Law on the supervision of payment services (Payment Services Supervision Act-ZAG)

Unofficial table of contents

ZAG

Date of completion: 25.06.2009

Full quote:

" Payment Services Supervision Act of 25 June 2009 (BGBl. I p. 1506), most recently by Article 16 of the Law of 15 July 2014 (BGBl. 934).

Status:

Last amended by Art. 16 G v. 15.7.2014 I 934

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 31.10.2009 + + +) 

  

The G was decided by the Bundestag as Article 1 of the G v. 25.6.2009 I 1506. It occurs gem. Article 9 (2) of this Act entered into force on 31 October 2009. Gem. Art. 9 (1) enters into force on 30 June 2009, § 11 (2), § 12 (6), § 18 (3), § 19 (5), § 29 (2), § 29a (3) and § 30 (3). Unofficial table of contents

Content Summary

Section 1

Definitions,
the scope,
Supervision, payment systems

§ 1	Definitions; exemptions for certain payment institutions
§ 1a	Additional definitions of e-money business; exemptions for certain electronic money institutions
§ 2	Activities and prohibited shops approved for institutions
§ 3	Supervision; decision in case of doubt
§ 4	Intervention against unauthorised payment services and the unauthorised operation of the E-money transaction
§ 5	Prosecution of illicit payment services and the illicit operation of the e-money business
§ 6	Confidentiality of Obligations
§ 7	Access to payment systems
§ 7a	Exceptions to new payment methods in mass payment transactions; Regulation empowerment
§ 7b	Conversion services
§ 7c	Use of the Electronic Direct Debit procedure; Regulation empowerment

Section 2

Permission, owner
major holdings

§ 8	Permission for payment institutions
§ 8a	Permission for e-money institutions
§ 9	Failure to grant permission for payment institutions
§ 9a	Refusal of permission for electronic money institutions
§ 10	Erasing and waiver of permission
§ 11	Holders of major holdings

Section 3

Equity

§ 12	Equity in payment institutions
§ 12a	Equity in electronic money institutions

Section 4

Rules
on supervision
Institutes, immediate enforceability

§ 13	Security requirements for the receipt of amounts of money in the framework of the provision of payment services
§ 13a	Security requirements for the receipt of sums of money for the issueof e-money
§ 14	Information and examinations
§ 15	Dismise of directors, transfer of organs to special representatives
§ 16	Measures in special cases and insolvency applications
§ 17	Presentation of annual financial statements, management report and audit reports
§ 17a	Obligation to notify the auditor when ordering the auditor; ordering in special cases
§ 18	Special obligations of the auditor
§ 19	Use of agents
§ 20	Offload
Section 21	Storage of documents
Section 22	Cashless payment transactions; special organisational obligations of payment institutions and e-money institutions as well as security measures against money laundering and terrorist financing
Section 23	Immediate enforceability

Section 4a

Special provisions for the
E-money business and sales
and the reapability of e-money

Section 23a	Banning the issue of e-money via other people
§ 23b	Obligations of the E-money issuer in the issue and exchange of e-money
Section 23c	Distribution and exchange of e-money by e-money agents

Section 5

Cooperation with
other authorities, branch offices,
Cross-border services

§ 24	Cooperation with other authorities
Section 25	Establishment of a branch, cross-border provision of services
Section 26	Undertakings established in another Member State of the European Economic Area
§ 27	Branch offices of undertakings established outside the European Economic Area

Section 6

Non-judicial appeal proceedings

§ 28	Complaints about payment service providers
Section 28a	Complaints about e-money issuers

Section 7

View,
Payment institutions register,
E-Money-Institut-Register,
Penal provisions, fine
Provisions and transitional provisions

§ 29	View
§ 29a	Monthly statements and further information
§ 30	Payment institution-register
§ 30a	E-Money-Institut-Register
§ 30b	Advertising
Section 31	Criminal provisions
Section 32	Fines
§ 33	Competent managing authority
Section 34	Communication in criminal matters
§ 35	Transitional provisions
§ 36	Transitional provisions for electronic money institutions

Section 1
Definitions, scope, supervision, payment systems

Unofficial table of contents

§ 1 Definitions; Exceptions to certain payment institutions

(1) Payment service providers are:

1.

credit institutions within the meaning of Article 4 (1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 575/2013 on the prudential requirements of credit institutions and investment firms 646/2012 (OJ C 279, 1. 1), which are authorised to operate domestily,

2.

the electronic money institutions within the meaning of Article 1 (1) (b) and Article 2 (1) of Directive 2009 /110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the activities of E-money institutions (OJ L 327, 22. OJ L 267, 10.10.2009, p.7),

3.

the Federal Government, the Länder, the municipalities and associations of municipalities, as well as the institutions of administrative or regional administration, in so far as they do not act in a sovereign way,

4.

the European Central Bank, the Deutsche Bundesbank and other central banks in the European Union or the other States of the Agreement on the European Economic Area, if they are not in their capacity as monetary authorities or other the Authority, and

5.

Undertakings which provide payment services on a commercial or in a scale which requires a commercial operation established in a commercial manner, without falling within the scope of points 1 to 4 (payment institutions).

(2) Payment services shall be:

1.

the services enabling cash payments to be made to a payment account or cash payments from a payment account, as well as all the operations required for the management of a payment account (on-or off-payment),

2.

the execution of payment transactions, including the transfer of sums of money to a payment account from the payment service provider of the payment service user or to another payment service provider by

a)

the execution of direct debits including one-off direct debits (direct debit),

b)

the execution of transfers, including permanent orders (transfer business),

c)

the execution of payment transactions by means of a payment card or a similar payment instrument (payment card business);

without credit guarantee (payment transaction),

3.

the execution of the payment transactions referred to in point 2 with the granting of credit within the meaning of section 2 (3) (payment transaction with credit guarantee),

4.

the issuing of payment authentication instruments or the acceptance and settlement of payment transactions triggered by payment authentication instruments (payment authentication business),

5.

the execution of payment transactions where the consent of the payer for the execution of a payment transaction is transmitted via a telecommunications, digital or IT equipment and the payment to the operator of the telecommunications or IT system or IT network, provided that the operator is acting exclusively as an intermediary between the payment service user and the supplier of the goods or services (digitised payment transaction), and

6.

the services in which, without the establishment of a payment account on the name of a payer or a payee, a sum of money of the payer shall be paid exclusively for the transfer of a corresponding amount to the payee or to another person, in the name of the payee, or where the amount of the money is received on behalf of the payee and made available to the payee (financial transfer business).

(2a) The institutions within the meaning of this Act are the payment institutions within the meaning of paragraph 1 (5) and the electronic money institutions within the meaning of Article 1a (1) (5). (3) A payment account shall be a payment service on the name of one or more payment service users and the execution of payment transactions, which constitutes the accounts receivables and liabilities between the payment service user and the payment service provider within the business relationship in the accounts and accounts and for which the payment service is Payment service user of the payment service provider's claim to the payment service provider (4) A direct debit is a payment transaction triggered by the payee to debit the payer's payment account, to the payee's payment account to the payee, its payment service provider or its own payment service provider. (5) A payment authentication instrument shall be any personalised instrument or method agreed between the payment service user and the payment service provider for the issuing of payment orders, and which shall be Payment service user is used to grant a payment order. (6) A payment system within the meaning of this Act is a system for the purpose of processing, clearing, settlement and settlement of payment transactions on the basis of a formal agreement with common rules, which shall be between a party that has the system (operator) and at least three participants have been taken for the transmission of sums of money; in so doing, any supply and settlement authority, central contracting party or clearing house, which the operator is self-employed, shall not be included in the calculation. Participants may only be payment service providers. (7) An agent within the meaning of this Act is any legal or natural person who, as a self-employed trader, carries out payment services on behalf of a payment institution or an electronic money institution. The actions of the agent shall be attributed to the payment institution or the electronic money institution. (8) General managers within the meaning of this Act are those natural persons who are responsible for the management of the business by law, by statute or by the social contract. are called to represent a payment institution or an e-money institution in the legal form of a legal person or a commercial partnership. In exceptional cases, the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht-Bundesanstalt) may also call a different person who is responsible for the management of the business and who is authorised to represent it as business manager if it is reliable and has the necessary professional competence. Where the name of a person is based on a request from the payment institution or the electronic money institution, it shall be revoked at the request of the payment institution or the electronic money institution or the manager. (9) A significant Participation within the meaning of this Act shall exist where, directly or indirectly through one or more subsidiaries, or a similar relationship or in cooperation with other persons or undertakings, at least 10% of the capital or of the voting rights of a third company in the interest or foreign interest , or if a relevant influence can be exerted on the management of another company. § 21 (1) in conjunction with a legal regulation pursuant to paragraph 3, section 22 (1) to (3a) in conjunction with a legal regulation pursuant to paragraph 5 and section 23 of the Securities Trading Act as well as § 32 shall apply for the calculation of the share of voting rights in connection with a legal regulation pursuant to paragraph 3. (2) and (3) in conjunction with a legal regulation referred to in paragraph 5 (1) of the investment law. No account shall be taken of the voting rights or shares held by institutions within the scope of the emission transaction pursuant to Article 1 (1), second sentence, point 10 of the Banking Act, provided that those rights are not exercised or otherwise used to: in the management of the issuer, and shall be sold within one year of the date of acquisition. The indirectly held participations shall be attributed to the persons and undertakings directly involved. (9a) Initial capital within the meaning of this Act is the core capital within the meaning of § 10 (2a) sentence 1, point 1, 2, 3 or 6 of the Creditwesengesetz in the version valid until 31 December 2013. (9b) Secure assets with a low risk within the meaning of this Act are assets under a category listed in Annex I, point 14, Table 1 of Directive 2006 /49/EC of 14 June 2006. on the capital adequacy of investment firms and credit institutions in the Version of Article 1 (1) (b) of Commission Directive 2009 /27/EC of 7 April 2009 amending certain Annexes to Directive 2006 /49/EC of the European Parliament and of the Council as regards technical requirements relating to the Risk management 97), for which the capital requirement for the specific risk is not higher than 1.6 per cent, but excluding other qualified positions in accordance with point 15 of that Annex. Safe assets with a low risk within the meaning of this Act are also shares in an organism for collective investment in transferable securities, which invests exclusively in the assets referred to in sentence 1. (10) No payment services are:

1.

payment transactions which, without intermediary bodies, shall be made exclusively as direct cash payment from the payer to the payee;

2.

payment transactions between the payer and the payee through a commercial agent or a central regulator authorised to negotiate the sale or purchase of goods or services on behalf of the payer or the payee; or complete,

3.

the commercial transport of banknotes and coins, including their receipt, processing and transfer;

4.

