Act On Payment Services And Electronic Money

Original Language Title: Bekendtgørelse af lov om betalingstjenester og elektroniske penge

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Overview (table of contents)

Chapter 1

Scope and definitions


Chapter 2

Payment institutions


Chapter 3

Limited license for the provision of payment services


Chapter 3 a

Electronic money


Chapter 4

Access to payment


Chapter 5

Disclosure requirements


Chapter 6

Rights and obligations when using payment


Chapter 7

Fee etc.


Chapter 8

Good practice, registration and social security number


Chapter 9

Supervision etc.


Chapter 10

payment substitutes


Chapter 11

Penalties


Chapter 12

Entry into force, transitional provisions, etc.


Appendix 1





Appendix 2





The full text
Act on payment services and electronic laundering1)
hereby promulgated Law on payment services and electronic money, as defined. Legislative Decree no. 365 of 26 April 2011 as amended by Act No. . 1369 of 28 december 2011, § 38 of law no. 1231 of 18 december 2012, § 3 of law no. 1287 of 19 december 2012, § 6 of the Act no. 1383 of 23 december 2012, § 4 of the law no. 378 of 17 april 2013, § 23 of law no. 639 June 12, 2013, § 2 of the law no. 1460 of 17 december 2013, § 11 of law no. 268 of 25 March 2014, § 8 Act no. 403 of 28 april 2014 and § 3 of Act no. 1490 of 23 december 2014.

Chapter 1

Scope and definitions

scope

§ 1. This Act shall apply to payment covered by Annex 1, see. However paragraph. 2 and 3 and § 4.

PCS. 2. Chapter 10 applies to payment with payment substitutes, see. § 102, which does not represent payment included in Annex 1. Act Chapter 3 a applies to the issuance of electronic money.

PCS. 3. Business and Growth Minister may determine that the law do not fully apply to a specific service or specific types of services. Business and Growth Minister can also set additional rules for certain types of services.

§ 2. Payment may be offered in this country of the following providers authorized in this country, in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area:

1) Banks.

2) Payment institutions, see. Chapter 2.

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

4) Danmarks Nationalbank.

5) Public authorities.

PCS. 2. Payment may also be offered in this country with restricted authorization to provide payment services covered by § 37 paragraph. 1 pt. 1 or 2.

§ 2 a. Electronic money may only be issued by companies authorized by Chapter 3 a or a license in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, and the following: || |
1) Banks.

2) Danmarks Nationalbank.

3) Public authorities.

§ 3. Chapter 5-8 shall apply to payment offered in this country, where both the payer and payee is established in this country, in another country within the European Union or in a country with which the Union has concluded an agreement the financial area, and if the service is provided in euros or in another member State's currency, when this is different from the euro.

PCS. 2. § 43, § 44 paragraph. 1 pt. 1, 3 and 4 and paragraph. 2, §§ 45 and 47, § 48 paragraph. 1 pt. 1 pt. 2, point at a and f and no. 3-7, §§ 49-53, 55, 57-68, 72-74 and § 76 paragraph. 1-3, and Chapter 8 However, for even if the payment service provider is established in a country outside the European Union, the Union has not concluded an agreement for the financial area, and regardless of the currency service comes in. § 76, PCS. 1-3 shall only apply to payment transactions granted in euros or in another Member State's currency, when this is different from the euro.

PCS. 3. Chapter 10 applies to payments made with payment substitutes offered in this country.

§ 4. This Act shall not apply to:

1) Cash payments directly from the payer to the payee, see. However, § 56.


2) Payment transactions from the payer to the payee through a commercial agent who has been empowered by the payer or the payee.

3) professional physical CIT.

4) Payment transactions that involve non-professional collection and delivery of cash within the non-profit company.

5) Services where payee express request from payer making a cash payment for this in the immediate implementation of a payment transaction involving the purchase of goods or services.

6) Exchange of cash without those held on a payment account.

7) Payment transactions based on paper-based traveler's checks, paper checks, paper bills, paper-based vouchers or money orders.

8) Payment transactions carried out within the framework of a system for processing payments or securities between settlement agents, central counterparties, clearing houses, central banks and other participants in the system or providers of payment services, see. However, § 40.

9) Payment Transactions in asset management in the securities, including dividends, etc., Or redemption or sale, carried out by those in the no. 8 persons referred by investment companies, credit institutions, Danish and foreign investment funds or management companies providing investment services and any other companies that are allowed to have custody of financial instruments.

10) Services provided by providers of technical services, which support the provision of payment services, without at any time into possession of the funds to be transferred, see. However, § 79.

11) Payment transactions for own account between payment service providers, their agents or branches.

12) payment transactions between a parent company and its subsidiaries or between subsidiaries of the same parent company.

13) Services provided by providers, and relate to the payment of cash in ATMs on behalf of one or more card issuers, which are not participating in the framework agreement concluded with the customer withdrawing money from a payment account, on condition that these providers do not do any of the other listed in Annex 1 payment.

14) Payment transactions and cash values ​​that are used to make payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and must be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of goods and services.

15) Remuneration for Independent payment substitutes.

16) payment substitutes, where the amount can not exceed 3,000 kr., And where there could be automatic recharging, see. However, § 39 p.

17) Electronic money of up to 3,000 kr. With limited use where there can be no automatic recharge, and where the issuer's total liabilities arising from outstanding electronic money at any time exceed an amount corresponding to the value of 5 million. euro, see. However, § 39 p.

§ 5. The law can not be derogated from to the detriment of the payment service user, see. However paragraph. 2-4.

PCS. 2. Chapter 5, § 55, § 57 paragraph. 3, and §§ 62, 64-66, 68, 73, 74 and 85 and Chapter 10 may be waived by agreement between the provider and the payment service users who are not consumers. The parties may also agree on a different period for objection than as specified in § 63.

PCS. 3. § 75 and § 76 paragraph. 4 may be waived in all customer relations except

1) payment transactions in euros without currency conversion,

2) payment transactions in Danish kroner in Denmark and

3) payment transactions involving only one currency conversion between the euro and the Danish krone in Denmark and in the event of a cross-border payment transaction when the transaction is made in euro.

PCS. 4. For payment transactions within the European Union or in a country with which the Union has concluded an agreement for the financial area, should the deadline specified in § 75 paragraph. 1 and 3, notwithstanding paragraph. 3 exceed 4 working days after receipt date, see. § 71.

§ 5 a. The law can not be derogated from to the detriment of holders of electronic money, as defined. However paragraph. 2.

PCS. 2. The provision of § 39 s can be waived by agreement between the issuer and holders of electronic money, the holder is not a consumer.

definitions

§ 6. In this Act:


1) Payment institution: a legal person in accordance with Chapter 2 is authorized to provide and execute payment in this country, in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area.

2) Payment Transaction: an act, initiated by the payer or the payee, of depositing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee.

3) Payment system: A system for the transfer of funds with formal and standardized arrangements and common rules for the processing, clearing or settlement of payment transactions.

4) Pays: A natural or legal person who holds a payment account and allows a payment order from that payment account, or, if there is no payment account, a natural or legal person who submits a payment order.

5) Payee: A natural or legal person who is the intended recipient of funds involved in a payment transaction.

6) User: A natural or legal person who uses a payment service of either payer or payee or both.

7) Payment Account: An account held in one or more users name in order to carry out payment transactions.

8) Means: Notes and coins in the balance of an account and electronic money.

9) Payment instrument: any personalized device or set of procedures agreed between the user and the payment service provider and the user uses to initiate a payment order.

10) Money Transfer: A payment service where funds are received from a payer, without setting up a payment account of the payer or the payee's name, with the sole purpose of transferring a corresponding amount to a payee or to another provider on behalf of the payee, and where such funds are received on behalf of the payee and made available for this.

11) Micro Payment Instrument: A payment instrument in accordance with the framework contract solely concern individual payment transactions not exceeding EUR 30 or that either have a spending limit of EUR 150 or at any time store funds more than 150 euros.

12) Business Day: A day in which the payer or payee relevant provider involved in the execution of a payment transaction is open for business as required for the implementation of a payment transaction.

13) Physical trading: Settlement of a payment transaction that requires the physical presence of the payer and the payee.

14) Durable medium: any instrument which enables the payment service user to store information addressed personally to that in a way that allows future search for a time appropriate to the purposes of the information and which allows for unchanged reproduction of the information stored.

15) Framework Agreement: A payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account.

16) Consumer: A natural person who, in payment service contracts is acting for purposes which are outside his trade or profession.

17) Provider: Companies within the meaning of § 2. 1, and legal and natural persons with limited permit provided. § 38, which provides payment.

18) Agent: A natural or legal person acting on behalf of a payment institution in the provision of payment.

19) Direct debit: A payment service for debiting a payer's payment account, where a payment transaction initiated by the payee on the basis of the payer's consent given to the payee, the payment service provider or to the payer's own provider.

20) E-money institutions: A legal person which is authorized to issue electronic money according to § 39 a.

21) Electronic money: an electronically or magnetically stored monetary value representing a claim on the issuer issued on receipt of payment for the purpose of making payment transactions, and accepted by other than the electronic money issuer.

22) Electronic money issuer: Issuers mentioned in § 2 a.

23) Proprietor of electronic money: A person who is the owner of electronic money, and accordingly it has a claim on the issuer of electronic money.

Chapter 2

Payment institutions

permission


§ 7. Companies that are covered by § 2. 1 pt. 2, must have authorization as payment institutions to provide payment. Permission can be given to one or more of the activities listed in Annex 1

PCS. 2. FSA authorizes when

1) they operate a limited company, a limited liability company, a limited responsibility cooperative or an association with economic purposes recorded in the Danish Business Authority's register of associations and the company has a board and an executive

2) the company has its head office in Denmark,

3) the business of FSA assessed to be able to conduct a safe operation;

4) the company meets the requirements for initial capital in § 12

5) members of the Board of Directors and, where applicable, persons responsible for the company's payment service activities meet the requirements of § 18

6) owners of qualifying holdings referred to. § 5, paragraph. 3, in the Financial Business Act, will not discourage prudent and sound management of the payment institution

7) absence of close links, see. § 5, paragraph. 1 pt. 17 of the Financial Business Act, between the company and other companies or individuals who could jeopardize the performance of the FSA tasks

8) the company's business procedures, administrative matters, organization, accounting procedures, auditing measures and controls and safeguards are appropriate, see. § 19, and

9) has taken appropriate steps to protect the funds of payment service users, see. § 22 if the company beyond the provision of payment services listed in Annex 1 engaged in other business activities, see. § 11, no. 3 || |
PCS. 3. An application for authorization as payment institutions shall contain the information necessary for use of the FSA's assessment of whether the conditions of paragraphs. 2 are met, including

1) information about the company's legal form and a copy of the deed of incorporation and bylaws,

2) information about the address of the company headquarters,

3) an overview of the company's current and planned business activities, including a description of the planned payment

4) a business plan including a forecast budget calculation for the first three financial years and the most recent audited financial statements, if such are prepared

5) information about the company's organizational structure, intended use of agents and branches, a description of outsourcing arrangements, and of its participation in a national or international payment, information about planned cross-border payment services business and establishment in another country within the European Union or in a country which the Union has concluded an agreement for the financial area,

6) evidence that the company has the in § 12 initial capital,

7) information on officers, directors and, where applicable, persons responsible for the company's payment service activities, demonstrating that the requirements under paragraph. 2, no. 5, are met

8) information on the persons directly or indirectly, qualifying stake in the company, the size of these holdings and evidence of their suitability taking into account the need to ensure a reasonable and sound management of the payment institution, see. The criteria of § 61a, paragraph . 1 of the Act on Financial Business

9) information on close links, see. Paragraph. 2, no. 7,

10) information about the company's business processes, administrative procedures, organization, accounting procedures, auditing measures and controls and safeguards, including a description of the internal control, the company has introduced to meet the obligations under the Act on Measures to Prevent Money Laundering and terrorist financing as well as the European Parliament and of the Council on information on the payer accompanying transfers of funds, and

11) a description of the measures taken to protect the funds belonging to users of payment if the company carries on other activities, see. § 11, no. 3

PCS. 4. The information referred. 3, no. 5, 10 and 11 must provide a description of the organizational and auditing measures that the company has taken to protect the interests of users and to ensure continuity in the execution of payment services.


PCS. 5. If the company beyond offering one or more of the payment services listed in Annex 1 shall exercise other business activities, see. § 11, no. 3, the Danish FSA may decide that the payment services business to be exercised in a separate company.

Duty to notify

§ 8. Payment Institute is obliged to notify the FSA if there is a change in relation to the information that the FSA has received and taken into account in the authorization. Notification must be made in advance if the amendment be considered as material. In other cases, the notification to take place as soon as possible.

Announcement of the decision

§ 9. Within three months of receipt of an application or if the application is incomplete, of all the information necessary to make the decision and notify the FSA applicant whether the application can be approved.

Keeping information

§ 10. Payment institutions are obliged to keep any information that may be relevant to the FSA's assessment of the payment institution's circumstances relating to the authorization granted, at least 5 years.

Other activities

§ 11. In addition to the provision of payment, subject to the payment institution's authorization, payment institutions may exercise the following activities:

1) The provision of operational and closely related ancillary services

2) the operation of payment and

3) business activities other than payment services.

Initial capital

§ 12. If the company is applying for permission to offer one or more of the payment services listed in Annex 1, paragraphs 1-5, the requirement be at least 125,000 euros.

PCS. 2. If the company seeking permission to provide the payment services listed in Annex 1, section 6, the initial capital amount to at least EUR 20,000.

PCS. 3. If the company is applying for a license to provide the payment services listed in Annex 1, paragraph 7, the initial capital amount to at least 50,000 euros.

PCS. 4. Start capital includes paid-up share private or share capital, share premium, reserves and retained earnings or losses.

Capital base

§ 13. Payment institutions shall at all times have a minimum capital base that corresponds to the higher of the following amounts:

1) The initial capital referred. § 12.

2) The amount obtained by calculation according to one of the three methods described in Annex 2.

PCS. 2. Financial Supervisory Authority shall determine the application of the calculation described in Annex 2, including which of these methods each payment institution shall calculate the capital requirement under paragraph. 1 pt. 2 and taking into account the type of payment services provided, and the extent thereof. FSA can be based on a risk assessment of each payment institution decide that the capital base must be up to 20 per cent. higher or up to 20 per cent. lower than the amount resulting from the application of the designated calculation.

PCS. 3. FSA lays down rules for determining the capital, where the payment institution belongs to a group.

