision
necessary information or explanations required by § 135a paragraph. 3, or

B) fails within the time some of the remedial measures pursuant to §
135d paragraph. 1 point. b) to i).

(3) An administrative offense shall be imposed

A) 10 000 000 CZK, for an administrative tort pursuant to paragraph 1. c)
or point. d)

B) to 20 million CZK, for an administrative offense under paragraph 1. b)
or paragraph 2

C) 50 000 000 CZK, for an administrative tort pursuant to paragraph 1. and).

§ 133

(1) The provider commits an administrative offense by

A) in violation of Article. 3. 1 Regulation of the European Parliament and Council Regulation (EC) No.
. 924/2009 ^ 2) does not charge users for cross-border payment
same fee as for corresponding national payments of the same value in
same currency

B) in conflict with Art. 4, paragraph. 1 Regulation of the European Parliament and Council Regulation (EC) No.
. 924/2009 informs users of its international bank account number
(IBAN) and his Bank Identifier Code (BIC)

C) inconsistent with Art. 4, paragraph. 1 Regulation of the European Parliament and Council Regulation (EC) No.
. 924/2009 fails to international account number (IBAN) and its user
Bank Identifier Code (BIC) in the excerpt from the user's account or in the notes

To him, or

D) contrary to Article. 7 of European Parliament and Council Regulation (EC) no. 924/2009
negotiate, or pays an interchange fee required.

(2) For an administrative offense under paragraph 1 shall be imposed

A) to 5,000,000 CZK, for an administrative tort pursuant to subparagraph a)

B) 1 000 000 CZK, for an administrative offense under subparagraph b), c) or d
).

§ 133a

(1) The provider commits an administrative offense by

A) as the provider of the recipient in contravention of Article. 3. 1
Regulation of the European Parliament and Council Regulation (EU) no. 260/2012 ^ 2) it is not reachable for
payment initiated by a payer through a provider is located
in any Member State

B) as the provider of the payer in conflict with Art. 3.
2 of the European Parliament and Council Regulation (EC) no. 260/2012 not available to
direct debits initiated by a payee through a
is located in any Member State

C) used for the purpose of carrying out transfers and direct debits payment scheme that
does not meet any of the requirements under Art. 4, paragraph. 1
Regulation of the European Parliament and Council Regulation (EC) no. 260/2012,

D) fails to meet any of the requirements relating to the implementation
transfers and direct debit transactions in accordance with Art. 5, paragraph. 1
Regulation of the European Parliament and Council Regulation (EC) no. 260/2012,

E) fails to meet any of the requirements relating to the implementation of payments pursuant to Article.
Paragraph 5. 2 of the European Parliament and Council Regulation (EC) no. 260/2012,

F) fails to meet any of the requirements relating to the execution of direct debit transactions under Article
. 5 par. 3 of the European Parliament and the Council
(EC) no. 260/2012,

G) as the provider of the payer in conflict with Art. 5 paragraph. 6
Regulation of the European Parliament and Council Regulation (EC) no. 260/2012 does not check whether
amount of the submitted direct debit transaction corresponds to the amount and periodicity set | || in the mandate or

H) in conflict with Art. 5, paragraph. 7 of European Parliament and Council Regulation (EC) No.
. 260/2012 requires that users cite
Bank Identifier Code (BIC) of the payer or the recipient's provider,

I) in conflict with Art. 5 par. 8 of the European Parliament and Council Regulation (EC) No.
. 260/2012 charges additional fees for retrieving data or

J) in conflict with Art. 8 of the European Parliament and Council Regulation (EC) no. 260/2012
negotiate, or pays an interchange fee required.

(2) The operator of a payment system for small payments commits an administrative offense
that

A) contrary to Article 4 paragraph. 2 first sentence of the European
Parliament and Council Regulation (EC) no. 260/2012 does not ensure technical interoperability
payment system, which is the operator, with other payment
systems for small payments, or

B) contrary to Article 4 paragraph. 2 second sentence of the European
Parliament and Council Regulation (EC) no. 260/2012 adopt business rules that restrict interoperability
payment system, which is the operator, with | || other retail payment systems.