Services in which the payee pays cash to the payer in the course of a payment transaction after the payment service user expressly refers to it before the execution of a payment transaction for the purchase of goods or services ,

5.

money-exchange operations that are handled in cash;

6.

Payment transactions on which one of the following documents is based, drawn on the payment service provider and provides for the provision of a sum of money to a payee:

a)

a paper cheque within the meaning of the Scheck Act or a similar cheque in paper form in accordance with the law of another Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area,

b)

a change in paper form within the meaning of the exchange law or a comparable change in paper form in accordance with the law of another Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area,

c)

a voucher in paper form,

d)

a travel check in paper form or

e)

a paper form in the sense of the definition of the Universal Postal Association,

7.

Payment operations carried out within a payment or securities settlement system between payment compensation agents, central counterparties, clearing houses or central banks and other participants in the system and payment service providers ,

8.

Payment transactions relating to the operation of investment securities, the operations of the undertakings referred to in point 7 or of credit institutions, financial services institutions or capital management companies within the framework of their authorisation to credit law, or the investment law or the capital investment code,

9.

Services provided by technical service providers who, while contributing to the provision of payment services, do not, at any time, acquire the funds to be transferred, such as the processing and storage of funds. Data, confidence-building measures and services for the protection of privacy, message and instant authentication, provision of IT and communications networks, and the provision and maintenance of terminal equipment used for payment services, and Facilities,

10.

Services based on instruments for the purchase of goods or services only in the premises of the issuer, or in the context of a business agreement with the issuer, either for the purpose of acquiring within a limited network may be used by service providers or for the acquisition of a limited selection of goods or services,

11.

Payment transactions carried out via a telecommunications, digital or IT device when the goods or services are delivered to a telecommunications, digital or IT equipment and are used by such equipment provided that the operator of the telecommunications, digital or IT system or IT network does not act exclusively as an intermediary between the payment service user and the supplier of goods and services,

12.

Payment transactions carried out by payment service providers on their own account or by their agents or branches on their own account,

13.

payment transactions within a group or between members of a credit-management group;

14.

Services provided by service providers who have not concluded a framework contract with customers where money is being lifted for one or more card issuers at multi-functional ATMs, provided that these service providers do not have any other payment services, and

15.

the non-professional acceptance and transfer of cash within the framework of a non-profit-making activity or non-profit-making activity.

(11) § § 11, 14, 15, 17, 17a, 20, 21, 29 and 29a shall not apply to payment institutions which have a permit within the meaning of the first sentence of section 32 (1) of the Banking Act, in so far as the law on credit contains a similar arrangement. (12) The Payment services of the Kreditanstalt für Wiederaufbau shall not be considered as payment services within the meaning of this Act. Unofficial table of contents

§ 1a Additional definitions of e-money business; exemptions for certain electronic money institutions

(1) E-money issuers are:

1.

the credit institutions referred to in Article 1 (1) (1) within the meaning of Article 4 (1) of Directive 2006 /48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 327, 30.4.2006, p. 1), which are authorised to operate domestily,

2.

the Federal Government, the Länder, the municipalities and associations of the municipal authorities and the institutions responsible for the administration of national or regional authorities, in so far as they act as a public authority,

3.

the European Central Bank, the Deutsche Bundesbank and other central banks in the European Union or the other States of the Agreement on the European Economic Area, if they are not in their capacity as monetary authorities or other the authority,

4.

the Kreditanstalt für Wiederaufbau,

5.

Companies operating the e-money business without falling under numbers 1 to 4 (E-money institutions).

(2) E-money business is the issuance of e-money. (3) E-money is any electronically, including magnetically, stored monetary value in the form of a claim against the issuer, which is issued against payment of a sum of money, in order to (4) Average amount of E-money is to be paid in accordance with § 675f (3) sentence 1 of the Civil Code, and also accepted by other natural or legal persons other than the issuer. average amount of the total at the end of each calendar day over the past six Calendar months of financial liabilities arising from e-money, calculated on the first calendar day of each calendar month and valid for that calendar month. (5) No e-money in the sense of this law is a monetary value

1.

which is stored on instruments within the meaning of Article 1 (10) (10), or

2.

which shall be used for payment transactions in accordance with Article 1 (10) (11).

(6) The e-money agent within the meaning of this Act is any natural or legal person acting as a self-employed trader on behalf of an electronic money institution in the distribution and exchange of e-money. Unofficial table of contents

§ 2 Activities approved for institutions and prohibited transactions

(1) An institution shall not be allowed to operate outside the limits set out in paragraphs 1a and 2 and its authorization pursuant to Article 8 (1), first sentence, or § 8a (1), sentence 1, for commercial purposes or to an extent which requires a commercial operation established in a commercial manner; Deposits or other repayable funds from the audience. (1a) Money that an electronic money institution has received for the purpose of issuing e-money has to exchange it immediately in e-money. Such funds shall not be deemed to be deposits or other repayable funds of the public within the meaning of Section 1 (1), second sentence, point 1 of the Banking Act, if the issuance of the e-money simultaneously or immediately after the receipt of the in exchange. the amount of money to be paid in exchange for the issueof e-money. E-money and the credit resulting from the issuance of the e-money shall not be allowed to be remunerated and other advantages associated with the length of the holding period shall not be granted. (2) Insofar as an institution within the scope of the permit according to § In the first sentence of Article 8 (1) or the first sentence of Article 8a (1), the institution shall be entitled to carry out payment transactions exclusively through those payment accounts. Credit on payment accounts held at the Institute may not be remunerated. The amounts of money which an institution receives from the payment service users for the performance of payment transactions shall not be considered as deposits or other necessarily repayable funds of the public within the meaning of section 1 (1) sentence 2 no. 1 of the (3) In the context of its authorization pursuant to § 8 (1) sentence 1 or § 8a (1) sentence 1, an institution may only use payment service users in connection with payment services within the meaning of Article 1 (2) (3) to (5) of the German Banking Act pursuant to § 19 of the German Banking Act (§ 19) of the German Banking Act (§ 8). Grant of credit law, provided that:

1.

the granting of the credit is carried out as a secondary activity and exclusively in connection with the execution of a payment transaction;

2.

in the credit agreement, a term of more than 12 months is not agreed and the loan is to be repaid in full within 12 months and

3.

the loan is not granted from the amounts of money received or held for the purpose of carrying out a payment transaction.

The first sentence shall apply to electronic money institutions, subject to the proviso that the loan may not also be granted from the sums of money received and held for the expenditure of e-money. A credit guarantee which meets the conditions set out in the first and second sentence shall not be considered as a credit transaction within the meaning of the second sentence of section 1 (1) of the Banking Act if it is carried out by an institution which, as a credit institution, does not permit the Operating the credit business. In this case, the payment institution shall, before the conclusion of a consumer loan contract or contract, examine the creditworthiness of the consumer with a payment of financial assistance. The basis may be information from the consumer and, if necessary, information from bodies that collect, for the purpose of transmission, personal data which may be used to assess the creditworthiness of consumers, Save or change. In the event of a change in the amount of the net loan, the information shall be updated. In the event of a significant increase in the net loan amount, credit worthiness shall be reassessed. The provisions on the protection of personal data shall remain unaffected. Unofficial table of contents

§ 3 Supervision; decision in case of doubt

(1) The Federal Institute shall exercise the supervision of the institutions in accordance with the provisions of this Act. (2) The Federal Institute may, within the limits of the tasks assigned to it by law, take orders to the institutes and their heads of business, which shall: is appropriate and necessary in order to prevent or prevent infringements of prudential rules or to prevent or eliminate maladministration in an institution which is responsible for the security of the assets entrusted to the institution or the proper implementation of the payment services or the proper operation of the E-money business. (3) The Bundesanstalt and the Deutsche Bundesbank shall cooperate in accordance with this law; § 7 of the Banking Act shall apply accordingly. (4) The Federal Institute shall decide in It is doubtful whether a company is subject to the provisions of this law. Their decisions bind the other administrative authorities. Unofficial table of contents

§ 4 intervention against unauthorised payment services and the unauthorised operation of the e-money business

(1) If payment services are provided without the permission required under section 8 (1) (unauthorised payment services), or without the permission required under section 8a (1), the e-money business is operated (unauthorised operation of the e-money business), the Bundesanstalt may order the immediate cessation of business operations and the immediate handling of these transactions with the company, as well as with its shareholders and the members of its bodies. It may enact instructions for the settlement and appoint a suitable person as a liquidate. It may make known its measures in accordance with sentences 1 and 2 and in accordance with Section 23a; personal data may only be published to the extent that this is necessary for the security of the security. The powers of the Bundesanstalt in accordance with sentences 1 to 3 shall also exist in relation to the undertaking which is involved in the initiation, closure or settlement of such operations, as well as to its shareholders and to the members of its members. Organs. (2) The unwinder is entitled to the application for the opening of insolvency proceedings on the assets of the company. § 37 (3) of the Banking Act applies accordingly. (3) The unwinder receives an appropriate remuneration from the Bundesanstalt and reimbursement of his expenses. The amounts paid shall be reimbursed separately to the Federal Institute by the company concerned and shall be pre-shot at the request of the Federal Institute. The Bundesanstalt may instruct the company concerned to pay the amount fixed by the Bundesanstalt directly to the developer on behalf of the Bundesanstalt, if this does not affect the independence of the winder is. Unofficial table of contents

§ 5 Persecution of unauthorised payment services and the illicit operation of the e-money business

