Notice On Payment Institutions Security Of Funds Received From Payment Service Users

Original Language Title: Bekendtgørelse om betalingsinstitutters sikring af midler modtaget fra brugere af betalingstjenester

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=127910

Notice on payment institutions security of funds received from the users of betalingstjenester1)

Under section 22 (3) and § 107, paragraph 5 of law No 21/92. 385 of 25. May 2009 on payment services shall be fixed:

The scope of the

§ 1. This notice applies to undertakings which are authorised as a payment institution pursuant to Chapter 2 of the law on payment services, and at the same time engaged in other business activities other than payment services, see. § 11 (1) (8). 3.

(2). The Ordinance shall apply to the products,

1) which the payment institution has received from payment service users or obtained through another intermediary payment service as part of the execution of payment transactions, and

2) which have not yet been paid to the payee or transferred to another payment service provider by the end of the working day following the day on which the funds are received.

(3). The Ordinance shall not apply in relation to an individual user of payment services, if the entity's total funds of the payment institution not exceeding 600 euros.

Security of funds

§ 2. The payment institution shall ensure that the products referred to in paragraph 1 in accordance with paragraphs 2 to 3.

(2). The obligation under paragraph 1 may be satisfied by one or more of the following ways:

1) by inserting the funds in a separate account, is termed "security account", of a credit institution in accordance with section 3.

2) investment in securities, which are placed in a separate securities depot, known as "security depot", of a credit institution in accordance with section 4.

3) through the establishment of guarantees in accordance with § 6.

(3). The total amount of collateral provided for in paragraph 2 shall at all times be equal to the total amount that is calculated in accordance with article 2, paragraph 1. By investing in securities regulation. § 2, nr. 2, and through the establishment of guarantees, see. § 2, nr. 3, must be attributed to a margin of 10 per cent.

§ 3. Security accounts pursuant to section 2, paragraph 2, no. 1, must be created in a credit institution authorised in this country, in another country within the European Union or in a country with which the community has entered into an agreement on the financial area.

(2). The payment institution shall obtain the credit institution's listing of that conservative constitute collateral for the requirements on repayment by the payment institution's users of payment services covered by article 2, paragraph 1, might have against the payment institution in the event that the payment institution is taken during the insolvency proceedings. The payment institution is, however, in relation to the credit institution is entitled to freely dispose of the deposit.

(3). In proceedings referred to in paragraph 2 for the purposes of bankruptcy, with creditors negotiation, receivership, insolvency estate probate, debt settlement as well as other Danish and foreign types of winding-up and reorganisation measures justified by the debtor's insolvency, as defined in article 2 (3). 1 (j) and (k) of Directive 2002/47/EC.

§ 4. Security deposits pursuant to section 2, paragraph 2, no. 2, must be created in a credit institution authorised in this country, in another country within the European Union or in a country with which the community has entered into an agreement on the financial area.

(2). The securities, which are placed in the security depot, should be safe, liquid securities, meaning bonds or debt securities issued by or guaranteed by Governments or regional authorities in zone A countries, see. § 5 (1) (8). 18, in the financial business Act.

(3). The payment institution shall obtain the credit institution's listing of security collateral for the claim represents the depot refund as payment institution's users of payment services covered by article 2, paragraph 1, might have against the payment institution in the event that the payment institution is taken during the insolvency proceedings referred to in article 6. section 3, paragraph 3. The payment institution is, however, in relation to the credit institution is entitled to freely dispose of the securities, which are placed in the security depot.

§ 5. When the conditions laid down in, respectively, § 3, paragraph 2, and section 4, paragraph 3, are fulfilled, they are entitled to reimbursement as payment institution's users of payment services covered by article 2, paragraph 1, may have against PI, protected from prosecution from PI's other creditors.

§ 6. Guarantees pursuant to section 2, paragraph 2, no. 3, must be made by an insurance company or a credit institution, which does not belong to the same group as the payment institution, and which is authorised in this country, in another country within the European Union or in a country with which the community has entered into an agreement on the financial area.

(2). The guarantee shall be made as a joint and several guarantee for the benefit of the payment institution's users of payment services and shall include the requirement of repayment, as users within the scope of article 2, paragraph 1, might have against the payment institution in the event that the payment institution is taken during the insolvency proceedings.

§ 7. The payment institution shall have reassuring business procedures, including control measures to ensure compliance with the Department's payment obligations under this Ordinance.

Supervision and criminal provision

§ 8. The payment institution shall submit a report every six months to the Danish financial supervisory authority, showing the total outstanding assessed pursuant to section 2, paragraph 1, in relation to the established guarantees. The statement, which must be carried out respectively at 31 December 2003. December and 30. June, must be received by the Danish financial supervisory authority at the latest on 1 January, respectively. March and 1. September.

§ 9. Violation of article 2, paragraph 1, are punishable by a fine, unless a higher penalty is inflicted pursuant to section 107, paragraph 1, of the Act on payment services.

(2). Violation of § 2, paragraph 3, section 7 and section 8 is punishable by a fine.

(3). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

Date of entry into force of

§ 10. The notice shall enter into force on the 6. November 2009.
The Danish financial supervisory authority, the 3. November 2009 Ulrik Nødgaard/Stig Nielsen Official notes 1) Ordinance contains provisions which partially transposes European Parliament and Council Directive 2007/64/EC of 13. November 2007 on payment services in the internal market and amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC, (payment services directive) (Official Journal of the European Union 2007 nr. L 319, p. 1).