Chapter 1	Scope and definitions
Chapter 2	Paying institutions
Chapter 3	Restricted Permission for Supply of Payment Services
Chapter 3 a	Electronic money providers
Chapter 4	Access to payment systems
Chapter 5	Information requirements
Chapter 6	Rights and obligations in the use of payment services
Chapter 7	Gebyr and so on
Chapter 8	Good custom registration and social security number
Chapter 9	Supervision, etc.
Chapter 10	Payment surrogates
Chapter 11	Penalty provisions
Chapter 12	Entry into force, transitional provisions, etc.
Appendix 1
Appendix 2

Publication of the law on payment services and electronic money 1)

This is made known to be the law on payment services and electronic money, cf. Law Order no. 365 of 26. April 2011, with the changes that come from Act No. 1369 of 28. December 2011, Section 38 of law no. 1231 of 18. December 2012, section 3 of the law. 1287 of 19. December 2012, section 6 of the law. 1383 of 23. In December 2012, Section 4 of Law No 378 of 17. April 2013, section 23 of law no. 639 12. June 2013, section 2 of Law No 1460 of 17. December 2013, Section 11 of Law No 268 of 25. March, 2014, Section 8 of Law. 403 of 28. April 2014 and section 3 of the law. 1490 of 23. December 2014.

Chapter 1

Scope and definitions

Scope of application

§ 1. This law shall apply to payment services covered by Annex 1, cf. however, paragraph 1 2 and 3 and section 4.

Paragraph 2. Chapter 10 shall apply to payment of payment surrogates, cf. § 102, which does not constitute payment services covered by Annex 1. Chapter 3 of the law shall apply to the issue of electronic money.

Paragraph 3. The Minister for the Industry and Growth Minister may decide that the law or in part should not apply to a particular service or certain types of services. At the same time, the Minister for the Industry and Growth Minister may also lay down additional rules for certain types of services.

§ 2. The payment services may be offered only in this country by the following providers authorised in this country, in another country within the European Union or in a country with which the Union has concluded agreement in the financial field :

1) Financial institutions.

2) Paying institutions, cf. Chapter 2.

3) E-money institutions, cf. Chapter 3 a.

4) Denmark's National Bank.

5) Public authorities.

Paragraph 2. In addition, payment services may be offered in this country by companies with limited authorisation to offer payment services covered by section 37 (4). 1, no. One or two.

§ 2 a. Electronic money may only be issued by undertakings authorised in accordance with Chapter 3 (a) or authorized in another country within the European Union or in a country with which the Union has reached agreement in the financial field and by the following :

1) Financial institutions.

2) Denmark's National Bank.

3) Public authorities.

§ 3. Chapters 5 to 8 shall apply to payment services offered in this country, where both the supplier and the payee provider are established in this country, in another country within the European Union or in a country with which the Union has concluded ; in the financial sphere and, if the service is granted in euros or in the currency of another Member State, when this is a currency other than the euro.

Paragraph 2. § 43, section 44, paragraph. 1, no. paragraphs 1, 3 and 4 (4) and (4) 2, section 45 and 47, section 48, paragraph 1, no. 1, no. 2 (a-d and f, and no. 3-7, § § 49-53, 55, 57-68, 72-74 and section 76 (6). However, 1 3, as well as Chapter 8, shall also apply, even though the provider of payment is established in a country outside the European Union, which the Union has not signed up to in the financial sphere, and whatever currency the service is provided in. Section 76 (2). However, 1 3 shall apply only when payment transactions are granted in euro or in another Member State ' s currency when it is a currency other than the euro.

Paragraph 3. Chapter 10 shall apply to payment surrogate payments made in this country.

§ 4. The law shall not apply to :

1) Cash payments directly from the paying recipient to the payee, cf. However, § 56.

2) Payment transactions from the paying recipient to the beneficiary through a commercial agent who has the power of attorney or payment of the payment.

3) Commercial physical transport.

4) Billing transactions involving non-business collection and delivery of cash within the framework of universal service.

5) Services on which the payment is made by explicit request, a cash payment shall be made in the immediate context of the implementation of a payment transaction in respect of the purchase of goods or services.

6) Wetseling of cash, without the account being written on a payment account.

7) Payment transactions based on paper-based travellers ' cheques, paper checks, paper bills, paper-based vouchers, or pointy-pods.

8) Payment transactions carried out within the framework of a system for settlement of payments or securities, between deviation agents, central counterparts, clearinginstitutes, central banks and other participants in the system or providers of payment service, cf. § 40, however.

9) Payment transactions relating to securities management in respect of securities, including yields or parable or in-line or sales made by the products referred to in paragraph 1. 8 referred to persons or by the fund intermediaries, credit institutions, Danish and foreign investment associations or management companies that carry out investment services, as well as any other undertaking which is authorised to have financial services ; instruments in depot.

10) Services provided by technical service providers that support the supply of payment services without at any time in possession of the funds to be transferred, cf. However, section 79.

11) Payment transactions on their own account between providers of payment services, their agents or branches.

12) Payment transactions between a parent undertaking and its subsidiary undertakings or between subsidiaries of the same parent undertaking.

13) Services provided by providers and relating to the payment of cash in cash machines on behalf of one or more card issuers not participating in the framework agreement entered into with the customer on payment of money from a payment account, provided that : these providers do not carry out any other of the payment services listed in Annex 1.

14) Payment transactions and money values that have been used to make payment transactions carried out by means of all telecommunications, digital or IT equipment in which the goods or services acquired are delivered to and be used to use telecommunications, digital or IT equipment, provided that the telecommunications, digital or IT operator does not act solely as intermediates between the user of payment services and the supplier of goods ; services.

15) Charging-free payment of payments.

16) Payment surrogates, where the amount cannot exceed 3 000 cranes and where there can be no automatic recharge, cf. However, section 39 s.

17) Electronic money on up to $3,000. with limited use, where no automatic recharge can occur and where the issuer ' s total commitment from outstanding electronic money does not exceed an amount that corresponds to the value of 5 million. The euro, cf. However, section 39 s.

§ 5. The Act could not be depart to the detriment of the payment services user, cf. however, paragraph 1 2-4.

Paragraph 2. Chapter 5, section 55, section 57 (3). 3, and § § 62, 64-66, 68, 73, 74 and 85 and Chapter 10 may be waisted on the contract between the provider and the users of payment services that are not consumers. The Parties may also agree on another notice period other than those mentioned in section 63.

Paragraph 3. section 75 and section 76 (6). 4, may be deviated in all customer relationships, except for :

1) payment transactions in euro without a currency conversion,

2) payment transactions in Danish kroner in Denmark and

3) payment transactions which only include a currency conversion between euro and Danish kroner in Denmark and in the case of a cross-border payment transaction when the transaction is carried out in euro.

Paragraph 4. In the case of payment transactions within the European Union or in a country concluded by the Union in the area of the financial area, the time limit laid down in section 75 (3) shall be the limit of payment transactions. Paragor 1 and 3, notwithstanding paragraph, 3 not more than four working days after the submission date, cf. § 71.

§ 5 a. The law shall not be permitted to be deviated to the detriment of holders of electronic money, cf. however, paragraph 1 2.

Paragraph 2. The provision in section 39 may be waisted by agreement between the issuer and the holders of electronic money if the holder is not a consumer.

Definitions

§ 6. For the purposes of this Act :

1) Payment Institute : A legal person who, in accordance with Chapter 2, has been granted authorisation to tender and carry out payment services in this country, in another country within the European Union, or in a country with which the Union has concluded agreement ; to the financial area.

2) Payment transaction : An action taken by a payer or a payee with a view to paving, transferring or raising funds, without regard to any underlying obligations between the paying and the payee.

3) Payment system : A system for the transfer of funds with formal and standardised routines and common rules for treatment, clearing or settlement of payment transactions.

4) Payer : A natural or legal person who is the holder of a payment account and authorists a payment order from this payment account, or, if there are no payment account, a natural or legal person who is issuing a payment order.

5) The payment consigner : A natural or legal person who is the intended recipient of the funds that are part of a payment transaction.

6) User : A natural or legal person who uses a payment service either that pays or is paid by a payment service or both.

7) Payment account : An account has been created in one or more user's name to complete payment transactions.

8) Funds : Sedles and coins, deposits in an account and electronic money.

9) Payment instrument : Any form of a personal instrument or set of procedures agreed between the user and the provider of payment services and which the user uses to implement a payment order.

10) Cash transfer means a payment service in which funds are received from a payment without a payment account in the name of the paying holder or the paying recipient, only with the purpose of transferring an equivalent amount to a payment consigner or to a payment ; the other provider on behalf of the beneficiary and where such funds are received on behalf of the payment recipient and made available to them.

11) Micropayment instrument means a payment instrument which, in accordance with the framework agreement, relates exclusively to separate payment transactions at a maximum of EUR 30 or which either has a threshold of EUR 150 or at no time to store funds on more than one payment ; 150 euros.

12) Working day : A day in which the relevant provider of the paying agent or paying recipient is involved in the implementation of a payment transaction, is kept open as required for the implementation of a payment transaction.

13) Physical trade : the execution of a payment transaction, which presupcts the physical presence of the payment and payment recipient.

14) Variable medium : Any instrument allowing the user of payment services to store information addressed personally to the person concerned in a way that allows for future searches for a period of time taken after the information objective and which allows for the reproduction of the stored information to be reused.

15) Framework Agreement : An agreement on payment services, which regulates the future execution of separate and successive payment transactions, which may include obligations and conditions for the creation of a payment account.

16) ' User ' means a natural person who, in connection with the payment service team, is performing a purpose beyond the business activities of the person concerned.

17) Provider : Selator as referred to in section 2 (2). 1, and legal and natural persons with limited authorisation, cf. § 38, which provider payment services.

18) Agent : A natural or legal person acting on behalf of a payment institute by the payment services tender.

(19) Direct debit : A payment service with a view to debit a payment account payment account where payment transaction is initiated by the paying recipient on the basis of the payment of the payment to the payee, to the payment consignee, to the provider ' s supplier or the supplier ' s own provider.

20) E-money institute : a legal person who has been authorized to issue electronic money according to section 39 a.

21) Electronic money : An electronic or magnetic stored monetary value representing a claim against the issuer issued upon receipt of payment in order to carry out payment transactions and accepted by others other than the issuer of the issuer ; Electronic money.

(22) Sites of electronic money : Examinders referred to in section 2 (a).

23) Electronic money holder : a person who is the owner of electronic money and, as in force, has a claim on a issuer of electronic money.

Chapter 2

Paying institutions

Permission

§ 7. Companies covered by Section 2 (2). 1, no. 2 shall be given permission as a payment institution in order to provide payment services. Authorisation may be granted to one or more of the activities referred to in Annex 1.

Paragraph 2. The SEC is authorita-granted when

1) it is operated in a company, a company, a company, with limited liability, or in an association with economic purposes accepted in the Corporate Management Registry and the company has a management board and management board,

2) the establishment has head office and registered office in Denmark,

3) the establishment of the Financial supervision is estimated to be able to carry out a responsible operation,

4) the establishment meets the requirements for initial capital in section 12 ;

5) members of the company ' s management board and management, as well as, where appropriate, managers responsible for the company ' s payment service activities comply with the requirements of section 18 ;

6) owners of eligible units, cf. Section 5 (5). 3, in the law of financial activities, will not counteract a sensible and sound management of the payment department,

7) there are no close links, cf. Section 5 (5). 1, no. 17, in the business of financial activities, between the undertaking and other undertakings or persons who may make the trade in the duties of the Financial Tasks,

8) corporate business, administrative, organization, accounting procedures, audit measures, and control and security measures are defenders, cf. § 19, and

9) appropriate measures have been taken to protect the funds belonging to the users of payment services, cf. Section 22, in the case of the company in addition to the provision of payment services, other business activities will be carried out in accordance with Annex 1. § 11, no. 3.

Paragraph 3. An application for a permit for the payment institute shall include the information necessary for the assessment of the conditions of the financial system, whether the conditions set out in paragraph 1 shall be required. 2 is met, including

1) information on the legal form of the undertaking, with a copy of the instrument of the foundation and its statutes ;

2) information about the address of the establishment's main office,

3) a summary of your current business and planned business activities, including a description of planned payment services ;

4) a business plan with a budget forecast for the three initial financial years, as well as the latest audited annual accounts, provided that such a proposal has been drawn up,

5) information on organizational structure, intended use of agents and branches, a description of outsourcing schemes and by the undertaking ' s participation in a national or international payment system, information on planned the cross-border payment service establishment and establishment in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere ;

6) supporting evidence that the undertaking has the initial capital referred to in section 12 ;

7) information on board members, CEOs and, where applicable, executive officer of the company ' s payment service activities, documenting compliance with the requirements referred to in paragraph 1. 2, no. 5 is fulfilled,

8) information on persons who directly or indirectly have a qualifying ownership in the establishment, the size of these holdings and documentation for their suitability, taking into account the need to ensure sound and sound management of : the payment institution, cf. The criteria in section 61 a (a), 1, in the law of financial activities,

9) information on tight connections, cf. paragraph 2, no. 7,

10) details of business operations, administrative, organization, accounting procedures, audit measures and controls, including a description of internal control measures, to meet the obligations under the law of preventive measures against the laundering of the proceeds and the financing of terrorism, as well as the Regulation of the European Parliament and of the Council on the information to be sent ; pays in cash transfers, and

11) a description of the measures taken to protect the resources belonging to the users of payment services, provided that the undertaking carries out other activities, cf. § 11, no. 3.

Paragraph 4. Information referred to in paragraph 1 3, no. 5, 10 and 11, shall include a description of the organizational and audit measures taken by the firm in order to protect users ' interests and ensure continuity in the performance of payment services.

Paragraph 5. If, in addition to offering one or more of the payment services set out in Annex 1, the undertaking shall exercise other business activities, cf. § 11, no. 3, the Financial supervision may decide that the payment services company must be exercised in a separate company.

Notify obligations

§ 8. The Payment Foundation shall be obliged to notify the Financial supervision if changes are made to the information received and added to the information given by the Finance Board for the purpose of granting authorization. Signature must be made in advance if the change is to be considered essential. In other cases, the notification must be made as soon as possible.

Communication of a decision

§ 9. No later than three months after receipt of an application or, where the application is incomplete, after receipt of all the information necessary to take the decision, the Financial supervision shall inform the applicant as to whether the application can be accepted ; accommodated.

Retention of information

§ 10. Payments institutes shall be required to store all information relevant to the financial opinion of the financial institution in relation to the authorised authorisation, for at least five years.

Other activities

§ 11. In addition to the payment services which are subject to the authorisation of the paying institution, payment institutions may carry out the following activities :

1) Prohibition of operational and closely associated ancillary services ;

2) operation of payment systems ; and

3) other business activities other than payment services.

Initial capital

§ 12. If the undertaking is seeking authorization to offer one or more of the payment services referred to in points 1 to 5 of Annex 1, the starting capital shall be at least EUR 125,000.

Paragraph 2. If the undertaking seeks to tender the payment services referred to in Annex 1 (6), the initial capital shall be at least EUR 20 000.

Paragraph 3. If the undertaking seeks to tender the payment services referred to in point 7 of Annex 1, the initial capital shall be at least EUR 50 000.

Paragraph 4. The initial capital includes paid share, shares, or other capital, the exchange rate of the emission, reserves and deposits or losses.

Basic capital

§ 13. Payments institutes must at all times have a basic capital, which corresponds to the highest of the following amounts :

1) The initial capital, cf. § 12.

2) The amount which shall be calculated according to one of the three methods described in Annex 2.

Paragraph 2. The SEC shall lay down detailed rules for the application of the calculation methods described in Annex 2, including which of the calculation methods the individual payment institution shall apply to the capital requirement pursuant to paragraph 1. 1, no. 2. This shall be taken into account for the type of payment services offered and the extent of the payment services. The financial supervision may, on the basis of a risk assessment of the individual payment institute, decide that the base capital of the Foundation must be up to 20%. higher or up to 20%. lower than the amount obtained by the method of calculating the calculation method.

Paragraph 3. The SEC shall also lay down rules on the specification of capital requirement where the payment department is part of a group.

§ 14. The base capital is the reduced seed capital, cf. ~ § 15 and 16, added to the supplementary capital, cf. § 17.