(3) The participant in the payment system for small payments, which has
operator commits an administrative offense by

A) contrary to Article 4 paragraph. 2 first sentence of the European
Parliament and Council Regulation (EC) no. 260/2012 does not ensure technical interoperability
payment system, which is involved with other payment
systems for small payments, or

B) contrary to Article 4 paragraph. 2 second sentence of the European
Parliament and Council Regulation (EC) no. 260/2012 adopt business rules that restrict interoperability
payment system, which is involved with | || other retail payment systems.

(4) An administrative offense under paragraphs 1 to 3 shall be fined up to 1,000
000 CZK.

§ 134
Offences


(1) A person who commits an offense that

A) provides payment services or issuing electronic money without
is authorized to do so,

B) supplying incorrect information or conceal certain facts in the application
entry in the register under this Act,

C) comply with the notification obligation pursuant to § 52b Sec. 1, or

D) Provide the Czech National Bank requested information or clarification
according to § 135a paragraph. 3rd

(2) An offense under paragraph 1 may be fined up

A) 5,000,000 CZK, in the case of an offense under subparagraph c) or d)

B) 10 million CZK in the case of the offense referred to in subparagraph b)

C) 20 million CZK in the case of an offense under a).

§ 135
Common provisions



(1) A legal person for an administrative delict if it proves that
made every effort that could be required to breach
legal obligations prevented.

(2) In determining the amount of the fine legal person takes into account the seriousness
administrative offense, especially the manner of its commission and its consequences
and the circumstances under which it was committed.

(3) The liability of a legal person for an administrative tort shall expire if
Czech National Bank fails to open administrative proceedings within 1 year from the date
when it became aware of, but not later than 5 years from the day
was committed.

(4) Administrative offenses under this Act by the Czech National Bank.

(5) Liability for an administrative offense, which occurred during business
natural person or in direct connection therewith, the provisions
this Act on liability and sanctions to legal persons.

(6) Income from fines imposed by the Czech National Bank pursuant to this Act
state budget revenue.

(7) The costs of the administrative proceedings conducted by the Czech National Bank
under this Act collected by the Czech National Bank. Income from reimbursement of these costs is
income to the Czech National Bank. To recover the costs
administrative proceedings conducted by the Czech National Bank for the purposes of levying and enforcing
seen as agents of the public budget.
Pay the costs of the administrative proceedings conducted by the Czech National Bank exacted by the competent customs office
.
PART SIX



SUPERVISION
§ 135a

(1) The Czech National Bank shall supervise compliance obligations

A) a payment institution, the payment service provider of small-scale
electronic money institution and electronic money issuer
small extent provided by this Act or any other legislation
governing the procedure for the performance of activities that these persons are authorized
perform under this Act,

B) The operator of a payment system with settlement finality
is based in the Czech Republic and a participant in the payment system with settlement finality
stipulated by this law or other legal
regulation governing the procedure for the operation of the payment system with irrevocability
clearing and

C) providers and publishers provided by this Act or similar
provisions of the legislation of other Member States governing
legal relationship of the payment service contract or a contract for the issue
electronic money or a directly applicable
EU regulation governing cross-border payments in the European Union ^ 2) or directly
applicable regulation governing the European Union requirements for credit transfers and direct debits in euros
^ 2).

(2) supervise compliance with the obligations under paragraph 1. c)
it performed by the Czech National Bank if it relates to business which
provider or publisher has the seat or place of business in

A) of Czech Republic performs in the Czech Republic

B) Foreign performs in the Czech Republic through a branch or under another
permanent presence or

C) Czech Republic performs in a Member State other than
through a branch or otherwise than under any other permanent presence.

(3) Persons subject to supervision by the Czech National Bank are obliged to provide
Czech National Bank in the supervision
required information and necessary explanations; this also applies to operators
payment system with settlement finality established in another Member State
when assessing the fulfillment of conditions for the performance of its activities.
The Czech National Bank is authorized to require any information and explanations necessary
clarify facts indicating unauthorized
provision of payment services or the unauthorized issuance of electronic money, and
everyone is obliged to provide information and explanations;
provisions of the Administrative Procedure governing summons, attendance and examination of witnesses is
apply mutatis mutandis.