(1) An enterprise where it is established or, in fact, justifies the assumption that it provides unauthorised payment services, does not allow the E-money business or that it is not authorised to initiate, conclude or liquidate the payment of the money. Payment services or the illicit operation of the E-money business is or has been included, as well as the members of the institutions, the shareholders and the employees of such a company have the Bundesanstalt as well as the Deutsche Bundesbank on Request information on all business matters and documents . A member of an institution, a partner or an employee shall, on request, also provide information and provide documents upon his departure from the institution or company. (2) To the extent that this is necessary for the purpose of determining the nature or the the extent of the transactions or activities is necessary, the Bundesanstalt may carry out audits on premises of the undertaking and in the premises of persons and undertakings subject to the information provided for in paragraph 1; it may carry out the implementation of the procedure of the examinations of the Deutsche Bundesbank. The staff of the Bundesanstalt and the Deutsche Bundesbank may enter and visit these rooms within the usual operating hours and business hours. In order to prevent urgent threats to public order and public security, they are entitled to enter and visit these spaces outside the normal operating and business hours, as well as rooms which also serve as an apartment; the fundamental right Article 13 of the Basic Law shall be restricted to this extent. (3) The staff of the Bundesanstalt and the Deutsche Bundesbank shall be entitled to the premises of the undertaking and the persons and undertakings subject to the information provided for in paragraph 1. search. In the context of the search, staff shall also be allowed to search the persons responsible for information and treatment for the purpose of securing objects within the meaning of paragraph 4. The fundamental right of Article 13 of the Basic Law is limited to this extent. Searches of business premises and persons shall be ordered by the court, except in the event of danger in default. Searches of rooms that serve as an apartment shall be ordered by the court. The district court, in whose district the rooms are located, is responsible. The appeal is admissible against the court's decision; § § 306 to 310 and 311a of the Code of Criminal Procedure apply accordingly. A transcript is to be produced via the search. It must include the responsible service, reason, time and place of search and its result and, if no court order has been issued, also facts which have justified the acceptance of a danger in the course of the infringement. (4) The Employees of the Bundesanstalt and the Deutsche Bundesbank can ensure that items of evidence can be considered as evidence for the investigation of the facts. (5) The persons concerned shall have measures in accordance with the first sentence of paragraphs 2 and 3, and Paragraph 4. The person responsible for providing information may refuse to reply to such questions, the answers to which he or she himself or one of the members of the civil procedure referred to in § 383 (1) (1) to (3) of the Code of Civil Procedure of the Risk of Criminal Law (6) The provisions of paragraphs 1 to 5 shall apply mutagenly to other undertakings and persons, provided that:

1.

Justifies the assumption that they are included in the initiation, conclusion or settlement of payment services or of the e-money business, which are provided in another State, contrary to an existing prohibition, and

2.

the competent authority of the other State shall make such a request to the Federal Agency.

Unofficial table of contents

§ 6 Obligation of Confidentiality

The persons employed by the Federal Labour Office and the persons charged pursuant to Article 4 (3) of the Financial Services Supervisory Act, the supervisory staff appointed pursuant to section 16 (2) sentence 2, second sentence of the second sentence, as well as the persons appointed in accordance with Article 4 (1) sentence 2. Persons standing in the service of the Deutsche Bundesbank, in so far as they are engaged in the implementation of this Act, may be aware of the facts which have become known to them in their activities and whose secrecy is in the interests of the Institute or of a third party, , in particular business and trade secrets, shall not be disclosed without unauthorised disclosure, or , even if they are no longer in service or have finished their activities. § 9 (1) sentences 2 to 8 and paragraphs 2 to 4 of the Banking Act shall apply accordingly. Unofficial table of contents

§ 7 Access to payment systems

(1) The operator of a payment system shall not directly or indirectly provide payment service providers, payment service users and similar payment systems.

1.

in the case of access to the payment system, obstruct restrictive conditions or other disproportionate means,

2.

in respect of their rights and obligations as participants in the payment system, treat them differently without objectively justifiable reason; and

3.

with regard to the institutional status of the payment service provider.

(2) The operator of a payment system may lay down objective conditions for participation in a payment system in so far as it is intended for the effective protection of the financial and operational stability of the payment system and for the prevention of the , participation in a payment system is required. These risks include the operational risk, the risk of performance and the entrepreneurial risk. (3) Each payment service provider and any other payment system must face a payment system prior to accession and during its participation in the payment system. the operator and the other participants in the payment system demonstrate that his own arrangements meet the objective conditions of the payment system operator within the meaning of paragraph 2 for participation in the system. (4) Paragraph 1 shall not apply to:

1.

the systems referred to in Article 1 (16) of the Banking Act;

2.

Payment systems consisting exclusively of payment service providers belonging to a single group of companies, provided that there are capital links between these individual undertakings and that one of the affiliated undertakings is the actually exercise control over the others, as well as payment systems that exist within a credit-credit union group,

3.

Payment systems in which a single payment service provider is a single legal entity or a group

a)

is a payment service provider for the payer and the payee, or can act as such, and is solely responsible for the management of the system, and

b)

grants the other payment service providers the right to participate in the system, provided that the other payment service providers are not entitled to negotiate charges in relation to the payment system, but that their own pricing in the system is not Reference to payers and payees.

(5) If the person concerned is in breach of paragraph 1, the person concerned shall be obliged to do so and if there is a risk of recurrence. Anyone who intentionally or negligently commits a breach in accordance with sentence 1 shall be obliged to compensate the person concerned to compensate for the damage resulting therefrom. These rights are subject to the proper legal process. (6) The tasks and responsibilities of the antitrust authorities under the law against restrictions on competition remain unaffected. The antitrust authorities are acting on a uniform interpretation of this law, which is in the context of the law against restrictions on competition. Unofficial table of contents

§ 7a Exceptions to new payment methods in mass payment transactions; Regulation empowerment

(1) Applications referred to in Article 4 (4) of Regulation (EU) No 260/2012 laying down the technical requirements and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (OJ L 145, 31.5.2009, p. 22) are to be made at the Federal Institute if the applicant has its registered office in Germany. (2) The Federal Ministry of Finance is authorized to do so by means of a decree law which does not require the approval of the Federal Council, in the Act with the Deutsche Bundesbank to lay down more detailed provisions on the content, nature and extent of the information, evidence and documents which must contain an application pursuant to Article 4 (4) of Regulation (EU) No 260/2012. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the associations of the institutes shall be heard. Unofficial table of contents

§ 7b Conversion services

A payment service provider may, by 1 February 2016, offer a payment service user, who is a consumer, in accordance with rates 3 to 5, conversion services for domestic payments. Conversion services for domestic payments are services by which payment service users in accordance with the first sentence continue to use the domestic account identifier BBAN instead of the one referred to in point 1 (a) of the Annex to Regulation (EU) No 260/2012. You can use identifier for payment accounts. Conversion services may only be provided on condition that interoperability is ensured by technically and safely the domestic account identifier BBAN of the payer and the payee in the case referred to in point 1 The identifier referred to in point (a) of the Annex to Regulation (EU) No 260/2012 shall be converted for payment accounts. This payment account number shall be notified to the payment service user who is responsible for the order, provided that the payment is appropriate before the payment is carried out. A payment service provider shall not collect any additional charges or other charges directly or indirectly linked to the conversion service from the payment service user. Unofficial table of contents

§ 7c Use of the Electronic Direct Debit Procedure; Regulation empowerment

(1) The requirements of Article 6 (1) and (2) of Regulation (EU) No 260/2012 shall be suspended until 1 February 2016 in respect of payments generated at a point of sale by means of a payment card and to a direct debit note to or from a sales point of view; or from a payment account identified by a domestic account code BBAN or an international account identifier IBAN (electronic direct debit). (2) The Federal Ministry of Finance may be subject to a legal regulation that does not include the Approval of the Federal Council requires detailed provisions for the technical implementation of the Electronic direct debit, insofar as this is necessary for the purposes of paragraph 1 for the performance of the tasks of the Federal Agency. In particular, the Federal Ministry of Finance may determine the identification of the data set to be forwarded by the payee to the payment service provider in the electronic direct debit procedure.

Section 2
Permission, holders of significant participations

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§ 8 Permission for payment institutions

(1) Anyone wishing to provide payment services as a payment institution in a commercial manner or in an amount which requires a business enterprise established in a commercial manner shall require the written permission of the Federal Office. Section 37 (4) of the Administrative Procedure Act shall apply. (2) In addition to the provision of payment services, the following shall be covered by the permit:

1.

the provision of operational and closely related ancillary services; ancillary services shall be to ensure the execution of payment transactions, foreign exchange operations, data protection services and the Data storage and processing and custody services, in so far as these are not the receipt of deposits,

2.

the operation of payment systems in accordance with § 7 and

3.

Business activities which do not exist in the provision of payment services, taking into account the existing Community law and the relevant national law.

(3) The application for permission must contain the following information and evidence:

1.

the business model showing, in particular, the nature of the intended payment services;

2.

the business plan, with a budget plan for the first three financial years, which indicates that the applicant has appropriate and proportionate systems, resources and procedures to carry out its activities properly,

3.

the proof that the payment institution has the initial capital according to § 9 No. 3,

4.

a description of the measures taken to meet the security requirements of Section 13;

5.

a description of the corporate management and internal control mechanisms of the applicant, including the administrative, risk management and accounting procedures, which indicates that such company management, control mechanisms, and procedures are proportionate, appropriate, reliable and sufficient,

6.

a description of the internal control mechanisms introduced by the applicant in order to comply with the requirements of Article 22 (1), third sentence, points 1 to 3 and 4, paragraphs 2 and 3,

7.

a presentation of the organisational structure of the applicant, including, where appropriate, a description of the planned use of agents and branches, as well as a presentation of the swap arrangements, and a description of the Description of the way in which it is to participate in a national or international payment system,

8.

the names of the holders of a significant holding, the level of their participation and the evidence that they satisfy the requirements to be met in the interests of ensuring sound and prudent management of the payment institution; § 2c (1) Sentence 4 of the Banking Act shall apply accordingly,

9.

the names of the directors, the persons responsible for the management of the payment institution and, in the case of undertakings, who, in addition to the provision of payment services, carry out other business activities for the purposes of Management of the payment services of the payment institution responsible persons. The application must contain proof that the persons mentioned above are reliable and have adequate theoretical and practical knowledge and skills to provide payment services. The applicant shall appoint at least two directors; in the case of payment institutions of small size, a manager shall be required to:

10.

where applicable, the names of the auditor of the annual financial statements and the consolidated financial statements,

11.

the legal form and the statutes or the social contract of the applicant; and

12.

the address of the principal administration or seat of the applicant.