§ 14. The capital base is the reduced core capital,. §§ 15 and 16, plus the supplementary capital referred to. § 17.

PCS. 2. Core capital and supplementary capital shall be net of any taxes that can be foreseen at the time of its calculation or be suitably adjusted in so far as tax claims reduces the amount by which this capital can be used to cover risks or loss.

§ 15. Core capital consists of

1) paid-up share private or share capital,

2) share premium,

3) reserves and

4) retained earnings or losses.

§ 16. The core capital is reduced by

1) proposed dividend

2) intangible assets

3) deferred tax assets and

4) the current deficit.

§ 17. The supplementary capital consists of revaluation reserves.

PCS. 2. The additional capital may not be included at more than 100 per cent. the reduced core capital,. §§ 15 and 16

Management and organization of the undertaking

§ 18. A member of the board of a payment institution and, where relevant, persons responsible for its payment services business shall at all times have sufficient knowledge, skills and experience to perform his duties or performing his duties in that company.


PCS. 2. A member of the board of a payment institution and, where relevant, persons responsible for its payment services business shall at all times be of sufficiently good repute and act with honesty, integrity and independence in order to effectively assess and challenge the decisions of the daily management.

PCS. 3. A member of the board and, where applicable, persons responsible for its payment services business must meet the following:

1) Do not be imposed or be subject to criminal liability for violation of the Criminal Code, the financial legislation or other appropriate legislation, if the offense involves risk that he can not perform his duties or his post in a safe manner.

2) Do not have filed for suspension of payments, bankruptcy or debt restructuring or be under reconstruction proceedings, bankruptcy or debt restructuring.

3) Do not because of its economic situation or through a company he owns, involved in running or has a significant influence, have caused or apply financial business loss or risk of loss.

4) Do not be expelled or act in a way where there is reason to believe that he does not want to act or position adequately.

PCS. 4. In assessing whether a member of the board and, where applicable, persons responsible for its payment services business meets the requirements of paragraphs. 2 and 3, no. 1, 3 and 4, emphasis should be placed on the need to maintain confidence in the financial sector.

PCS. 5. The members of the board of a payment institution and management responsible for its payment services business must notify the Danish FSA of matters referred to in paragraph. 1 and 3 in connection with their entry into the company's management and on matters referred to in paragraph. 2 and 3, if circumstances subsequently change.

§ 18 a. A payment institution shall have a system where their employees via a special, independent and autonomous channel may report violations or potential violations of this Act, regulations issued pursuant thereto and the provisions contained in European Union regulations for the areas of law that the FSA supervises committed by the company including the employees or members of the board of the company. Reports to the scheme to be carried out anonymously.

PCS. 2. The system in paragraph. 1 can be established through collective agreement.

PCS. 3 pieces. 1 only applies to payment institutions, which employ more than five employees. The scheme referred to in paragraph. 1 and 2 shall be established within 3 months after the company has hired the Sixth employees.

PCS. 4. Financial Supervisory Authority may in special cases where the FSA believes that it would be pointless to set up a system of exemptions from the requirement of paragraph. 1.

§ 18 b. A payment institution shall not expose employees for adverse treatment or adverse consequences as a result of the employee reported the company's violation or potential violation of this Act, regulations issued under the Act and the provisions contained in European Union regulations for the areas of the Act, the FSA supervises the FSA or to a system in the company.

PCS. 2. The officials whose rights are violated by violation of paragraph. 1, may be awarded compensation in accordance with the principles of the Act on equal treatment of men and women in employment, etc. The compensation is determined taking into account the employee's length of service and the circumstances of the case.

PCS. 3 pieces. 1 and 2 can not be derogated from by agreement to the detriment of the employee.

§ 18 c. Board of a payment institution shall establish a policy for diversity on the board that promote adequate diversity of qualifications and competences among the Board members.

§ 19. A payment institution must

1) have effective governance arrangements,

2) have a clear organizational structure with well defined, transparent and consistent lines of responsibility,

3) have a good administrative and accounting procedures,

4) Have written procedures for all significant areas of activity,

5) have effective procedures to identify, manage, monitor and report the risks it is or might be exposed,

6) Have the resources necessary for the proper implementation of its business, and use resources appropriate


7) have procedures for the separation of functions related to the management and prevention of conflicts of interest

8) Have adequate internal control mechanisms and

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

§ 19 a. Payment institutions which are securities admitted to trading on a regulated market in an EU / EEA country or have total assets of 500 million. kr. or more in two consecutive financial years, the board

1) set targets for the proportion of the underrepresented sex on the board and

2) establish a policy to increase the proportion of the underrepresented sex on company's other management levels, see. However paragraph. 2-4.

PCS. 2. For parent companies that prepare consolidated financial statements, it is sufficient that the actual targets, and developing a policy, see. Paragraph. 1, for the group as a whole.

PCS. 3. A subsidiary, as part of a group, can not establishing targets and developing policy, see. Paragraph. 1, if the parent company sets up objectives and draw up a policy for the entire group.

PCS. 4. Businesses that in the last financial year have employed fewer than 50 employees may refrain from drawing up a policy to increase the proportion of the underrepresented sex on their executive levels set. Paragraphs. 1 pt. 2

PCS. 5. Where a payment institution both are covered by this provision and the provisions on gender composition of the supreme governing body of the Companies Act, the Commercial Funds Act or the Act on Certain Commercial Enterprises, that provision shall prevail.

Accounting and statutory audit

§ 20. Statements Act applicable to payment institutions, unless otherwise provided by paragraph. 2-8.

PCS. 2. The financial year shall be the calendar year. The first accounting period may include a shorter or longer than 12 months to a maximum of 18 months.

PCS. 3. The payment institution shall at the end of each semester, the accounts reporting to the FSA in accordance with formats and guidelines in this respect prepared by the FSA. Reports must be submitted to the FSA in electronic form.

PCS. 4. The annual report shall be audited by the payment institution's external auditor. The payment institution's auditor or auditors must be authorized under the Act on Approved Auditors and Audit Firms.

PCS. 5. auditors in a payment institution shall also be the auditors of the payment institution subsidiaries. It does not apply to parent companies and subsidiaries that are not resident in Denmark.

PCS. 6. Accountants must immediately notify the Danish FSA of matters which are crucial for the Institute's continued activity, including conditions that auditors might have become acquainted with in the course of performing their audit in companies which the payment institution has close links.

PCS. 7. If the payment institution carries on other activities referred to in § 11, the payment institution simultaneously with the annual report to submit separate financial information for the respective payment services and other activities. Accounting information must be accompanied by an audit opinion drawn up by the payment institution's auditors.

PCS. 8. Financial Supervisory Authority shall lay down rules on auditing payment institutions and establishing a separate accounting information and assurance, see. Paragraph. 7.

Payment accounts, provision of credit and a ban on deposits

§ 21. Payment institutions may result in payment accounts used exclusively for payment transactions.

PCS. 2. A payment institution which is authorized to provide payment services referred to in Annex 1, section 4, 5 or 7, may grant credit related to these services if the following conditions are met:

1) Credit must be ancillary to the payment and may only be granted in respect of the execution of payment transactions.

2) the credit extended in cross-border payment services to be recovered within a period not exceeding 12 months.

3) The payment institution's capital base must at all times have an appropriate size relative to the total credit granted.

PCS. 3. Payment institutions shall not conduct the business of taking deposits or other repayable funds.

Ensure funding


§ 22. Payment institutions providing payment services listed in Annex 1 and which carries on other business activities, see. § 11, no. 3, to ensure the funds received from payment service users or received through another provider of payment services part of the execution of payment transactions. If funds at the end of the working day following the day when the funds have been received, have not yet been paid to the payee or transferred to another payment service provider, the funds by this time deposited in a separate account in a credit institution or invested in secure, liquid low-risk assets. The funds must not be subject to prosecution from the payment institution's other creditors.

PCS. 2. The payment institution may, instead of the method described in paragraph. 1, choose to provide a guarantee from an insurance company or a credit institution which does not belong to the same group as the payment institution. Guarantee shall be provided as security to the legitimate payees under the not yet effected payment and the guarantee shall include any amount which would otherwise be deposited in a separate account or invested in secure, liquid low-risk assets in accordance with paragraph. 1.

PCS. 3. FSA shall lay down rules on hedge funds under paragraph. 1 and 2, including exceptions to the requirement for security.

Use of agents

§ 23. Where a payment institution intends to provide payment services through one or more agents, the Danish FSA's prior notice.

PCS. 2. The notification shall contain the following:

1) Name and address of the agent,

2) a description of how the agent will meet the obligations under the law on prevention of money laundering and terrorist financing, and

3) information on the identity of management responsible for the agent and the evidence that they meet the requirements of § 18

§ 24 FSA detects the agent according to § 88 paragraph. 1 pt. 1, if the information submitted by FSA's view is adequate. If not, the Danish FSA may refuse to register the agent. The payment institution must therefore apply the agent in connection with the provision of payment services.

§ 25. Payment Institutions using agents are fully responsible for compliance with legal regulations and to take the necessary measures to ensure this. The payment institution is liable for damages as payment service users gain against agents who act in contravention of this Act or regulations issued pursuant thereto.

PCS. 2. Payment institutions shall ensure that agents acting on behalf of the department, informing users of payment services that the provider is agent for the Danish payment institution.

outsourcing

§ 26. Where a payment institution intends to outsource payment services operational functions, the Financial Supervisory Authority's prior notice.

§ 27. Payment institutions that outsource operational functions to third parties, are fully responsible for compliance with legal regulations and to take the necessary measures to ensure this. The payment institution shall be liable for damages that users of payment obtains against third parties as defined. 1st clause. Acting in violation of this Act or regulations issued pursuant thereto.

§ 28. important operational functions may not be outsourced without FSA authorization. Outsourcing should not pose a significant deterioration in the quality of the payment institution's internal control and management reporting or FSA's ability to monitor the institution's compliance with this law. An operational function shall be considered significant if errors or failures in the performance of this will significantly impair the payment institution's continuing compliance with the requirements that must be met in order to obtain authorization as a payment institution.

PCS. 2. Authorisation under paragraph. 1 requires

1) outsourcing does not involve a significant deterioration in the quality of the payment institution's internal control and management reporting or FSA's ability to monitor the institution's compliance with this law

2) that outsourcing does not lead to senior management delegates its responsibilities

3) the payment institution relationship and obligations towards its payment service users under this Act is not impaired, and

4) that the conditions to which the payment institution also must comply in order to obtain and retain permission, not undermined.


§ 29. If the entity that payment institution outsources operational functions, is based in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, it shall notify the FSA supervisory authority in the country concerned thereof.

Danish payment institutions business in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area

§ 30. Payment institutions, authorized in this country, and who want to offer cross-border payment services in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area shall first notify the FSA accordingly, indicating the country in which the company requested begun and the payment institution wishes to provide.

PCS. 2. FSA forward in paragraph. 1, forward, and a statement that the planned activities are covered by the payment institution's authorization, to the supervisory authority of the host country no later than 1 month after receipt of the notice referred to in paragraph. 1.

§ 31. Payment institutions, authorized in this country and wishing to provide payment services in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, through the establishment of a branch, must first notify the FSA thereof, indicating the branch's name and address, in which country the company wish to begin taking names of persons responsible for the management of the branch, its organizational structure and the payment institution wishes to provide.

PCS. 2. FSA forward in paragraph. 1, forward, and a statement that the planned activities are covered by the payment institution's authorization, to the supervisory authority of the host country no later than 1 month after receipt by paragraph. 1, forward with a request for an opinion prior to registration of the branch.

PCS. 3. If the supervisory authority of the host country announces that it has reasonable grounds to believe that the planned establishment of branches will increase the risk of infringement of the host country's rules on money laundering and terrorist financing, the Danish FSA may refuse to register the branch or cancel the registration of the branch, if registration has already taken place. The payment institution must therefore apply the branch in the provision of payment services.

PCS. 4. The payment institution shall ensure that the payment service users advised that the provider is a branch of the payment institution.

§ 32. Payment institutions, authorized in this country and wishing to provide payment services in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, through an agent shall first notify the FSA thereof, stating the information set out in § 23 paragraph. 2 and indicate the payment institution wishes to provide through the agent.

PCS. 2. FSA forward in paragraph. 1, forward, and a statement that the planned activities are covered by the payment institution's authorization, to the supervisory authority of the host country no later than 1 month after receipt by paragraph. 1, forward with a request for an opinion before the registration of the agent.

PCS. 3. If the supervisory authority of the host country announces that it has reasonable grounds to believe that cooperation with the agency will increase the risk of infringement of the host country's rules on money laundering and terrorist financing, the Danish FSA may refuse to register the agent or cancel registration of agent whose registration has already taken place. The payment institution must therefore apply the agent in connection with the provision of payment services.

PCS. 4. Payment institutions shall ensure that agents acting on behalf of the department, informing users of payment services that the provider is an agent of the payment institution.

Foreign payment institutions which are authorized in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area


§ 33. A foreign payment institution is authorized in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area can begin to provide cross-border payment services in this country when the FSA has received notification from the supervisory authority of the home with information about the payment institution wishes to provide, and that these services are covered by the consent of the home.

§ 34. A foreign payment institution is authorized in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area can begin to provide payment services in the country through a branch, when the FSA has received notice from the regulator in their home country with information about the branch's name and address, names of the persons responsible for the management of the branch, its organizational structure, the payment institution wishes to provide through the branch, and that these services are covered by the Foundation authorized in its home country.

PCS. 2. If the FSA announces that it has reasonable grounds to believe that the establishment of a branch will increase the risk of violation of the law on prevention of money laundering and financing of terrorism or the rules issued thereunder may supervisory authority in the home country refuse to register the branch or cancel the registration of the branch if the registration has already taken place. The branch can not therefore provide payment in this country.

PCS. 3. The branch shall inform users of payment services that the provider is a branch of the foreign payment institution.

§ 35. A foreign payment institution is authorized in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area can begin to provide payment services in the country through an agent when the FSA has received notification from the supervisory authority of the home and details of the payment institution wishes to provide through the agent, and that these services are covered by the consent of the home.

PCS. 2. If the FSA announces that it has reasonable grounds to believe that cooperation with the agency will increase the risk of violation of the law on prevention of money laundering and terrorist financing or the regulations issued thereunder, the supervisory authority of the home country refuse to register the agent or cancel the registration if the registration has already taken place. The payment institution must therefore apply the agent in connection with the provision of payment services.