(4) The competent authorities under the Regulation on cross-border payments and by
directly applicable EU regulations governing cross-border payments
European Union ^ 2) and by a directly applicable regulation governing the European Union
requirements for credit transfers and debits in euro ^ 2) in the Czech Republic
Czech national Bank.

§ 135b

(1) For an obligation of secrecy in exercising supervision under this Act

Shall apply mutatis mutandis the provisions of the law regulating the activities of banks
obligations of confidentiality in banking supervision.

(2) The Czech National Bank cooperates with the authorities of other Member States
supervising persons authorized to provide payment
services or issue electronic money with the central banks of other
Member States or the European Central Bank.

(3) The Czech National Bank forwarded to authorities in other Member States
supervising foreign credit institutions or foreign institutions
e
money all relevant information, particularly information that persons subject to the supervision of the || | authorities breached the obligation related to those activities which are
persons entitled to exercise under this Act.

§ 135c

On-site inspection

(1) The Czech National Bank may carry out on-site inspections at
persons subject to its supervision, with the sales representative or other
person through whom such person carries out operations
related to activities, which is authorized to perform under this Act
.

(2) The Czech National Bank may, in another Member State to conduct an on-site
by persons subject to its supervision, with the sales representative
or any other person through whom such person carries out operational activities relating
to activities which are authorized to perform
by this Act, by notifying the supervisory authority of another Member State
. At the request of the Czech National Bank may check this site for
also carry out this supervisory authority of another Member State.

(3) The supervisory authority of another Member State may, in the Czech Republic
carry out on-site inspection by a person under his supervision at its business
representative or any other person through whom such person carries out operations
related to activities which are authorized to carry
under this Act if it notifies the Czech national Bank.
At the request of the supervisory authority of another Member State may check this site to carry
Czech National Bank.

(4) For a person who is reasonably suspected of illegally providing payment services
or illegally issuing electronic money, the Czech National Bank
carry out on-site inspections to the extent that is necessary to determine
the facts relating to the activity that this suspicion
based.

§ 135d

Remedial Measures

(1) If the person subject to supervision by the Czech National Bank violates
obligation stipulated by this Act or other legislation
governing the procedure for carrying out activities which that person is entitled to exercise
under this Act, the Czech National Bank
according to the severity and consequences of the shortcoming to save that person to

A) within the prescribed period to remedy the situation,

B) not to engage in activity that is authorized to perform under this Act
, or some of them, until it remedies the situation,

C) left at their own expense to perform extraordinary audit,

D) replaced its auditor, if the conditions for
unilateral termination of the contractual relationship of the Statutory Audit Contract by the law governing the activities
auditors

E) exchanged its leading person

F) not to engage in activity that is authorized to perform under this Act
, through an agent,

G) not to engage in activity that is authorized to perform under this Act
, through a branch in the host Member State

H) limit the performance of certain operations related to
activities which are authorized to perform under this Act
through another person, or that these activities through other persons
not exercised, or

I) dispose of the funds that are entrusted to carry
payment transaction or against the adoption were issued
electronic money, only prescribed manner.

(2) Remedial measures pursuant to paragraph 1. f), or g) may
Czech National Bank may impose payment institution or the institution of electronic money
also if it has reasonable grounds to suspect that, in connection with the performance
activities that these persons are authorized to perform according
this Act through a branch or sales representative

Host Member State may increase the risk of
legalization of proceeds from crime or terrorist financing.

(3) A person subject to supervision by the Czech National Bank, the Czech National Bank has imposed
remedial measures pursuant to paragraph 1 shall inform
Czech National Bank without undue delay on the elimination of scarcity and
way of remedy.

§ 135E


Receiving complaints
If one accepts Czech National Bank initiated proceedings ex officio ^ 7)
regarding infringement provider or publisher
prescribed by this Act or similar provisions of the legislation of another Member State
governing legal relationship of the agreement on payment
services or contract for the issuance of electronic money or
applicable EU regulation governing cross-border payments in the European Union
^ 2) or directly applicable EU regulation governing the requirements for
transfers and direct debits in euros ^ 2), it responds with
within 60 days of when the stimulus adopted, even though the one who gave the instruction,
not asked. If applicable, it shall inform the Czech National Bank
while on the amicable resolution of disputes between users and providers
or between holders and publishers
according to another legal regulation 8).