(4) Within three months of receipt of the complete application, the Federal Institute shall inform the applicant of whether the permit has been granted or refused. (5) The Federal Institute may grant permission subject to conditions which are within the scope of the application Law must abide by law. Within the framework of this purpose, it may also restrict the authorisation to individual payment services. If at the same time the payment institution enters into other business activities, the Federal Institute may impose on it that it has to split these operations or has its own enterprise for the payment service business, if those transactions are the the financial soundness of the payment institution or the possibilities for examination. (6) The payment institution shall immediately notify the Federal institution of any substantive and structurally significant change in the actual or to the extent that they are correct in accordance with (7) The Bundesanstalt shall disclose the grant of the licence in the Federal Gazette (Bundesanzeiger). (8) To the extent that a permit referred to in paragraph 1 is required for the provision of payment services, the following information shall be provided: Registrations in public registers shall only be made if the register court has been granted permission to do so. Unofficial table of contents

§ 8a Permission for e-money institutions

(1) If you want to run the e-money business in Germany as an electronic money institution, you must obtain the written permission of the Federal Institute. Section 37 (4) of the Administrative Procedure Act shall apply. (2) In addition to the provision of the E-money business, the authorization referred to in paragraph 1 shall include:

1.

the provision of payment services within the meaning of Article 1 (2);

2.

the granting of loans under the conditions laid down in Article 2 (3) and the second sentence of Article 12a (1),

3.

the provision of operational services and related ancillary services related to the issueof e-money or to the provision of payment services within the meaning of Article 1 (2);

4.

the operation of payment systems within the meaning of Article 1 (6), without prejudice to § 7,

5.

other business activities than the issueof e-money under the existing Community and national legislation.

(3) The content of the application for approval shall be subject to the application of Article 8 (3), points 2, 5, 6, 8 and 10 to 12. The permit application must also contain the following information and evidence:

1.

the business model showing, in particular, the intended issuances of e-money and the nature of the intended payment services;

2.

the evidence that the E-Money Institute has the initial capital according to Section 9a (1),

3.

a description of the measures taken to meet the security requirements of § 13a and, where payment services are provided, also the security requirements of § 13,

4.

a presentation of the organisational structure of the applicant, including, where appropriate, a description of the proposed use of e-money agents, branches and, where payment services are provided, agents and a the presentation of the swap arrangements and a description of the way in which they participate in a national or international payment system;

5.

the names of the directors, the persons responsible for the management of the E-money institution and, in so far as they are undertakings, the other business activities, in addition to the issueof e-money and the provision of payment services , the persons responsible for the issueof e-money and the provision of payment services of the E-money-Institute. The application must contain proof that the persons mentioned above are reliable and have adequate theoretical and practical knowledge and skills to issue e-money and the provision of payment services. The applicant shall appoint at least two business managers; in the case of low-sized electronic money institutions, a business manager shall be sufficient.

§ 8 (4) and (7) shall apply in respect of the further procedure. (4) The Federal Institute may grant permission subject to conditions which must comply with the purpose pursued by this Act. If the E-Money Institute provides payment services at the same time, or if other business activities are carried out, the Federal Institute may impose on it that it has to split the provision of payment services or the other transactions or that it has its own company. for the e-money business, if it could affect or impair the financial soundness of the e-money institution or the possibilities for examination. (5) The E-Money Institute immediately has the Federal Institute for any material and structural change of the actual and legal Conditions shall be communicated to the extent that they relate to the accuracy of the information and evidence submitted pursuant to the first and second sentences of paragraph 3. (6) Where a permit referred to in paragraph 1 is required for the operation of the e-money business, entries may be made in the Public registers shall be made only if the register court has been granted the licence to do so. Unofficial table of contents

§ 9 Say of permission for payment institutions

Permission to provide payment services shall be refused if:

1.

the applicant is not a legal person or a person-trading company;

2.

the application does not contain sufficient information or documents, contrary to Article 8 (3);

3.

the resources necessary for the operation of the business, in particular a sufficient initial capital within the meaning of Article 1 (9a), are not available in Germany; the initial capital must be available:

a)

in the case of payment institutions which only provide the payment services referred to in Article 1 (2) (6), an amount equivalent to at least EUR 20 000;

b)

in the case of payment institutions which only provide the payment services referred to in Article 1 (2) (5), an amount equivalent to at least EUR 50 000;

c)

in the case of payment institutions which provide the payment services referred to in Article 1 (2) (1) to (4), an amount equivalent to at least EUR 125 000.

To the extent that a payment institution has a permit within the meaning of § 32 (1) sentence 1 of the Banking Act, the higher value determined in accordance with this provision and § 33 (1) of the Banking Act shall be calculated for the calculation of the necessary funds;

4.

Facts justifying the assumption that the applicant or the holder of a significant holding or, if that person is a legal person, also a legal or statutory representative, or, if he or she is a commercial company, , is also a shareholder, is not reliable or, for other reasons, is not sufficient to meet the requirements of the sound and prudent management of the payment institution;

5.

where it appears that a manager is not reliable or does not have the professional competence required for the management of the payment institution and does not have any other person in accordance with § 8 (3) no. 9 as business manager ; the professional competence requires that there is sufficient theoretical and practical knowledge of the relevant business and management experience;

6.

the payment institution does not have effective procedures for the identification, management, monitoring and reporting of risks, as well as adequate internal control procedures in accordance with § 22 including sound administrative and accounting procedures, or the security requirements laid down in § 13 are not met;

7.

Justifies the assumption that an effective supervision of the payment institution is impaired; this is particularly the case where:

a)

the payment institution is integrated with other persons or undertakings in a group of undertakings or is in a close connection within the meaning of Article 4 (1) (38) of Regulation (EU) No 575/2013 to such an entity as a result of the the structure of equity or poor economic transparency impairs the effective supervision of the payment institution;

b)

effective supervision of the payment institution as a result of the laws, regulations or administrative provisions of a third country applicable to such persons or undertakings; or

c)

the payment institution is a subsidiary of an institution established in a third country which is not effectively supervised in the state of its registered office or its head office or whose supervisory authority is responsible for a satisfactory cooperation is not ready with the Bundesanstalt;

8.

the payment institution does not have its head office in the country.

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§ 9a Say of permission for electronic money institutions

Permission to operate the E-money business is to fail if

1.

the resources necessary for the operation of the business, in particular an adequate initial capital within the meaning of Article 1 (9a), are not available for the purpose of an amount equivalent to a value of at least EUR 350 000. To the extent that an electronic money institution has a permit within the meaning of the first sentence of Article 32 (1) of the Banking Act, the calculation of the necessary funds shall be subject to the higher value specified in accordance with this provision and section 33 (1) of the Banking Act.

2.

the application does not contain sufficient information or documents, contrary to Article 8a (3),

3.

a reason for failure pursuant to Section 9 (1) or (4) to (8) has been complied with, or

4.

the security requirements of § 13a are not fulfilled or are contrary to the prohibition of § 23a.

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§ 10 Erdeleting and waiver of permission

(1) The permission shall be issued if it has not been made use of it within a year or if it has been expressly waived. (2) The Federal Office may grant permission except in accordance with the provisions of the Repeal the Administrative Procedure Act if:

1.

the business to which the permit relates has not been exercised for more than six months,

2.

the permission has been obtained unlawfully on the basis of false information or in any other way;

3.

shall be aware of any facts which would justify the failure to grant permission in accordance with Section 9 or Article 9a, or

4.

the continuation of the provision of payment services or the operation of the e-money business would endanger the stability of the payment system operated.

(3) § 38 of the Banking Act shall apply accordingly. § 48 (4) sentence 1 and section 49 (2) sentence 2 of the Administrative Procedure Act on the annual deadline are not applicable. (4) The Federal Office makes the annulment or the erasing of the permission in the Federal Gazette known. Unofficial table of contents

Section 11 Holdings of major holdings

(1) The holder of a significant stake in an institution must meet the requirements to be met in the interests of sound and prudent management of the institution. The provisions of Section 2c (1) sentences 1 to 7, (1a) and 1b (2) to (7), (2) and (3) of the Banking Act shall apply accordingly. § 2c (1b) sentence 1 of the Banking Act is subject to the proviso that the intended acquisition of the significant shareholding or its increase will be prohibited only on the basis of the numbers 1 and 3 to 5 there and in the case of § 9 No. 6 (2) The Federal Ministry of Finance is empowered to adopt, by means of a regulation without the consent of the Federal Council, in consultation with the Deutsche Bundesbank, more detailed provisions on the essential documents and facts which the Federal Ministry of Finance interested acquirers of a significant shareholyin accordance with the second sentence of paragraph 1 in conjunction with Section 2c (1) sentence 2 of the German Banking Act (Kreditwesengesetz) in the advertisement, to the extent that such information is required for the performance of the tasks of the Federal Agency. The Federal Ministry of Finance may, without the consent of the Federal Council, transfer the authorization to the Federal Institute without the consent of the Federal Council, with the proviso that the Regulation shall be issued in agreement with the German Federal Bank. Prior to the adoption of the legal regulation, the associations of the institutes shall be heard.