PCS. 3. Agents acting on behalf of the department must inform payment service users of that provider's agent for the foreign payment institution.

§ 36. If the payment institution outsources operational functions to an entity domiciled in this country, the supervisory authority of the home FSA thereof.

Chapter 3

Limited license for the provision of payment services

§ 37. The FSA can provide a limited license to this country to offer

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

2) payment if the average of the total payment transactions for the previous 12 months, carried out by the company in question does not exceed an amount corresponding to the value of 3 million. euros. month.

PCS. 2. An authorization to provide payment covered by paragraphs. 1 pt. 2 will lapse if the average of the company's payment transactions for the previous 12 months, carried out by the undertaking exceeds an amount corresponding to the value of 3 million. euros. month. If the company within 30 days after the authorization has lapsed pursuant. 1st clause. Submit a complete application for a license as a payment institution under § 7 paragraph. 3, the company can continue its activity in accordance with paragraph. 1 pt. 2, while the application is processed.

§ 38. FSA authorizes according to § 37 paragraph. 1 when

1) the company has its head office in Denmark,

2) management meets the requirements of § 18

3) Owners of qualifying holdings referred to. § 7 paragraph. 1, no. 6, not considered to counteract a sensible and prudent management of the company and

4) the company has adequate procedures for all significant areas.


PCS. 2. An application for limited authorization to provide payment shall contain the information necessary for the use of the FSA's assessment of whether the conditions of paragraphs. 1 are met, including

1) Description of the business model and business volume, including current and planned activities, as well as a budget for the coming financial year, indicating the expected total payment operations by. month with an average calculation under. § 37 paragraph. 1 pt. 2

2) information about the company's management, which demonstrates that the requirements of § 18 are met

3) information about the owners of a qualified stake in the company, the size of those holdings and evidence of the owners' ability to ensure a reasonable and prudent management of the company and

4) the company's key business processes, see. Paragraph. 1 pt. 4

PCS. 3. §§ 18a and 18b shall apply mutatis mutandis for companies with limited permit provided. § 37 paragraph. 1.

PCS. 4. Companies with restricted permission can not use agents on payment services.

PCS. 5. Financial Supervisory Authority sets rules on hedge funds received from users.

§ 39. Companies with limited authorization shall without delay notify the FSA, whenever substantial changes with respect to the information that the FSA has received and taken into account in the authorization.

PCS. 2. Companies with limited permit provided. § 37 paragraph. 1 pt. 2 shall notify the FSA when the average of the total payment transactions for the previous 12 months exceeds an amount corresponding to the value of 3 million. euros. month.

PCS. 3. Companies with limited permission shall, by 1 April each year submit

1) a statement to the FSA that the company fulfilled the conditions to achieve tilladele according to §§ 37 and 38

2) information on the average of the total payment transactions for the previous 12 months calculated at. month and

3) an overview of the company's management and owners of qualifying holdings.

Chapter 3 a

Electronic money

Permission to e-money institutions

§ 39 a. Companies must have permission as e-money institutions to issue electronic money. This does not apply to banks, Danmarks Nationalbank and public authorities.

PCS. 2. FSA authorizes when

1) the company meets the requirements of § 7, paragraph. 2, Nos. 1-3, 5-7 and 8 of. § 19

2) the company fulfills the requirement for initial capital in § 39 f and

3) that, if the company in addition to issuing electronic money engaged in other business activities, see. § 39 e, paragraph. 1, no. 2-4, adequate steps are taken to protect the funds of the holders of electronic money, see. § 39 l.

PCS. 3. An application for authorization as e-money institutions shall contain the information necessary for use of the FSA's assessment of whether the requirements of paragraphs. 2 are met, including

1) The information referred to in § 7, paragraph. 3, Nos. 1-5 and 7-10,

2) evidence that the company has the in § 39 f initial capital, and

3) a description of the measures if the company carries on other business activities, see. § 39 e, paragraph. 1, no. 2-4, are taken to protect the funds belonging to the holders of electronic money.

PCS. 4. The application must include a description of the organizational and auditing measures that the company has taken to protect the holders of electronic money interests.

PCS. 5. If the company beyond providing electronic money carrying out activities referred to in § 39 e, paragraph. 1, no. 2-4, the Danish FSA may make it a condition of authorization that the company with the issuance of electronic money must be exercised in a separate company. Such a requirement can be made a condition for issuing permits and at any time thereafter.

Duty to notify

§ 39 b. § 8 on notification obligations apply mutatis mutandis to e-money institutions.

Announcement of the decision

§ 39 c. § 9 on notice of decision shall apply mutatis mutandis to the processing of authorization as e-money institutions.

Keeping information

§ 39 d. § 10 of data retention will apply mutatis mutandis to e-money institutions.

Other activities

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


1) The provision of operational and closely related ancillary services, including payment services when they are related to the issuance of electronic money. See Appendix 1.

2) Provision of payment. See Appendix 1.

3) The operation of payment systems.

4) Other business activities other than those in Nos. 1-3 above, subject to the limits imposed by this Act.

PCS. 2. The provisions of this law governing the provision of payment services shall also apply for e-money institutions when providing payment services not related to the issuance of electronic money.

Initial capital

§ 39 f. The company must at the time of authorization as e-money institutions have an initial capital of at least 350,000 euros.

PCS. 2. Initial capital includes paid-up share private or share capital, share premium, reserves and retained earnings or losses.

Capital base

§ 39 g. E-money institutions shall at all times have a minimum capital base that corresponds to the higher of the following amounts:

1) The initial capital referred. § 39 f.

2) An amount equivalent to 2 per cent. of the average outstanding electronic money (designated Method D).

PCS. 2. If the e-money institution provides payment services listed in Annex 1 that are not closely related ancillary services for issuing electronic money, should be calculated by the amount under paragraph. 1 pt. 2 An amount calculated in accordance with § 13 paragraph. 1 pt. 2. The calculation considers § 13 paragraph. 2 and 3, and rules pursuant thereto shall apply.

PCS. 3. The average of outstanding electronic money, see. Paragraph. 1 pt. 2, is calculated as the total claim on the issuer resulting from outstanding electronic value, calculated based on the daily outstanding at the end of each day in the previous 6 months. The calculation is performed on the first day of each month. If the company has not completed six months of operation at the date of calculation, used as a basis for calculating the possibly completed months of operation and the company estimates the average outstanding electronic money for the coming year.

PCS. 4. The calculation under paragraph. 1 pt. 2, the Danish FSA based on a risk assessment of the individual e-money institutions decide that the capital base must be up to 20 per cent. higher and up to 20 per cent. lower than the amount resulting from the application of the designated calculation.

PCS. 5. The capital base is calculated in accordance with § 14

Management and organization of the undertaking

§ 39 h. §§ 18-19 a concerning management and organization of the company shall likewise apply to e-money institutions.

ownership

§ 39 in. When an application for permission as e-money institutions, and at any time after the license is granted, the owners of qualifying holdings in the company comply with the principles of §§ 61-62 of ownership in the Financial Business Act, however, so that in § 61 paragraph. 1 and § 61 b ​​of the Danish Financial Business percentages listed accounting for 20 per cent., 30 per cent. and 50 per cent.

PCS. 2. qualified share in accordance with paragraph. 1 means the direct or indirect holding of at least 10 per cent. of the capital or voting rights or a share that allows you to exercise a significant influence over the management of the electronic money institution.

PCS. 3. FSA shall lay down rules on the procedure for application for the approval and notification obligations for e-money institution and owners of qualifying interests in e-money institution.

Accounting and statutory audit

§ 39 j. § 20 pcs. 1-6 and 8, shall also apply to e-money institutions.

PCS. 2. If the electronic money institution carries on other activities referred to in § 39 e, paragraph. 1, the electronic money institution simultaneously with the annual report to submit separate financial information for the issuing of electronic money and other activities. Accounting information must be accompanied by an audit opinion drawn up by e-bank auditors.

Provision of credit and a ban on deposits and interest

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

PCS. 2. Electronic money institutions shall not take deposits or other repayable funds. The means which e-money institution receives from the holder must without delay exchanged for electronic money and made available for this.

PCS. 3. Electronic money institutions shall not charge interest or similar. of the amount exchanged for electronic money.


PCS. 4. E-money institution may grant credit related to the provision of payment services not covered by § 39 e, paragraph. 1 pt. 1, if the requirements of § 21 paragraph. 2, are met.

Ensure funding

§ 39 l. E-money institutions which engage in activities referred to in § 39 e, paragraph. 1, no. 4, to ensure the funds received from users. The funds to be later than the close of the business day when the funds are received, deposited in a separate account in a credit institution or invested in secure, liquid low-risk assets. The funds must not be subject to prosecution by the electronic money institution's other creditors.

PCS. 2. § 22 paragraph. 2, providing for guarantees apply mutatis mutandis.

PCS. 3. FSA shall lay down rules on hedge funds under paragraph. 1 and 2, including exemptions from the requirement security.

outsourcing

§ 39 m. §§ 26-29 and 36 on outsourcing apply mutatis mutandis to e-money institutions.

Danish e-money institutions business in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area

§ 39 n. §§ 30 and 31 on the Danish payment institutions business in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, apply mutatis mutandis to e-money institutions.

PCS. 2. § 32 apply mutatis mutandis to e-money institutions, however, that the Danish e-money institutions alone must have agents in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, if the agent only mediator of activities other than the sale of electronic money, see. § 39 e, paragraph. 1, no. 2-4.

Foreign e-money institutions which are authorized in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area

§ 39 o. §§ 33 and 34 on foreign payment institutions which are authorized in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, apply mutatis mutandis to electronic money institutions.

PCS. 2. § 35 apply mutatis mutandis to e-money institutions, however, that foreign e-money institutions which are authorized in another country within the European Union or in a country with which the Union has concluded an agreement on the financial area alone must have agents in this country if the agent only mediator of activities other than the sale of electronic money, see. § 39 e, paragraph. 1, no. 2-4.

Limited permission to issue electronic money

§ 39 p. FSA can provide a limited license to this country to issue

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

2) electronic money where its total liabilities arising from outstanding electronic money at any time exceed an amount corresponding to the value of 5 million. euro.

PCS. 2. Issuers with permission under paragraph. 1, the provision of operational and closely related ancillary payment services related to the issuance of electronic money.

PCS. 3. An authorization to issue electronic money, see. Paragraph. 1 pt. 2 will lapse if the issuer's total liabilities arising from outstanding electronic money exceeding the amount corresponding to the value of 5 million. euro. If the company within 30 days after the authorization has lapsed pursuant. 1st clause. Submit a complete application for a permit as e-banking, see. § 39 a paragraph. 3, the company regardless of the first section. continue its activity in accordance with paragraph. 1 pt. 2, while the application is processed.

§ 39 q. FSA authorizes, in accordance. § 39p paragraph. 1 when

1) the company has its head office in Denmark,

2) management meets the requirements of § 18

3) Owners of qualifying holdings referred to. § 7 paragraph. 1, no. 6, not considered to counteract a sensible and prudent management of the company and

4) the company has adequate procedures for all significant areas.

PCS. 2. An application for a limited license to provide betalingstjenester2) shall contain the information necessary for the use of the FSA's assessment of whether the conditions of paragraphs. 1 are met, including


1) a description of the business model and business volume, including current and planned activities, as well as a budget for the coming financial year, indicating the expected total liabilities arising from outstanding electronic money computed at. month

2) information about the company's management, which demonstrates that the requirements of § 18 are met

3) information about owners of qualified shareholdings in the company, the size of those holdings and evidence of the owners' ability to ensure a reasonable and prudent management of the company and

4) the company's key business processes, see. Paragraph. 1 pt. 4

PCS. 3. §§ 18a and 18b shall apply mutatis mutandis for companies with limited permit provided. § 39p paragraph. 1.

PCS. 4. Companies with limited permit provided. § 39p paragraph. 1, can not use agents by issuing electronic money.

PCS. 5. Financial Supervisory Authority sets rules on hedge funds received from users.

§ 39 r. Companies with limited authorization shall without delay notify the FSA, whenever substantial changes with respect to the information that the FSA has received and taken into account in the authorization.

PCS. 2. Companies with limited permit provided. § 39p paragraph. 1 pt. 2 shall notify the FSA if the company's total liabilities arising from outstanding electronic money exceeding the amount corresponding to the value of 5 million. euro.

PCS. 3. Companies with limited permission shall, by 1 April each year submit

1) notification to the FSA that the company fulfilled the conditions to get a license under § 39 q,

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

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

Issuance and redemption

§ 39 p. Electronic money institutions shall not issue electronic money at a premium.

PCS. 2. Holders of electronic money may, before the expiry of the electronic money and for up to 1 year after the expiry request that the residual value is redeemed at face value. If holders of electronic money asking for redemption after the end of the electronic money, and if the electronic money institution carries out activities referred to in § 39 e, paragraph. 1, no. 2-4, and it is known in advance what proportion of funds to be used for electronic money, the issuer of electronic money redeem all the funds which the electronic money holder's request.

PCS. 3. There may be charged only in connection with the redemption, if stated in the agreement, and only if

1) required redemption within the electronic money expiry

2) the agreement between the issuer and the holder contains an expiration date and the holder of the electronic money terminates the contract before that date or

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

PCS. 4. Any such fee referred to in paragraph. 3 correspond to the actual costs to the issuer of electronic money unless costs are disproportionately high.

PCS. 5. redemption and fees must be clearly stated in the agreement between the issuer and the holder. The holder of the electronic money should be informed of those conditions before being bound by an agreement.

Good practice

§ 39 t. § 84 on good practice shall likewise apply to e-money institutions and companies with a limited authorization to issue electronic money.

Chapter 4

Access to payment

§ 40. Conditions for access to payment systems for payment service providers must be objective, non-discriminatory and proportionate, so that such conditions do not inhibit access more than is necessary to safeguard against specific risks such as settlement risk, operational risk and business risk and ensure payment system's financial and operational stability.

PCS. 2 pcs. 1 shall not apply to

1) payment systems covered by European Parliament and Council Directive 98/26 / EC of 19 May 1998 on settlement finality in payment and securities settlement systems

2) payment systems composed exclusively of providers belonging to a group composed of entities linked by capital where one of the linked entities enjoys effective control over the other linked entities, and

3) payment systems where a single provider

a) acts or can act as the provider for both the payer and the payee and is exclusively responsible for the operation of the system and


b) allow other providers to participate in the system, but without the latter influence the setting of fees in relation to the payment system.