§ 135F
Disciplinary penalties


(1) The Czech National Bank may exercise supervision under this Act
conditions laid down by administrative rules or the law governing the exercise of state control
impose a disciplinary fine of up to CZK 500 000.

(2) The fine may be imposed repeatedly. The total of these fines
for the same act may not exceed EUR 2 500 000 CZK.

(3) Income from fines shall be an income of the state budget.
PART SEVEN


COMMON, TRANSITIONAL AND FINAL

§ 136

Lists and registers

(1) The Czech National Bank leads

A) a list of credit institutions

B) a payment service providers of small-scale

C) a list of electronic money institutions

D) a register of electronic money issuers small-scale

E) list of payment systems with settlement finality and

F) the list of participants in the international payment system with finality of settlement
who have their registered office or place of business in the Czech Republic.

(2) The lists and registers under paragraph 1. a) to d)
entered data on payment services, the provision of which is incorporated
person is entitled to, and the branches, through which it is registered
person is authorized to provide payment services or issuing electronic money
. Do lists and registers under paragraph 1. a) to d)
recorded data on sales representatives, through which
registered person is authorized to provide payment services.

(3) the list pursuant to paragraph 1. e) are also entered data
operators and participants in the payment system with irrevocability
settlement. The list pursuant to paragraph 1. f) is also entered
indication of the system operator, which is registered person is a party, and the legal
Procedure, which governs the legal relations between the parties of the system while
implementation of the settlement.

(4) The lists and registers referred to in paragraph 1 shall be entered at least

A) for a legal entity or company name, address and identification number of the person
, if assigned, and

B) the natural person or business name and last name, address
residence or place of business and identification number, if assigned
.

(5) The Czech National Bank lists and registers referred to in paragraph 1
publishes a manner allowing remote access. The headquarters and branches
Czech National Bank to them, anyone can inspect.

(6) The Czech National Bank lists and registers referred to in paragraph 1
regularly updated. Against any person who is in charge of registration in the list or register
accordance with paragraph 1, not registered person object that the entry
not true.

§ 136a


Canceled
§ 137


Canceled
§ 138


Canceled
§ 139

(1) The decision of the Czech National Bank issued pursuant to this Act
first instance may be filed.

(2) Decisions concerning appeals Bank Board of the Czech National Bank.
Provisions of the law regulating administrative proceedings on a possible way of ending
analysis process ^ 9) shall not apply.

§ 140

canceled


§ 141

Persons authorized to provide payment services to participants and operators or
payment system may process personal data without the consent
subjects such data, case processing
solely for the purpose of preventing fraud in the payment system, the
investigation and detection. In doing so, they proceed according to the law regulating
privacy.

§ 142


Authorization
Czech National Bank issued a decree under § 9. 3, § 11 para. 2, § 17 paragraph
. 4, § 18 par. 6, § 20 para. 4, § 23 para. 3, § 26 par. 4, § 27 paragraph
. 2, § 29 para. 2, § 37 par. 3, § 39 par. 2, § 47 para. 3, § 48 paragraph
. 4, § 52a paragraph. 5, § 52b paragraph. 4, § 52c paragraph. 6, § 52e paragraph. 4, §
52h paragraph. 4, § 52j paragraph. 4, § 52k paragraph. 3, § 52 meters paragraph . 3, § 54 par. 3,
§ 56 Para. 2, § 71 par. 3, § 72 para. 4 and § 73b. 5th

Transitional and Final Provisions

§ 143

(1) A person who is not a person referred to in § 5, but the date was 24 December 2007
authorized under the existing legislation to provide the services that
payment services under this Act, the following services | || effective date of this Act to provide for the basis of its
prior authorization by 30 April 2011. at the same time it is obliged
after the date of entry into force of this Act, to proceed according to existing legal
regulations governing the conditions for the exercise of its activities; § 144 paragraph.
6 to 9, without prejudice.

(2) A person who is not the person referred to in paragraph 1 or in § 5, but was
to the effective date of this law to provide services that
payment services under this Act, the following services after
date of entry into force of this Act granted on the basis of their existing
authorization if within 60 days after the effective date of this Act
lodge an application for authorization to operate a payment institution or
application for entry in the register of payment small-scale services.
When it is obliged to proceed under the existing legislation
governing the conditions for the exercise of its activities until the effective date of this Act
; § 144 paragraph. 6-9 remains unaffected. Authorization by the first sentence
expires on the day the decision on the application for authorization to operate
payment institution, a decision on the application for entry in the register
payment service providers to small-scale or
date of the certificate of registration of providers small payment service
scope under this Act.