Section 3
Equity

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§ 12 Equity in payment institutions

(1) Payment institutions must have, in the interest of fulfilling their obligations, the appropriate equity capital pursuant to § 10, second sentence, sentence 2 to 7, paragraph 2a and 2b of the Banking Act, in the version valid until 31 December 2013. In the opinion of the Bundesanstalt, the equity capital must at all times be proportionate to the total amount of the loans granted. (2) The Bundesanstalt shall take measures which are necessary in cases, in cases where the institution is responsible for the where a payment institution belongs to the same group as another payment institution, a credit institution, a financial services institution, an asset management company or an insurance undertaking, in order to prevent the components from being for the calculation of the liable equity capital, several times shall be used. This shall also apply if a payment institution is following other business activities in addition to the provision of payment services. (3) Provided that the conditions for an exemption pursuant to Section 2a of the Banking Act in conjunction with Article 7 (1) and 2 of Regulation (EU) No 575/2013, the Bundesanstalt may desist from applying paragraphs 1, 2, 4 and 5 to payment institutions included in the consolidated supervision of the parent institution. (4) Payment institutions The Bundesanstalt and the Deutsche Bundesbank have a quarterly basis for the To provide the necessary information to verify the capital adequacy. The legal regulation referred to in paragraph 6 may, in special cases, provide for a longer reporting period. The Federal Institute may assess the appropriateness of the equity on the basis of an evaluation of the business organisation, risk management, loss database, internal control mechanisms and the actual risks of the The payment institution requires that the financial institution of the payment institution must comply with an amount which deviates by up to 20% from the solvency principles. (5) Payment institutions which have a permit in accordance with § 32 (1) of the In addition to the capital requirements, the law on loans has to be to determine the own resources requirements laid down in Articles 24 to 386 of Regulation (EU) No 575/2013 or in accordance with Article 1a of the Banking Act in conjunction with Articles 24 to 386 of Regulation (EU) No 575/2013, provided that they: shall not be excluded from the application of these Articles. If the requirements laid down in this Act are higher, they shall be covered by equity referred to in paragraph 1. (6) The Federal Ministry of Finance shall be authorized, by means of a regulation without the consent of the Federal Council, in consultation with the German authorities. Bundesbank detailed rules on the capital adequacy (solvency) of the payment institutions, in particular on:

1.

the calculation methods,

2.

the content, nature, scope and form of the information required in accordance with paragraph 4,

3.

Reporting obligations in the event of non-compliance with capital requirements and

4.

the data carriers, transmission routes and data formats permitted for data transmission

to the Commission. The Federal Ministry of Finance may, without the consent of the Federal Council, transfer the authorization to the Federal Institute without the consent of the Federal Council, with the proviso that the Regulation shall be issued in agreement with the German Federal Bank. Prior to the adoption of the regulation, the associations of payment institutions shall be heard. Unofficial table of contents

§ 12a Equity in electronic money institutions

(1) E-money institutions must have, in the interests of the fulfilment of their obligations, adequate equity in accordance with § 10 (2) sentences 2 to 7, paragraphs 2a and 2b of the Banking Act, in the version valid until 31 December 2013. In the circumstances of Section 2 (3), the Bundesanstalt's own capital must always be proportionate to the total amount of the loans granted. (2) The Bundesanstalt shall take measures which are necessary in order to ensure that the funds are used in cases, in which an electronic money institution belongs to the same group as another E-money institution, a payment institution, a credit institution, a financial services institution, an asset management company or an insurance undertaking, that the components used for the calculation of the equity capital in The question is to be used several times. This shall also apply if an electronic money institution is responsible for other business activities in addition to the operation of the e-money business. (3) § 12 (3) to (5) shall apply accordingly. (4) The Federal Ministry of Finance is authorized by Ordinance without the consent of the Federal Council in consultation with the Deutsche Bundesbank to enact more detailed provisions on the capital adequacy (solvency) of the electronic money institutions, in particular

1.

the calculation methods,

2.

the content, nature, scope and form of the information required in accordance with paragraph 3 in conjunction with Article 12 (4);

3.

Reporting obligations in the event of non-compliance with capital requirements and

4.

the data carriers, transmission routes and data formats permitted for data transmission.

The Federal Ministry of Finance may, without the consent of the Federal Council, transfer the authorization to the Federal Institute without the consent of the Federal Council, with the proviso that the Regulation shall be issued in agreement with the German Federal Bank. Prior to the adoption of the regulation, the associations of payment institutions shall be heard.

Section 4
Rules on the supervision of institutions, immediate enforceability

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Section 13 Security requirements for the receipt of amounts of money in the framework of the provision of payment services

Institutions shall ensure that the amounts of money which they have received from the payment service users or through another payment service provider for the execution of payment transactions shall be secured in accordance with one of the methods described in sentence 2. The amounts of money

1.

a)

shall not be mixed at any time with the sums of money from other natural or legal persons than the payment service user for which they are held,

b)

if they are still in the hands of the institution at the end of the business day following the day of their receipt and have not yet been handed over to the payee or transferred to another payment service provider, on a deposit open trust account at a credit institution or invest in safe liquid assets with low risk, as defined by the Federal Institute, and

c)

shall be separated from the other assets of the institution in such a way that, in the event of insolvency, they do not fall within the insolvency of the institution and the creditors of that institution do not have access to them by way of individual enforcement,

or

2.

by insurance or other comparable guarantee in respect of an insurance undertaking or credit institution empowered to operate within the scope of this Act, which does not belong to the same group as the institution itself, shall be covered by an amount corresponding to that which would have to be kept separately without the insurance or other comparable guarantee and which shall be payable in the event of the insolvency of the payment institution.

(2) If an institution has to hedge funds under paragraph 1 and part of these funds is to be used for future payment operations, while the remaining part must be used for services other than payment services, paragraph 1 shall apply: (3) The Institute has to present to the Federal Institute during the current business operation on request and to prove that it has taken sufficient measures to ensure that the funds are not adequately taken up by the Federal Institute for the Future. in order to comply with the requirements referred to in paragraphs 1 and 2. If the evidence is not provided or if the measures are not sufficient, the Federal Institute may request the Institute to provide the necessary evidence or to make arrangements which are appropriate and necessary, the existing shortcomings , the Bundesanstalt may determine a reasonable period of time for this. If the evidence or precautions are not submitted or are not submitted or executed within the time limit, the Federal Institute may take measures pursuant to section 16 (2). Unofficial table of contents

§ 13a Security requirements for the receipt of sums of money for the issueof e-money

(1) E-money institutions shall have the amounts of money they have received in respect of the issueof e-money or in the framework of the provision of payment services for the execution of payment transactions, in accordance with the conditions laid down in Article 13 (1), second sentence, point 1 (a) up to c or number 2. Section 13 (1), second sentence, point 1 (b) shall apply with the proviso that the safe assets at low risk shall be determined in accordance with Article 1 (9b). In exceptional cases, the Bundesanstalt may exclude assets covered by Article 1 (9b) if they are not considered as safe assets of low risk due to the assessment of the safety, maturity, value or other risk factors. (2) If funds are accepted for the purpose of issuing e-money through payment by means of a payment authentication instrument, these amounts shall, as soon as they are credited to the payment account of the E-money institution, shall be accepted. or the E-Money Institute in accordance with the provisions of Section 675s of the Civil Code No later than five business days within the meaning of Section 675n (1) sentence 4 of the Civil Code shall be made available after the e-money has been issued. (3) § 13 (2) and (3) shall apply accordingly. (4) The Federal Office may determine according to which the method described in Article 13 (1), second sentence, the electronic money institution shall secure the amounts received. Unofficial table of contents

Section 14 Information and examinations

(1) An institution, the members of its institutions and its employees and the agents working for the institute, as well as e-money agents, its branches and swap bodies, shall have the Federal Institute, the persons and entities of which the institution is responsible. the Federal Institute shall be served in carrying out its duties, and the Deutsche Bundesbank shall, upon request, provide information on all business matters and submit documents. The Bundesanstalt can carry out audits at the institutes, its branches, agents, as well as e-money agents and swap companies, even without special occasions, and carry out the audits of the Deutsche Bundesbank. The staff of the Bundesanstalt, the Deutsche Bundesbank, and the other persons who serve the Federal Institute in carrying out the examinations can do so on the premises of the Institute, the branch office, the agent, and the other persons. Enter and visit e-money-agents or the offload company within the usual operating and business hours. The persons concerned shall be allowed to take measures in accordance with sentences 2 and 3. (2) The Bundesanstalt and the Deutsche Bundesbank may attend the General Meetings, General Meetings or Shareholders ' Meetings as well as the meetings of the supervisory bodies. Send representatives. They may take the floor in the assembly or sitting. At the request of the Bundesanstalt, institutions have the convening of the assemblies referred to in the first sentence of paragraph 2, the convening of meetings of the administrative and supervisory bodies, and the institutions shall have the right to condone the measures in accordance with sentences 1 and 2. , as well as the announcement of objects for decision-making. The Bundesanstalt may send representatives to a meeting scheduled to take place in accordance with the first sentence. These may take the floor in the sitting. The persons concerned shall tolerate measures taken in accordance with sentences 2 and 3. Paragraph 2 shall remain unaffected. (4) Anyone who is obliged to provide information may refuse to provide information on such questions, the answers of which may be answered by him or any of the members of the danger referred to in § 383 (1) (1) to (3) of the Code of Civil Procedure Criminal prosecution or proceedings under the law on administrative offences. Unofficial table of contents

§ 15 Abconvening of business managers, delegation of organ powers to special representatives

(1) In the cases of Section 10 (2) (3) and (4), the Federal Institute may, instead of waiver the permission, require the responsible directors to be convened and these directors also require the performance of their duties at institutions (2) Under the conditions set out in paragraph 1, the Bundesanstalt may delegate, in whole or in part, powers to the institutions of the Institute to a special representative who appears appropriate in order to safeguard the powers of the institution; § 45c (6) and 7 of the German Banking Act (Kreditwesengesetz) shall apply. (3) The Federal Institute may depart a Also require the Executive Director and also to prohibit the business manager from carrying out his business in the case of payment institutions if he or she is deliberately or recklessly against the provisions of this Act, the Money Laundering Act and against the provisions of the The implementation of these laws has failed to comply with regulations or orders issued by the Federal Institute and continues to act in spite of warning by the Federal Institute for this conduct. Unofficial table of contents

Section 16 Measures in special cases and insolvency applications

(1) Sinks the capital under the higher amounts to be determined in the case of payment institutions pursuant to § 9 (3) and (12) and in the case of electronic money institutions under the amounts to be determined in accordance with Section 9a (1) and (12a), the Bundesanstalt may

1.