Chapter 5

Information requirements

General provisions

§ 41. §§ 43-46 applies only to single payment transactions.

PCS. 2. §§ 47-54 only apply to framework contracts and payment transactions covered by a framework agreement.

PCS. 3. If a payment order for a single payment transaction is transmitted by a payment instrument covered by a framework agreement, the seller is not obliged to provide or make available information which the user already received or will receive on the basis of the framework agreement.

§ 42. Providers shall not charge for the information to be provided in accordance with this chapter.

PCS. 2. If a provider for the user's request, additional information, more frequent information or provides transmission of this information by means of communication other than laid down in the framework agreement, any payment proportionate to the payment service provider's actual costs.

Single payment transactions

Prior information

§ 43. Recently while agreement to perform a payment service provider shall provide information and conditions according to § 44 paragraph. 1 and 2 available to the user in an easily accessible manner. The provider must notify the user that information and conditions on paper or another durable medium, if requested.

PCS. 2. The information needs to be clear and understandable in Danish or another language which the parties agree.

PCS. 3. If the agreement on the user's request is signed using remote communication and does not enable the provider to comply with paragraph. 1, the information given to the user immediately after the payment transaction is completed.

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

1) The type of information or the type of unique identifier that the user must provide for a payment order to be properly implemented.

2) The maximum execution time for the payment service.

3) The fees that the user must pay to the provider and, where applicable, a list of charges.

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

PCS. 2. Where applicable, any other in § 48 paragraph. 1 information set available to the user in an easily accessible manner.

PCS. 3. At the consumer contracts on payment made by distance selling, the provider also provide consumer information pursuant to § 14 paragraph. 1, no. 2-5, 10-12, 15 and 16 of the Act on consumer contracts. As regards the information requirements of § 14 paragraph. 1 pt. 2 of the Act on consumer contracts, allowance should only be given information that there may be other taxes or costs not paid by the operator or imposed by him.

Information for the payer after receipt of the payment order

§ 45. Immediately after the payer's payment order is received, he shall notify the payer the following information or make it available on the in § 43 paragraph. 1 prescribed manner:

1) A reference, so the payer to identify the payment transaction and, where appropriate, information relating to the payee.

2) Payment of transaction amount in the currency in which the payer used in the payment order.

3) The amount of any charges payable by the payer and, where applicable, a list of these fees.

4) Where applicable, the exchange rate payer's used in the payment transaction or a reference thereto, if it is different from the exchange rate is announced in accordance with § 44 paragraph. 1, no. 4, and the payment transaction amount after currency conversion.

5) The date of receipt of the payment order.

Information for the payee after execution

§ 46. Immediately after the payment transaction is completed, the payee notify the payee following information or make it available on the in § 43 paragraph. 1 prescribed manner:

1) A reference so payee to identify the payment transaction and, where appropriate, the payer, and any additional information that the payment transaction.

2) Payment of transaction amount in the currency, which is available to the payee.


3) The amount of any charges by the payee to pay and, where appropriate, a list of these fees.

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

5) Value date of crediting.

Payment transactions on the basis of a framework agreement

Prior information

§ 47. Within simultaneously with a framework agreement is concluded, the provider service user the information and conditions specified in § 48 paragraph. 1, on paper or another durable medium.

PCS. 2. Information and conditions needs to be clear and understandable in Danish or another language which the parties agree.

PCS. 3. If the agreement on the user's request is signed using remote communication and does not enable the provider to comply with paragraph. 1, the information given to the user immediately after the conclusion of the Framework Agreement.

PCS. 4. At the micropayment service provider shall, notwithstanding paragraph. 1 only grant payer information about the main characteristics of the payment service, including the way in which the payment instrument can be used to pay its obligations, the charges levied and other material information needed to make a decision on the facts. The provider must specify how the information specified in § 48 paragraph. 1, is made available in an easily accessible manner.

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

1) If the payment service provider:

a) Name and address, including e-mail address of the offeror and, where appropriate, the address of a branch and agent in the country where the payment service is offered and

b) relevant supervisory authority, the public register where the provider's license is registered, and the registration number, or equivalent means of identification.

2) About the use of payment:

a) Payment Service's main features

b) the type of information or the type of unique identifier that the user must provide for the payment service to be properly implemented,

c) form and procedure for giving consent to execute a payment transaction and withdrawal of consent,

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

e) the maximum execution time and

f) any possibility to agree on spending limits for the use of payment instruments.

3) About the fees, interest and exchange rates:

a) The amount of any fees that the user must pay, and, where appropriate, a list of these fees

b) where applicable, the interest and exchange rates to be applied or, if a reference interest or exchange rate, the method of calculating the actual interest and the relevant date and index or base for determining such reference interest or exchange rate and | ||
c) any agreement on immediate application of changes in reference interest or exchange rate and how these changes notified in accordance. § 50 paragraph. 4.

4) Whether the communication:

a) Where applicable, means of communication and technical requirements for user equipment used for transmission of information or notifications under this Act

b) the manner and frequency of communication of information under this Act

c) the language of the framework agreement concluded on, and the language of communication should occur, and

d) the right to receive information in accordance with § 49.

5) About safeguards and corrective measures:

a) Where applicable, a description of the security, a user must observe when using payment instruments, including how to be notified in accordance with § 59 paragraph. 1, no. 3,

b) the terms of any contractual right for the provider to block a payment instrument, see. § 58

c) procedures for notification of unauthorized or erroneous transactions and rules on liability for unauthorized payment transactions, see. §§ 61 and 62

d) operator's responsibility for the execution of payment transactions and

e) the terms of repayment of payment transactions initiated by or through a payee, see. §§ 65 and 66.

6) On change of the framework agreement:

a) If agreed, a statement that the framework agreement conditions may change, unless the user before the proposed date has indicated that he does not accept them,

b) the duration and

c) the user's right to terminate the framework agreement.


7) The complaints and compensation:

a) Any lovvalgsklausuler applicable to the framework contract and

b) non-judicial remedies and the right to appeal to the relevant supervisory authority.

PCS. 2. For consumer contracts on payment made by distance selling, the provider also provide consumer information pursuant to § 14 paragraph. 1, no. 2-5, 10-12, 15 and 16 of the Act on consumer contracts. As regards the information requirements of § 14 paragraph. 1 pt. 2 of the Act on consumer contracts, allowance should only be given information that there may be other taxes or costs not paid by the operator or imposed by him.

§ 49. A user at any time during the contractual relationship the right to request to receive the framework contract and information and conditions specified in § 48, on paper or another durable medium.

§ 50. Changes to the framework agreement and in the information stated in § 48, which is unfavorable to the user, must be announced no later than 2 months before the changes take effect.

PCS. 2. § 47 paragraph. 1 and 2, shall apply mutatis mutandis to changes in accordance with paragraph. 1. This does not change in a framework of micropayment, if the framework agreement that modifications can be notified without the use of § 47 paragraph. 1 and 2.

PCS. 3. If it is agreed that the framework agreement conditions can be amended in accordance with § 48 paragraph. 1, no. 6, point a, warning after paragraph. 1 indicate that the user should be deemed to have accepted the changes if the user does not change before the effective date has informed the seller that the user can not accept these. Notification must include a statement that the user has the right to terminate the framework contract immediately and without charge before changing the effective date.

PCS. 4. Changes in interest or exchange rates may, notwithstanding paragraph. 1 enter into force immediately, if this is defined in the Framework Agreement and the changes are based on the reference interest rate or the reference exchange rate agreed upon, see. § 48 paragraph. 1, no. 3, point b and c, or if the changes are for the benefit of the user. The user must be informed without delay of the interest rate change in the same way as provided for in § 47 paragraph. 1 and 2, unless agreed to be provided or made available to a specific frequency or in a certain way.

PCS. 5. Changes in interest rates or exchange rates should be made and calculated in a neutral manner without discrimination between users.

PCS. 6. If changes to the framework agreement and in the information stated in § 48 paragraph. 1 has not been made in accordance with this provision, the changes are not effected.

§ 51. The user can terminate a framework contract without notice, unless there is an agreed period of notice. The notice period shall not exceed one month.

PCS. 2. In connection with the signing of a framework agreement can be agreed that the seller may terminate the framework agreement at least 2 months notice by the use of § 47 paragraph. 1 and 2.

PCS. 3. There must be no fee charged by the user to terminate a framework if the framework agreement is concluded for a fixed period of more than 6 months or indefinitely and the Framework Agreement after the expiry of the first 6 months.

PCS. 4. A fee in connection with the termination of a framework agreement must be proportionate to the cost.

PCS. 5. To the extent that charged regular fees for a payment service, the provider of a payment services only charge for the period up to the framework agreement termination. Prepaid fees are reimbursed proportionally.

Execution of payment transactions under a framework contract

§ 52. When a payer has launched a payment transaction under a framework agreement, the payment service provider the payer's request information on the maximum execution time and the fees that pay should pay, and, where applicable, provide a list of charges.

PCS. 2 pcs. 1 shall not apply to micropayment instruments referred to. § 6, no. 11

§ 53. When a payment transaction is debited from the payer's account or, if the payer does not use a payment account, after the receipt of the payment order, the payer's provider as soon as possible, notify the payer the following information on the in § 47 paragraph. 1 and 2, set way:

1) A reference, so the payer to identify the payment transaction and, where appropriate, information relating to the payee, and any additional information that the payment transaction.

2) Payment of transaction amounts expressed in the currency in which the payer's account is debited or in the currency used in the payment order.


3) The total fees for the payment transaction or the interest payable by the payer and, where applicable, a list of charges.

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

5) The value date of debiting or date of receipt of the order.

PCS. 2. It may be agreed that information pursuant to paragraph. 1 be provided or made available at least once a month and in a manner which allows the payer to store and reproduce the information unchanged.

PCS. 3. Using micro payment instruments can be agreed that the provider notwithstanding paragraph. 1 and 2 only need to notify a reference or provide a reference available that enables the payer to identify the payment transaction, the transaction amount and fees. In the case of several payment transactions of the same type to the same payee, should only be given concerning the total amount and the total fees for these transactions. PCS. 1 and 2 shall also not apply if the micro-payment instrument is used anonymously or if it is not technically possible for the provider to supply the information. The provider must in any case provide the payer to check mikrobetalingsmidlets balance.

§ 54. Where a payment transaction has been completed, the payee as soon as possible notify the payee following information in the manner set out in § 47 paragraph. 1 and 2:

1) A reference so payee to identify the payment transaction and, where appropriate, the payer, and any additional information that the payment transaction.

2) Payment of transaction amounts in the currency in which the payee's account was credited.

3) Any fees for the payment transaction or the interest payment recipient must pay and, where appropriate, a list of these fees.

4) Where applicable, the exchange rate set by the payment service provider has used, and the payment transaction amount before that currency conversion.

5) Value date of the credit.

PCS. 2. It may be agreed that information pursuant to paragraph. 1 be provided or made available at least once a month and in a manner which allows the payee to store and reproduce the information unchanged.

PCS. 3. Using micro payment means it can be agreed that, notwithstanding paragraph. 1 and 2 only need to notify a reference or provide a reference available that allows the payee to identify the payment transaction, the transaction amount and fees. PCS. 1 and 2 shall also not apply if the micro-payment instrument is used anonymously or if it is not technically possible for the provider to supply the information.

Chapter 6

The rights and obligations when using payment

General provisions

§ 55. A provider may not charge the user a fee to meet its information obligations or corrective and preventive measures under this chapter except in the cases mentioned in § 67 paragraph. 2, § 72 paragraph. 3 and § 73 paragraph. 5. The fee must be proportionate to the provider's costs.

§ 56. Payee is obliged to receive cash payment if the payee receives payment instruments covered by this Act. However, § 2 of the Law on prevention of money laundering and terrorist financing. The provision in the first section. does not apply to remote sale or payment transactions in unstaffed self-service environments.

§ 57. A payment transaction is only authorized if the payer has given consent to execute the payment transaction. The payer may authorize a payment transaction prior to or, if agreed between the payer and his payment service provider, after the execution of the payment transaction.

PCS. 2. Consent shall be given in the form and under the procedure agreed between the payer and his provider.

PCS. 3. Consent may be withdrawn after the time resulting from § 73.

Obligations under the use and supply of payment instruments

§ 58. A term of a framework agreement on access to block a payment instrument shall be objectively justified in relation to the security of the payment or suspected unauthorized use. If there is a payment instrument with a credit facility, it may be agreed that the payment instrument can be blocked if there is a significantly increased risk that the payer can not meet its payment obligations.


PCS. 2. The provider shall inform the payer of the blocking of the payment instrument and the reasons before the lockout, or if that is not possible, immediately thereafter, unless this would compromise safety.

PCS. 3. When the reasons for blocking no longer exist, the provider unblock or supply a new payment instrument.

§ 59. A payer who will receive a payment instrument shall

1) upon receipt of the payment instrument take all necessary measures to protect the payment instrument's personalized security,

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

3) to notify the operator when becoming aware of loss, misappropriation or other unauthorized use of the payment instrument.

PCS. 2. It may be agreed that paragraph. 1, no. 3, does not apply to micro payment instruments, if the nature of the payment is not possible to block the use of it.

§ 60. A provider issuing a payment instrument shall

1) take appropriate measures to ensure that the payment instrument's personalized security feature is not available for other than the payer is entitled to use the payment instrument

2) ensure that a payer may at any time make a declaration as referred to in § 59 paragraph. 1, no. 3, or request unblocking pursuant. § 58 paragraph. 3,

3) ensure that the payer for a period of 18 months from a notification under. No. 2, proves that such a notification indicating the time of notification and

4) to prevent all use of the payment instrument when there's been information, see. § 59 paragraph. 1 pt. 3

PCS. 2. Payment instruments must not be sent unsolicited, except for the replacement of a payment instrument that has already been handed over to a payer.

PCS. 3. Shipping risk by sending a payment instrument or the payment instrument's personalized security incumbent provider.

PCS. 4. It may be agreed that paragraph. 1 pt. 3 and 4 do not apply to micro payment instruments, if the nature of the payment is not possible to block the use of it.

Liability regulations

§ 61. The payer's provider is liable to pay for losses caused by unauthorized payment transactions, see. § 57, unless otherwise specified in § 62. An unauthorized transaction, the payer's provider must immediately refund the amount to the payer.

PCS. 2. It may be agreed that paragraph. 1 does not apply to micropayment instruments used anonymously or if the payer's provider due to the nature of micropayment not able to prove that the payment transaction was authorized.