Paragraph 2. The seed capital and additional capital shall be deduced from any tax which may be foreseen at the time of calculation, or it has to be duly adjusted to the extent that tax requirements reduce the amount by which this capital may be obtained ; are used to cover risks or losses.

§ 15. The core capital is made up of

1) pa-paid share, anus, or equity capital,

2) the exchange rate of emissions,

3) reserves and

4) any surplus or deficit.

§ 16. The core capital is reduced by

1) Proposed yield,

2) intangible assets,

3) Treasuant tax assets and

4) This year's current deficit.

§ 17. The additional capital is made up of revaluation reserve.

Paragraph 2. The additional capital may not be counted by more than 100%. by the reduced seed capital, cf. ~ § 15 and 16. ~

Management and establishment of the undertaking

§ 18. A member of the Management Board or the Executive Board of a payment institution and, where appropriate, the executive officer responsible for the company's payment service must at any time have sufficient knowledge, professional competence and experience to exercise his the duties or the undertaking of the undertaking in question.

Paragraph 2. A member of the Management Board or the Executive Board of a payment institute and, where appropriate, managers responsible for the company ' s payment services business must at all times have a sufficiently good reputation and show integrity, integrity and independence in order to assess effectively and disputed decisions taken by the day-to-day administration.

Paragraph 3. A member of the Management Board or the Management Board and, where applicable, the executive officer responsible for the company ' s payment service activities shall comply with the following :

1) may not be charged or imposed on impunity for infringement of the penal code, the financial legislation or other relevant legislation where the offence involves the risk that he may or may not be responsible for his or her position on the matter ; That's comforting.

2) May not have lodged a request for reconstruction, bankruptcy or debt relief, or be during reconstruction processing, bankruptcy or debt relief.

3) In view of its economic situation or through a company which they own, participate in the operation of or having a significant impact on, or on the financial loss or risk of loss.

4) Do not have shown or show a behaviour in which there is reason to assume that they will not be responsible for the profession or the position in a responsible manner.

Paragraph 4. For the assessment of whether a member of the Management Board or the Management Board and, where appropriate, managers responsible for the company ' s payment service activities shall meet the requirements of paragraph 1. 2 and 3, no. The emphasis must be placed on the consideration of the need to maintain confidence in the financial sector.

Paragraph 5. The members of the Management Board or the Executive Board of a payment institution and management officer for the company ' s payment services company shall communicate to the financial supervision information relating to matters referred to in paragraph 1. 1 and 3 in connection with their entry into the management of the establishment and of the conditions referred to in paragraph 1. 2 and 3 if the conditions are subsequently changed.

§ 18 a. A payment institution shall have a system in which their employees through a separate independent and independent channel may report infringements or potential infringements of this law, rules issued in accordance with them and in the provisions contained in it ; European Union regulations for the areas of the law to which the Financial supervision is supervised by the company, including members of the staff or members of the board of the company. Reports to the scheme must be able to be made anonymously.

Paragraph 2. The scheme referred to in paragraph 1 1 may be established by collective agreement.

Paragraph 3. Paragraph 1 shall apply only to payment institutions which employ more than five staff. The scheme referred to in paragraph 1 shall be 1 and 2 shall be established within three months of the establishment of the staff of the sixth staff.

Paragraph 4. The Financial supervision may, in exceptional cases, where the Financial supervision estimates that it will be pointless to establish a scheme, dispensers from the requirement referred to in paragraph 1. 1.

Section 18 b. A payment institution shall not defer to the staff of intransient treatment or non-intransient consequences resulting from the reporting of the company ' s infringement or potential infringement of this law, rules issued in accordance with it and provisions contained in the European Union regulations for the areas of the law to which the Financial supervision is supervised, to the Financial supervision or to a scheme in the establishment.

Paragraph 2. Attack whose rights have been violated in violation of paragraph 1. It may be awarded a compensation in accordance with the principles of the law on equal treatment of men and women in respect of employment, etc. The compensation shall be determined taking account of the employment and circumstances of the employee's employment rate and the circumstances.

Paragraph 3. Paraguation 1 and 2 shall not be permitted to be waisted for the unfavorable of the staff.

§ 18 c. The Management Board of a financial institution must establish a policy of diversity in the management board, which promotes sufficient diversity of skills and competences among members of the governing board.

§ 19. A payment institution shall :

1) have effective forms of enterprise management,

2) have a clear organizational structure with a well-defined, transparent and consistent distribution of responsibilities ;

3) have a good administrative and accounting practice ;

4) have written business practices in all the major areas of activity,

5) have effective procedures for identifying, managing, monitoring and reporting on the risks to which the institute is or may be exposed ;

6) have the resources necessary for the proper execution of its activities and to use resources appropriately ;

7) have procedures for the separation of functions in connection with handling and prevention of conflicts of interest ;

8) have adequate internal control procedures and

9) have reassuring control and security measures in the IT area.

§ 19 a. In payment institutions, which have securities admitted to trading in a regulated market in an EU/EEA country, or which has a balance of EUR 500 million, DKK or more than two successive financial years, the Management Board shall :

1) set target figures for the proportion of the under-represented gender on the management board and

2) develop a policy to increase the proportion of the under-represented gender on the other management levels of the company, cf. however, paragraph 1 2-4.

Paragraph 2. In the case of parent companies producing group accounts, it is sufficient to set the target figures and draw up a policy, cf. paragraph 1, for the group as a whole.

Paragraph 3. A subsidiary that is part of a group cannot fail to set out the target figures and formulate a policy, cf. paragraph 1 if the parent company sets out the target figures and draws up a policy for the overall group.

Paragraph 4. Undertakings that have employed fewer than 50 employees in the last financial year may not draw up a policy to increase the proportion of the underrepresented sex in their other management levels, cf. paragraph 1, no. 2.

Paragraph 5. Where a payment institution is both covered by this provision and the provisions concerning the gender composition of the executive executive agency, the law on trader or the law of certain traders, has the same provisions ; provision takes precedence.

Accounting and statutory audits

20. The annual accounts bill shall apply to payment institutions, unless otherwise provided by paragraph 1. 2-8.

Paragraph 2. The financial year shall follow the calendar year. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

Paragraph 3. The Payment Foundation shall at the end of each six months carry out accounting reports to the Financial supervision in accordance with schemas and guides to this end by the Financial supervision. The reports are to be submitted to the Financial supervision in electronic form.

Paragraph 4. The annual report shall be reviewed by the external auditor of the payment institution. The auditor ' s auditor or auditors shall be approved in accordance with the Law on approved auditors and auditors.

Paragraph 5. Accountants in a payment institution shall also be accountants in the subsidiary of the payment institution. However, it is not applicable to parent undertakings or subsidiaries that are not indigenous to Denmark.

Paragraph 6. The auditors shall immediately inform the Financial supervision of matters of vital importance to the institution ' s continued activity, including the conditions under which auditors may have been made aware of the business as an auditor in undertakings, which : The institution of the payment department has narrowed links.

Paragraph 7. If the paying agency exercises other activities as referred to in Section 11, the payment institution shall, at the same time, submit separate accounting information for the payment services and other activities respectively, respectively. The accounting information shall be accompanied by a statement of assurance by the auditors ' accountants.

Paragraph 8. The SEC shall lay down detailed rules on the implementation of the audit in payment institutes and the drawing up of separate accounting information and declaration of assurance, cf. paragraph 7.

Billing accounts, credit payment and prohibition of deposits

§ 21. Payments institutes may only charge payment accounts, which are used solely for payment transactions.

Paragraph 2. Payments institutes which have been granted authorisation to tender payment services as referred to in points 4, 5 or 7 of Annex 1 may only provide credit in respect of these services if the following conditions are met :

1) Credit must be ancillary to payment services and must be provided exclusively in the implementation of payment transactions.

2) Credit granted in cross-border payment services shall be required to be repaid within a period not exceeding 12 months.

3) The base capital of the payment institution must at all times have an appropriate size in relation to the total credit granted.

Paragraph 3. Payments institutes must not be subject to commercial transactions against deposits or other repayable funds.

Safeguarding the funds

§ 22. Payments institutes providing payment services covered by Appendix 1 and, at the same time, performing other business activities, cf. § 11, no. 3, shall ensure the means received from the users of payment services or received through another means of payment services as part of the implementation of payment transactions. If the means at the end of the working day following the day on which the funds are received are not paid to the payee or transferred to another provider of payment services, the funds must be available at the latest at this time. be inserted in a separate account in a credit institution, or invested in safe, liquid assets with low risk. The funds must not be allowed to be subject to legal proceedings by the other creditors of the payment institution.

Paragraph 2. The Payment Institute may instead of the procedure described in paragraph 1. 1, choose to provide assurance from an insurance undertaking or a credit institution that does not belong to the same group as the paying department. The guarantee shall be furnished to the security of eligible payment receivers in accordance with not yet effected payment services, and the guarantee shall cover any amount which would otherwise have been deposited in a separate account or invested in safe, liqueur assets with low risk in accordance with paragraph 1. 1.

Paragraph 3. The SEC shall lay down detailed rules for the protection of funds pursuant to paragraph 1. 1 and 2, including exceptions to the requirement for security.

Use of agents

-23. Where a payment institution intends to offer payment services through one or more agents, the Financial supervision shall be notified to the Financial supervision.

Paragraph 2. The notification must include the following :

1) Name and address of the agent,

2) a description of how the agent will fulfil the obligations under the Act of Preventive Measures against the laundering of dividens and the financing of terrorism ; and

3) information on the identity of the agent in charge of the agent and of the evidence that they meet the requirements of section 18.

§ 24. The SEC detects the agent in accordance with section 88, paragraph 1. 1, no. 1 if the information submitted in accordance with the Finance-synet opinion is inconclusive. If this is not the case, the Financial Control may refuse to register the agent. The Payment Institute may subsequently not apply the agent in question in connection with the provision of payment services.

§ 25. Payments institutes that use agents have full responsibility for compliance with the law and must take the necessary measures to ensure that. The Payment Foundation shall be liable for damages by users of payment services against agents acting in breach of this law or rules issued in accordance with them.

Paragraph 2. The Payment Foundation shall ensure that agents acting on behalf of the Foundation shall inform the users of payment services that the provider is an agent of the Danish financial institution.

Outsourcing

SECTION 26. If a payment institution intends to outsource the operational functions of the payment services, the Finance-SEC shall be notified to the Financial Authority.

§ 27. Payments institutes which outsource operational functions to third parties shall have full responsibility for compliance with the law and shall take the necessary measures to ensure that. The Payment Foundation will be liable for damages to third parties as users of payment services. 1. acts which act in breach of this law or rules issued in accordance with them.

§ 28. Essential operational functions may not be outsourced without the approval of the Finance allowance. Outsourcing shall not result in a significant deterioration in the quality of the internal control and management reporting of the paying institution or the ability of the Financial Services to monitor whether the institute complies with this law ; as essential, where failure or failure in the performance of this measure will significantly disburrate the continuing compliance of the paying institution in respect of the requirements to be met for obtaining authorisation as a payment institution.

Paragraph 2. Authorisation pursuant to paragraph 1. 1 assumes,

1) that outsourcing does not imply a significant deterioration in the quality of the internal control and management reporting or the ability of the financial system to monitor whether the institute complies with that law ;

2) that outsourcing does not lead to the senior leadership delegating its responsibility ;

3) the proportion and obligations of the payment institution to its users of payment services in accordance with this law are not impaided, and

4) the conditions imposed by the payment institute in order to obtain and maintain authorisation shall not be undermined.

§ 29. If the unit to which the payment institute outsours operational functions is based in another country within the European Union or in a country concluded by the Union in the financial sphere, the Financial Authority shall notify the Financial supervision of the Community ; the supervisory authority of the country concerned.

The Danish financial institutions undertaking in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere ;

-$30. Payments institutes authorised in this country and which wish to offer cross-border payment services in another country within the European Union or in a country to which the Union has concluded an agreement in the financial sphere ; before giving the Finance-sighted notification thereof, indicating the country in which the undertaking is to be started and the payment services that the institution wishes to offer.

Paragraph 2. The SEC shall forward the item referred to in paragraph 1. 1 notice and a statement that the activities envisaged are subject to the authorisation of the paying institution, to the supervisory authority in the host Member State within one month after receipt of the notice referred to in paragraph 1. 1.

§ 31. Payments institutes authorised in this country and which wish to offer payment services in another country within the European Union or in a country to which the Union has concluded an agreement in the financial sphere, by the establishment of a country ; the branch, before giving the Financial supervision thereof, indicating the name and address of the branch in which the country is requested, the names of the persons responsible for the branch ' s management, its organisational structure, and which ; The payment services institution wishes to offer.

Paragraph 2. The SEC shall forward the item referred to in paragraph 1. 1 notice and a statement that the activities envisaged are subject to the authorisation of the paying institution, to the supervisory authority in the host Member State within one month after receipt of the information referred to in paragraph 1. 1 on request for a statement before the registration of the branch, referred to above.

Paragraph 3. If the supervisory authority in the host Member State notifiers that it has a reasonable reason to assume that the planned branch establishment will increase the risk of violation of the host country rules on the laundering of goods and the financing of terrorism, the Financial Supervisory Authority may, refuse to register the branch or cancel the registration of the branch whose registration has already taken place. The payment institution shall then not be able to use the branch concerned in the context of the provision of payment services.

Paragraph 4. The Payment Department must ensure that users of payment services are informed that the provider is a branch of the payment department.

§ 32. Payments institutes authorised in this country and which wish to offer payment services in another country within the European Union or in a country concluded by the Union in the area of the financial area by means of an agent, before giving the Finance-sighted notification thereof, indicating the information provided for in section 23 (1). 2, and in the case of the payment services institution, the agency wishes to offer through the agent.

Paragraph 2. The SEC shall forward the item referred to in paragraph 1. 1 notice and a statement that the activities envisaged are subject to the authorisation of the paying institution, to the supervisory authority in the host Member State within one month after receipt of the information referred to in paragraph 1. 1 on request for a statement before the registration of the agent.

Paragraph 3. If the supervisory authority in the host Member State notifiers that it has a reasonable reason to assume that cooperation with the agent in question will increase the risk of violation of the host country rules on the laundering of goods and the financing of terrorism, may The SEC is refusing to register the agent or cancel the registration of the agent if registration has already been registered. The Payment Institute may subsequently not apply the agent in question in connection with the provision of payment services.

Paragraph 4. The Payment Foundation shall ensure that agents acting on behalf of the Foundation shall inform the users of payment services that the provider is an agent of the payment department.

Foreign payment institutes authorised in another country within the European Union or in a country to which the Union has concluded an agreement in the financial sphere

§ 33. A foreign payment institution authorised in another country within the European Union or in a country concluded by the Union in the financial sphere may begin to offer cross-border payment services here in : the country where the Financial Supervisory Authority has received notification from the supervisory authority of the country of origin, with information on the payment services that the institution wishes to offer and that such services are covered by the home country ' s permit.

§ 34. A foreign payment institution authorised in another country within the European Union or in a country concluded by the Union in the financial sphere may start to offer payment services here in the country through one, the branch, where the Financial Supervisory Authority has received notification from the supervisory authority of the country of origin, with information on the name and address of the branch, the names of the persons responsible for the branch ' s management, its organisation structure, the payment services ; The Foundation shall wish to tender via the branch and to the fact that these services are subject to : The home of the institute in the home country.

Paragraph 2. If the Financial supervision tells us that it has probable cause to assume that the establishment of a branch would increase the risk of a violation of the law on preventive measures against the laundering of money and the financing of terrorism or the rules that are applicable to it. pursuant thereto, the supervisory authority in the home Member State may refuse to register the branch or cancel the registration of the branch if the registration has already taken place. The filiale may then not be able to offer payment services in this country.

Paragraph 3. The Filiale must inform users of payment services that the provider is a branch of the foreign payment institute.

$35. A foreign payment institution authorised in another country within the European Union or in a country concluded by the Union in the financial sphere may start to offer payment services here in the country through one, Agent, where the Financial Supervisory Authority has received notification from the supervisory authority of the country of origin and information on the payment services that the institution wishes to offer through the agent, and that such services are subject to the authorisation of the Foundation in the country ; home country.