Withdrawal or restriction of profits by the proprietors or members and the distribution of profits, or

2.

Arrange for the Institute to take measures to reduce risks to the extent that they result from certain types of transactions and products, in particular from the granting of credit, or the use of certain payment systems.

(2) If the fulfilment of the obligations of an institution vis-à-vis its creditors is at risk, in particular the security of the assets entrusted to it, or there is a reasonable suspicion that an effective supervision of the institution does not , the Federal Institute for the Application of this Risk may take a step-by-step action. It may in particular:

1.

adopt instructions for the management of the Institute,

2.

Prohibit or restrict the exercise of their activities by holders and managers; and

3.

Order supervisors.

(3) In order to avoid the insolvency proceedings, the Bundesanstalt may temporarily fulfil the conditions set out in the first sentence of paragraph 2.

1.

prohibit the adoption of funds and the granting of loans,

2.

adopt a prohibition of selling and payment to the Institute,

3.

Order the closure of the Institute of Transport with the clientele; and

4.

prohibit the receipt of payments which are not intended to repay debts to the institution.

§ 45c (2) (8), (6) and (7), § 46 (1) sentences 3 to 6, and § 46c of the Banking Act shall apply mutatis. (4) If an institution becomes insolvent or overindebtedness, then the directors of the institution shall have the following information: (a) to indicate immediately any relevant documents; the managers shall also carry out such an ad, accompanied by appropriate documents, even if the institution is not likely to be able to do so; Payment obligations at the time of the due date (imminent insolvency). To the extent that these persons are obliged under other legislation to apply for the opening of the insolvency proceedings in the event of insolvency or over-indebtedness, the obligation to notify shall be replaced by the obligation to notify in accordance with the first sentence. The insolvency proceedings concerning the assets of an institution shall be held in the event of insolvency, over-indebtedness or under the conditions of sentence 5, even in the event of imminent insolvency. The application for the opening of insolvency proceedings concerning the assets of the Institute, which has a permit pursuant to § 8 (1) or § 8a (1), can only be filed by the Federal Office. However, in the event of imminent insolvency, the Bundesanstalt may only submit the application with the consent of the Institute and only if measures pursuant to paragraph 3 do not appear to be promising. Prior to ordering the insolvency administrator, the insolvency court has to hear the Federal Institute. The Federal Institute shall be awarded the opening decision separately. Unofficial table of contents

§ 17 Presentation of annual accounts, management report and audit reports

(1) In the first three months of the financial year, an institution has to draw up the annual financial statements for the past financial year and the annual financial statements and the annual report of the Federal Institute and of the Federal Institute of Technology (Bundesanstalt und der Bundesanstalt), which were later published. German Bundesbank must be submitted immediately. The annual financial statements must be accompanied by a confirmation note or a note on the failure to confirm the certificate. The auditor has to submit the report on the audit of the annual financial statements (audit report) immediately after the end of the audit of the Bundesanstalt and the Deutsche Bundesbank. (2) An institute that holds a consolidated financial statements or a The group management report has to submit these documents to the Bundesanstalt and the Deutsche Bundesbank without delay. If an audit report is prepared by a group auditor, the auditor must submit the audit report immediately after the end of the audit of the Bundesanstalt and the Deutsche Bundesbank. The provisions of this paragraph shall apply in accordance with a separate financial statements in accordance with Section 325 (2a) of the Commercial Code. Unofficial table of contents

§ 17a Display obligation upon appointment of the auditor; appointment in special cases

(1) The Institute shall notify a statutory auditor or group auditor immediately after its appointment by the Bundesanstalt and the Deutsche Bundesbank (Bundesanstalt). The Federal Office may, within one month after receipt of the notification, request the appointment of another auditor if this is necessary to achieve the purpose of the examination. (2) The Register Court of the seat of the institution shall, at the request of the Federal institution to appoint an auditor if:

1.

the order referred to in the first sentence of paragraph 1 has not been indicated immediately after the end of the financial year;

2.

the institution shall not immediately comply with the request for the appointment of another verifier referred to in the second sentence of paragraph 1;

3.

the elected examiner has rejected the acceptance of the examination order, has fallen away or is prevented from completing the examination in due time, and the institution has not immediately appointed another examiner.

The order by the court is final. Section 318 (5) of the Commercial Code shall apply accordingly. The register court may, at the request of the Federal Institute, convene an examiner appointed in accordance with the first sentence. Unofficial table of contents

Section 18 Special duties of the examiner

(1) In the course of the audit of the annual financial statements and of an interim financial statements, the auditor also has to examine the economic circumstances of the institute. In the examination of the annual financial statements, he has in particular to determine whether the Institute has complied with the disclosure requirements in accordance with § 29, also in conjunction with a legal regulation pursuant to § 29 para. 2. The examiner also has to examine whether the Institute

1.

has fulfilled its obligations under the Money Laundering Act and Regulation (EC) No 1781/2006,

2.

its obligations pursuant to § 2 (3), § 12 also in connection with the regulation pursuant to paragraph 6 of this Article, according to § 12a, § § 13, 13a, 19 to 22 as well as in accordance with § 30 also in connection with the legal regulation pursuant to paragraph 3 of this regulation is and

3.

its obligations under Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 (OJ L 145, 31.5.2009, p. 11), as amended by Regulation (EU) No 260/2012 (OJ L 268, 9.10.2012, p. 22), and Regulation (EU) No 260/2012 has been complied with.

(2) The examiner shall immediately notify the Bundesanstalt and the Deutsche Bundesbank if he/she is aware of facts which justify the restriction or failure of the auditor's document to justify the existence of the institution. may, or significantly affect its development, which constitute a significant breach of the rules on the admission requirements of the Institute or the pursuit of an activity under this Act, or serious breaches of the law, statutes or statutes of the directors A social contract can be recognized. At the request of the Bundesanstalt or the Deutsche Bundesbank, the auditor has to explain to them the audit report and to communicate any other facts which have become known during the examination and which are contrary to the regular conduct of the business of the Institute. The notification, explanation and notification obligations under sentences 1 and 2 also exist in relation to a company which is closely associated with the Institute, provided that the examiner is aware of the facts in the course of the examination of the Institute. The examiner is not liable for the accuracy of facts which he indicates in good faith pursuant to this paragraph. (3) The Federal Ministry of Finance may, in agreement with the Federal Ministry of Justice and after hearing the German Bundesbank, By means of a legal regulation without the consent of the Bundesrat, detailed provisions on the subject matter of the examination, the date of their implementation and the content of the audit reports shall be issued, insofar as this is done in order to fulfil the tasks of the Federal Agency , in particular in order to ensure the security of the institution at the risk of jeopardising or affecting the orderly conduct of payment services or the orderly operation of the E-money business, as well as uniform documentation for the assessment of the assets of the institutions operations carried out. This authorisation may be transferred to the Federal Institute by means of a legal regulation without the consent of the Federal Council. (4) § 29 of the Banking Act shall remain unaffected. Without prejudice to paragraphs 1 to 3, the Bundesanstalt may also adopt provisions on the content of the audit to be taken into consideration by the auditor in the context of the audit of the annual financial statements. In particular, it may set priorities for the tests. Unofficial table of contents

Section 19 Use of agents

(1) If an institution intends to provide payment services via an agent, the Bundesanstalt and the Deutsche Bundesbank shall provide the following information:

1.

the name and address of the agent;

2.

a description of the internal control mechanisms that the agent applies in order to comply with the requirements of the Money Laundering Act; and

3.

the names of the managers and the persons responsible for managing an agent who are to be used for the provision of payment services and the evidence that they are reliable and technically appropriate.

(2) The institution of an agent shall be responsible for ensuring that it is reliable and technically appropriate, meets the legal requirements in the provision of payment services, the payment service user before or during the reception of the Business relationship informed of its status and immediately informed of the termination of this status. The required evidence for the performance of his duties under the first sentence must be kept by the institution for at least five years after the end of the status of the agent. (3) The Bundesanstalt may institute an institute to select or supervise its The agent has not properly carried out or has infringed the duties assigned to him in connection with the management of the payment institution register in accordance with Section 30 (1) or the E-Money-Institut-Register pursuant to Section 30a, prohibit agents in the sense of the To include paragraphs 1 and 2 in the Institute. The subsac may relate to the execution of payment services by individual agents or to the involvement of agents as a whole. (4) If an institution intends to carry out an agent in another Member State of the European Union, it will be able to: If the Union or any other State Party to the Agreement on the European Economic Area is to provide payment services, it shall comply with the procedure laid down in Article 25. The Federal Institute shall set up the competent authorities of the other State with its intention to enter the agent in the payment institution register pursuant to § 30 (1) (3) or the E-Money-Institut-Register in accordance with Article 30a (2) in conjunction with § 30 (1) (1) (1) (1) (1)). 3 to enter, inform and take into account the opinion of the other State before the registration is made. (4a) Change the conditions indicated in paragraph 1, the Institute of the Federal Institute and of the Germans Bundesbank these amendments no later than one month before the changes take effect in writing (5) The Federal Ministry of Finance, in consultation with the Deutsche Bundesbank, may, by means of a regulation without the consent of the Bundesrat, lay down detailed provisions on the nature, scope and form of the evidence within the meaning of the second sentence of paragraph 2, insofar as this is necessary for the performance of the tasks of the Federal Institute. This authorisation may be transferred to the Federal Institute by legal regulation without the consent of the Federal Council, with the proviso that legal ordinances of the Federal Institute shall be issued in agreement with the Deutsche Bundesbank. Prior to the adoption of the regulation, the associations of the institutes shall be consulted. Unofficial table of contents