§ 144

(1) The electronic money institution license issued under existing legislation
the effective date of this Act, be deemed
authorization to operate an electronic money institution under this Act.

(2) A person who has been granted permission to issue electronic money
according to § 19 of Act no. 124/2002 Coll., On transfers of funds,
electronic payment instruments and payment systems, as amended || | amended (hereinafter the "former law"), the date of entry into force of this Act
considers electronic money issuer
small extent under this Act. Czech National Bank shall without undue delay
entered in the register of electronic money issuers
small scale.

(3) An application for a license to transfer funds pursuant to § 13a
former law, which was not decided until the effective date of this Act
, the effective date of this Act, be deemed
application for authorization the activities of payment institutions under this Act, unless
to the applicant within 30 days after the effective date of this Act
expresses disagreement; in proceeding on it to proceed in accordance with this Act.

(4) An application for electronic money institution license under § 18b or
authorization pursuant to § 19 of the previous Act, which has not decided to
effective date of this Act, the effective date of this Act
considers the application for authorization to operate an institution
electronic money or electronic money issuer
little scope under this Act; in proceeding on it to proceed in accordance with this Act
.

(5) An application for a license to operate a payment system in accordance with § 30
former law, which was not decided until the effective date of this Act
, the effective date of this Act, be deemed
application for authorization to operate a payment system with irrevocability
settlement under this Act; in proceeding on it to proceed in accordance with

This Act.

(6) The legal relationship between the provider and the user
date of entry into force of this law governed by this act, even if they were incurred prior to the date
effective date of this Act. The emergence of these relationships, as well as
individual claims which arise from these relationships
arose before the date of entry into force of this Act, shall be resolved in accordance with the existing legislation
.

(7) If the provider and user of the date of entry into force of this Act
agreed terms
provision of payment services to users less favorable than that
this law allows to arrange the least favorable for user
true that conditions were agreed that the law provides for the negotiation
least as favorable to the user.

(8) In determining whether the user who concluded the contract for payment
service before the effective date of this Act,
small entrepreneur in a moment of conclusion of the payment service
considered effective date this Act. On the small businessman, who concluded
payment service agreement before the effective date
this Act, the provisions of this Act on small entrepreneurs
apply from 1 January 2010.

(9) Payment transaction that has been authorized before the effective date
force of this Act shall be made in accordance with existing legal regulations
. If, however, it was before the effective date of this Act
authorized by repeated execution of several payment transactions
will be made under the existing legislation only
payment transactions initiated before the effective date of this Act.

§ 145

(1) Until 1 January 2012, a payer and provider agree
period of two working days longer than the period specified in § 109 para. 1
case of a payment transaction euro currency; § 109 para. 3 point. a)
remain unaffected.

(2) Until 1 January 2012 to apply § 109 para. 2 similarly, if it is a
payment transaction in Czech currency, which is carried exclusively in the territory
Czech Republic and includes a currency conversion between Czech currency and the euro.

(3) If a payment transaction to which a given paper
payment order, the period referred to in paragraph 1 on the next working day.

§ 146

Repealed:

First Act no. 124/2002 Coll., On transfers of funds,
electronic payment instruments and payment systems.

Second Decree no. 548/2002 Coll., Laying down the conditions for the principles
in payment systems and the particulars of an application for a license to operate a payment system
.

Third Decree no. 91/2006 Coll., Implementing the Payment System Act.

Fourth Decree no. 92/2006 Coll., Stipulating the essential elements
application for permission to issue electronic money.

§ 147
Efficiency


This Act shall take effect on 1 November 2009.

Pp. Nemcova vr
Klaus vr

Fischer vr

Selected provisions of amendments


Art. II Act no. 139/2011 Coll.
Transitional provisions


First Electronic money institution or foreign institution
electronic money, which was the effective date of this Act
authorized to issue electronic money under the existing legal
regulations, the effective date of this Act until 30 October 2011
to issue electronic money under its existing authorization to
activities of electronic money institutions. In doing so, according
existing rules; Point 5 remains unaffected.