Paragraph 2. If the Financial supervision tells us that it has a reasonable reason to assume that cooperation with the agent in question will increase the risk of a violation of the law on preventive measures against the laundering of money and financing of terrorism or those rules, where they are issued, the supervisory authority in the home Member State may refuse to register the agent or cancel the registration if the registration has already taken place. The Payment Institute may subsequently not apply the agent in question in connection with the provision of payment services.

Paragraph 3. Agents acting on behalf of the Foundation shall inform the users of payment services that the provider is an agent of the foreign payment institute.

§ 36. If the institution of the payment institution outsours operational functions to a unit established in this country, the supervisory authority of the home Member State shall inform the Financial Supervisory Authority thereof.

Chapter 3

Restricted Permission for Supply of Payment Services

§ 37. The SEC may provide a limited permit for this country to offer :

1) payment services based on payment instruments, with limited use, for the acquisition of goods or services ; or

2) payment services where the average of the total payment transactions for the preceding 12 months carried out by the undertaking concerned does not exceed the amount of EUR 3 million in the case of the undertaking concerned. Euro per Month.

Paragraph 2. A permit to tender payment services covered by paragraph 1. 1, no. 2, fall where the average of the payment transactions of the undertaking for the previous 12 months carried out by the undertaking exceeds an amount corresponding to the value of 3 million. Euro per Month. If the company, within 30 days of the time after the authorisation has been dropped, cf. 1. ., submit a full application for authorisation as a payment institution after Article 7 (3). 3, may the undertaking continue its activity in accordance with paragraph 1. 1, no. 2 while the application is processed.

§ 38. The SEC shall authorise the approval of Article 37 (3). 1 when

1) the establishment has head office and registered office in Denmark,

2) the management of the establishment meets the requirements of section 18,

3) owners of eligible units, cf. Section 7 (2). 1, no. 6, not considered to counteract a sensible and sound management of the enterprise ; and

4) the establishment has sufficient business practices in all major areas.

Paragraph 2. An application for restricted authorization to provide payment services shall include the information necessary for the assessment of the terms of the Finance-Services assessment of the conditions set out in paragraph 1. 1 is fulfilled, including

1) a description of your business model and business performance, including current and planned activities, as well as a budget for the following financial year, providing information about the estimated total payment transactions per year ; month with an average calculation, cf. § 37, paragraph. 1, no. 2,

2) information about the management of the company, which documents compliance with the requirements laid down in section 18,

3) information concerning the owners of a qualified ownership in the establishment, the size of these shares and documentation for the suitability of owners to ensure sound and sound management of the undertaking ; and

4) the business most important business operations, cf. paragraph 1, no. 4.

Paragraph 3. sections 18 (a) and 18 (b) shall apply mutatis muctis to undertakings with limited authorisation, cf. § 37, paragraph. 1.

Paragraph 4. Companies with limited permission cannot apply agents in the provision of payment services.

Paragraph 5. The SEC provides for rules to ensure the provision of funds received from users.

§ 39. Entities with limited authorisation shall notify the Financial supervision as soon as possible if significant changes are introduced in relation to the information received and laid down for the purpose of granting authorization.

Paragraph 2. Businesses with restricted permission, cf. § 37, paragraph. 1, no. 2, shall notify the Financial supervision where the average of the total payment transactions for the preceding 12 months exceeds an amount equivalent to the value of 3 million. Euro per Month.

Paragraph 3. Entities with limited permission shall not later than 1. April each year submit

1) a statement to the Finance-assurance that the establishment complies with the conditions for obtaining the permission of sections 37 and 38 ;

2) information on the average of the total payment transactions for the preceding 12 months per month and

3) a summary of the company management and the owners of eligible units.

Chapter 3 a

Electronic money providers

Permission as an e-money institute

§ 39 a. Businesses must be allowed as a e-money institute in order to issue electronic money. This does not apply to financial institutions, the National Bank and the National Bank and the public authorities.

Paragraph 2. The SEC is authorita-granted when

1) the establishment meets the requirements of section 7 (3) ; 2, no. One-three, five-seven and eight, see. § 19,

2) the establishment meets the requirement for start-up capital in section 39 ; and

3) if, in addition to the issue of electronic money, other business activities are carried out, cf. § 39 e, paragraph 1. 1, no. 2-4, appropriate measures have been taken to protect the funds belonging to the holders of electronic money, cf. § 39 l.

Paragraph 3. An application for authorisation as a e-money institute shall include the information necessary for the assessment of the requirements of paragraph 1 of the Financial Authority. 2 is met, including

1) information as referred to in section 7 (2) ; 3, no. 1-5 and 7-10,

2) supporting evidence that the undertaking has the initial capital referred to in section 39 ; and

3) a description of the measures provided for in the operation of other business activities, cf. § 39 e, paragraph 1. 1, no. Two-four, has been made to protect the means that belong to the holders of electronic money.

Paragraph 4. The application shall include a description of the organizational and auditing measures taken by the undertaking to protect holders of electronic money's interests.

Paragraph 5. If, apart from providing electronic money, activities as referred to in paragraph 39 e (2) shall be carried out. 1, no. Two-four, the Finance-SEC may make provision as a condition for allowing the establishment of electronic money to be carried out in a separate company. Such a requirement may be imposed as a condition for issuing authorisation and at any subsequent time.

Notify obligations

§ 39 b. Section 8 concerning the obligation to provide information shall apply mutatis muy to e-money institutions.

Communication of a decision

§ 39 c. Article 9 on the notification of a decision shall apply mutatis mueses to the authorisation of the e-money institute.

Retention of information

§ 39 d. section 10 on the retention of information shall apply mutatis mueses to e-money institutions.

Other activities

§ 39 e. In addition to issuing electronic money, e-money institutions may carry out the following activities :

1) Prohibition of operational and closely associated ancillary services, including payment services when they are associated with the issue of electronic money, cf. Annex 1.

2) Payment services tender, cf. Annex 1.

3) The operation of payment systems.

4) Other business activities other than those in no. 1-3, however, with the limits resulting from this law.

Paragraph 2. The provisions of this Act applicable to the provision of payment services shall also apply to e-money institutions when they provide payment services, which are not linked to the issue of electronic money.

Initial capital

§ 39 f. The establishment must at the time of the granting of authorisation as the e-money institute shall have a start-up capital of at least EUR 350 000.

Paragraph 2. The initial capital includes paid share, shares, or other capital, the exchange rate of the emission, reserves and deposits or losses.

Basic capital

§ 39 g. The E-money institutions must at all times have a basic capital, which corresponds to the highest of the following amounts :

1) The initial capital, cf. § 39 f.

2) An amount equal to 2%. by the average amount of electronic money (described method D).

Paragraph 2. If the e-money institute provider payment services covered by Annex 1 which are not closely related to ancillary services for the issue of electronic money, the calculation of amounts shall be subject to the calculation of amounts in accordance with paragraph 1. 1, no. 2, a sum conferred on the sum to be calculated in accordance with Article 13 (3). 1, no. 2. In the calculation, section 13 (3) shall be used. The provisions of this Directive shall apply mutatis mumuas and to 3 and rules.

Paragraph 3. The average of outstanding electronic money, cf. paragraph 1, no. The total requirement of the issuer resulting from outstanding electronic money shall be calculated on the basis of the daily unfinished business at the end of each day of the preceding six months. The decision shall be made on the first day of each month. If the company has not completed six months of operation on the date of calculation, the calculation shall be used as a basis for the calculation of the months of operation and the estimate of the average outstanding electronic money for it. coming years.

Paragraph 4. In calculating the calculation referred to in paragraph 1, 1, no. 2, the Financial supervision of a risk assessment of the individual e-money institute may decide that the basic capital capital of the Foundation must be up to 20%. higher and up to 20%. lower than the amount obtained by the method of calculating the calculation method.

Paragraph 5. The base capitale shall be made in accordance with section 14.

Management and establishment of the undertaking

§ 39 h. section 18-19 a on management and the establishment of the undertaking shall apply mutatis muchases to e-money institutes.

Ownerconditions

§ 39 i. For the submission of an application for authorisation as a e-money institute, and at any time after the authorisation has been granted, the owners of eligible units in the establishment must comply with the principles set out in section 61-62 on the ownership of the law of financial activities, however, such as : that they are in section 61 (1). 1, and Section 61 (b) in the Act of Finance, indicated percentages, respectively, are 20 pct., 30%. and 50%.

Paragraph 2. Qualified in accordance with paragraph 1. 1 means direct or indirect possession of at least 10%. of the capital or voting rights or a proportion, which allows for the exercise of a significant influence on the management of the e-money institute.

Paragraph 3. The SEC shall lay down detailed rules for the procedure for the authorisation and maintenance obligation for the e-money institute and the owners of eligible shares in the e-money institute.

Accounting and statutory audits

$39 j. Section 20 (2). 1-6 and 8 shall apply mutatis mutes to the e-money institutions.

Paragraph 2. If the e-monetary Institute carries out other activities as referred to in section 39 e (1), 1, at the same time as the annual report, the e-money institute shall submit separate accounting details for the issue of electronic money and other activities respectively. The accounting information shall be accompanied by a statement of assurance by the auditors of the e-money institute.

Credit and interest loans granted to loans and loans

§ 39 k. E-money institutions must not grant credit to the funds received from the holders of electronic money.

Paragraph 2. E-money institutes must not accept deposits or other repayable funds. The funds received by the e-money institute from a holder shall, without undue delay, have to be exchanged for electronic money and made available to it.

Paragraph 3. Electronic money shall not be attributing interest to the appropriate rate of the electronic money. of amounts which are exchanged for electronic money.

Paragraph 4. The E-money Institute may only provide credit in connection with the provision of payment services that are not covered by section 39 e (3). 1, no. 1 if the requirements of section 21 (s), Two is fulfilled.

Safeguarding the funds

§ 39 l. E-financial institutions that carry out activities as referred to in section 39 e (1). 1, no. 4, shall ensure the means received from users. The funds must be inserted at the end of the working day at which the funds are received, in a separate account in a credit institution or invested in safe, liqueous assets at low risk. The funds must not be subject to legal proceedings by the other creditors of the other creditors of the e-financial institution.

Paragraph 2. Section 22 (2). 2 on the possibility of guarantees of guarantee shall apply mutatis mums.

Paragraph 3. The SEC shall lay down detailed rules for the protection of funds pursuant to paragraph 1. 1 and 2, including derogations from the requirement for insurance.

Outsourcing

§ 39 m. section 26-29 and 36 on outsourcing shall apply mutatis mucous use to e-money institutions.

Danish e-money institutions of another country within the European Union, or in a country with which the Union has concluded the financial area,

§ 39 n. section 30 and 31 of the Danish financial institution ' s operation in another country within the European Union or in a country concluded by the Union in the financial sphere shall apply mutatis muties to e-money institutes.

Paragraph 2. Section 32 shall apply mutatis mueses to e-money institutions, so that Danish e-money institutions may have agents in another country within the European Union or in a country with which the Union has concluded the financial area, if applicable ; the agent is exclusive of other activities other than the sale of electronic money, cf. § 39 e, paragraph 1. 1, no. 2-4.

Foreign e-money-institutes authorised in another country within the European Union or in a country to which the Union has concluded an agreement in the financial sphere

§ 39 o. section 33 and 34 of foreign payment institutes authorised in another country within the European Union or in a country with which the Union has concluded agreement in the financial sphere shall apply mutatis mueses to e-money institutions.

Paragraph 2. Article 35 shall apply mutatis mutes to e-money institutions, such as to allow foreign e-money institutes authorised in another country within the European Union, or in a country with which the Union has concluded its financial contribution ; region must have agents in this country only if the agent is only the means of other activities other than the sale of electronic money, cf. § 39 e, paragraph 1. 1, no. 2-4.

Restricted authorisation for the issue of electronic money

$39 p. The SEC may provide a limited permit for this country to issue

1) electronic money stored on instruments of limited use for the acquisition of goods or services ; or

2) electronic money where the issuer ' s total obligations arising from outstanding electronic money at no time exceed an amount equal to the value of 5 million. Euro.

Paragraph 2. Examiners with authorization in accordance with paragraph 1. 1 may provide operational and closely associated ancillary payment services related to the issue of electronic money.

Paragraph 3. Permission to issue electronic money, cf. paragraph 1, no. 2, if the total commitment of the issuer is obtained from outstanding electronic money, the sum corresponding to the value of 5 million shall be less than a sum of the amount of the refund. Euro. If the company, within 30 days of the time after the authorisation has been dropped, cf. 1. pkt., shall submit an adequate application for authorisation as an e-financial institution, cf. § 39 a, paragraph. 3, regardless of 1. Act. continue its activity in accordance with paragraph 1. 1, no. 2 while the application is processed.

§ 39 q. The SEC gives permission, cf. § 39 p, paragraph. 1 when

1) the establishment has head office and registered office in Denmark,

2) the management of the establishment meets the requirements of section 18,

3) owners of eligible units, cf. Section 7 (2). 1, no. 6, not considered to counteract a sensible and sound management of the enterprise ; and

4) the establishment has sufficient business practices in all major areas.

Paragraph 2. An application for restricted authorization to tender payment services 2) the information required for the assessment of the conditions laid down in paragraph 1 shall contain the information required for the Financial Authority ' s assessment of the conditions laid down in paragraph 1 1 is fulfilled, including

1) a description of your business model and business performance, including current and planned activities, as well as a budget for the following financial year, with information on the expected total commitments arising from outstanding electronic means ; money made per month,

2) information about the management of the company, which documents compliance with the requirements laid down in section 18,

3) information concerning the owners of qualified ownership shares in the establishment, the size of these shares and documentation for the suitability of owners to ensure sound and sound management of the undertaking ; and

4) the business most important business operations, cf. paragraph 1, no. 4.

Paragraph 3. sections 18 (a) and 18 (b) shall apply mutatis muctis to undertakings with limited authorisation, cf. § 39 p, paragraph. 1.

Paragraph 4. Businesses with restricted permission, cf. § 39 p, paragraph. 1, may not apply agents when issuing electronic money.

Paragraph 5. The SEC provides for rules to ensure the provision of funds received from users.

§ 39 r. Entities with limited authorisation shall notify the Financial supervision as soon as possible if significant changes are introduced in relation to the information received and laid down for the purpose of granting authorization.

Paragraph 2. Businesses with restricted permission, cf. § 39 p, paragraph. 1, no. 2, shall notify the Financial supervision if the undertaking ' s overall commitment from outstanding electronic money exceeds a sum corresponding to the value of 5 million. Euro.

Paragraph 3. Entities with limited permission shall not later than 1. April each year submit

1) Declaration to the Financial supervision that the company fulfils the conditions for the authorization after paragraph 39 q,

2) information on the highest amount of total outstanding electronic money in the previous financial year and

3) the overview of the company management and qualified owners.

Issue and solution

§ 39 s. Electronic money providers must not be allowed to issue electronic money.

Paragraph 2. Electronic money holders may, before the end of the electronic money and up to one year after the end, request that the residual value be redeemed to be deemed to be of a value. If the holders of electronic money are requesting a solution after the end of the electronic money, and if the issuer of electronic money is carrying out activities as referred to in section 39 e (2), 1, no. Two-four, and this is not a foregone conclusion, what proportion of the funds to be used for electronic money must be made available to the issuer of electronic money all the resources that the holder of electronic money has requested.

Paragraph 3. A fee may be charged for the solution only if this is stated in the Agreement, and only if :

1) a solution is required before the end of the electronic money,

2) the agreement between issuer and holder contains an expiry date and the holder of the electronic money shall terminate the agreement before that date or

3) a solution is required more than one year after the expiry of the agreement between the issuer and the holder.

Paragraph 4. where applicable, a fee as referred to in paragraph 1. 3 shall correspond to the actual costs incurred for the issuer of electronic money, unless the costs are disproportionately high.

Paragraph 5. The solution conditions and fees must be clearly stated in the agreement between the issuer and the holder. The holder of the electronic money shall be informed of these conditions before they are bound by an agreement.

Good practice.

§ 39 t. Article 84 on good practice shall apply mutatis mutes to e-money institutes and undertakings with a limited authorisation for the issue of electronic money.