§ 20 Outsourcing

(1) An institution must depend on the nature, scope, complexity and risk content of an outsourcing of activities and processes to another company that is responsible for the execution of payment services, e-money transactions or any other under this law essential services are essential to avoid excessive additional risks. An outsourcing may not affect the regularity of these transactions or services or the business organization. In particular, an appropriate and effective risk management system must be ensured by the Institute, which includes the outsourced activities and processes. The outsourcing shall not lead to a delegation of the responsibility of the persons referred to in section 8 (3) (9) to the offload company. The Institute shall remain responsible for the observance of the statutory provisions to be observed by the Institute. By outsourcing, the Bundesanstalt must not be prevented from carrying out its tasks; its rights of information and examination as well as control options must also be provided in relation to the outsourced activities and processes in the case of a Outsourcing to a company based abroad shall be ensured by appropriate arrangements. The same applies to the performance of the tasks of the auditors of the Institute. An outsourcing requires a written agreement which requires the rights of the Institute, including the right of instruction and dismissal, as well as the corresponding obligations of the institution required to comply with the above requirements. (2) If an institution intends to outsource the essential operational tasks of payment services or the e-money business, it has to inform the Bundesanstalt and the Deutsche Bundesbank thereof. An operational task shall be essential if its inadequate or failure to comply with the authorisation requirements or the other obligations of the Institute under this Act, its financial obligations, shall be (3) In the case of outsourcing pursuant to paragraph 1, the examination rights and control possibilities of the Federal Institute shall be the subject of an outsourcing of the Federal Institute for the Solvency of the Federal Republic of Germany. , the Federal Institute may, in individual cases, take orders which are suitable and are necessary to remove these impairments. The powers of the Bundesanstalt pursuant to Section 22 (4) remain unaffected. Unofficial table of contents

Section 21 Storage of documents

Institutions shall, for prudential purposes, keep all documents for at least five years, without prejudice to other statutory provisions. Section 257 (3) and (5) of the Commercial Code and Section 147 (5) and (6) of the Tax Code shall apply accordingly. Section 257 (4) of the Commercial Code remains unaffected. Unofficial table of contents

§ 22 Cash-free payment transactions; special organisational obligations of payment institutions and e-money institutions as well as security measures against money laundering and terrorist financing

(1) An institution must have a proper business organisation. The persons referred to in § 8 (3) no. 9 are responsible for the proper business organisation of the Institute. A proper business organization shall include in particular:

1.

appropriate measures of company management, control mechanisms and procedures to ensure that the Institute fulfils its obligations,

2.

keeping and maintaining a loss database, as well as complete documentation of the business activities, which ensures complete monitoring by the Federal Institute for its area of responsibility,

3.

an adequate emergency plan for IT systems,

3a.

internal procedures and control systems which ensure compliance with Regulation (EC) No 924/2009 and Regulation (EU) No 260/2012; and

4.

without prejudice to the obligations of § 9 (1) and (2) of the Money Laundering Act, adequate risk management and appropriate control mechanisms, as well as procedures and data processing systems, which ensure compliance with the requirements of the Money Laundering Act and the Regulation (EC) No 1781/2006. In the case of facts which are doubtful or unusual due to the knowledge of the methods of money laundering and the financing of terrorism, the Institute has it in the context of the current business relationship and individual Transactions. An institution may collect and use personal data to the extent that this is necessary for the fulfilment of this obligation. The Institute shall record and store appropriate information in accordance with § 8 of the Money Laundering Act on the facts within the meaning of sentence 2. The Bundesanstalt is to be described as to why the assumptions have not been confirmed.

(2) § § 6a, 24c, 25h paragraph 1 sentence 3, paragraphs 4 and 5, § § 25i, 25k, 25m and 25n of the Banking Act as well as § 93 (7) and (8) in conjunction with Section 93b of the Tax Code shall apply to institutions within the meaning of this Act. (3) By way of derogation from Section 3 (2), first sentence, No. 2 of the Money Laundering Act consists of the duty of care pursuant to § 3 (1) (1) and (3) and § 8 (1) to (3) of the Money Laundering Act for institutions within the meaning of this Act upon acceptance of cash in the framework of the provision of Payment services pursuant to section 1 (2) notwithstanding any claims in the Money Laundering Act or in this Act Thresholds. (3a) On agents within the meaning of Article 1 (7), paragraph 3 shall apply mutatily. (4) The Bundesanstalt may, in individual cases, take orders to an institution which are appropriate and necessary in accordance with the third sentence of the first sentence of paragraph 1 of this article. shall be taken into account. The Federal Institute may determine criteria in the presence of which institutions may see the use of data processing systems as defined in the third sentence of paragraph 1. (5) The Federal Institute shall monitor compliance with the provisions of Regulation (EC) No 1781/2006, in which: Regulation (EC) No 924/2009 and the obligations of the institutions in Regulation (EU) No 260/2012. The Bundesanstalt may take orders to an institution and its directors, which are appropriate and necessary in order to prevent or prevent infringements of the obligations under the regulations set out in the first sentence. Unofficial table of contents

Section 23 Immediate enforceability

Opposition and action against measures taken by the Federal Institute, including the threat and the setting of coercive measures on the basis of § § 4, 5, 10 (2) no. 2 to 4, § 14 (1), § 15, 16, 17a (1) sentence 2, § 19 (3) and § 30 Abs. 2, this also in conjunction with Section 30a (2), also in conjunction with Section 26 (3) and (4), do not have suspensive effect.

Section 4a
Special provisions for the e-money business and the distribution and the re-exchange of e-money

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§ 23a Ban on the issue of e-money via other persons

E-money institutions must not spend e-money on natural or legal persons acting on behalf of the E-money-institute. Unofficial table of contents

Section 23b Obligations of the e-money issuer in the issuing and exchange of e-money

(1) The E-money issuer shall always spend e-money at the nominal value of the amount of money received. He is obliged to exchange electronic money at the nominal value in legal tender at any time at the request of the E-money holder. The return request of the e-money holder may also relate to part of the e-money before the termination of the contract. (2) The e-money issuer is obliged to provide the e-money holder with the conditions for the exchange of e-money, including to the extent that any charges to be agreed should be notified before it is bound by a contract or offer. The terms and conditions shall be clearly and clearly indicated in the contract between the issuer of the e-money and the e-money holder. (3) The e-money issuer may require the e-money holder to pay for the exchange of e-money only if this is not the case. has been contractually agreed. Such an agreement shall be admissible only in the event of:

1.

the E-money holder requires the exchange before the end of the contract;

2.

the contract has been concluded for a certain period of time and is terminated by a termination of the e-money holder before the end of that period; or

3.

the E-money holder requires the exchange rate after more than one year after the termination of the contract.

The remuneration must be proportionate to the actual costs incurred by the e-money issuer. (4) By way of derogation from the first sentence of paragraph 1, in the case of a return request with termination of the contract, or up to one year after the date of the withdrawal, the Terminate the contract for the entire amount of the e-money held by the e-money issuer. Where an electronic money institution carries out one or more activities in accordance with Article 8a (2) (5) and if the E-money holder calls for a total amount after the end of the e-money contract, it shall be returned to the legal tender if it is in advance (5) The provisions of the third sentence of paragraph 1 and paragraphs 3 and 4 may only deviate to the detriment of the E-money holder if it is not a case of a Consumer. Unofficial table of contents

§ 23c Sales and return of e-money by e-money agents

(1) E-money institutions may be responsible for the distribution or exchange of e-money of an e-money agent within the meaning of Section 1a (6). Section 19 (1) shall apply mutatily with the proviso that proof of reliability and professional competence shall not be submitted; Section 19 (4a) shall also apply accordingly. (2) The Federal Institute may provide an E-money-institute with the selection or Monitoring of its e-money agents did not properly carry out, prohibit the involvement of E-money agents in the E-Money Institute. The understatement may relate to the distribution or exchange of e-money or the inclusion of e-money agents as a whole. (3) Insofar as an e-money institution intends to use e-money via e-money agents in a Member State of the European Union, or to sell or exchange another State Party to the Agreement on the European Economic Area, § 19 (4) shall be applied in conjunction with Section 25 accordingly.

Section 5
Cooperation with other authorities, branch, cross-border provision of services

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Section 24 Cooperation with other authorities

The Bundesanstalt and, in so far as it operates within the framework of this Act, the Deutsche Bundesbank shall work under the supervision of institutions which are in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area Payment Services or the E-money business, together with the competent authorities of these States; § § 8 and 9 of the Banking Act shall apply accordingly. Unofficial table of contents

Section 25 The establishment of a branch, cross-border provision of services

(1) An institution approved in accordance with Article 8 (1) or Article 8a (1), which has the intention of establishing a branch in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area , the Bundesanstalt and the Deutsche Bundesbank shall immediately notify the Bundesanstalt and the Deutsche Bundesbank in accordance with sentence 2. The display must contain

1.

an indication of the State in which the branch is to be established;

2.

a business plan setting out the nature of the transactions envisaged, the organisational structure of the branch and an intention to draw up agents;

3.

the address, under the records of the institution in the State in which it has a branch, may be requested and documents may be delivered, and

4.

the indication of the head of the branch.