§ 62. The payer's provider is liable to pay for losses caused by unauthorized use of a payment instrument, unless otherwise provided by paragraph. 2-6. Paying only liable under paragraph. 2-6, if the transaction is entered in the accounts. In case of unauthorized use of a payment instrument, the payer's provider must immediately refund the amount to the payer. The payer liable without limitation for losses arising as a result of that payer has acted fraudulently or intentionally failed to fulfill its obligations in accordance with § 59.

PCS. 2. Except where further liability follows from paragraph. 3 or 6, payer shall be liable up to 1,100 kr. For losses caused by unauthorized use of the payment instrument if the payment instrument's personalized security feature was used.

PCS. 3. Unless further liability resulting from paragraph. 6 payer shall be liable up to 8,000 kr. For losses caused by unauthorized use of the payment instrument, the payer's provider establishes that the payment instrument's personalized security feature was used, and

1) the payer has failed to notify the payer's provider as soon as possible after becoming aware that the payment instrument has been lost, or that the personal safety has come to an unauthorized person,

2) the payer has given the personal safety of the person who made the unauthorized use, without the matter being covered by subsection. 6, or

3) the payer by gross negligence made unauthorized use.


PCS. 4. The payer shall be liable for up to 8,000 kr. For losses caused by unauthorized use of the payment instrument when the payment instrument has been read physically or electronically and the unauthorized person has used a forged signature and the payer's provider establishes

1) the payer or the payer has entrusted the payment instrument has failed to notify the payer's provider as soon as possible after becoming aware that the payment instrument has been lost, or

2) the payer or the payer has entrusted the payment instrument by gross negligence made unauthorized use.

PCS. 5. If the payer is liable under subsection. 3 and 4, the payer's total liability can not exceed 8,000 kr.

PCS. 6. payer is liable without limit for losses resulting from unauthorized use of the payment instrument when the payment instrument's personalized security feature was used and the payer's provider establishes that the payer disclosed the personal safety of the person who made the unauthorized use and that it's happened in circumstances where the payer realized or should have realized that there was a risk of abuse.

PCS. 7. Notwithstanding paragraph. 2-6 liable payer's provider for unauthorized use which takes place after the provider has been notified that the payment instrument has been lost, that an unauthorized person has obtained knowledge of personal safety, or that the payer otherwise want the payment instrument blocked.

PCS. 8. Notwithstanding paragraph. 2-6 liable payer's provider for unauthorized use if the provider has not taken appropriate measures in accordance. § 60 paragraph. 1 pt. 2

PCS. 9. Notwithstanding paragraph. 2-6 liable payer's also, if the payee knew or should have known that there was unauthorized use of the payment instrument.

PCS. 10. It may be agreed that paragraph. 1-6 does not apply to micropayment instruments used anonymously or if the payer's provider due to the nature of micropayment not able to prove that the payment transaction was authorized. It can be agreed that paragraph. 7 and 8 do not apply to micro payment instruments, if the nature of the payment is not possible to block the use of it.

PCS. 11. 1-6 applies to e-money, unless it is not possible for the payer's provider of e-money to block the payment account or payment instrument.

§ 63. Objections to unauthorized or erroneous payment transactions must be received by the provider as soon as possible and no later than 13 months after the debit date of the relevant payment transaction. By objections of the payment received within 13 months after crediting the time. If the provider has not provided information or made information available under Part 5, the deadline is calculated from the time the seller has provided information or made information available.

§ 64. The provider has the burden of proving that a payment transaction is entered in the accounts and not affected by technical breakdown or other deficiency. By use of a payment instrument, the provider furthermore has to prove that the payment instrument's personalized security has been used in the payment transaction. Registering the use of a payment instrument is not in itself proof that the payer has approved the transaction that the payer has acted fraudulently, or that the payer has failed to fulfill its obligations. See § 59.

PCS. 2. It may be agreed that paragraph. 1 does not apply to micropayment instruments used anonymously, or where the provider on nature of the payment is not able to prove that the payment transaction was authorized.

§ 65. A payer from his provider entitled to a refund of the full amount for a completed payment transaction initiated by or through the payee, if

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

2) the payment transaction exceeded the amount the payer could reasonably have expected, taking into account his previous spending pattern and conditions of the framework agreement.

PCS. 2. Changes in the exchange rate, when calculated on the basis of a reference rate can not be invoked in terms of paragraphs. 1 pt. 2


PCS. 3. It may appear on the framework agreement between the payer and the payer's provider, the payer is not entitled to reimbursement under paragraph. 1 if a consent to payment transactions covered by paragraphs. 1 is given directly to the payer's provider and, where applicable, information on the future payment transaction provider or payee was provided or made available to the payer for at least four weeks before the due date.

PCS. 4. For direct debits to the framework agreement between the payer and the payer's apparent that payer is entitled to a refund from his provider, even if the requirements under subsection. 1 are not met.

§ 66. A request for reimbursement in accordance. § 65 shall be the provider no later than 8 weeks after the debiting of the payment transaction.

PCS. 2. The payer's provider shall, within 10 working days of receipt of a request for reimbursement in accordance. § 65, either refund the full amount of the transaction or provide justification for refusing the refund of redress.

§ 67. A payment order executed in accordance with the unique identifier specified in the payment order is considered properly completed.

PCS. 2. The payer's provider must take reasonable measures to return the funds that were involved in a payment transaction where the user has provided an incorrect unique identifier. It may appear on the framework agreement, the payment service provider may charge for reversing this amount.

§ 68. If a payment order is initiated by the payer, the payer's to pay liable for direct losses resulting from missing or defective execution of the payment transaction, unless it can prove that the payee receives the amount in accordance with § 75. After the payee's provider has received the amount, this to the payee liable for direct losses resulting from missing or defective execution of the payment transaction. Payer's provider should always try to trace the payment transaction and notify the payer of the outcome.

PCS. 2. If a payment order is initiated by or through the payee, is its provider to the payee liable for direct losses resulting from lack of or insufficient transmission of the payment order to the payer's provider, see. § 75. In addition, paragraph. 1 correspondingly. Payee provider should always try to trace the payment transaction and notify the payee of the outcome.

PCS. 3. A provider that has replaced a loss, see. Paragraph. 1 or 2, as a result of relationship with another provider or third parties may demand compensation reimbursed by the person concerned.

§ 69. If a payment absent or delayed under the circumstances referred to in § 68 paragraph. 1 and 2, remedies not for that reason be invoked against the payer, except for the claim for interest. If the amount is debited the payer's account, payment is made in full discharge of the payer.

§ 70. Responsibility can not be imposed under the provisions of this chapter in the event of exceptional and unforeseeable circumstances for which the State invoking circumstances, have not had any influence on and have not been able to avert, even though he has taken the greatest all due care.

Execution of payment transactions

§ 71. A payment order is considered received on the business day when the payer's provider receives the payment order. A provider may decide that payment orders received near the end of a business day shall be deemed to be received on the following working day.

PCS. 2. If the user agreements with the provider, the payment order to be executed at a later time, considered the payment order received on the agreed date if it is a working day, otherwise on the following working day.

§ 72. If a payment order is rejected by a provider, the user is informed, about the reasons for rejection and the procedure for correcting any factual mistakes that led to the rejection, unless otherwise provided by rules of confidentiality.

PCS. 2. Notification under paragraph. 1 shall be made as soon as possible and in any event within the time limits set out in § 75.

PCS. 3. It may be of the Framework Agreement state that the provider may charge for rejections after paragraph. 1.

PCS. 4. It may be agreed that paragraph. 1-3 does not apply to micro payment instruments if the failure to implement clearly apparent from the context.

§ 73. A payment order may not be revoked after it is received by the payer's provider, see. § 71 paragraph. 1, unless otherwise provided by paragraph. 2-5.


PCS. 2. A payment order initiated by or through the payee can not be revoked after the payer transmitting the payment order or giving his consent to execute the payment transaction to the payee.

PCS. 3. A payment order for direct debit can be revoked at the latest by the end of the business day preceding the day agreed for debiting the funds.

PCS. 4. Payment orders covered by § 71 paragraph. 2 may be revoked latest by the end of the working day before the agreed date.

PCS. 5 pieces. 1-4 may be waived by agreement between the payment service user and his provider. In accordance with paragraph. 2 and 3 situations required the payee's consent. A provider may charge for revocation, if stated in the Framework Agreement.

PCS. 6. It can be associated with micropayment notwithstanding paragraph. 1-5 agreed that the payer may not revoke the payment order after transmitting the payment order or giving his consent to execute the payment transaction to the payee.

§ 74. For payment transactions associated with agreements for the purchase of goods or services at a distance, which is implemented by use of a payment instrument, the payer's provider regardless of § 73 paragraph. 1, failing to execute a payment transaction or if the billing is done, immediately credit the payer's account to pay do one of the following objections:

1) That the debited amount is higher than the amount agreed with the payee

2) the goods or services ordered are not delivered or

3) to pay or the designated beneficiary before made delivery of the product or service, utilizing an agreed or statutory right of withdrawal.

PCS. 2. Prior to an objection under subsection. 1 must pay in vain have contacted the payee with a recovery of outstanding amounts or delivery of missing product or service.

PCS. 3. If a payer has objected in accordance with paragraph. 1, the service provider may only charge or gendebitere payer's account if the provider can prove that the opposition is unjustified.

PCS. 4. Objections under paragraph. 1 shall be made as soon as possible after the payer have been aware or should have been aware that the charge has been unduly.

PCS. 5. § 50 paragraph. 6, does not apply to amendments to rights in the framework agreement, which has given the user a better legal position than in accordance with paragraph. 1.

Date of implementation and value date

§ 75. The payer's PSP must ensure that the amount of the payment transaction is credited to the payee's provider's account at the latest at the end of the first working day after the time of receipt, see. § 71. For paper-based payment transactions, the deadline in the first section. extended by a further business.

PCS. 2. A payee's PSP must execute a payment order initiated by or through the payee, the payer's provider within the time limits agreed between the payee and his provider, so the settlement of direct debits and payment instruments can be carried on the agreed due date.

PCS. 3. If the payee does not have a payment account with the provider, the funds shall be made available to them by the provider who receives the funds within the time limit set out above. Paragraph. 1.

PCS. 4. It can be associated with micropayment notwithstanding paragraph. 1-3 agreed that other execution periods apply.

§ 76. The value date for crediting the payee's payment account must not be later than the business day when the payment service provider receives the payment transaction.

PCS. 2. Immediately after that a payment transaction is credited to the payee provider's account, the payee shall have access to the amount of the payment transaction.

PCS. 3. The value date for the payer's payment account must not be earlier than the date on which the amount is debited to that payment account.

PCS. 4. When paying by cash on a consumer's payment account with a provider in the currency of that payment amount shall be made available and value dated immediately after the date of receipt of the funds. If payment is made in a trader's account, the amount shall be made available and value date no later than the business day following receipt of the funds.

Chapter 7

Fee etc.

§ 77. Payer's provider, the payee's provider and any intermediaries must transfer the payment transaction in full and without deduction of fees.


PCS. 2. Payee and its provider, notwithstanding paragraph. 1 agreement, the provider pulls its charges from the amount transferred before crediting of the payee. Upon notification under §§ 46 and 54, the payment transaction full amount disclosed separately identifying the fee.

PCS. 3. If you pull any fees other than referred to in paragraph. 2 from the amount transferred, the payer's provider ensure that the payee receives the payment transaction in full. For payment transactions initiated by or through the payee, the obligation under the 1st clause. payee's provider.

§ 78. Where a payment transaction does not involve any currency conversion, the payee generally pay the fees as its provider charges and the payer pays the charges as its provider charges.

PCS. 2. The provider shall not prevent the payee from levying a fee to pay for the use of the payment instrument or offer the payer a discount.

PCS. 3. Business and Growth Minister may lay down rules prohibiting or restricting the right to charge a fee.

§ 79. In setting the fee, etc. in connection with the execution of payment transactions with a payment instrument referred to in § 6, no. 9, do not use unfair prices and profit margins. At unfair prices and profit margins mean prices and profit margins that are higher than would be the case under effective competition.

§ 80. Provider may impose payee costs of operating a payment system where transactions are carried out using a payment instrument, see. § 6, no. 9. The cost determined in accordance with § 79, cf.. However paragraph. 2 and 3.

PCS. 2. In cases where a payment transaction occurs in the physical trading using a payment instrument with chip covered by § 6, no. 9, while paying using signature or personal, secret code or equivalent secure identification, may offer to cover its costs for the operation of the payment system alone impose payee to pay an annual subscription.

PCS. 3. Business and Growth Minister may lay down rules on how the price of the annual subscription in paragraph. 2 to be calculated.

PCS. 4. Collects provider fee from paying for the payer using a payment instrument, the fee must be determined independently of the payee conditions.

PCS. 5. Collects payee charge of paying for the use of a payment instrument, the amount of the fee does not exceed payee fee payment transaction to the payee's provider.

PCS. 6. In cases where a payment transaction occurs in the physical trading using a payment instrument with chip, see. Paragraph. 2, payment service providers may and payee agree on payment for special arrangements associated with each payment instrument that is not covered by the subscription.

PCS. 7. Business and Growth Minister may lay down rules about the special arrangements that might be agreed in accordance with paragraph. 6

PCS. 8. Business and Growth Minister may decide that this paragraph does not apply to certain types of payment instruments. Business and Growth Minister may also establish additional rules for such payment instruments.

§ 81. The provider must not be conditional on a payee's connection to a payment of the payee also has to accept other payment instruments, which are covered by this law.

Information on currency and charges

§ 82. A payee or another that point of sale offering the currency conversion to the payer before a payment transaction undertaken shall provide the payer all charges and the exchange rate used for currency conversion. The payer shall agree to the currency conversion takes place on this basis.

§ 83. A payee charge or offers discounts for the use of a specific payment instrument shall inform the payer thereof prior to an agreed conclusion.

PCS. 2. A supplier or another, charging for the use of a payment instrument shall inform the payer thereof prior to an agreed conclusion.

Chapter 8

Good practice, registration and social security number

§ 84. Undertakings providing payment services shall be operated in accordance with honest business principles and good practices within business area.

PCS. 2. Business and Growth Minister shall lay down rules on honest business principles and good practice for providers of payment services.

§ 85. Law on processing of personal data shall apply with the changes imposed by paragraph. 2-6.


PCS. 2. The payer's PSP must ensure that the payer's social security number on a payment instrument can not be read physically or electronically by anyone other than the payer's provider.