Chapter 4

Access to payment systems

§ 40. Conditions for access to payment services providers must be objective, non-discriminatory and proportionate, so that these conditions do not prevent access to a greater extent than is necessary to protect against specific conditions risks, including risk-risk, operational risks and business risks, and ensure the financial and operational stability of the payment system.

Paragraph 2. Paragraph 1 shall not apply to :

1) payment systems covered by Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally, on payment systems and value-pat-ring systems,

2) payment systems consisting exclusively of providers belonging to a group composed of entities with capital connections, where one of the connected entities carries effective control over the other connected units, and

3) payment systems in which a single provider

a) acting or can act as a provider for both the payment and the payee, and is solely responsible for the operation of the system ; and

b) allow other providers to participate in the system, but without the latter having an impact on the fixing of fees in relation to the payment system.

Chapter 5

Information requirements

General provisions

§ 41. section 43-46 applies only to stand-alone payment transactions.

Paragraph 2. Section 47-54 shall apply only to framework agreements and payment transactions covered by a framework agreement.

Paragraph 3. If a payment order for a stand-alone payment transaction is sent via a payment instrument which is subject to a framework agreement, the provider is not obliged to provide information or provide information to the user that the user is to : already receive or will receive on the basis of the framework agreement.

§ 42. Provider shall not require payment for information to be provided in accordance with the provisions of this Chapter.

Paragraph 2. If a provider, at the request of a user, provides additional information, more frequent information, or provides for the transfer of this information by means of other means of communication other than those laid down in the framework agreement, any payment must be made in the framework of the framework agreement ; a reasonable proportion to the actual costs incurred by the payment service provider.

Stand-alone Payment Transactions

Prior information

§ 43. At the same time as the conclusion of an agreement to carry out a payment service, the provider shall set up information and conditions in accordance with section 44 (3). 1 and 2, available to the user in an easily accessible manner. The provider shall communicate to the user such information and conditions on paper or other medium if requested by this request.

Paragraph 2. The information must be clearly formulated in Danish or in a different language, as agreed by the parties.

Paragraph 3. If the agreement on the user's request is made by means of distance communication and this does not allow the provider to comply with the provisions of paragraph 1. 1, the information must be given to the user immediately after the payment transaction has been completed.

§ 44. A provider must communicate or make the following information available to the user :

1) The type of information or type of unique identification code that the user has to indicate to ensure that a payment order can be completed successfully.

2) The maximum execution time for the requested payment service.

3) The fees paid by the user to the provider and, where appropriate, a list of charges.

4) Where applicable, the actual exchange rate or the reference rate to apply to the payment transaction.

Paragraph 2. Where applicable, the others shall be lodged in section 48 (3). 1, provided information available to the user in an easily accessible manner.

Paragraph 3. In the case of consumer contracts for the payment services at distance, the supplier shall also provide information in accordance with section 14 (4). 1, no. 2-5, 10-12, 15 and 16, in the law on consumer contracts. In the case of the information requirement in section 14 (1), 1, no. In the case of consumer contracts, there shall be information only on the fact that there may be other charges or costs that are not paid by the operator or imposed by it.

Information for the paying man after receipt of the payment order

§ 45. Immediately after the supplier ' s provider, the payment order has received the payment order, he shall communicate to the paying the paying or make it available to it in section 43 (5). The following shall be provided for :

1) A reference so that the payment can identify the payment transaction and, where applicable, information on the payee.

2) The payment transaction amount in the currency that the payment was used in the payment order.

3) The amount of fees paid by the paying, where appropriate, a list of such fees.

4) Where appropriate, the exchange rate used by the payment transaction by the paying transaction or a reference to this if it is different from that of the exchange rate issued in accordance with section 44 (3). 1, no. 4, and the amount of the payment transaction after the currency conversion.

5) The date of receipt of the payment order.

Information to the payee after implementation

§ 46. Immediately after the payment transaction has been carried out, the payment of the payee shall communicate to the payee the following information or make available to it on the basis of the payment in section 43 (3). The following shall be provided for :

1) A reference so that the payee can identify the payment transaction and, where appropriate, the paying and any additional information that followed the payment transaction.

2) The payment transaction amount in the currency that is available for the recipient of payment.

3) The amount of any fees paid by the payee and, where appropriate, a list of such fees.

4) Where applicable, the exchange rate used by the recipient of payment by the payment transaction and the payment transaction amounts by currency conversion.

5) The credit date for the credit.

Billing transactions based on a framework agreement

Prior information

§ 47. At the same time, at the same time as a framework agreement is concluded, the provider shall communicate to the user the information and conditions set out in section 48 (1). 1, on paper or other lasting medium.

Paragraph 2. Information and conditions must be clearly set out in Danish or in a different language, as agreed by the parties.

Paragraph 3. If the agreement on the user's request is made by means of distance communication and this does not allow the provider to comply with the provisions of paragraph 1. 1, the information shall be provided to the user immediately after the conclusion of the Framework Agreement.

Paragraph 4. By means of micropayment instruments, the provider shall, notwithstanding paragraph, 1 only notify the paying of the principal characteristics of the payment service, including the means of payment of the payment instrument, the payment ' s obligations, the charges collected and other essential information necessary for : to make a decision on enlightened grounds. The provider shall indicate where the information as referred to in Article 48 (3) is shown. 1, is made available in an easily accessible manner.

§ 48. A provider must provide the following information and conditions to the user :

1) About the payment services provider :

a) Name and address, including mail address of the provider and, where appropriate, the address of a branch and agent of the country in which the service is offered ; and

b) appropriate supervisory authority, the public register where the permit is registered, and the registration number or equivalent identification information.

2) About the use of payment services :

a) The essential characteristics of the payment service,

b) the type of information or type of unique identification code which the user must indicate to ensure that a payment service is properly implemented ;

c) the form and procedure of the notification of consent to carry out a payment transaction and withdrawal of consent,

d) description of the time when a payment order is considered to be received,

(e) the maximum implementation time ; and

(f) a possible opportunity to agree the thresholds applicable to the use of payment instruments.

3) For fees, interest and exchange rates :

a) The amount of any fees paid by the user and, where appropriate, a list of such charges,

b) where appropriate, interest rates and exchange rates for use, or, if a reference rate or reference rate is applied, the calculation method for the actual interest rate and the relevant date and index or the basis for determining of such reference rate or reference course and

c) any agreement on the immediate use of changes in the reference interest rate or the reference rate and the manner in which such changes shall be communicated, cf. § 50, paragraph. 4.

4) About Communication :

a) Where appropriate, means of communication and technical requirements for the user's equipment used for the transmission of information or communications from this law ;

b) the manner and frequency of communication of information following that law ;

c) the language of which the framework agreement is being concluded and in which language communication is to be conducted, and

d) the right to receive information after Article 49.

5) On protective measures and corrective measures :

a) Where appropriate, a description of the security measures that a user must observe using means of payment, including how to be done in accordance with section 59 (5). 1, no. 3,

b) the conditions for a possible agreed right for the provider to cordon a payment instrument, cf. § 58,

c) procedures for notification of unauthorized or defective transactions and the rules on liability of unauthorized payment transactions, cf. § § 61 and 62,

d) the liability of providers for the implementation of payment transactions ; and

(e) the conditions for the repayment of payment transactions initiated by or through a payment consignon, cf. ~ § 65 and 66.

6) About changes to the framework agreement :

a) If it has been agreed, that the conditions of the framework agreement may be amended unless the user prior to the proposed effective date has announced that they cannot accept the changes ;

b) duration of contract ;

c) the right of the user to terminate the framework agreement.

7) Complation and compensation :

a) Any applicable legislative clauses applicable to the framework agreement, and

b) non-judicial redress inequalities and access to appeal to the relevant supervisory authority.

Paragraph 2. In the case of consumer contracts for the payment services at distance, the supplier shall also provide information in accordance with section 14 (4). 1, no. 2-5, 10-12, 15 and 16, in the law on consumer contracts. In the case of the information requirement in section 14 (1), 1, no. In the case of consumer contracts, there shall be information only on the fact that there may be other charges or costs that are not paid by the operator or imposed by it.

§ 49. A user shall have, at any time during the contract of contract, the right to receive the framework agreement and the information and conditions referred to in Section 48, on paper or other permanent medium.

$50. Changes in the framework agreement and in the information provided in section 48, which is to be unfavorable for the user, must be well, within two months before the changes take effect.

Paragraph 2. § 47, paragraph. The corresponding application shall apply to changes in accordance with paragraph 1. However, this does not apply to changes in a framework agreement on micro-payment instruments if the framework agreement states that changes can be heated without the use of section 47 (2). One and two.

Paragraph 3. Where it is agreed that the conditions of the framework agreement may be amended in accordance with paragraph 48 (3). 1, no. Paragraph 6 (a) shall be provided in accordance with paragraph 1. 1 contain information that the user shall be deemed to have approved the amendments, if the user does not inform the provider that the user cannot approve them before the date of entry into force of the change. The alert must contain information that the user has the right to terminate the framework agreement immediately and free of charge before the date of entry into force of the change.

Paragraph 4. Any change in the interest rate or exchange rate may not, however, be the case. 1 enter into force immediately if this is laid down in the framework agreement and the amendments shall be based on the reference rate or the reference course agreed, cf. § 48, paragraph. 1, no. 3 (b) and (c), or if the changes are to the benefit of the user. The user shall be informed as soon as possible of the interest rate change in the same way as provided for in section 47 (4). 1 and 2, unless it is agreed that the information is provided or made available to a specified frequency or in a particular manner.

Paragraph 5. Changes in interest rates or exchange rates shall be made and calculated according to a neutral method without discrimination against users.

Paragraph 6. If changes to the framework agreement and in the information provided for in section 48 (2) are made. 1, not carried out in accordance with this provision, the amendments have no effect on the user.

§ 51. The user may terminate a framework agreement without notice, unless a termination period is agreed. The notice period shall not exceed 1 month.

Paragraph 2. In the context of the conclusion of a framework agreement, it may be agreed that the provider may terminate the Framework Agreement at at least 2 months ' notice by use of section 47 (4). One and two.

Paragraph 3. No charges shall be charged to the user to terminate a framework agreement if the framework agreement has been concluded for a period of more than six months or at an indeterminate time and the framework agreement shall be terminated after the first six months.

Paragraph 4. A fee in connection with the termination of a framework agreement shall be proportionate to the costs.

Paragraph 5. To the extent that an ongoing fee is charged for a payment service, the provider of a payment service may charge only charge for the period up to the end of the framework agreement. Prepaid fees must be repaid proportionately.

Implementation of payment transactions covered by a framework agreement

§ 52. When a payment has initiated a payment transaction within a framework agreement, the provider of the payment service on the paying service shall indicate the maximum implementation time and the fees paid, and, where appropriate, I'll give you a list of the fees.

Paragraph 2. Paragraph 1 shall not apply to micro-payment instruments, cf. § 6, nr. 11.

§ 53. When payment transaction has been debited to the payer's account, or if the payer does not use a payment account, after receipt of the payment order, the payment shall provide the paying agent as soon as possible to the paying officer on the payment order in section 47 (s). The conditions laid down shall be 1 and 2 :

1) A reference so that the payer can identify the payment transaction and, where applicable, information on the payee's payment, and any additional information that followed the payment transaction.

2) The payment transaction amount in the currency by which the account is charged to the paying officer or in the currency used in the payment order.

3) The total charges for the payment transaction or the interest paid shall be paid, and where appropriate, a list of charges.

4) Where applicable, the exchange rate used in the payment transaction and the amount for the payment transaction after the currency conversion.

5) The date of the debit date or date of receipt of the payment order.

Paragraph 2. It may be agreed that information should be given in accordance with paragraph 1. 1 must be communicated or made available at least once a month and in a manner that allows the papaya to store and render the information unchanged.

Paragraph 3. In the use of micropayments, it may be agreed that provider, regardless of paragraph 1, may be made. 1 and 2 shall provide a reference or provide a reference to the payment of the payment transaction, the amount and fees of the transaction to be used for the paying. In the case of multiple payment transactions of the same kind to the same payee, only the total amount and the total charges for these transactions must be reported. Paragraph 1 and 2 shall also not apply where the micropayment is used anonymously, or if it is not technically possible for the provider to communicate that information. However, the provider shall, in any case, give the paying the paying option to check the balance of the micro-payment centre.

§ 54. When payment transaction has been carried out, the payment of the payee shall, as soon as possible, notify the payee to the following information in the manner set out in Section 47 (3). 1 and 2 :

1) A reference so that the payee can identify the payment transaction and, where appropriate, the paying and any additional information that followed the payment transaction.

2) The payment transaction amount is specified in the currency that the payee account was credited.

3) Any charges for payment transaction or interest paid by the payee shall be paid, and where appropriate, a list of such fees.

4) Where applicable, the exchange rate used by the payeer for payment of the payment transaction and the amount of the payment transaction in the currency conversion.

5) The credit date for the credit.

Paragraph 2. It may be agreed that information should be given in accordance with paragraph 1. 1 must be communicated or made available at least once a month and in a manner that allows the recipient of the payee to store and render the information unchanged.

Paragraph 3. In the use of micropayments, it may be agreed that the provider, no matter where paragraph, is made. 1 and 2 shall provide a reference or provide a reference to the payment consignee or make a reference to the payment transaction, the amount and fees of the transaction. Paragraph 1 and 2 shall also not apply where the micropayment is used anonymously, or if it is not technically possible for the provider to communicate that information.

Chapter 6

Rights and obligations in the use of payment services

General provisions

§ 55. A provider shall not require the user to have a fee in order to fulfil its obligation to provide information or to perform corrective and preventive measures in accordance with this Chapter, except in the cases referred to in section 67 (4). 2, section 72, paragraph. 3, and section 73 (3). 5. The fee shall be proportionate to the costs incurred by the provider.

§ 56. The payment consignee is required to receive cash payment if the payee receives payment instruments covered by this law, cf. However, Section 2 of the Act of Preventive Measures against the laundering of the yield and financing of terrorism. The provision in 1. Act. does not apply to distance selling or in the case of payment transactions in unmanned self-service environments.

§ 57. A payment transaction is only authorized if the paying has granted consent to carry out payment transaction. The payment may authorize a payment transaction before or, if it is agreed between the paying agent and its provider, after the payment transaction.

Paragraph 2. Such consent shall be granted in the form and in accordance with the procedure agreed between the paying agent and its provider.

Paragraph 3. Consent cannot be revoked after the time that is following section 73.

Obligations of use and supply of payment instruments

§ 58. One condition in a framework agreement on access to a barrier to a payment instrument must be objectively justified in relation to the security or suspicion of payment of the instrument of payment. In the case of a payment instrument with a credit facility, it may be agreed that the means of payment can be locked up if there is a significant increase in the risk of the payment being unable to fulfil its payment obligation.

Paragraph 2. The provider shall notify the payment of the impument of the payment instrument and the reasons for it before the barrier or, where this is not possible, immediately thercharges, unless this will harm the security of the area.

Paragraph 3. When the causes of the blockage are no longer present, the provider must lift the barrier or hand over a new payment instrument.

$59. A payer to provide a payment instrument shall :

1) in the event of receipt of the payment instrument, take all necessary measures to protect it for the relevant personal safety measure,

2) use the payment instrument in accordance with the conditions for the issue and use of the instrument of payment ; and

3) inform the provider as soon as possible when it pays attention to losses, unwarranting, or other unjustified use of the payment instrument.

Paragraph 2. It may be agreed that paragraph 1 shall be made. 1, no. 3, do not apply to micro-payment instruments if, because of the nature of the payment instrument, it is not possible to block the use of it.

§ 60. A provider who issues a payment instrument must :

1) take appropriate measures to ensure that the relevant personal security measure by the payment instrument is not accessible to any person other than the payment entitled to use the payment instrument,

2) ensure that the payment of a payer may be subject to notification as referred to in section 59 (3). 1, no. 3, or request the suspension of a barrier, cf. § 58, paragraph. 3,

3) ensure that the paying man for a period of 18 months from a notification has been provided in accordance with the heading of a notification. no. 2, may document having made such a notification of the date of notification and

4) prevent any use of the payment instrument when the notification has been made, cf. § 59, paragraph. 1, no. 3.