Second Electronic money issuer small scale, which was the date
entry into force of this Act shall be entitled to issue electronic money
under the existing legislation, the effective date of this Act
until 30 April 2012 to issue electronic money under | || their existing registration electronic money issuer
small extent. In doing so under the existing legislation; Point 5
remain unaffected.

Third Request for authorization to perform activities of an electronic money institution
filed before the effective date of this Act, which has not decided to
effective date of this Act, the effective date of this Act
considers an application for authorization to operate an institution
electronic money pursuant to § 47 of Act no. 284/2009 Coll., on payment
contact, as amended, effective from the date of entry into force of this Act; point 4

Remain unaffected. Application for entry into the register of issuers of electronic money
minor filed before the effective date of this Act, a
which was not decided until the effective date of this Act shall
effective date of this Act, be deemed an application for registration in
register of electronic money issuers small-scale
according to § 54 Act no. 284/2009 Coll., on payment Systems, as amended effective date of
entry into force of this Act.

Fourth Request for authorization to perform activities of an electronic money institution
filed before the effective date of this Act shall be deemed
request for authorization to operate an electronic money institution in accordance with § 47 of Act no.
284/2009 Coll., On Payments , as amended, effective from the date of entry into force of this Act
, if the applicant before issuing a decision on this request
requests. The legal effects of the decision to grant permission to
activities of an electronic money institution in pursuance of this request
earlier of the effective date of this Act.

Fifth Legal relations between the electronic money issuer and holder
electronic money to the effective date of this Act
governed by Act no. 284/2009 Coll., On Payment Systems, as amended effective date of
commencement of this Act, and if they were incurred before the date of entry into force of this Act
. The emergence of these relationships, as well as
individual claims which arise from these relationships
arose before the date of entry into force of this Act, shall be resolved in accordance with the existing legislation
.

6th Permission to operate a payment system with finality of settlement
granted under the existing legislation the date of entry into force of this Act
deemed a license to operate a payment system
with settlement finality in accordance with § 71 of the Act no. 284/2009 Coll.
on payment Systems, as amended, effective from the date of entry into force of this Act
. The operator of a payment system with settlement finality
on the basis of the authorization granted under the existing legislation is
day of entry into force of this Act be deemed
operator of a payment system with settlement finality in accordance with § 70 of the Act no. 284/2009 Coll., | || on payment Systems, as amended, effective from the date of entry into force of this Act
.

7th The operator of a payment system with settlement finality on
authorization granted under existing laws shall
their situation in accordance with Part III of the Act no. 284/2009 Coll., On Payment
contact, as amended effective date of acquisition of this Act
later than 3 months after the effective date of this Act. Until that time
activity complies with the rules set out in § 65 of the Act no. 284/2009
Coll., On Payment Systems, as amended, effective from the date of entry into force of this Act
reasonably.

8th Payment system with settlement finality
operated under an authorization granted under the existing legislation the date of entry into force of this Act
deemed payment system with settlement finality
according to § 62 of the Act no. 284/2009 Coll., On Payment contact
in the wording effective from the effective date of this Act.

9th Application for authorization to operate a payment system with settlement finality
filed before the effective date of this Act
, which was not decided until the effective date of this Act
, the effective date of this Act as a request to || | authorization to operate a payment system with settlement finality
according to § 71 of the Act no. 284/2009 Coll., on payment systems, as amended effective
effective date of this Act.

10th Legal relations arising in connection with the operation
payment system with settlement finality, or to participate in it with the date of entry into force of this Act
governed by Act no. 284/2009 Coll., On Payment
contact, as amended effective date effective date of this law, even though
arose before the effective date of this Act. The emergence of these
legal relations, as well as claims arising from them before the effective date
force of this Act, shall be resolved in accordance with current legal regulations
.

Art. IX of the Act no. 37/2012 Coll.
Transitional provisions


First Payment system with settlement finality
according to existing legislation, the effective date of this Act, be deemed

Payment system with settlement finality according to § 62 paragraph. 1
Law no. 284/2009 Coll., On Payment Systems, as amended, effective from the date of entry into force of this Act
.