PCS. 3. There may only be processing information about how payers have used their payment instruments and what they bought when the

1) allow for the completion or correction of payment transactions or other functions which the payer's provider linked to the payment instrument

2) necessary for law enforcement or to prevent abuse or

3) authorized by other legislation.

PCS. 4. There must also take care of information about where payers have used their payment instruments when

1) it is necessary for the payer provider's advice by a payer for an appropriate use of payment instruments, and when the information generated concerns only the types of payment transactions payer make or

2) processing is necessary for the issuer's adaptation of payment so that they are safe, effective and timely and are not produced information on single-user level.

PCS. 5. Business and Growth Minister may decide that paragraph. 3 waived for research purposes.

PCS. 6. Business and Growth Minister may, after consulting the Data Protection Agency set rules on treatment abroad in paragraph. 3 that information.

Chapter 9

Supervision etc.

§ 86 FSA shall ensure compliance with this Act and the regulations issued thereunder, except § 18 b, see. However, §§ 97 and 98. The same applies to Articles 3, 4 and 8 of the European Parliament and Council Regulation no. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) no. 2560/2001 and for the European Parliament and Council Regulation no. 260/2012 / EU of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation no. 924/2009 / EC on cross-border payments in euro (SEPA Regulation).

PCS. 2. Financial Supervisory Board participate in the supervision in accordance with paragraph. 1 with the competence of the Board's powers under § 345 of the Danish Financial Business Act.

PCS. 3. If the company has established a branch, using an agent or outsourced operational functions to a unit in another Member State, the FSA supervision of these entities, unless the supervisor under the agreement delegated to the host competent authority.

PCS. 4. Data Protection Agency is responsible in accordance with § 64 of the Act on processing of personal data in consultation with the FSA cooperation with foreign authorities.

§ 87. The Danish FSA may as part of its supervision require the operator to provide any information that is necessary for the FSA's activities, including the decision of whether a matter falls within the provisions of this Act.

PCS. 2. Financial Supervisory Authority may carry out inspections at the premises of companies subject to this Act, at any agent or branch providing payment services under a company's responsibility and covered by this Act, and at any entity to which activities are outsourced.

PCS. 3. § 346 paragraph. 2-5 of the Financial Business Act shall apply mutatis mutandis for companies subject to this law.

PCS. 4. Financial Supervisory Authority may at any time on proof of identity without a court order to access the companies covered by this Act for the purpose of obtaining information, including during inspections.

PCS. 5. § 347 b of the Danish Financial Business Act shall apply mutatis mutandis.

§ 88. Financial Supervisory Authority shall establish a public register of

1) companies that have been authorized as payment institutions in this country, see. Chapter 2, and these institutions agents and branches

2) companies that have received limited license for the provision of payment services, see. Chapter 3

3) companies that have been authorized as e-money institutions in this country, see. § 39 a, and their branches and

4) companies which have been granted limited permission to issue electronic money, see. § 39 p.

PCS. 2. This register shall contain information on the payment services companies covered by paragraph. 1 has a license to offer.


§ 89. The Danish FSA may order correction or modification of conditions that are contrary to the provisions of this Act and Article 3. 1 and 2, Article 4. 1, 3 and 4, and Article 8 of the European Parliament and Council Regulation no. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) no. 2560/2001, and European Parliament and Council Regulation no. 260 / 2012 / EU of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation no. 924/2009 / EC on cross-border payments in euro (SEPA Regulation).

§ 89 a. FSA may order a payment institution or a company with limited license to provide payment services to remove a chief executive in the department or company within a deadline set by the Financial Supervisory Authority if this according to § 18 paragraph. 2 and 3, can not contest the post.

PCS. 2. FSA may order a board member of a payment institution or a company with limited license to provide payment services to resign within a deadline set by the Financial Supervisory Authority if the person according to § 18 paragraph. 2 and 3, can not perform his duties.

PCS. 3. FSA may order a payment institution or a company with limited license to provide payment services to remove a chief executive when the indictment against the director of criminal proceedings for a criminal offense or financial legislation until the criminal case is settled, if the conviction will involve that he does not meet the requirements of § 18 paragraph. 2, no. 1. FSA set a deadline for compliance with the injunction. FSA may, under the same conditions as in the first section. order a board member of a payment institution or a company with limited license to provide payment services to resign. FSA set a deadline for compliance with the injunction.

PCS. 4. The duration of the order issued under paragraph. 2 on the basis of § 18 paragraph. 3, no. 2, 3 or 4 shall be specified in the order.

PCS. 5. An order granted under paragraph. 1-3 can of payment institution or company with limited license to provide payment services and of the person to whom the order relates, be brought before the courts. Requests shall be submitted to the FSA, within 4 weeks after the order was communicated to him. The request does not suspend the injunction, but the court may decide that the Director or the Director during the proceedings can maintain his duties or his position. FSA refers the matter to the courts within 4 weeks after receipt of the request. The case brought in a civil procedure.

PCS. 6. Financial Supervisory Authority may on its own initiative or upon application to revoke an order issued under subsection. 2 and paragraphs. 3, 3rd clause. FSA refuses an application for revocation, the applicant may request the refusal before the courts. Requests shall be submitted to the FSA, within 4 weeks after the refusal was communicated to him. Request for judicial review may be made only if the injunction is not time-limited and have passed at least 5 years from the date of issue of the order or at least 2 years following the FSA's refusal to recall is confirmed by the judgment.

PCS. 7. Where a payment institution or company with limited license to provide payment services are not set aside the Director within the prescribed time limit, the Danish FSA may withdraw the company's license, see. § 90. The Danish FSA may also include the company's permit provided. § 90 if a board fails to comply an order issued under paragraph. 2 and 3.

§ 90. Financial Supervisory Authority may revoke a company's license as a payment institution or a limited license to provide payment if the company

1) does not make use of the authorization within 12 months, expressly waives to make use of the authorization or has ceased payment institution, company or company with limited license to provide payment services for a period of over 6 months

2) has obtained the authorization on the basis of misrepresentation or other fraudulent means,

3) no longer fulfills the conditions for authorization in accordance with Chapter 2 or 3,

4) may pose a threat to a payment system's stability if it continues its payment services business, or

5) does not comply with the law on prevention of money laundering and terrorist financing.


PCS. 2. A company authorized as e-money institution or limited authorization to issue electronic money will lapse if the company does not make use of the authorization within 12 months, expressly waives to make use of the authorization or has provided electronic money in a more than 6 months.

PCS. 3. FSA may withdraw an undertaking's license as e-money institution or limited authorization to issue electronic money, the company

1) has obtained the authorization based on false information assigned weight for authorizing, or otherwise unfair manner,

2) no longer fulfills the conditions for authorization in accordance with Chapter 3 a or

3) does not comply with the law on prevention of money laundering and terrorist financing.

PCS. 4. withdrawal of authorization published by the FSA.

§ 91. Decisions made by the FSA under this Act or regulations issued pursuant to this Act may be of that decision is addressed, may be brought before the Appeals Council, no later than four weeks after the decision was communicated to him.

§ 92. §§ 354 and 356 of the Financial Business Act on the FSA's confidentiality on the ban on the FSA's employees have other jobs or participate in speculative transactions, and for FSA Director exposures or collateral shall apply mutatis mutandis to this law. § 354 of the Financial Business Act shall only apply to data in cases covered by Chapter 2, 3 and 3a.

§ 92 a. § 354 g in the Financial Business Act prohibiting the disclosure of information about a person who has reported violations or potential violations of this Act, regulations issued pursuant thereto and the provisions contained in European Union regulations for the areas of law that the FSA supervises the FSA applies to information that a person has been reported in accordance with § 18 a.

§ 93. Reactions granted under this Act § 86 paragraph. 2, see. § 345, paragraph. 7, no. 4, of the Financial Business Act, or by the FSA after delegation from the Danish Financial Supervisory Board to a company under the supervision must be published stating the company name, see. However paragraph. 4. The company must publish the information on its website in a place where they naturally belong, as soon as possible, and no later than 3 business days after the company received notification of the reaction, or by the date of publication required under the Act on Securities Trading, etc. Simultaneously with the publication the company must insert a link that provides direct access to the reaction, on the front page of the company website in a visible way, and it must be the link and any related text clearly state that there is a response from the FSA. If the company comment on this reaction, this must be an extension of this, and comments must be clearly separated from the reaction. Removing the link on the front page and the information from the company's website must follow the same principles used by the company for other announcements, at the earliest when the link and the information has been on the website for 3 months, and the earliest after the next general meeting or representatives. The company's obligation to disclose information on the company's website only applies to legal persons. FSA to publish this information on its website. Supervision Reactions granted pursuant to § 86 paragraph. 2, see. § 345, paragraph. 7, no. 6, of the Financial Business Act, and the Financial Supervisory Authority's decisions to turn cases over to the police investigation should be published on the FSA's website stating the company name, see. However paragraph. 4.

PCS. 2. Reactions granted under this Act § 86 paragraph. 2, see. § 345, paragraph. 7, no. 4 and 6, of the Financial Business Act or the FSA after delegation from the Danish Financial Supervisory Board for a company that is not under supervision, to be published stating the company name, see. However paragraph. 4.


PCS. 3. If a case is handed over to the police investigation and have fallen partly or wholly damning judgment or adopted fine, there must be publication of the judgment, a fine or a summary thereof pursuant. However paragraph. 4. If the judgment is not final, or if it is appealed or appealed, must be stated in the publication. The company's disclosure shall be made on the company's website at a place where it naturally belongs, as soon as possible, and no later than 10 business days after the Court's judgments or adopted fine, or at the latest at the time of publication required under the Act on Securities Trading, etc. Simultaneously with the publication company insert a link that provides direct access to the conviction and fine adoption or summary on the front page of the company website in a visible way, and it must be the link and any related text clearly state that there is a judgment or penalty decision. If the company commenting on the judgment, fine adoption or summary, this must be done by extension, and comments must be clearly separated from judgment, fine adoption or summary. Removing information from the company's website must follow the same principles used by the company for other announcements, at the earliest when the link and the information has been on the website for 3 months, and the earliest after the next general meeting or representatives. Company must report to the FSA on the publication, including forward a copy of the judgment or penalty adoption. FSA must then publish the judgment, a fine or a summary of it on its website. The company's obligation to disclose information on the company's website only applies to legal persons. Disclosure on 1st and 2nd clauses., Concerning companies that are not supervised, should only be made on the FSA's website

PCS. 4. Publication pursuant to subsection. 1-3 can not happen if it would cause disproportionate damage to the company or investigative considerations against disclosure. The publication may not contain confidential information about customers or information covered by § 30 of the Act on Public Administration. The publication may not contain confidential information originating from authorities in other countries within or outside the European Union, unless the authorities have transmitted it have given their express permission.

PCS. 5. If publication is omitted in accordance with paragraph. 4, 1st clause., Publication shall be made in accordance with paragraph. 1-3, when the reasons which necessitated the omission no longer apply. This is only valid for up to 2 years after the date of the reaction.

§ 94. Financial Supervisory Authority must inform the public about matters which are dealt with by the FSA, the prosecution or the courts, which are of general interest or of importance for the understanding of the provisions of this Act other than Chapter 2-4. 1st clause. shall apply mutatis mutandis to proceedings relating to Articles 3, 4 and 8 of the European Parliament and Council Regulation no. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) no. 2560/2001, as well as matters relating to the European Parliament and of the Council Regulation no. 260/2012 / EU of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation no. 924/2009 / EC on cross-border payments in euro (SEPA Regulation).

PCS. 2. FSA must also inform the public about the name of a company that provides payment in violation of § 2.

§ 94 a. Business and Growth Minister may for companies under the supervision covered by this Act lay down rules on companies' obligation to publish information on the FSA's assessment of the company and that the FSA is able to publish that information before the company.

§ 94 b. Thsi a payment institution or electronic money institution information about the Institute and the information is made public to knowledge, the Danish FSA may order the institution to publish correcting information within the FSA set deadline if

1) information provided by the FSA's assessment is misleading and

2) FSA assesses whether the information may have adverse effects for the Institute's customers, depositors, other creditors, the financial markets on which the shares of the institute traded, or financial stability in general.

PCS. 2. rectifies institution is not information in accordance with FSA instructions and within the FSA prescribed time, the FSA publish injunction notified under paragraph. 1.


§ 95. As a party to the FSA considered only those of § 2 included companies that FSA's decision in pursuance of this Act or regulations issued pursuant to the Act aimed at, see. However paragraph. 2.

PCS. 2. As a party to the FSA, as regards the part of the case concerning him, is regarded as follows:

1) Anyone who provides payment without permission, see. § 2.

2) A company or a person seeking authorization to provide payment services, see. § 7 or § 37.

3) A member of a company's board of directors or the person in the company responsible for providing payment services, supervision denying a business license to practice as a payment institution or a company with limited license to provide payment services or withdraw any such authorization as laid. § 90.

4) A natural or legal person, the FSA requires information to determine whether this is covered by the provisions of this Act. § 87.

§ 96. Companies under supervision under this Act shall pay a fee to the Danish Financial Supervisory Authority under Chapter 22 of the Financial Business Act.

§ 97. Consumer Ombudsman supervises that providers of payment services, carried out by means of payment instruments, see. § 6, no. 9, and payment service providers covered by Annex 1, no. 7, as well as merchants and others does not violate Chapters 5 and 6, §§ 82 and 83, § 84 paragraph. 1, § 85 and regulations issued pursuant to § 84 paragraph. 2. The Consumer Ombudsman shall also supervise that there is no violation of section 10.

PCS. 2. Consumer Ombudsman may require all information deemed necessary for the Consumer Ombudsman, including the decision of whether a matter falls within the provisions of this Act.

PCS. 3. Can a change of circumstances, contrary to in paragraph. 1 enumerated provisions does not happen by negotiation, the Consumer Ombudsman may issue orders accordingly. An injunction may be of the order is directed at, request judicial review. Requests must be submitted in writing to the Consumer Ombudsman, within 4 weeks after the order was communicated to him. The Consumer Ombudsman shall, within one week after receipt of the request to court in a civil procedure.

PCS. 4. The court may decide that the bringing of an injunction the courts have suspensive effect.

PCS. 5. Consumer Ombudsman's decisions under this Act may not be appealed to any other administrative authority.

PCS. 6. The Consumer Ombudsman for breach of the paragraph. 1 enumerated provisions sue for prohibition, injunction, damages and recovery of sums unduly levied. Marketing Act § 20, § 23 paragraph. 1, § 27 paragraph. 1 and § 28 shall apply accordingly. The DCO may be appointed as group representative in a class action, see. Administration of Justice Chapter 23 a.