Paragraph 2. Payment instruments shall not be sent unsolicited, except for the replacement of a payment instrument which has already been handed out to a payer.

Paragraph 3. The risk of transmission by submitting a payment instrument or to the relevant personal safety precaution shall be the responsibility of the provider.

Paragraph 4. It may be agreed that paragraph 1 shall be made. 1, no. In the case of the nature of the payment instrument, 3 and 4 shall not apply to micro-payment instruments if it is not possible to block the use of the instrument.

Praise-and liability rules

§ 61. The payment provider's provider is liable to pay for losses due to unauthorized payment transactions, cf. § 57, unless the second comes of § 62. On an unauthorised transaction, the provider shall immediately pay the payment the amount.

Paragraph 2. It may be agreed that paragraph 1 shall be made. Paragraph 1 shall not apply to micro-payment instruments used anonymously, or the provider ' s provider, because of the nature of the payment instrument, is not in a position to prove that the payment transaction was authorized.

§ 62. The payment provider shall be liable to pay for losses resulting from the unjustified use of a payment instrument by the unjustified use of a payment instrument, unless otherwise provided by paragraph 1. 2-6. Patals shall only be paid in accordance with paragraph 1. Two-six, if the transaction is properly registered and recorded. In the case of an unjustified use of a payment instrument, the supplier must immediately pay the payment amount. However, the charge shall be liable without the amount of losses incurred as a result of the payment of a deceit or a set of presets have failed to fulfil its obligations under section 59.

Paragraph 2. Unless, of course, higher liability comes from paragraph 1. 3 or 6, stamps the paying with up to $1,100 kr. in the case of losses resulting from the unwarranting use of the payment instrument by other people, if the relevant personal safety precaution of the payment instrument is used.

Paragraph 3. Unless, of course, higher liability comes from paragraph 1. Six, stamps the paying with up to $8,000. in the case of losses resulting from the unwarranting use of the payment instrument by other people, the contributor of which is paid by the paying provider that the relevant personal safety measure has been used, and

1) the payment has failed to inform the provider ' s provider as soon as possible after being informed of the fact that the payment instrument has been suspended or that the personal safety precaution has come to the knowledge of the unwarranted person ;

2) the payment has transferred the personal safety measure to the person who has carried out the unwarranteable use without prejudice to paragraph 1. 6, or

3) the responsible for the payment of gross neglictible behaviour has allowed the unwarranteable use.

Paragraph 4. The charge caps up to 8,000 kroner. in the case of losses resulting from the unjustified use of payment instrument by other people, when the instrument of payment has been physically or electronically, and the unwarranties associated with it, have used a false signature and reimburse to the paying service provider ;

1) the payment instrument or, in the event of a knowledge of the payment instrument, has failed to inform the paying instrument of the payment instrument, having been informed of the payment instrument as soon as possible, or

2) the payment instrument or someone who has been responsible for the payment instrument by means of gross neglictible behaviour has allowed the unwarranted use of unjustified use.

Paragraph 5. Where the paying shall be liable for paragraph 1. 3 and 4, the total liability of the paying officer shall not exceed 8,000 kr.

Paragraph 6. The payment shall be liable without the amount of losses incurred as a result of the unwarranted use of the payment instrument by the unwarranted use of the payment instrument when the payment instrument has been used and paid by the paying agency, that : the contributor has informed the person ' s personal safety measure to the person who has carried out the unjustified application and that it has happened in circumstances where the paying person realized or should have realised that there was a risk of abuse.

Paragraph 7. Notwithstanding paragraph 1 2-6 liabilities shall be liable for unwarranting unjustified use made by the provider of notification of the fact that the payment instrument has been disposed of that an unjustified person has been informed of the personal safety precaution, or for other reasons, the payment instrument will be cooped up.

Paragraph 8. Notwithstanding paragraph 1 2-6 liabilities shall be liable for unjustified use of the provider if the provider has not taken appropriate measures, cf. § 60, paragraph. 1, no. 2.

Niner. 9. Notwithstanding paragraph 1 2-6 the provider ' s provider also, if the payee, knew or should know that an unjustified use of the payment instrument was available.

Paragraph 10. It may be agreed that paragraph 1 shall be made. 1-6 shall not apply to micropayment instruments which are used anonymously, or the provider ' s provider, because of the nature of the payment instrument, is not in a position to prove that the payment transaction was authorized. It may also be agreed that paragraph 1 shall be concluded. 7 and 8 shall not apply to micro-payment instruments if, because of the nature of the payment instrument, it is not possible to block the use of it.

Paragraph 11. Paragraph 1-6 shall apply to e-money unless it is not possible for the provider ' s provider of e-money to cordon the payment account or the payment instrument.

§ 63. Inserts against unauthorized or defective payment transactions shall be the provider in the event as soon as possible and within 13 months of the debit of the payment transaction. The time limit for payment is due 13 months after the date of credit. Where the provider has not provided information or provided information available in accordance with Chapter 5, the time limit shall be set at the time the provider has provided information or information available to it.

§ 64. The provider has the burden of proof that a payment transaction is properly registered and logged and has not been hit by a technical failure or any other fault. In addition, by using a payment instrument, the provider also has the burden of proof that the relevant personal safety precaution of the payment instrument has been used for the payment transaction. Registration of the use of a payment instrument is not in itself proof that the paying has approved the transaction that the paying has acted fraudulent, or that the paying has failed to meet its obligations, cf. $59.

Paragraph 2. It may be agreed that paragraph 1 shall be made. Paragraph 1 shall not apply to micro-payment instruments used anonymously, or where the provider due to the nature of the payment instrument is not in a position to prove that the payment transaction was authorized.

§ 65. A payer has the right to repayment the full amount for a completed payment transaction initiated by or through the payee, provided that :

1) the payment has not approved the exact amount of the payment transaction ; and

2) The payment transaction exceeded the amount of which the payment could reasonably be expected, in the interest of its previous expenditure pattern, and the terms of the framework agreement.

Paragraph 2. Changes to the exchange rate when this calculation is calculated on the basis of a reference course, cannot be invoked using paragraph 1. 1, no. 2.

Paragraph 3. It may appear in the framework agreement between the payment and the payer's supplier, that the payment shall not be entitled to repayment in accordance with paragraph 1. 1, if a consent to carry out payment transactions covered by paragraph 1. 1 shall be paid directly to the provider ' s provider and, where appropriate, information relating to the future payment transaction of the provider or payment recipient was given or made available to the paying agent for at least four weeks before the due date.

Paragraph 4. For direct charges, the framework agreement between the paying and paying providers may show that the payment shall be entitled to refund from its provider, even though the requirements laid down in paragraph 1. 1 have not been met.

§ 66. A repayment request, cf. Section 65 shall be the provider in the event within eight weeks of the debit of the payment transaction.

Paragraph 2. The provider ' s provider must not later than 10 working days after receipt of a repayment request, cf. section 65, either repaying the entire transaction amount or justify a refund on repayment with information on the redress.

§ 67. A payment order that is carried out in accordance with the unique identification code specified in the payment order is considered to be properly implemented.

Paragraph 2. The provider ' s provider must take reasonable steps to return funds that were involved in a payment transaction where the user has indicated a wrong unique identification code. It may be stated in the framework agreement that the payment service provider may request payment in order to recover this amount.

§ 68. Where a payment order is initiated by the paying agent, the supplier ' s provider shall be liable for any direct losses resulting from the failure or inadequate implementation of the payment transaction unless it can prove that the provider of the payment is payable ; has received the amount in accordance with section 75. Upon receipt of the payment received by the provider, this shall be responsible for payment shall be liable for direct losses resulting from the absence or inadequate implementation of the payment transaction. However, payment service provider must always attempt to track the payment transaction and inform the paying agent of the result.

Paragraph 2. Where a payment order is initiated by or through the payee, his provider shall be liable for direct losses caused by a loss or incomplete submission of the payment order to the provider ' s provider, cf. § 75. In addition to this, paragraph 1 1 corresponding use. The provider ' s provider must, however, always attempt to track the payment transaction and inform the payee for the result.

Paragraph 3. A provider that replaced a tab, cf. paragraph 1 or 2, as a result of a relationship with another provider or third party, may require compensation of the person concerned.

§ 69. Is a payment has not been paid or delayed in circumstances as referred to in section 68 (4). The non-compliance prerogatives may not, for this reason, be applied to the paying other than the requirements of interest. If the account is debited to the payer's account, the payment has been paid with a free-charge effect on the paying.

§ 70. Responsibility cannot be imposed in accordance with the rules laid down in this chapter in the event of exceptional and unforeseeable circumstances, such as the one invoking the circumstances, has not had an influence and has not had the opportunity to avert, even though : they have shown the greatest possible impossibility.

Implementation of payment transactions

§ 71. A payment order shall be deemed to have been received on the working day at which the supplier ' s provider receives payment order. A provider may decide that payment orders received close to the end of a working day must be considered to have been received the following work day.

Paragraph 2. If the user contract with the provider that the payment order is to be completed at a later date, the payment order shall be deemed to have been received at the agreed date, if it is a working day, and otherwise on the following day of work.

§ 72. Where a payment order is rejected by a provider, the user shall be informed of the reasons for the rejection and on the procedure to correct any factual errors that have led to the rejection, unless otherwise provided by rules of confidentiality.

Paragraph 2. Notify by paragraph 1 shall be carried out as soon as possible and in any case within the time limits set out in Section 75.

Paragraph 3. The framework agreement may indicate that the provider may request payment for rejection of paragraph 1. 1.

Paragraph 4. It may be agreed that paragraph 1 shall be made. 1-3 shall not apply to micro-payment instruments if the absence is clearly shown in the context of the given context.

§ 73. A payment order cannot be revoked after it has been received by the provider ' s provider, cf. Paragraph 71, paragraph 1. 1, unless otherwise provided by paragraph 1, 2-5.

Paragraph 2. A payment order initiated by or through the payee may not be revoked after the payment has issued its payment order or granted his consent to carry out payment transaction to the payment recipient.

Paragraph 3. A direct charge payment order can be revoked by the end of the working day before the agreed date for the funds to be charged.

Paragraph 4. Payment orders covered by Section 71 (3). 2 may be revoked by the end of the working day before the agreed date.

Paragraph 5. Paragk. 1-4 may be deviated from the contract between the user of the payment service and its provider. In the paragraphs in paragraph 1. The consent of the payeholder shall be required by 2 and 3. A provider may request payment for the revocation if it is stated in the framework agreement.

Paragraph 6. In the case of micropayment instruments, however, it may be : 1-5 is agreed that the payment may not revoke the payment order after having given its payment order or granted his consent to carry out the payment transaction to the payee.

§ 74. In the case of payment transactions in the case of contracts for the purchase of goods or services on distance selling, initiated by the use of a payment instrument, the provider of the payment must be provided for payment of any section 73 (3). 1, do not carry out a payment transaction or, if debit has been debited, the account shall be credited immediately to the payment of the payment, if any of the following are to be paid :

1) That the amount charged is higher than the amount agreed with the payee,

2) the item ordered or service has not been delivered ; or

3) the provision of a fixed or statutory right of withdrawal by an agreement or a statutory right of withdrawal by the recipient of the goods or services supplied to the goods supplied.

Paragraph 2. In addition to an objection pursuant to paragraph 1. 1 the payment shall be paid in vain with requests for reimbursement of outstanding amounts or the delivery of a missing item or service.

Paragraph 3. If a payer has objexpressed in accordance with paragraph 1, 1, the provider may only debit or recharge the payer's account if the provider can reimburse the fact that the notice is unjustified.

Paragraph 4. objections to paragraph 1. 1 shall be made as soon as possible after the paying has been aware of, or should have been aware, that the debit has been wrongly debited.

Paragraph 5. § 50, paragraph. 6, does not apply to changes to rights in the framework agreement, which has provided the user with a better legal position than that provided for in paragraph 1. 1.

Date of execution and date of choice

§ 75. The supplier ' s provider shall ensure that the payment transaction shall be credited to the payment of the payment by the payment of the payment of the payment by the payment of the payment by the payment of the payment by the payment of the payment by the payment of the payment § 71. In the case of paper-based payment transactions, the 1. Act. Extendable on another business day.

Paragraph 2. A payment order provider must carry out a payment order, initiated by or through the payee, to the supplier ' s supplier, within the time limit agreed between the paying-holder and his supplier, so that the payment for the direct payment of the payment is made, charges and means of payment may be carried out on the agreed due date.

Paragraph 3. Where the beneficiary does not have a payment account in the provider, the funds shall be made available to the provider receiving the funds within the time limit laid down above, cf. paragraph 1.

Paragraph 4. In the case of micropayment instruments, however, it may be : 1-3 is agreed to apply other completion periods.

SECTION 76. The payment date for the payment receipts payment date may not be later than the work day on which the recipient's provider receives payment transaction.

Paragraph 2. Immediately after a payment transaction has been credited to the payment of the payment of the payment of the payment of payment of the payment, the payment shall be granted access to the payment transaction amount.

Paragraph 3. The date of the payment of the payment account chargeable account must not be earlier than the time the amount is debited to this payment account.

Paragraph 4. In the payment of cash payment in a publisher's payment account, in the currency of a supplier in the currency of the payment account, the amount shall be made available immediately after the date of receipt of the funds. If the payment is made to an operator ' s account, the amount shall be made available by the date of the day at the latest on the following day of receipt of the funds.

Chapter 7

Gebyr and so on

§ 77. The provider of payment, payment receipts provider and their potential intermediaries must transfer the payment transaction's full amount without deduction of fees.

Paragraph 2. The payment consigtor and his provider may, whatever the latter, 1 agreement that the provider withdraws its fees from the amount transferred before the creditation of the payment recipient. In the following section 46 and 54, the full amount of the payment transaction shall be provided with a separate indication of the amount of the fee.

Paragraph 3. Where the charges are deducted other than those referred to in paragraph 1. 2 from the transferred amount, the provider shall ensure that the payment recipient receives the payment transaction's full amount. The commitment shall be paid by payment transactions by or by means of payment of the payment of the obligation. Act. provider of payment receipts.

§ 78. When payment transaction does not involve currency conversion, the payment will be paid as a starting point to pay the fees charged to the supplier and pay the fees paid by his supplier to collect.

Paragraph 2. The provider may not impede the payment consignon in charging a fee in payment for the use of that payment instrument or to offer a discount for the paying payer.

Paragraph 3. The Minister for the Industry and Growth Pact may lay down rules on the prohibition or restriction of the right to charge fees.

§ 79. In the case of payment of the fee, etc. for the implementation of payment transactions, with a payment instrument, as mentioned in section 6, no. 9, non-reasonable prices and axes must not be used. In the case of unfair prices and awards, prices and axes are understood to be higher than what would be the case under competition.

$80. Provider may charge the payment costs for the operation of a payment system where the transactions are carried out using a payment instrument, cf. § 6, nr. 9. The cost shall be fixed in accordance with section 79, cf. however, paragraph 1 Two and three.

Paragraph 2. In cases where a payment transaction occurs in the physical trade through the use of a payment instrument with a chip covered by section 6, no. 9, while paying by signature or personal, secret code or equivalent secure identification, provider to cover its costs for the operation of the payment system alone may impose payment of a yearly payment on a yearly basis ; subscription.

Paragraph 3. The Minister for the Industry and Growth Minister may lay down detailed rules on how the price of the annual subscription in paragraph 1 shall be : 2 is to be calculated.

Paragraph 4. The fee from the payment of payment for the use of a payment instrument shall be determined independently of the payment of the payment receipts.

Paragraph 5. The fee shall be charged to the payment of payment for the use of a payment instrument, the amount of the fee shall not exceed the payment fee fee for payment transaction to the provider of payment.

Paragraph 6. In cases where a payment transaction occurs in the physical trade using a means of payment with a chip, cf. paragraph 2, the providers of payment services and payee providers may conclude an agreement on payment for special arrangements linked to the individual payment instrument which is not covered by the subscription scheme.

Paragraph 7. The Minister for the Industry and Growth Minister may lay down detailed rules on the special arrangements to be concluded in accordance with paragraph 1. 6.

Paragraph 8. The Minister for the Industry and Growth Minister may decide that this paragraph does not apply to certain types of payment instruments. At the same time, the Minister for the Industry and Growth Minister may also lay down additional rules for such payment instruments.