Second Foreign payment system with settlement finality
according to the existing laws are effective date of this Act
considers international payment system with settlement finality
according to § 62 par. 2 Act no. 284/2009 Coll., On Payment Systems, as
effective from the date of entry into force of this Act.

Art. II Act no. 261/2014 Coll.


Transitional provisions
The provisions of § 133a paragraph. 1 point. a) to i) of the Act no. 284/2009 Coll., as amended
effective from the date of entry into force of this Act shall apply from
31 October 2016, or a year from the day when the Czech Republic adopts | || euro as its lawful currency if this occurs first.

1) Directive of the European Parliament and Council Directive 98/26 / EC of 19 May
1998 on settlement finality in payment and settlement systems
securities trades, as amended by Directive of the European Parliament
and Council Directive 2009/44 / EC.

Directive of the European Parliament and Council Directive 2007/64 / EC of 13 November
2007 on payment services in the internal market amending Directives
97/7 / EC, 2002/65 / EC, 2005 / 60 / EC and 2006/48 / EC and repealing Directive
97/5 / EC, as amended by European Parliament and Council Directive 2009/111 / EC.

Directive of the European Parliament and Council Directive 2009/44 / EC of 6 May 2009
amending Directive 98/26 / EC on settlement finality in
payment and settlement systems of securities | || and Directive 2002/47 / EC on financial collateral arrangements as regards linked systems and
credit claims.

Directive of the European Parliament and Council Directive 2009/110 / EC of 16 September 2009
on access to the taking up, pursuit and
prudential supervision of the business of amending Directives 2005/60 /
EC and 2006/48 / EC and repealing Directive 2000/46 / EC.

Directive of the European Parliament and Council Directive 2010/78 / EU of 24 November
2010 amending Directive 98/26 / EC, 2002 / 87ES, 2003/6 / EC
2003/41 / EC, 2003/71 / EC, 2004/39 / EC, 2004/109 / EC, 2005/60 / EC
2006/48 / EC, 2006/49 / EC and 2009/65 / EC with regard to powers
European supervisory authority (EBA), a European supervisory authority
authority (European insurance and Occupational Pensions
insurance) and the European supervisory authority (European securities
securities and markets authority).

2) Regulation of the European Parliament and Council Regulation (EC) no. 924/2009 of 16
September 2009 on cross-border payments in the Community and repealing Regulation
(EC) no. 2560/2001, as amended .

Regulation of the European Parliament and Council Regulation (EU) no. 260/2012 of 14
March 2012 establishing technical and business requirements for
transfers and direct debits in euros and amending Regulation (EC) no. 924/2009.

3) For example, § 56 and 56a of Act no. 85/1996 Coll., On Advocacy, as amended
Act no. 228/2002 Coll., Act no. 284/2004 Coll. and Act no. 296/2007 Coll
., § 2 of the Act no. 358/1992 Coll., on notaries and their activities (Notary
Regulations), as amended by Act no. 7/2009 Coll.

5) § 5d Act no. 21/1992 Coll., The Banking Act, as amended by Act no. 126/2002
Coll., Act no. 257/2004 Coll., Act no. 126/2008 Coll. and Act no. 230/2008 Coll
.

6) For example, § 307 paragraph. 1 of the Civil Procedure Code.

7) § 42 of the Administrative Code.

8) Act no. 229/2002 Coll., On the Financial Arbiter, as amended
regulations.

9) § 152 paragraph. 5 of the Administrative Code.

10) Art. 10 Directive of the European Parliament and Council Directive 98/26 / EC.

11) Art. 2 Directive of the European Parliament and Council Directive 2006/48 / EC of 14 June 2006
access to the activity of credit institutions and pursuit,
amended by Commission Directive 2007/18 / EC and 2010/16 / EU.

12) European Parliament and Council Regulation (EU) no. 1095/2010 of 24
November 2010 establishing a European Supervisory Authority (European
Securities and Markets Authority, amending Decision no. 716 / 2009 / EC and repealing
Commission decision 2009/77 / EC.

13) European Parliament and Council Regulation (EU) no. 1092/2010 of 24 November 2010
macro-prudential oversight of the financial system
EU level and establishing a European systemic risk Board.