PCS. 7. Data Protection Agency is responsible in accordance with § 64 of the Act on processing of personal data in consultation with the Consumer Ombudsman cooperation with foreign authorities.

§ 98. Competition and Consumer Authority oversees compliance with §§ 40 and 77-81 and Articles 6 and 7 of the European Parliament and Council Regulation no. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) No . 2560/2001 and Article 8 of the European Parliament and Council Regulation no. 260/2012 / EU of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation no. 924/2009 / EC border payments in euro (SEPA Regulation) and in this connection any appropriate order, including an order,

1) the conditions of access to payment systems for payment service providers to be changed

2) to set prices and profits must not be exceeded and

3) that the calculation of prices and profits shall be specified calculation.


PCS. 2. Competition Consumer Agency may require any information, including accounts, accounting records, printouts of books, other business papers and electronically stored data deemed necessary for the Agency's activities, including the decision of whether a matter is covered by §§ 40 and 77- 81 and Articles 6 and 7 of the European Parliament and Council Regulation no. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) no. 2560/2001 and Article 8 of the European Parliament and Council Regulation no. 260 / 2012 / EU of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation no. 924/2009 / EC on cross-border payments in euro (SEPA Regulation).

PCS. 3. Competition and Consumer Agency's decisions under paragraph. 1 may be appealed to the Competition Appeal Tribunal. Competition Act § 20 shall apply accordingly.

PCS. 4. Appeals under paragraph. 3 may be instituted by

1) the decision addressed to, or

2) on which, incidentally, has individual, significant interest in the matter.

PCS. 5. Appeals against decisions by paragraph. 3 can of Competition and Consumer Authority or the Competition Appeals Tribunal.

PCS. 6. Act on Public Administration does not apply to cases under paragraph. 1. However, the § 8 of the Act on Public Administration also apply to cases under paragraph. 1. 1st and 2nd clauses. also applies when the information provided in accordance with paragraph. 2 is passed on to another administrative authority.

PCS. 7. Competition and Consumer Agency's decisions under paragraph. 1 can be published, see. However paragraph. 8.

PCS. 8. Upon publication in accordance with paragraph. 7, information on technical issues, including research, production practices, products and commercial and industrial secrecy, not to publish, insofar as it is of economic significance for the person or enterprise concerned. In addition, information about each customer relationship in companies supervised by the FSA, not published.

PCS. 9. Business and Growth Minister shall submit a biennial report on the conditions on the payment card market to parliament. Competition and Consumer Authority provides the secretariat for the Minister in connection with the preparation of the report.

§ 99. Competition and Consumer Agency may impose daily or weekly fines and penalties to that fail to

1) provide the information Competition and Consumer Authority may require in accordance with § 98 paragraph. 2, or

2) comply with an order issued pursuant to § 98 paragraph. 1.

§ 100. Costs of the Consumer Ombudsman and the Competition and Consumer Authority's administration of this Act imposed on providers of payment instruments, see. § 6, no. 9, payment service providers that are included in Annex 1 pt. 7 and providers of payment substitutes, cf. . Chapter 10 in turnover ratio.

PCS. 2. Business and Growth Minister may lay down rules on the down payment and the Consumer Ombudsman and the Competition and Consumer Authority their recovery.

§ 101. Business and Growth Minister may lay down rules that written communications to and from the FSA, the Danish Business Authority and the Competition and Consumer Authority, on matters covered by this Act or regulations issued pursuant to this Act shall be digital.

PCS. 2. Business and Growth Minister may lay down rules on digital communications, including the use of specific IT systems, special digital formats and digital signature or the like.

PCS. 3. A digital communication is considered to have arrived when it is available to the addressee of the message.

§ 101a. Business and Growth Minister may lay down rules that the authorities referred to. § 101 paragraph. 1, can issue decisions and other documents under this Act or rules issued under this law without signature, with mechanically or similarly reproduced signature or using a technique that ensures the unique identification of the State which issued the decision or document. Such decisions and documents equated with decisions and documents with personal signature.

PCS. 2. Business and Growth Minister may lay down rules for decisions and other documents that exclusively taken or issued on the basis of electronic data processing, can be issued only stating that authority as sender.


§ 101 b. Where in this Act or regulations issued pursuant to this Act provided that a document issued by other than an authority referred to. § 101 paragraph. 1, must be signed, this requirement may be met by using a technique that ensures the unique identification of the State which issued the document referred. However paragraph. 2. Such documents equated to documents with personal signature.

PCS. 2. Business and Growth Minister may lay down rules derogating from the signature requirement. It can be prescribed that claims for personal signature can not be waived for certain types of documents.

Chapter 10

Payment substitutes

§ 102. Upon payment substitutes the purposes of this chapter the following electronic systems, to the extent they can be used to acquire goods or services, without this constituting a payment service:

1) Maps and other physical identification means that are associated with specific users and is designed for electronic reading.

2) codes and biometric values, which are intended for user identification purposes.

3) Electronic registered claims that the issuer is obliged to redeem the user's request.

PCS. 2. For prepaid payment substitutes the purposes of this chapter payment substitutes, which the user can only apply to the extent that prior to the application of betalingssurrogatet has happened deposit of funds registered with the provider which means the user can dispose of without there being talk on a deposit account, or where the user charge has received such a value or had elevated payment means value.

§ 103. payment substitutes covered by this chapter shall be safe and well.

PCS. 2. Ensure users of payment substitutes transparency, voluntariness, protection against abuse and confidentiality of users' use of betalingssurrogatet. There must be continuously taken the legal, organizational, operational, technical and security measures that are necessary to betalingssurrogatet is safe and well.

§ 104. Issuers must have business in this country, in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area.

§ 105. Issue of payment substitutes must be reported to the DCO by the issuer. A payment surrogate may not be issued until the review is done.

PCS. 2. The notification must include information about the issuer's name, place of business and corporate as well as in § 47 paragraph. 4, the said information.

PCS. 3. Changes in reported acts must be notified within 8 days after the change has occurred.

PCS. 4. Provider several issuers same payment instrument, and uses the substantially same terms, the Consumer Ombudsman may authorize or order joint review.

§ 106. § 39 s, § 47 paragraph. 4, 1st clause., § 51, § 53 paragraph. 1 pt. 1 and 2 and §§ 62, 68, 70, 78-83 and 85 apply mutatis mutandis to payment substitutes.

PCS. 2. § 62 and § 80 paragraph. 2 and 3 do not apply to prepaid payment substitutes, see. § 102 paragraph. 2. § 62 shall apply to prepaid payment substitutes if betalingssurrogatets value may exceed 3,000 kr., Or if there is a possibility of automatic recharging betalingssurrogatet the user's expense.

Chapter 11

Penalties

§ 107. Violation of §§ 2 and 2a, § 7, paragraph. 1, point 1., §§ 8 and 10, § 21 paragraph. 1 and 3, § 22, stk. 1, § 39 paragraph. 1-3, §§ 39 b and 39 d, § 39 k, paragraph. 2, § 39 l and r § 39 paragraph. 1 and 2 is punishable by a fine or imprisonment for up to four months, unless a higher penalty is prescribed under other legislation.


PCS. 2. Violation of § 18 paragraph. 5, § 18a paragraph. 1, § 18 c, § 19 a paragraph. 1 pt. 1, § 21 paragraph. 2, no. 1 and 2, § 23 paragraph. 1, § 24, 3rd sentence., § 25 paragraph. 1, point 1. And paragraphs. 2, § 26, § 27, first paragraph., § 28 para. 1, 1st and 2nd clauses., § 30 paragraph. 1, § 31 paragraph. 1 piece. 3, 2nd sentence. And paragraphs. 4, § 32 paragraph. 1 piece. 3, 2nd sentence. And paragraphs. 4, § 39 h, § 39 k, paragraph. 1, 3 and 4, § 39 m, § 40 paragraph. 1, § 42 paragraph. 1, § 43, § 44 paragraph. 1 and 2, §§ 45-47, § 48 paragraph. 1, § 49, § 51 paragraph. 3, § 52 paragraph. 1, § 53 paragraph. 1 and 3, § 54 paragraph. 1, §§ 55 and 56, § 60 paragraph. 2, § 72 paragraph. 1, § 78 paragraph. 2, § 80 paragraph. PCS. 2, 4 and 5, §§ 81-83, § 85. 2-4, § 93. 1, 1st-5th section. and paragraphs. 3, 1st-7th section., and § 105 and Article 3. 1, Article 4. 1, 3 and 4, Article 6 and 7 and Article 8. 1, the European Parliament and Council Regulation no. 924/2009 on cross-border payments in the Union and repealing Regulation (EC) no. 2560/2001 and Articles 3-6 and 8-9 of the European Parliament and Council Regulation No. 260/2012 / EU of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation no. 924/2009 / EC on cross-border payments in euro (SEPA Regulation) fine.

PCS. 3. If an electronic money institution to comply with orders given by § 89 or to supply information according to § 87 paragraph. 1, punished him with a fine.

PCS. 4. A person who fails to comply with orders issued under § 89, § 89 a paragraph. 2 and paragraphs. 3, 2nd sentence., § 97 paragraph. 3, 1st clause. Or § 98 paragraph. 1, point 2., Or to supply information according to § 87 paragraph. 1, § 97 paragraph. 2, or § 98 paragraph. 2, punishable by a fine.

PCS. 5. The one who in fact covered by § 98 paragraph. 1, giving false or misleading information to the Competition and Consumer Authority or the Competition Appeals Tribunal or conceals matters of importance to the matter, or in circumstances which are otherwise subject to the Act, the FSA false or misleading information, punishable by a fine.

PCS. 6. In regulations issued pursuant to this Act may stipulate fines for violation of the provisions of the rules.

PCS. 7. There shall be imposed on companies etc. (legal persons) under the rules of the Penal Code Chapter 5.

PCS. 8. The limitation period for breach of the Act or regulations issued pursuant to the Act is 5 years.

§ 108. The operating scope of this Act or assist therein may on conviction for criminal offense of his right to continue to operate the business or to operate under certain forms or to contribute to do so if the facts established immediate danger of abuse by the pursuit of the company. Penal Code § 79 paragraph. 3 and 4 shall apply accordingly.

PCS. 2. Alleged disqualification under paragraph. 1 issued by the prosecution at the request of the FSA.

PCS. 3. The operating governed by this Act to which the court is deprived him under paragraph. 1, or in his business lets anyone who had the right to do so, to contribute to the activities mentioned in paragraph. 1, punishable by a fine, unless more severe punishment is prescribed by the Penal Code § 131.

Chapter 12

Entry into force, transitional provisions, etc.

§ 109. The Act comes into force on 1 November 2009.

PCS. 2. At the commencement of the Act, the Act on certain means of payment, see. Legislative Decree no. 259 of 28 March 2008.

PCS. 3. Notices issued pursuant to the Act on Certain Payment Instruments, maintained until they are repealed or replaced by regulations issued pursuant to this Act.

PCS. 4. Legal persons before 25 December 2007, commenced business, which after commencement of the Act would require authorization as a payment institution, to continue those activities in the country without authorization until 30 April 2011.

PCS. 5. Notwithstanding paragraph. 1 may be legal persons already from July 1, 2009 submit an application to the Financial Supervisory Authority for permission to engage in activity as a payment institution from 1 November 2009.

PCS. 6. Companies that by 25 December 2007, commenced the activities covered by § 38, to continue those activities without authorization until 25 December 2010.

PCS. 7. The in § 75 paragraph. 1 deadline specified may for cross-border payments until January 1, 2012 renewable for up to three working days by agreement between the payer and his payment service provider. For paper-based payment transactions, the deadline in the first section. extended by 1 working day.


PCS. 8. Changes to existing agreements, terms, etc., which are intended to bring it into line with the requirements of a framework agreement as provided. § 48 paragraph. 1, and which should enter into force by 1 November 2009 may notwithstanding any agreement implemented by portend change with one month's notice. Changes to the benefit of the user can be carried out without notice. § 47 paragraph. 1 and 2, shall apply mutatis mutandis to changes after the 1st and 2nd clauses. If the user does not approve the amendments to the framework agreement, which is unfavorable to him, he shall notify the seller that before the date of its entry into force. The alert after the first section. must contain information about it in the third section. said ratio.

§ 110. The Act on Financial Business Act. Act no. 897 of 4 September 2008, most recently amended by § 1 of the Law no. 133 of 24 February 2009 is amended as follows:

1. The footnote to the title of the Act, 'and the European Parliament and Council Directive 2007/44 / EC of 5 September 2007 amending Council Directive 92/49 / EEC and Directive 2002/83 / EC, 2004/39 / EC, 2005/68 / EC and 2006/48 / EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector (Official Journal 2007 no. L 247, p. 1) (holding Directive) 'to "European Parliament and Council Directive 2007/44 / EC of 5 september 2007 amending Council Directive 92/49 / EEC and Directive 2002/83 / EC, 2004/39 / EC, 2005/68 / EC and 2006 / 48 / EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector (the capital of the Directive) (Official Journal 2007 no. L 247, p. 1) and parts of the European Parliament and Council Directive 2007/64 / EC of 13 november 2007 on payment services in the internal market amending Directives 97/7 / EC, 2002/65 / EC, 2005/60 / EC and 2006/48 / EC and repealing Directive 97 / 5 / EC (PSD) (Official Journal 2007 no. L 319, p. 1). '

2. In § 361 paragraph. 1, the following point. 24 and 25:

»24) Payment institutions referred. Payment Services Act, pays 60,000 kr. Annually.

25) Companies with limited authorization to provide payment services, see. Payment Services Act, pays 6,000 kr. Annually. "

3. Annex 1 pt. 3 and 4 are replaced by the following:

'3) Payment services as covered by Annex 1 of the Payment Services Act.

4) Issuing and administering other means of payment (eg travelers' checks and bank drafts) insofar as this activity is not covered by # 3. "

4. Annex 2, Nos. 4 and 5, read:

'4) Payment services as covered by Annex 1 of the Payment Services Act.

5) Issuing and administering other means of payment (eg travelers' checks and bank drafts) insofar as this activity is not covered by no. 4. "

§ 111. Law no. 237 of 21 April 1999 on cross repealed.