§ 81. The provider shall not be required to debit a payment recipient's connection to a payment system that the payee also has to accept other payment instruments which are subject to this law.

Currency and Fees Information

$82. A payment recipient or another which, at the place of sale, offers the currency conversion to the payment before a payment transaction is initiated, shall pay all information on fees and exchange rate applicable to the currency conversion. The payment shall be approved by the payment that the currency conversion shall be based on this basis.

§ 83. A payment consignon, charging fees, or offering a discount for use of a specific payment instrument, shall inform the paying of that, in advance of the conclusion of a contract.

Paragraph 2. A supplier or other person who charges charges for the use of a payment instrument shall notify the paying of that, in advance of the conclusion of a contract.

Chapter 8

Good custom registration and social security number

§ 84. Companies providing payment services must be operated in accordance with a good business practice and good practice in the field of business.

Paragraph 2. The Minister for the Industry and Growth Pact lays down detailed rules for the rule of law and good practice for companies providing payment services.

§ 85. The code of processing of personal data shall apply to the changes resulting from paragraph 1. 2-6.

Paragraph 2. The supplier ' s provider shall ensure that the payment instrument of the payment may not be physically or electronically transmitted by anyone other than the paying provider.

Paragraph 3. There must be only the treatment of information on where the paying instruments have used their payment instruments and what they have purchased when it is :

1) are necessary for the execution or correction of payment transactions or other functions assigned to the payment instrument by the paying provider ;

2) are necessary for law enforcement or in order to prevent abuse or

3) is repatriated by other legislation.

Paragraph 4. Furthermore, the processing of information on the use of their payment instruments shall be carried out, where :

1) it is necessary for the provider ' s provider ' s advice to pay for the appropriate use of payment instruments, and when the information obtained is concerned only with regard to the types of payment transactions carried out, or

2) processing is necessary for the issuer's adaptation of payment systems so that they are safe, efficient and up-to-date and do not produce information at a single user level.

Paragraph 5. The Minister for the Industry and Growth Pact may decide that paragraph is not so. 3 is to be departed from research purposes.

Paragraph 6. The Minister for the Industry and Growth Minister may, after collecting the opinion of the DTO, fix rules on treatment abroad by the data referred to in paragraph 1. 3 mentioned information.

Chapter 9

Supervision, etc.

§ 86. The SEC shall ensure compliance with this law and the rules adopted pursuant thereto, except for section 18 (b), cf. However, sections 97 and 98. The same applies to Articles 3, 4 and 8 of Regulation No 2 of the European Parliament and of the Council. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No 149/2009. Regulation No 2560//2001, as well as for Regulation No No, 260 /2012/EU of 14. March 2012 on technical and business requirements for credit transfers and direct debits in euros and amending Regulation No 2. EUR 924 /2009/EC on cross-border payments in euro (SEPA Regulation).

Paragraph 2. The Board of Finance shall be included in the supervision of paragraph 1. 1 with the competence of the management board pursuant to section 345 of the Act of Financial Company.

Paragraph 3. If a branch has established a branch, an agent or has outsourced operational functions to a unit in another Member State, the Financial supervision of these entities shall supervise these entities unless the supervision of the agreement is delegated to ; competent authority of the host country.

Paragraph 4. The Danish Data Protection Board shall be responsible for the provisions of section 64 of the processing of personal data, in consultation with the Financial supervision of the Financial Authority with foreign authorities.

§ 87. The SEC may, as part of its supervision, require the undertaking to supply all the information necessary for the financial activities of the Financial Authority, including in determining whether a relationship falls under the provisions of this law.

Paragraph 2. The SEC may carry out inspections at the place of establishments covered by this law, in every agent or branch providing payment services under an undertaking ' s responsibility and under this law, and in any entity to which activities are carried out ; outsourced to.

Paragraph 3. § 346, paragraph. Two-five, in the Act of Financial Company, shall apply mutatis mutis to enterprises covered by this law.

Paragraph 4. The SEC may, at any time, against appropriate credentials without a court order to gain access to enterprises covered by this law for the purposes of information, including those on inspections.

Paragraph 5. Section 347 b, in the Act of Financial Company, shall apply with the necessary adaptations.

§ 88. Financial supervision creates a public register of

1) establishments which have been authorised as payment institutions in this country, cf. Chapter 2, and the agents and branches of these institutions,

2) undertakings which have been restricted to the provision of payment services, cf. Chapter 3,

3) undertakings which have been given permission as a e-money institute in this country, cf. § 39 a, and their branches and

4) undertakings which have been granted restricted authorisation to issue electronic money, cf. $39 p.

Paragraph 2. This register shall include information on the payment services covered by establishments covered by paragraph 1. 1 has permission to tender.

$89. The SEC may provide an injunction on the correction or modification of conditions contrary to the provisions of this law and Article 3 (3). Article 4 (1) and Article 4 (2), The provisions of Amendments Nos 1, 3 and 4 and Article 8 of Regulation No 2 of the European Parliament and 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No 149/2009. Regulation No 2560/2001 and the Council of the European Parliament and 260 /2012/EU of 14. March 2012 on technical and business requirements for credit transfers and direct debits in euros and amending Regulation No 2. EUR 924 /2009/EC on cross-border payments in euro (SEPA Regulation).

§ 89 a. The SEC may offer a payment institution or a company with limited authorisation for the provision of payment services to set up a director in the Institute or the undertaking within a time limit set by the Financial supervision, if this is, after Section 18 (2), Two and three, can't fight the score.

Paragraph 2. The SEC may offer a member of the Administrative Board in a payment institution or a company with a limited permit for the provision of payment services to disclose its office within a time limit set by the Financial supervision, if he is subject to section 18 (2). Two and three, can't fight the recruits.

Paragraph 3. The SEC may offer a payment institution or a company with a limited permit for the provision of payment services to set up a director when charged with the Director of a criminal offence against the criminal code of the criminal code or the administration of the contract ; financial legislation until the criminal proceedings are decided if the conviction of the sentence implies that he does not comply with the requirements of section 18 (3). 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. offer a member of the Administrative Board in a payment institution or a company with limited authorisation for the sale of the payment services, to lay down its duties ; the SEC of the Financial Authority shall set a time limit for the supply of tenders.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 18 (2). 3, no. 2, 3 or 4 shall appear on the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1-3 may, by means of the payment department or the undertaking, with limited authorisation for the provision of payment services and by the person to whom the tender relates is submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the invitation to tender for the person concerned. The request shall not affect the tender, but the court may decide by ruling that the director or member of the Board of Directors shall be able to maintain his position or his position. The SEC shall submit the matter to the courts within 4 weeks of receipt of the request. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation or by application, revoke an injunction notified in accordance with paragraph 1. 2 and paragraph 1. 3, 3. Act. If the Financial supervision an application for revocation is refused, the applicant may require the refusal to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, the application for a judicial review may not be made only if the prohibition is not limited and has elapated at least five years from the date of issue of the contract or at least two years after the revocation of the Financial Supply of the Financial Supply is confirmed by the judgment.

Paragraph 7. In the case of the payment institute or the company with limited authorisation for the provision of payment services, the Director shall not be granted the Director within the time limit, the Finance-SEC may include the undertaking ' s permit, cf. § 90. The SEC may also involve the undertaking ' s permit, cf. Article 90 if a member of the board does not comply with an injunction in accordance with paragraph 1. Two and three.

§ 90. The SEC may involve an undertaking ' s authorisation as a payment institution or a limited permit for the provision of payment services, if the undertaking

1) does not make use of the authorization within 12 months, expressly renounts the use of the authorization or has not engaged in payment institution or undertaking with restricted authorization for the provision of payment services in one period of more than 6 months,

2) obtained the authorization on the basis of incorrect information or in any other ureticable manner ;

3) no longer fulfils the conditions for the notification of the authorisation of Chapter 2 or 3 ;

4) may pose a threat to the stability of a payment system if it continues its payment service establishment, or

5) fail to comply with the laws on the laundering of the proceeds and the financing of terrorism.

Paragraph 2. An undertaking ' s permit as an e-money institute or limited authorisation for the issue of electronic money lapses if the undertaking does not make use of the authorization within 12 months, expressly renounts the use of the authorization or has not issued electronic money for a period of over six months.

Paragraph 3. The SEC may involve a company ' s permit as an e-money institute or limited authorisation for the issue of electronic money, if the undertaking

1) obtained the authorization on the basis of incorrect information attached to the authorisation of authorisation, or in the second urea,

2) no longer fulfils the conditions for the authorization of Chapter 3 (a) ;

3) does not comply with the law of preventive measures against the laundering of the yield and financing of terrorism.

Paragraph 4. The grant of a permit shall be published by the Financial supervision.

§ 91. Decisions taken by the Financial Regulation pursuant to this law or rules granted under the law may be submitted to the Board of Acquisities, within four weeks of the decision to be notified to the person concerned.

§ 92. section 354 and 356 of the Financial Authority on the professional secrecy of the Financial Authority, the prohibition on the employees of the FGs to have other employment or to participate in speculative transactions and the exposures of the Finance-synet security measures shall apply to the necessary adaptations to this law. However, section 354 of the financial undertaking shall apply only to information in matters covered by Chapters 2, 3 and 3 (a).

§ 92 a. Section 354 (g) concerning the prohibition of dismissing information on a person who has reported infringements or potential infringements of this law, rules issued under this and the provisions of the European Union are contained in the European Union ; Regulations relating to the areas of the law to which the Financial supervision is supervised, to the Financial supervision, shall apply to information which a person has reported after Section 18 (a).

§ 93. Reactions granted under the section 86 (86) of this law. 2, cf. § 345, paragraph 1. 7, no. 4, in the Act of Finance, or the Financial Authority, following a delegation from the Financial Supply Board to a company under supervision, shall be published with the name of the establishment, cf. however, paragraph 1 4. The company must publish the information in its website in a place where they naturally belong, as soon as possible, and within three working days after the undertaking has received notification of the reaction, or at the latest at the time of the date, publication required by law on securities trading, etc. At the same time as its publication, the company must insert a link that provides direct access to the response, on the front of the company's website, in a visible manner, and it must be linked and one any associated text clearly states that this is a reaction from the Financial supervision. If the company commenting on the reaction, this should be done by extension of this, and the comments must be clearly separated from the reaction. Removal of the link on the front and information from the company's website must take place according to the same principles that the company uses for other messages, but at the earliest of the link and information has been on the website for 3 months, and earliest after the former general assembly or representative meeting. The company ' s obligation to publish information on your company's website applies only to legal persons. The SEC must publish the information on the site's website. Review of the oversight reactions in accordance with section 86 (2). 2, cf. § 345, paragraph 1. 7, no. 6, in the Act of Financial Company, and the Decisions Decisions to surrender cases to police investigations must be published on the GL website with an indication of the company ' s name, cf. however, paragraph 1 4.

Paragraph 2. Reactions granted under the section 86 (86) of this law. 2, cf. § 345, paragraph 1. 7, no. 4 and 6, in the financial undertaking or the Financial Authority, following a delegation from the Financial Availability Management Board to a company that is not under supervision, shall be published with the name of the establishment, cf. however, paragraph 1 4.

Paragraph 3. Where a case has been passed to police investigation and there has been a total or partial sentence or a fine, the judgment shall be published, the ticket or a summary thereof, as provided for in the case of the sentence of the sentence of the sentence of the ruling. however, paragraph 1 4. If the judgment is not final or if it is anchorked or complained, this shall indicate the publication of the sentence. The company ' s publication must take place at the establishment ' s website in a place where it is natural to be at home as soon as possible and no later than 10 working days after a verdict or a fine, or at the latest at the time of publication required, After law on securities trading, etc. At the same time, the company must insert a link that provides direct access to the judgment, the ticket or the summary, on the front of the company's website, in a visible way, and it must be linked and a possible associated text will clearly indicate that it is a judgment ; or Adoption. If the company comments on the judgment, the ticket or the summary, this should be done in an extension, and the comments must be clearly separated from the judgment, the adoption or summary of the report. The removal of information from the company's website must take place according to the same principles that the company uses for other communications, but at the earliest of the link and information has been on the website for 3 months, and at the earliest. the former general assembly or representative meeting. The company shall notify the Financial supervision of the publication, including a copy of the judgment or the adoption. The SEC shall then publish the judgment, the adoption or a summary thereof on its website. The company ' s obligation to publish information on your company's website applies only to legal persons. Publication after 1. and 2. in the light of establishments which are not subject to supervision, must be carried out on the GL's website alone ;

Paragraph 4. Publication under paragraph 1. However, 1-3 cannot be allowed if it would result in a disproportionate amount of damage to the company, or in the case of investigation of the public, in the case of publication. The publication shall not contain confidential information on customer relations or information covered by Section 30, in the law of public opinion in the administration. The publication shall not contain confidential information arising from the supervisory authorities of other countries within or outside the European Union, unless the authorities which have given the information have given their express consent.

Paragraph 5. If publication is not in accordance with paragraph 1, FOUR, ONE. .. shall be published in accordance with paragraph 1. One-three when the omission of the omission is no longer valid. However, this only applies to up to two years after the date of the reaction.

$94. The SEC must inform the public about cases dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of importance for the understanding of the provisions of this law, except for Chapter 2-4. 1. Act. for the purposes of Articles 3, 4 and 8 of the European Parliament and of the Council, shall apply mutatis muth. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No 149/2009. Regulation No 2560/2001, as well as on matters relating to Regulation No, 260 /2012/EU of 14. March 2012 on technical and business requirements for credit transfers and direct debits in euros and amending Regulation No 2. EUR 924 /2009/EC on cross-border payments in euro (SEPA Regulation).

Paragraph 2. The financial supervision must also inform the public about the name of a company that provides payment services in violation of section 2.

§ 94 a. Whereas, under this law, the business and growth minister may lay down rules on undertakings under the supervision of this law to publish information on the financial system's assessment of the company and the possibility of the Finance-SEC possibility of the possibility of the financial supervision of the financial system. publish the information before the company.

$94 b. Redistribute a payment institution or e-financial institution information about the Foundation and the information has been provided to the public, the Finance Board may inform the Institute to publish enriching information within one of the Financial supervision. fixed time limit, if :

1) the information provided for the Finance-synet assessment is misleading and

2) The SEC assesses that the information may have an adverse effect on the institution ' s customers, depositors, other creditors, financial markets on which shares in the Institute are traded, or financial stability in general.

Paragraph 2. If the institution does not comply with the information in accordance with the financial system's injunction and within the time limit laid down in the Financial Seat, the Financial Authority may publish the tender in accordance with paragraph 1. 1.

§ 95. As a Party to the Financial supervision, the provisions of Article 2, covered by Article 2, shall be deemed to have been taken by the Financial Decision pursuant to this Act or rules issued under the law, in accordance with the law, cf. however, paragraph 1 2.

Paragraph 2. In addition, as a party to the Financial supervision, the following shall also be considered as a party to the Financial supervision of the matter relating to the relevant financial situation :

1) The provider of payment services without permission, cf. § 2.

2) A company or a person who is applying for authorization to tender payment services, cf. § 7 or § 37.

3) A member of a company ' s management board or board of directors or persons responsible for payment services when the supervision denies a company ' s undertaking ' s authorization to carry out business as a paying institution, or limited authorisation for the provision of payment service or to include such authorisation, cf. § 90.

4) A natural or legal person to whom the Financial supervision requires the information to be taken to decide whether this is subject to the provisions of this Act, cf. § 87.

§ 96. Undertakings under the supervision of this law shall pay tax to the SEC in accordance with Chapter 22 of the Act on financial activities.

§ 97. The Consumer Ombudsman oversees service providers of payment services, as set out in payment instruments, cf. § 6, nr. 9, and providers of payment services covered by Annex 1 (1), 7, as well as payment receivers and others, do not infringe Chapters 5 and 6, sections 82 and 83, section 84 (4). 1, section 85 and rules issued in accordance with Article 84 (3). Secondly, the consumer ombudsman oversees that there is no infringement of Chapter 10.

Paragraph 2. The consumer ombudsman may request any information necessary for the establishment of the consumer ombudsman, including in determining whether a relationship falls under the provisions of this law.

Paragraph 3. Can a change of relationship that goes against the contraventing of paragraph 1. 1 uprained provisions, not by negotiation, the Consumer Ombudsman may issue an injunction to this effect. An injunction may, by the tender, be submitted to the courts. Request to that effect must be made in writing to the Consumer Ombudsman within four weeks of the notification of the tender concerned. The consumer ombudsman must before 1 week after receipt of the request, the matter shall be referred to the court in the form of the right of the civil justice.

Paragraph 4. The court may decide that the submission of an injunction to the courts shall have a prenup operation.

Paragraph 5. The decisions taken by the consumer ombudsman after this law cannot be brought to the second administrative authority.

Paragraph 6. The consumer ombudsman may, in violation of the provisions of paragraph 1, 1 upraded provisions shall apply for a ban, injunction, compensation and restitution of amounts wrongly collected. Section 20 of the market in section 20, section 23 (3). Paragraph 1, section 27, paragraph. 1, and section 28 shall apply mutatis muth. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 of the Court of Justice Chapter 11.

Paragraph 7. The Danish Data Protection Board shall be responsible for the provisions of section 64 of the processing of personal data, in consultation with the consumer ombudsman, cooperation with foreign authorities.

-98. Competition and Consumer Management Board oversee compliance with sections 40 and 77-81, as well as Articles 6 and 7 of the Regulation No 2 of the European Parliament and of the Council. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No 149/2009. Regulation No 25 60//2001 and Article 8 of Regulation No 2 of the European Parliament and 260 /2012/EU of 14. March 2012 on technical and business requirements for credit transfers and direct debits in euros and amending Regulation No 2. EUR 924 /2009/EC on cross-border payments in euro (SEPA Regulation) and may issue the required injunction, including the opening of the provisions,

1) conditions for access to payment systems for the payment services providers must be amended,

2) the prices and margins specified shall not be exceeded ; and

3) the calculation of prices and axes must be used in determining the rules for the calculation of the rules on call.

Paragraph 2. The Competition-Consumer Management Board may require all information, including accounts, accounting documents, writing of books, other business papers and electronically stored data, which are deemed necessary for the management of the steering, including the decision on whether or not a relationship is covered by sections 40 and 77-81 and Articles 6 and 7 of the Regulation No 2 of the European Parliament and of the Council. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No 149/2009. Regulation No 25 60//2001 and Article 8 of Regulation No 2 of the European Parliament and 260 /2012/EU of 14. March 2012 on technical and business requirements for credit transfers and direct debits in euros and amending Regulation No 2. EUR 924 /2009/EC on cross-border payments in euro (SEPA Regulation).

Paragraph 3. Competition-and the decisions of the Consumer Protection Agency under paragraph 1. 1 may be brought to the Competitioneus Board. Competitor 20 shall apply mutatis muctis.

Paragraph 4. Storage provided for in paragraph 1. 3 may be made by

1) the decision in which the decision is made ; or

2) the case which, incidentally, has a significant interest in the case.

Paragraph 5. Complages of decisions pursuant to paragraph 1. 3 may be attached to the benefit of the Competencing and Consumer Management Board or the Competition Board.

Paragraph 6. The law on public access shall not apply to cases subject to paragraph 1. Paragraph 8, in the case of public opinion in the administration, shall apply mutatis muth to the administration of cases referred to in paragraph 1. 1. 1. and 2. Act. shall also apply where the information provided for in paragraph 1 is obtained. 2 is passed on to another administration authority.

Paragraph 7. Competition-and the decisions of the Consumer Protection Agency under paragraph 1. 1 may be published, cf. however, paragraph 1 8.

Paragraph 8. In the publication of paragraph 1, 7 information on technical matters, including research, production methods, products, operational and business secrets cannot be made public, in so far as it is of significant economic importance to the person or the undertaking, the information ; As far as In addition, information about individual customer relations in companies that are under the supervision of the SEC may not be made public.

Niner. 9. The Minister for the Employment and Growth Minister is giving up every two years a report on the situation of the payment card market to Parliament. The Minister for Competition and Consumer Protection will be responsible for the secretariat of the minister in connection with the preparation of the report.

§ 99. Competition and Consumer Management can impose daily or weekly periodic penalty payments to those omits to

1) give the information which the Competition-and Consumer Management Board may request in accordance with Article 98 (3). 2, or

2) comply with an injunction issued in accordance with Article 98 (3). 1.

§ 100. The costs of the administration of this law by the Consumer Ombudsman and the Consumer Protection Agency shall be subject to the providers of payment instruments in accordance with the rules of payment of the consumer. § 6, nr. 9, provision of payment services covered by Annex 1 (s), 7, and providers of payment surrogates, cf. Chapter 10, in relation to the turnover.

Paragraph 2. The Minister for the Industry and Growth Pact may lay down detailed rules for the determination of the payment and on the levying of the consumer and the Consumers ' Consummation and the levying of the consumer.

§ 101. Whereas the Minister for the Industry and Growth Minister may lay down rules for written communication to and from the SEC, the Danish Business Authority and Competition and Consumer Protection Agency, subject to this law or rules granted under this law, shall : conducted digitally.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on digital communications, including the use of specific IT systems, special digital formats and digital signature el.lign.

Paragraph 3. A digital message is considered to have arrived when it is available for the message address.

§ 101 a. The Minister for the Industry and Growth Pact may lay down rules that the authorities, cf. § 101, paragraph. 1, may issue decisions and other documents pursuant to this law or in accordance with rules issued under this law without a signature, with a mechanical or equivalent manner, or by means of a technique which ensures unambiguous, identification of the one which issued the decision or the document. Such decisions and documents shall be placed in the same way as decisions and documents with a personal signature.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down rules that decisions and other documents which have been made exclusively or issued on the basis of electronic data processing may be issued only with an indication of the authority in question to be issued.

§ 101 b. Where it is granted under this law or in accordance with this law, it is provided that a document issued by any other than an authority has been granted in accordance with the rules of the law. § 101, paragraph. 1, must be signed, this requirement may be met by means of a technique that ensures unambiguous identification of the person who issued the document, cf. however, paragraph 1 2. Such documents are treated as a person with a personal signature document.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on the deviation of regulatory requirements, including that the requirement for personal signatures may not be permitted to be deviated from certain types of documents.

Chapter 10

Payment surrogates

§ 102. In the case of payment surrogates, the following electronic systems shall be understood to the extent that they may be used to acquire goods or services without having a payment service :

1) Cards and other physical credential resources that are associated with specific users and are designed for electronic reading.

2) Codes and biometric values that are designed to legitimized the user.

3) Electronic claims that are required to issue the issuer of the user in the request of the user.

Paragraph 2. In the prepaid payment surrogates, the meaning of this Chapter shall mean payment surrogates, which the user may use only to the extent prior to the use of the payment surrogate, the payment of funds registered by the provider is made available to the supplier as a means of payment of the payment of the payment of the payment of the payment of the payment of the payment the user may dispose of the disputing without the fact that it is a deposit account, or where the user has received such a value or received an increase in the value of the payment of the payment.

§ 103. Payment surrogates covered by this chapter shall be safe and well functioning.

Paragraph 2. The users of payment surrogates must be ensured transparency, voluntariness, protection against abuse and the confidentiality of the users ' use of the payment surrogate. The legal, organisational, operational, technical and safety measures necessary to ensure that the payment of the surrogate are safe and functioning must be taken on a regular basis.

§ 104. Istheaters must have a place of business in this country, in another country within the European Union, or in a country with which the Union has concluded agreement in the financial sphere.

§ 105. The issuance of payment surrogates must be reported to the Consumer Ombudsman of the issuer. A payment surrogate may not be issued until notification has been made.

Paragraph 2. The notification shall contain information on the name, business and company form, as well as in section 47, paragraph 1. 4, mentioned information material.

Paragraph 3. Changes to notified conditions must be notified within eight days after the change has been made.

Paragraph 4. Issues of the same payment instrument, and shall apply the same business conditions to a large extent, the Consumer Ombudsman may authorize or impose a common notification.

§ 106. § 39 s, section 47, paragraph. FOUR, ONE. pkt., $51, section 53, paragraph 3. 1, no. 1 and 2, and sections 62, 68, 70, 78-83 and 85 shall apply mutatis muc; to payment surrogate.

Paragraph 2. § 62 and § 80 (5) However, 2 and 3 shall not apply to pre-paid payment surrogates, cf. ~ 102, paragraph 1) 2. However, section 62 applies to pre-paid payment surrogates, where the value of the payment surrogate may exceed 3000 crane or, if there is an option for an automatic recharge of the payment surrogate for the user.

Chapter 11

Penalty provisions

§ 107. The benefit of sections 2 and 2 (a), section 7 (4). ONE, ONE. pkt., sections 8 and 10, section 21, paragraph. One and three, paragraph 22, paragraph 22. Paragraph 1, section 39, paragraph. 1-3, section 39 b and 39 d, section 39 k, paragraph 3. 2, section 39 l and section 39 r, paragraph 1. 1 and 2 shall be punishable or penalised up to four months unless higher penalties have been inflited on the other legislation.

Paragraph 2. The withdrawal of section 18 (2). 5, section 18 (a) (1). Paragraph 1, section 18 c, section 19 (a) (1). 1, no. Paragraph 1, section 21 (1). 2, no. 1 and 2, section 23 (4). 1, SECTION 24, 3. pkt., section 25, paragraph ONE, ONE. pkt., and paragraph. 2, SECTION 26, SECTION 27, 1. pkt., section 28, paragraph 1. ONE, ONE. and 2. pkt., section 30 (1). Paragraph 1, section 31 (1). Paragraph 1 (1). THREE, TWO. pkt., and paragraph. 4, section 32, paragraph. Paragraph 1 (1). THREE, TWO. pkt., and paragraph. 4, section 39 h, section 39 k, paragraph 1, 3 and 4, section 39 m, section 40, section Paragraph 1, section 42, paragraph. 1, section 43, section 44 (4). One and two, section 45-47, section 48, paragraph. 1, Section 49, section 51, section. 3, section 52, paragraph. Paragraph 1, section 53, paragraph. Paragraph 1 and 3, section 54. Paragraph 1, section 55 and 56, section 60, section 2, section 72, paragraph. Paragraph 1, Section 78 (2). Two, section 80, paragraph. paragraph 2, 4 and 5, sections 81-83, section 85 (3). 2-4, section 93, paragraph. ONE, ONE, FIVE. pkt., and paragraph. 3, 1. -7. pkt., and section 105 and Article 3 (3). Paragraph 1, Article 4 (1), Articles 6 and 7 and Article 8 (4), and Article 8 (3), Regulation No 1, in the European Parliament and of the Council 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No 149/2009. Amendments Nos 2560/2001 and Articles 3 to 6 and 8-9 of the European Parliament and of the Council no. 260 /2012/EU of 14. March 2012 on technical and business requirements for credit transfers and direct debits in euros and amending Regulation No 2. EUR 924 /2009/EC on cross-border payments in euro (SEPA Regulation) is punished by fine.

Paragraph 3. The issuer of electronic money shall not comply with the instructions given in accordance with Article 89 or communicate information after Article 87 (3). Paragraph 1 is punished by fines.

Paragraph 4. The failure to comply with the injunction issued in accordance with section 89, section 89 (a). 2 and paragraph 1. THREE, TWO. pkt., section 97, paragraph. THREE, ONE. PC or Article 98 (3). ONE, TWO. a point or to communicate information in accordance with section 87 (5). Paragraph 1, section 97, paragraph. Paragraph 2, or Article 98 (2). Two, punishable by fine.

Paragraph 5. The one that is covered by Article 98 (3). 1, inaccurate or misleading information to Competition and Consumer Management Board or the Competition Board or of the Competition Board of the Competition, or in relation to which the law applies, shall notify the Financial supervision of the Commission ; incorrect or misleading information is punishable by fine.

Paragraph 6. In rules issued under the law, penalties may be imposed on penalties for infringements of the rules laid down in the rules.

Paragraph 7. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Paragraph 8. The limitation period for infringement of the law or rules issued under the law shall be five years.

§ 108. The operator which operates under this law or includes it may, in the case of sentencible circumstances, be granted the right to continue to operate the undertaking or to carry it under certain forms or to contribute to it, if so. in the case of abuse of the establishment, the conditions shown shall be undergoing a great danger to them. Penal code section 79, paragraph. 3 and 4 shall apply mutatis mutis.

Paragraph 2. Distance on disqualification from paragraph 1. 1 shall be closed by the Public Prosecutor at the request of the Financial supervision.

Paragraph 3. The operator of the undertaking covered by this law to which the court is disrepudiate pursuant to paragraph 1. Paragraph 1 shall be as referred to in paragraph 1 in his company ' s activities as referred to in paragraph 1. One shall be punished by penalty unless higher penalties are inflicting on the 131 penal code section.

Chapter 12

Entry into force, transitional provisions, etc.

-109. The law shall enter into force on 1. November, 2009.

Paragraph 2. The Act of the Act shall be repealed with regard to certain payment appropriations, cf. Law Order no. 259 of 28. March 2008.

Paragraph 3. Confessions issued under the law of certain means of payment shall remain in place until they are repealed or replaced by notices issued pursuant to that law.

Paragraph 4. Legal persons who, prior to the 25th. In December 2007, activities which, following the entry into force of the law, will require authorisation as a financial institution, may continue this activity in this country without any authorization until the 30. April 2011.

Paragraph 5. Notwithstanding paragraph 1 1 may already be legal persons from 1. July 2009, application to the Finance-SEC authorisation to carry out the activities of the payment institute from 1. November, 2009.

Paragraph 6. Companies that are before the 25th. In December 2007, the activities of Section 38 may continue this operation without authorisation until the 25th. December 2010.

Paragraph 7. The one in section 75, paragraph 1. 1, may for cross-border payments be made up to 1. In January 2012, a maximum of three working days shall be extended by agreement between the paying agent and its payment service provider. In the case of paper-based payment transactions, the 1. Act. Extendable on another business day.

Paragraph 8. Changes to existing agreements, conditions, etc., which are intended to bring them in accordance with the requirements of a framework agreement, cf. § 48, paragraph. 1, and which shall enter into force no later than 1. In November 2009, regardless of the agreement reached, it may be carried out by alertating the change of 1 month's notice. However, changes to favour of the user may be carried out without notice. § 47, paragraph. Paragraph 1 and 2 shall apply mutatis mumuas to changes after 1. and 2. Act. If the user cannot approve the changes in the framework agreement that is unfavorable, they shall communicate to the provider this before the date of entry into force of the change. Alert after 1. Act. must contain information about it in 3. Act. the relationship mentioned.

§ 110. In the law of financial activities, cf. Law Order no. 897 of 4. September 2008, as last amended by Section 1 of law no. 133 of 24. In February 2009, the following changes are made :

1. I footnote to the title of the law ' and the Directive 2007 /44/EC of the European Parliament and of the Council of 5. September 2007 amending Council Directive 92 /49/EEC and Directives 2 0 0 2 / 8 3 / 8 3 / EC, 2004 /39/EC, 2005 /68/EC and 2006 /48/EC in respect of procedural rules and the criteria for the prudential assessment of the acquisition and increase of capital shares in the financial services sector, (EU Official Journal) No L 247, s. (1) (Capital AndelsDirective) 'to :', Directive 2007 /44/EC of the European Parliament and of the Council of 5. September 2007 amending Council Directive 92 /49/EEC and Directives 2 0 0 2 / 8 3 / 8 3 / EC, 2004 /39/EC, 2005 /68/EC and 2006 /48/EC in respect of procedural rules and the criteria for the prudential assessment of the acquisition and increase of capital shares in the financial services sector (Capital AndelsDirective), (EU Official Journal) No L 247, s. 1) and parts of Directive 2007 /64/EC of the European Parliament and of the Council November 2007 on payment services in the internal market and amending Directive 97 / 7 / EC, 2002 /65/EC, 2005 /60/EC, and repealing Directive 97 /5/EC (Payment Services Directive), (EU Official Journal 2007), L 319, s. 1) '.

2. I Section 361 (1). 1, pasted as no. 24 and 25 :

" 24) Paying institutions, cf. law on payment services, DKK 60 000. a year.

25) Businesses with limited permission to offer payment services, cf. Bill of payment services, DKK 6,000 kr. yearly. "

3. Annex 1, no. 3 and 4, ITREAS :

" 3) Payment services as covered by Annex 1 in the Act on payment services.