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

1. In § 9 the following paragraph. 3:

"PCS. 3. At the conclusion of a consumer contract concerning the distance marketing of financial services covered by the Payment Services Act, the consumer must have the information arising from § 13 paragraph. 1, see. § 11 paragraph. 1, no. 3-7 and § 13 paragraph. 1, no. 3-5 and 8. As regards the information requirements of § 11 paragraph. 1, no. 3, allowance should only be given information that there may be other taxes or costs not paid by the operator or imposed by him. Furthermore, §§ 43, 44, 47 and 48 of the Payment Services Act apply. '

§ 113. In the Law on prevention of money laundering and terrorist financing, see. Legislative Decree no. 442 of 11 May 2007, as amended by § 1 of the Law no. 512 of 17 June 2008 and § 10 of Law No . 517 of 17 June 2008, is amended as follows:

1. § 1. 1, no. 11, reads as follows:

»11) Undertakings and persons that commercially carry out activities involving currency exchange."

2. Annex 1, no. 4, read:

'4) Payment services as covered by Annex 1 of the Payment Services Act. "

§ 114. The Act does not apply to the Faroe Islands and Greenland but may by Royal decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.

Act no. 1273 of 16 December 2009 contains the following commencement and transitional provisions:
§ 11

PCS. 1. This Act comes into force on 1 January 2010, ref. To paragraph. 2 and 3.

PCS. 2-3. (Remove heading)
§ 12


(Remove heading)
§ 13


PCS. 1. §§ 1, 2, 4-6, 8 and 10 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1, 2, 4, 5 and 8, by Royal Decree or partially into force for the Faroe Islands with such modifications as the Faroese may require.

PCS. 3. §§ 1, 2, 4-6 and 8, by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.

Act no. 579 of 1 June 2010 contains the following commencement and transitional provisions:
§ 21

PCS. 1. This Act comes into force on 1 July 2010, ref. To paragraph. 2-6.

PCS. 2-7. (Remove heading)
§ 22

PCS. 1. §§ 1-12 and 14-20 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1-9, 12 and 14-20 may by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.

PCS. 3. §§ 1, 3-6, 9 and 14-20 may by Royal Decree be made effective for the Faeroe Islands with such modifications as the Faroese may require.

Act no. 718 of 25 June 2010 contains the following commencement and transitional provisions:
§ 55

PCS. 1. The Minister of Justice shall determine the date of commencement of the Act.

PCS. 2-10. (Remove heading)
§ 56

PCS. 1. The Act does not apply to the Faroe Islands and Greenland.

PCS. 2. Act §§ 1, 4, 22, 23, 26, 29, 30 and 32 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the Faeroe Islands and Greenland.

PCS. 3. (Optional)

Act no. 1553 of 21 December 2010 contains the following commencement and transitional provisions:
§ 5


This Act shall enter into force on 30 April 2011.
§ 6

PCS. 1. Legal persons 30 April 2011 operates, which after commencement of the Act will require a permit under § 39 of the Act on payment services and electronic money as worded by § 1, no. 12, to continue those activities in Denmark or in another country within the European Union without authorization until 30 October 2011. for these legal persons apply the existing rules in the interim.

PCS. 2. Legal persons 30 April 2011 activity covered by § 39 pi law on payment services and electronic money as worded by § 1, no. 12, to continue those activities without authorization until 30 April 2012. | || § 7

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. Act §§ 1-3 may by Royal Decree be fully or partially into force for Greenland and the Faroe Islands with such modifications as the Greenlandic and Faroese conditions prevailing.

PCS. 3. (Optional)

Act no. 1369 of 28 December 2011 contains the following commencement and transitional provisions:
§ 2


This Act shall come into force on 1 January 2012.
§ 3


The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be fully or partially into force for the Faroe Islands and Greenland with the changes made by the Faroese and Greenland conditions.

Act no. 1231 of 18 December 2012 contains the following commencement and transitional provisions:
§ 69

PCS. 1. This Act shall enter into force on 1 January 2013.

PCS. 2. Administrative regulations issued pursuant to the previous provisions shall remain in force until they are amended or repealed.
§ 70

PCS. 1. §§ 1-39, 41-50 and 53-68 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.

PCS. 2. (Optional)

PCS. 3. §§ 18, 32, 35-39, 41, 42, 49, 54 and 61 may by Royal decree be put into force for the Faroe Islands with the changes that the Faroese may require.

PCS. 4. §§ 1-10, 17, 18, 23, 29, 35-39, 41-44, 49, 50, 54, 58-63, 65 and 66 may by Royal decree be put into force for Greenland with the changes that the Greenland conditions.

PCS. 5. (Optional)

Act no. 1287 of 19 December 2012 contains the following commencement and transitional provisions:
§ 17

PCS. 1. This Act comes into force on 1 January 2013 under. However paragraph. 2-5.

PCS. 2-5. (Remove heading)

PCS. 6. The bill can be confirmed immediately after its adoption.
§ 18


(Remove heading)
§ 19

PCS. 1. §§ 1-5, 10-13 and 15 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1-5, 10 and 13 may by Royal Decree be fully or partially into force for the Faroe Islands and Greenland with the changes made by the Faroese and Greenland conditions. The provisions can be put into force at different times.

PCS. 3-4. (Remove heading)


Act no. 1383 of 23 December 2012 contains the following commencement and transitional provisions:
§ 9

PCS. 1. This Act shall enter into force on 1 April 2013.

PCS. 2. (Optional)
§ 10

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. The Act may by Royal Decree be fully or partially into force for Greenland with the amendments which the Greenland conditions.

PCS. 3. Act §§ 5-8 may by Royal Decree be fully or partially into force for the Faroe Islands with the changes that the Faroese may require.

Act no. 378 of 17 April 2013 contains the following commencement and transitional provisions:
§ 5


This Act shall come into force on 1 May 2013.
§ 6

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2.

PCS. 2. §§ 3 and 4 may by Royal Decree be made effective for the Faeroe Islands and Greenland with the changes that the Faroese and Greenland conditions.

Act no. 639 of 12 June 2013 contains the following commencement and transitional provisions:
§ 31


This Act shall come into force on 1 January 2014.
§ 32

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2-5.

PCS. 2. §§ 8, 21, 23-25 ​​and 27-30 may by Royal Decree be made effective for the Faeroe Islands with the changes that the Faroese may require.

PCS. 3. (Optional)

PCS. 4. §§ 1, 3, 8, 21 and 23-30 may by Royal Decree or partially into force for Greenland with the amendments which the Greenland conditions.

PCS. 5. (Optional)

Act no. 1460 of 17 December 2013 contains the following commencement and transitional provisions:
§ 7

PCS. 1. §§ 1-3, § 4, no. 4, and §§ 5 and 6 shall enter into force on 13 June 2014.

PCS. 2. (Optional)

PCS. 3. This Act shall not apply to consumer contracts entered into before the commencement of the Act. For such agreements, the rules applicable hitherto apply.
§ 8

PCS. 1. The Act does not apply to the Faroe Islands and Greenland.

PCS. 2. §§ 1, 2 and 4, by Royal Decree or partially into force for Greenland with the amendments which the Greenland conditions.

Act no. 268 of 25 March 2014 contains the following commencement and transitional provisions:
§ 22

PCS. 1. The Act shall enter into force on 31 March 2014, in accordance. However paragraph. 2-6.

PCS. 2-4. (Remove heading)

PCS. 5. Business and Growth Minister shall determine the effective date of § 75 of the Act on Financial Business Act, as amended in § 1, no. 37, § 1, no. 133, § 344 a of the Financial Business Act as amended by this Act § 1 , no. 134, § 11 of the Act on Securities Trading Act as worded by § 2, no. 2, § 27 of the Act on managers of alternative investment funds, etc., as worded by § 4, no. 22, § 24 b of the Act on the supervision of company pension funds as worded by § 5, no. 1, § 63 of the Act on investment funds, etc. as worded by § 7, no. 1, § 18 of the Act on insurance mediation as worded by § 10, No. . 1, § 18 of the Act on payment services and electronic money as worded by § 11, no. 1, § 10 of the Act on financial advisors as worded by § 12, no. 1, § 5 of the Act on mortgage companies which worded by § 13, no. 1, § 5 fi LD Pensions Act as amended by this Act § 14, no. 2, § 24 g in the Act on Labour market Supplementary as worded by § 15, no. 2, and to § 63 bi workers' Compensation Act as amended by this Act § 16, no. 1. Business and growth Minister may determine that the provisions enter into force at different times.

PCS. 6-11. (Remove heading)
§ 23


(Remove heading)
§ 24

PCS. 1. §§ 1-17 and 19-21 do not apply to the Faroe Islands, but §§ 1, 2, 4, 6-9, 11-13 and 21 may by Royal Decree be fully or partially into force for the Faroe Islands with the changes that the Faroese may require.

PCS. 2. §§ 1, 2, 4-17 and 19-21 do not apply to Greenland, but §§ 1, 2, 4-13, 17 and 21 may by Royal Decree be fully or partially into force for Greenland with the amendments, as the Greenland conditions.

Law no. 403 of 28 April 2014 contains the following commencement and transitional provisions:
§ 22

PCS. 1. The Act shall enter into force on 15 May 2014, in accordance. However paragraph. 2-4.

PCS. 2-8. (Remove heading)
§ 23

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.


PCS. 2. §§ 1, 2, 4, 5, 8, 9, 12, 13, 14, 18, 19 and 21 may by Royal Decree be fully or partially into force for the Faroe Islands and Greenland with the changes made by the Faroese and Greenlandic may require.

PCS. 3. (Optional)

Act no. 1490 of 23 December 2014 contains the following commencement and transitional provisions:
§ 14

PCS. 1. This Act comes into force on 1 January 2015, cf.. However paragraph. 2 and 3.

PCS. 2-11. (Remove heading)
§ 15


(Remove heading)
§ 16

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1-5, 12 and 13 may by Royal Decree be fully or partially into force for the Faroe Islands and Greenland with the changes made by the Faroese and Greenland conditions.

PCS. 3. (Optional)

Business and Growth Ministry, April 24, 2015
Henrik Sass Larsen
/ Ulrik Nødgaard





Appendix 1

Payment

1. Services enabling cash to be placed on a payment account and all the operations required for operating a payment account.

2. Services enabling cash withdrawals from a payment account and all the operations required for operating a payment account.

3. Execution of payment transactions, including transfer of funds on a payment account with the user's provider or with another provider:

a) Implementation of direct debits, including off direct debits,

b) execution of payment transactions through a payment card or similar.,

c) execution of credit transfers, including standing orders.

4. Execution of payment transactions where the funds are covered by a payment service user's credit facility:

a) Implementation of direct debits, including off direct debits,

b) execution of payment transactions through a payment card or similar.,

c) execution of credit transfers, including standing orders.

5. The issuing or acquiring of payment instruments.

6. Money remittance.

7. Execution of payment transactions where the payer's consent to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the operator operating the communication system or network, and act only as an intermediary between the payment service user and the supplier of goods and services.





Appendix 2

Statement of requirements for payment institutions' capital base, see. § 13 paragraph. 1 pt. 2
1. Calculation methods
Method A
Basis: The bank's fixed costs.
Payment institution's capital base shall amount at least equal to 10 per cent. of the fixed costs for the previous year.
Payment institution has not completed a full year's business at the date of calculation, used as a basis for calculating the fixed costs resulting from the company's estimates for the coming year.
Method B
Basis: The bank's payment volume.
Payment institution's capital base must be for an amount at least equal to the sum of the following elements multiplied by the scaling factor k defined in paragraph 2, where payment volume (PV) represents one twelfth of the total amount of payment transactions payment institution in the preceding year:

a) 4.0 per cent. of the slice of PV up to 5 million. Euro +

b) 2.5 per cent. of the slice of PV above 5 million. euro up to 10 million. Euro +

c) 1 per cent. of the slice of PV above 10 million. euro up to 100 million. Euro +

d) 0.5 per cent. of the slice of PV above EUR 100 million. euro 250 million. Euro +

e) 0.25 per cent. of the slice of PV above EUR 250 million. euro.
Does the company has not completed a full year's business at the date of calculation, used as a basis 1/12 of the total amount of the payment as stated in the company's estimates for the coming year.

Method C

Basis: The bank's net income.
Payment institution's capital base must be for an amount at least equal to the sum of the following elements multiplied by the scaling factor, as defined in Section 2:

a) 10 per cent. of that slice of the relevant indicator up 2.5 million. Euro +

b) 8 per cent. of that slice of the relevant indicator from 2.5 million. euro up to 5 million. Euro +

c) 6 percent. of that slice of the relevant indicator from EUR 5 million. euro up to 25 million. Euro +


d) 3 per cent. of that slice of the relevant indicator from EUR 25 million. euro up to 50 million. Euro +

e) 1.5 per cent. of that slice of the relevant indicator above 50 million. euro.
The relevant indicator is the sum of interest income, interest expenses, commissions and fees received and other operating income. Each element included in the sum with its positive or negative sign. Revenues from the extraordinary and unusual items are excluded. Expenditure on the outsourcing of services provided by third parties may be counted if these costs are charged by an undertaking established in a country within the European Union or in a country outside the European Union, as the Union has concluded an agreement for the financial area.
The relevant indicator is calculated over the previous year. A payment institution has not completed a full year's business at the date of calculation, used as a basis for calculating the net income shown in the institution's estimates for the coming year.
The capital base must at least be an amount calculated in accordance with this method, where the relevant indicator up 80 per cent. of the average for the previous 2 years, the Institute has completed 2 years of operation or more, and for the previous 3 years, if the company has completed three years of service or more.

2. Conversion factor
The scaling factor k to be used in Methods B and C shall be:

a) 0,5 where the payment institution provides only the payment service listed in Annex 1, section 6

b) 0.8 where the payment institution provides only the payment service listed in Annex 1, section 7

c) 1 where the payment institution provides any of the payment services listed in Annex 1, paragraphs 1-5.
Official notes

1) The Act contains provisions that implement European Parliament and Council Directive 2007/64 / EC of 13 November 2007 on payment services in the internal market amending Directives 97/7 / EC, 2002/65 / EC, 2005/60 / EC and 2006/48 / EC and repealing Directive 97/5 / EC (PSD), the OJ 2007 no. L 319, page 1, and European Parliament and Council Directive 2009/110 / EC of 16. september 2009 relating to the taking up and pursuit of the business of electronic money and supervision of the company, amending Directive 2005/60 / EC and 2006/48 / EC and repealing Directive 2000/46 / EC, the Official Journal 2009 , no. L 267, p. 7.

2) There is in error "provide payment". There should rightfully stand "issue electronic money". The error will be corrected in the next legislative amendment.

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