4) Issue and administration of other means of payment (for example, travellers ' cheques and bank bills) to the extent that this activity is not covered by No 1. 3. "

4. Annex 2, no. 4 and 5, ITREAS :

" 4) Payment services as covered by Annex 1 in the Act on payment services.

5) Issue and administration of other means of payment (for example, travellers ' cheques and bank bills) to the extent that this activity is not covered by No 1. 4. "

§ 111. Law No 237 of 21. April 1999 on cross-border credit transfers is hereby repealed.

§ 112. Law no. 451 of 9. June 2004 on certain consumer contracts shall be amended as follows :

1. I § 9 pasted as paragraph 3 :

" Stop. 3. In the conclusion of a consumer agreement on the distance selling of a financial service covered by the law on payment services, the consumer shall have the information provided for in paragraph 13 (1). 1, cf. Section 11 (1). 1, no. 3-7, and section 13, paragraph 1. 1, no. 3-5 and 8. In the case of the information requirement in section 11 (1), 1, no. 3, the information shall be provided that there may be other charges or costs that are not paid by the operator or imposed by it. In addition, section 43, 44, 47 and 48 of the applicable payment services are applicable. `

§ 113. In the law on preventive measures against the laundering of the yield and financing of terrorism, cf. Law Order no. 442 of 11. May 2007, as amended by Section 1 of law no. 512 of 17. June 2008, and section 10 of the law. 517 of 17. June 2008, the following changes are made :

1. Section 1 (1). 1, no. 11, ITREAS :

" 11) Companies and persons engaged in a business exchange with currency exchange. ` ;

2. Annex 1, no. 4, ITREAS :

" 4) Payment services covered by Annex 1 in the Act on Payment Services. `

§ 114. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal contraption, be fully or partially put into force for these parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

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Law No 1273 of 16. In December 2009, the following entry into force and transitional provisions shall include :

§ 11

Paragraph 1. The law shall enter into force on 1. January, 2010, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

§ 12

(Udelades)

§ 13

Paragraph 1. sections 1, 2, 4 to 6, 8 and 10 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1, 2, 4, 5 and 8, by means of a royal appliance, in full or in part, may be set in force for the Faeroe Islands with the deviations which the ferotable conditions are attributable.

Paragraph 3. sections 1, 2, 4 to 6 and 8, by means of a royal contraption, may be set in full or in part to Greenland with the deviations from which the Greenland conditions are attributed.

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Law No 579 of 1. In June 2010, the following entry into force and transitional provisions shall include :

§ 21

Paragraph 1. The law shall enter into force on 1. July, 2010, cf. however, paragraph 1 2-6.

Strike two-seven. (Udelades)

§ 22

Paragraph 1. sections 1-12 and 14-20 do not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 9, 12 and 14 to 20 may, in the case of Greenland, be implemented in full or in part to Greenland, with the deviations from which Greenland's conditions are applied.

Paragraph 3. sections 1, 3 to 6, 9 and 14 to 20 may, by means of a royal contraption, be fully or partially set in force for the Faeroe Islands, with the deviations that the ferotable conditions say.

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Law No 718 of 25. In June 2010, the following entry into force and transitional provisions shall include :

§ 55

Paragraph 1. The Minister of Justice sets the time of the law to enter into force.

Check 2-10. (Udelades)

§ 56

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. The sections of the law, sections 1, 4, 22, 23, 26, 29, 30 and 32 may, in the case of the Faroe Islands and Greenland, be in force in full or in part, with the deviations that the ferries and Greenland conditions say.

Paragraph 3. (Udelades)

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Law No 1553 of 21. In December 2010, the following entry into force and transitional provisions shall include :

§ 5

The law shall enter into force on the 30. April 2011.

§ 6

Paragraph 1. Legal persons, 30. In April 2011, activities which, following the entry into force of the law, will require a permit in accordance with section 39 a in the law on payment services and electronic money as drawn up by the section 1 of this Act. Twelve may continue this activity in this country or in another country within the European Union without authorisation until the 30. October 2011. For these legal persons, the applicable rules shall apply to the current rules in the intermediate period.

Paragraph 2. Legal persons, 30. In April 2011, company is engaged in section 39 p in the law on payment services and electronic money as drawn up by the paragraph 1 of this Act. 12, may continue this operation without authorization until the 30. April 2012.

§ 7

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. The Section 1-3 of the law may, by means of a royal device, be set in full or in part by virtue of the Greenland and the Faroe Islands, with the deviations which Greenland and Ferry are saying.

Paragraph 3. (Udelades)

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Law No 1369 of 28. In December 2011, the following entry into force and transitional provisions shall include :

§ 2

The law shall enter into force on 1. January 2012.

§ 3

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be fully or partly in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

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Law No 1231 of 18. In December 2012, the following entry into force and transitional provisions shall include :

§ 69

Paragraph 1. The law shall enter into force on 1. January 2013.

Paragraph 2. Administrative requirements issued under the existing provisions shall remain in force until they are amended or repealed.

§ 70

Paragraph 1. sections 1-39, 41-50 and 53-68 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (Udelades)

Paragraph 3. section 18, 32, 35-39, 41, 42, 49, 54 and 61, in full or in part, may be set in full or in part to the Faeroe Islands, with the changes that the ferotable conditions are used.

Paragraph 4. sections 1 to 10, 17, 18, 23, 29, 35, 35-39, 41-44, 49, 50, 54, 58-63, 65 and 66 can be implemented in full or in part to Greenland, with the changes that the Greenland conditions are to say.

Paragraph 5. (Udelades)

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Law No 1287 of 19. In December 2012, the following entry into force and transitional provisions shall include :

§ 17

Paragraph 1. The law shall enter into force on 1. January 2013, cf. however, paragraph 1 2-5.

Strike two-five. (Udelades)

Paragraph 6. The legislative proposal can be confirmed immediately after its adoption.

§ 18

(Udelades)

§ 19

Paragraph 1. sections 1-5, 10-13 and 15 do not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 5, 10 and 13, by means of a royal contraption, the Faroe Islands and Greenland can be set in full or in part by means of the changes made by the ferry and Greenlandic conditions. The provisions may be put into effect at different times.

Stk. 3-4. (Udelades)

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Law No 1383 of 23. In December 2012, the following entry into force and transitional provisions shall include :

§ 9

Paragraph 1. The law shall enter into force on 1. April 2013.

Paragraph 2. (Udelades)

§ 10

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. The law can, by means of a royal appliance, be set in full or in part to Greenland, with the changes that the Greenland conditions say.

Paragraph 3. The Act of Section 5 to 8 may, by means of a royal device, be set in full or in part by force for the Faeroe Islands, with the changes that the ferotable conditions are to be applied.

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Law No 378 of 17. April 2013 includes the following entry into force and transitional provisions :

§ 5

The law shall enter into force on 1. May 2013.

§ 6

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. sections 3 and 4 may, in full or in part, be given in full or in part to the Faeroe Islands and Greenland, with the changes made by the Ferry and Greenland conditions.

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Law No 639 of 12. June 2013 includes the following entry into force and transitional provisions :

§ 31

The law shall enter into force on 1. January 2014.

§ 32

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2-5.

Paragraph 2. sections 8, 21, 23 to 25 and 27 to 30 may, by means of a royal contraption, be fully or partially set in force for the Faeroe Islands, with the changes that the ferotable conditions are used.

Paragraph 3. (Udelades)

Paragraph 4. sections 1, 3, 8, 21 and 23 to 30 may, in the case of Greenland, be implemented in full or in part to Greenland, with the changes which the Greenland conditions say.

Paragraph 5. (Udelades)

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Law No 1460 of 17. In December 2013, the following entry into force and transitional provisions shall include :

§ 7

Paragraph 1. § § 1-3, section 4, nr. 4, and sections 5 and 6 shall enter into force on 13. June 2014.

Paragraph 2. (Udelades)

Paragraph 3. The law shall not apply to consumer contracts entered into before the entry into force of the law. In the case of such agreements, the applicable rules shall apply.

§ 8

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. sections 1, 2 and 4 may, in the case of Greenland, be implemented in full or in part by virtue of the amendments to which the Greenland conditions are applied.

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Law No 268 of 25. In March 2014, the following entry into force and transitional provisions shall include :

§ 22

Paragraph 1. The law shall enter into force on the 31. March, 2014, see. however, paragraph 1 2-6.

Strike two-four. (Udelades)

Paragraph 5. The Minister for the Industry and Growth Pact provides for the entry into force of section 75 a of the law on financial activities, which is drawn up by the section 1 of this Act. 37, section 1, no. 133, Section 344 A, in the Act of Finance, as drawn up by this law's § 1, nr. 134, Section 11 a of the securities trading system, etc. as drawn up by the section 2 of this law. Paragraph 2, section 27 a, on alternative investment fund managers, etc. as drawn up by the section 4 of this law. Amendment No 22, section 24 b, on the supervision of company pension funds as written in section 5 of this Act. 1, Section 63 a of the law on investment associations, etc. as drawn up in section 7 of this law. Paragraph 1, Section 18, in the Act on Insurance, as drawn up by the section 10 of this law. Paragraph 18 (a) in the law on payment services and electronic money, as drawn up by the section 11 of this Act. Paragraph 10 (a) on financial advisers, as drawn up by this law's § 12, nr. 1, Section 5 a in the Act of Panteing Companies, as drawn up by the section 13 of this law. Paragraph 1, Section 5, of the Law of the Lønsuers Animal Fund, as drawn up by this law's section 14, no. 2, section 24 g of the Labor Market ' s Supplementary Pension, as drawn up by this Act, section 15, nr. 2, and for section 63 b in the law on labour damage, as drawn up by this law's § 16, nr. The Minister for the Industry and Growth Minister may, in particular, provide for the entry into force of the provisions at different times.

Paragraph 6-11. (Udelades)

§ 23

(Udelades)

§ 24

Paragraph 1. sections 1-17 and 19-21 do not apply to the Faroes, but § 1, 2, 4, 6-9, 11-13 and 21 by means of a royal appliance may be set in whole or in part in force for the Faroe Islands, with the changes that the ferotable conditions are worryingly.

Paragraph 2. sections 1, 2, 4 to 17 and 19-21 do not apply to Greenland, but § § 1, 2, 4, 13, 17 and 21 by means of a royal appliance may be set in full or in part by force for Greenland with the changes in Greenland's terms.

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Law No 403 of 28. April 2014 shall include the following entry into force and transitional provisions :

§ 22

Paragraph 1. The law shall enter into force on the 15th. May 2014, cf. however, paragraph 1 2-4.

Strike, 2-8. (Udelades)

§ 23

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1, 2, 4, 5, 8, 9, 12, 13, 14, 18, 19 and 21 by means of a royal appliance may be set in whole or in part in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

Paragraph 3. (Udelades)

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Law No 1490 of 23. In December 2014, the following entry into force and transitional provisions shall include :

§ 14

Paragraph 1. The law shall enter into force on 1. January 2015, cf. however, paragraph 1 Two and three.

Paragraph 2-11. (Udelades)

§ 15

(Udelades)

§ 16

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 5, 12 and 13, by means of a royal contraption, the Faroe Islands and Greenland can be set in full or in part by means of the changes made by the Ferengi and Greenlandic conditions.

Paragraph 3. (Udelades)

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Appendix 1

Payment Services

1. Services that enable cash amounts to be placed on a payment account and all transactions that are necessary for the operation of a payment account.

2. Services that enable cash vings from a payment account and all transactions that are necessary for the operation of a payment account.

3. The implementation of payment transactions, including the transfer of funds to a payment account from the user's supplier or another provider :

a) The implementation of direct debits, including direct one-time charges,

b) execution of payment transactions by means of a payment card, etc.,

c) the execution of credit transactions, including standing orders.

4. The implementation of payment transactions when the funds are covered by a payment service-user credit facility :

a) The implementation of direct debits, including direct one-time charges,

b) execution of payment transactions by means of a payment card, etc.,

c) the execution of credit transactions, including standing orders.

5. Issue or settlement of payment instruments.

6. Penal transfer company.

7. Implementation of payment transactions where the consent of the payer to carry out a payment transaction shall be notified by means of all types of telecommunication, digital or IT equipment and payment to the operator that operates ; the communication system or network, which only acts as intermediates between the user of the payment service and the supplier of goods and services.

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Appendix 2

The assessment of requirements for the basic capital of the payment institutions, cf. Section 13 (1). 1, no. 2

1. Calculation methods

Method A

Calculation basis : The fixed costs of the Foundation.

The basic capital of the payment institution shall constitute an amount of minimum equivalent to 10%. of the fixed costs of the previous year.

If the payment institute has not yet completed a year of operation on the date of calculation, the calculation shall be used as a basis for the calculation of the fixed costs resulting from the company estimates for the coming year.

Method B

Calculation basis : The Foundation's payment volume.

The base capital of the payment institution shall amount to a minimum equal to the sum of the following elements multiplied by the conversion factor defined in paragraph 2, where the volume of payments (BV) represents 1/12 of the total amount, for the payment transactions carried out by the paying institute during the previous year :

a) 4,0%. by the relevant part of the BV up to 5 million. Euro plus

b) 2,5%. by the relevant part of the BV over 5 million. Euro up to 10 million. Euro plus

c) 1%. by the relevant part of the BV over 10 million ; Euro up to 100 million. Euro plus

d) 0.5%. by the relevant part of the BV over 100 million. Euro up to 250 million. Euro plus

(e) 0.25%. by the relevant part of the BV above 250 million ; Euro.

If the company has not yet implemented a year of operation on the date of calculation, it will be used as the basis of 1/12 of the total amount for the payment services that are shown in the company estimates for the coming year.

Method C

Calculation basis : The Foundation's net income.

The base capital of the payment institution shall amount to a sum equal to the sum of the following elements multiplied by the conversion factor defined in paragraph 2 :

a) 10%. of the relevant part of the relevant indicator, up to 2,5 million. Euro plus

b) 8%. by the relevant part of the relevant indicator of 2,5 million. Euro up to 5 million. Euro plus

c) Six pct. by the relevant part of the relevant indicator of 5 million, Euros up to 25 million. Euro plus

d) 3%. by the relevant part of the relevant indicator from 25 million ; Euro up to 50 million. Euro plus

(e) 1.5%. by the relevant part of the relevant indicator of over 50 million. Euro.

The relevant indicator shall be made out of the sum of interest income, interest rate expenditure, receipts and fees received and other operating income. Each element is included in the sum of positive or negative sign. Income from extraordinary or exceptional items respectively shall not be included. The costs of outsourcing services supplied by a third party may be included where such expenditure is charged by a company established in a country within the European Union or in a country outside the European Union which the Union has concluded ; Agreement with the financial area.

The appropriate indicator will be calculated over the previous year. If the payment institute has not yet completed a year of operation on the date of calculation, the calculation shall be used as the basis for calculating the net revenue set out in the Foundation ' s estimates for the coming year.

However, the base chapter shall amount to a minimum amount calculated in accordance with this method, where the relevant indicator represents 80%. of the average for the previous two years, if the Foundation has carried out 2 years of operation or more, and for the previous three years, if the company has completed 3 years of operation or more.

2. Conversion Factor

The conversion factor used for method B and C shall be set at :

a) 0,5, if the institution of the payment institution only provides the payment service listed in point 6 of Annex 1.

b) 0,8, if the institution of the payment institution only provides the payment service listed in point 7 of Annex 1.

c) 1 if the payment institution provider is one of the payment services listed in Annex 1 (1-5).

1) The law provides for the implementation of Directive 2007 /64/EC of the European Parliament and of the Council of 13. November 2007 on payment services in the internal market and amending Directive 97 / 7 / EC, 2002 /65/EC, 2005 /60/EC, and repealing Directive 97 /5/EC (Payment Services Directive), EU-tenth 2007, nr. In 319, page 1, and the European Parliament and Council Directive 2009 /110/EC of 16. September 2009, on the admission of electronic money and the supervision of such a business, amending Directive 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC, EU-2009 (EU-2009). L267, page. 7.

2) It says here in the wrong 'offer payment services'. It should be 'issuing electronic money'. The error will be corrected by the next legislative change.