(2) Paragraph 1, first sentence, shall apply mutatily to the intention to enter into force by way of international trade in services in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area To provide payment services or to operate the e-money business. The notification shall include the indication of the State in which the cross-border service is to be provided, a business plan indicating the activities envisaged and whether agents or e-money agents are to be used in that State. (3) The Bundesanstalt shall inform the competent authorities of the State in which the institution maintains a branch or provides cross-border services within one month of receipt of the advertisements referred to in paragraph 1 , or paragraph 2, the information referred to in the second sentence of paragraph 1 or 2 sentence 2 (4) The rights in accordance with § 14 shall also be entitled directly to the Bundesanstalt and the Deutsche Bundesbank directly to the foreign branch as well as to agents, e-money agents and swap companies, whose institute is a domestic institute in other countries of the European Economic Area. In the case of an on-the-spot check, the Bundesanstalt or the Deutsche Bundesbank shall obtain prior consent from the competent authorities of the host Member State via the Bundesanstalt. (5) The conditions set out in the second sentence of paragraph 1 or the second sentence of paragraph 2 shall be changed. The institution of the Bundesanstalt, the Deutsche Bundesbank and the competent authorities of the host State shall notify the institution of these changes in writing at least one month before the date of effect of the changes. Unofficial table of contents

§ 26 Companies based in another State of the European Economic Area

(1) An institution established in another Member State of the European Union or another State Party to the Agreement on the European Economic Area may, without permission, be established by the Federal Institute for a branch or by means of a branch or by means of a branch. cross-border services in the territory of the country where the undertaking has been authorised by the competent authorities of the other State, the transactions are covered by the authorisation and the undertaking is covered by the competent authorities, in accordance with the rules laid down in Directive 2007 /64/EC European Parliament and of the Council of 13 November 2007 on payment services in the internal market, amending Directives 97 /7/EC, 2002 /65/EC, 2005 /60/EC and 2006 /48/EC and repealing Directive 97 /5/EC (OJ L 378, 27.12.2007, p. EU No 1), or Directive 2009 /110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending Directives 2005 /60/EC and 2006 /48/EC, and on the repeal of Directive 2000 /46/EC (OJ L 281, 23. OJ L 267, 10.10.2009, p. 7). Article 14 of the Industrial Code remains unaffected. (2) In the case referred to in paragraph 1, the Bundesanstalt has factual indications that money laundering in the sense of the planned assignment of an agent or the establishment of a branch office in the sense of § 261 of the Criminal Code or terrorist financing within the meaning of Section 1 (2) of the Money Laundering Act, have taken place or have been attempted, or that the assignment of the agent or the establishment of the branch shall be the risk that money laundering or terrorist financing is taking place, the Federal Agency shall be the competent authority of the country of origin. The competent authority of the country of origin shall be the authority which rejects the registration of the agent or branch in the payment institution register or the E-money-institute register, or, where an entry has already been made, the latter. (3) On branches within the meaning of the first sentence of paragraph 1 are § 17 of the Financial Services Supervisory Act as well as § § 4, 5, 14 para. 1 and 4, § 22 (1) No. 4, para. 2 and 3, § 28 and § 29 (1) (6) and (7) with the proviso , that one or more branches of the same undertaking shall be applied as an institution shall apply. Changes to the business plan, in particular the nature of the planned business and the organizational structure of the branch, the address and the head, the Bundesanstalt and the Deutsche Bundesbank shall be held at least one month before the To make the changes more effective in writing. § 17 of the Financial Services Supervision Act as well as § § 4, 5 and 14 (1) and (4) shall apply mutas to the activities of the cross-border provision of services pursuant to the first sentence of paragraph 1. (4) The Institute within the meaning of the first sentence of paragraph 1 shall be subject to Section 17 of the Financial Services Supervision Act and § § 4, 5 and 14 (1) and (4) accordingly. (5) The Bundesanstalt shall establish that an undertaking within the meaning of the first sentence of paragraph 1 shall be its Failure to comply with regulatory obligations, calls on it to address the shortfall within a to fix a certain time limit. If it does not comply with the request, it shall inform the competent authorities of the other State. If the other State does not take any action or if the measures are insufficient, it may, after informing the competent authorities of the other State, take the necessary measures; if necessary, it may take the necessary measures to: new domestic business. In urgent cases, the Bundesanstalt may take the necessary measures before the initiation of the proceedings. (6) The competent authorities of the other State may, after prior notification to the Federal Institute itself or through its agents, examine the information required for the supervisory supervision of the branch at the branch. At the request of the competent authorities of the other State, the staff of the Bundesanstalt and the Deutsche Bundesbank may assist them in the examination referred to in the first sentence or carry out the examination on their behalf; the Bundesanstalt and the Federal Office of the Federal Republic of Germany In this connection, the German Bundesbank shall be subject to the rights provided for in § 14 or, if facts justify the acceptance, or if it is established that the foreign company provides unauthorised payment services or operates unauthorised the e-money business, or that this unauthorised transactions under the Banking Act, according to the Insurance Supervision Act or in accordance with the Capital Investment Code, or in breach of comparable provisions of the State of origin, even in accordance with § 5. Unofficial table of contents

§ 27 Branch offices of undertakings with registered offices outside the European Economic Area

(1) An undertaking established outside the Member States of the European Union or the other Contracting States to the Agreement on the European Economic Area shall maintain a branch in the territory of the country which provides payment services or which: E-money business operates, the branch is considered an institute within the meaning of this law. If the enterprise maintains several inland branches, the branch shall be considered to be an institution. (2) In the institutions referred to in paragraph 1, this law shall apply with the following conditions:

1.

The Company has to appoint at least two natural persons domicated at home, who are authorized to the business unit of the Institute for the management and representation of the company. Such persons shall be considered as directors. They are to be registered for registration in the commercial register. In the case of low-size institutions with a small business volume, a business manager is sufficient.

2.

The Institute is obliged to carry out a separate book on the transactions it operates and on the assets of the company which serve its business operations, and to take into account the Bundesanstalt and the Deutsche Bundesbank. The provisions of the Commercial Code relating to trading books for credit institutions and financial services institutions shall apply accordingly. On the liabilities side of the annual balance sheet, the amount of the operating capital made available to the institution by the enterprise and the amount of the operating surpluses paid to the institution to increase its own resources are shall be rejected separately. The surplus of the liabilities items via the asset items or the surplus of the assets items via the liabilities item shall be dismissed at the end of the balance sheet and shall be disclosed separately.

3.

The balance sheet to be set up in accordance with point 2 for the closure of each financial year, with a statement of expenditure and income, and an annex, shall be considered as the annual accounts (§ 17). § 340k of the Commercial Code applies accordingly to the audit of the annual financial statements, with the proviso that the auditor is elected and appointed by the business managers. With the annual financial statements of the institute, the annual financial statements of the company shall be submitted for the same financial year.

4.

The institution ' s own capital shall be the sum of the amounts which the quarterly reporting pursuant to section 12 (4) of the institution made available to the institution by the enterprise and which is used to strengthen its own resources shall be the sum of the amounts paid to the institution. Net operating surpluses, less the amount of any active settlement balance.

Section 6
Non-judicial appeal proceedings

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§ 28 complaints about payment service providers

(1) Payment service users and the bodies referred to in sentence 2 may at any time for alleged violations of a payment service provider within the meaning of § 1 (1) (1) (1) to (5) against this law and § § 675c to 676c of the Civil Code and Article 248 of the Introductory Act to the Civil Code Complaint lodged with the Federal Institute. The Board of Appeal

1.

qualified entities in accordance with Section 3 (1) (1) of the Law on the Law of Injunctions,

2.

legal associations for the promotion of industrial interests,

a)

which, in particular according to their personal, factual and financial resources, are capable of effectively carrying out their statutory tasks of pursuit of industrial interests; and

b)

a significant number of undertakings providing payment services on the same market where the infringement affects the interests of Members and is capable of not insignificantly distorting competition; or

3.

the Chambers of Industry and Commerce.

(2) Complaints shall be filed in writing or in writing at the Federal Office and shall indicate the facts and the grounds of appeal. In the case of complaints from payment service users for alleged violations of payment service providers against the § § 675c to 676c of the Civil Code and Article 248 of the Introductory Act to the Civil Code, the Federal Institute has in its (3) In so far as the alleged violations relate to a cross-border situation, § 24 shall apply mutagenly. Unofficial table of contents

Section 28a complaints about e-money issuers

(1) holders of e-money and the bodies referred to in sentence 2 may at any time, for alleged infringements of an e-money issuer within the meaning of Section 1a (1) (1) to (5), against this law and § § 675c bis § 676c of the Civil Code and Article 248 of the Introductory Act to the Civil Code Complaint lodged with the Federal Institute. The institutions, associations and chambers referred to in the second sentence of § 28 (1), second sentence, shall be entitled to appeal. (2) Complaints shall be filed in writing or in writing at the Federal Office and shall indicate the facts and the grounds of appeal. The second sentence of Article 28 (2) and the third paragraph shall apply accordingly.

Section 7
Viewing, payment institute registers, e-money institute registers, penal provisions, rules on fines and transitional provisions

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§ 29 Show

(1) An institution shall notify the Bundesanstalt and the Deutsche Bundesbank without delay.

1.

the intention to appoint a head of business and the empowerment of a person to represent the institution's individual representation in the entire business area, stating the facts of the assessment of the reliability and professional competence of the institution , and the enforcement of such an intention,

2.

the departure of a manager and the withdrawal of the power of individual representation of the institution in its entire business area;

3.

the modification of the legal form, if not already required by a permit pursuant to § 8 or § 8a, and the change of the company,

4.

the acquisition or abandonation of a significant shareholding in the institution's own institute, the attainment, overshooting or undershooting of 20 percent, 30 percent and 50 percent of the voting rights or capital, as well as the fact, that the institution becomes a subsidiary of another undertaking or is no longer, as soon as the institution becomes aware of the imminent change in such participation,

5.

a loss in the amount of 25 percent of the equity capital that is liable,

6.

the transfer of the establishment or the seat,

7.

the cessation of business operations,

8.

the emergence, modification or termination of a close connection within the meaning of point 38 of Article 4 (1) of Regulation (EU) No 575/2013 to another natural person or to another undertaking,

9.

the intention to unite with another institution within the meaning of this Act or of the Banking Act; and

10.

the intention of outsourcing as well as the execution of the outsourcing.

(1a) An electronic money institution shall notify the Bundesanstalt and the Deutsche Bundesbank in advance of any substantial change in the measures taken to secure the amounts of money referred to in paragraph 13a (1) and (2). (1b) Head of business, who shall be responsible for the The management of the institution responsible for the management of the institution and the institutions responsible for providing payment services and the issuing of e-money for other business activities which are responsible for the management of the The Federal Institute for Payment Services and the Institute ' s E-money business have the responsibility of the Federal Institute and to the Deutsche Bundesbank without delay:

1.

the admission and termination of an activity as a business manager or as a member of the supervisory board or board of directors of another company; and

2.

the acquisition and the task of direct participation in a company, as well as changes in the level of participation.

(2) The Federal Ministry of Finance, in consultation with the German Federal Bank, may, by means of a regulation without the consent of the Federal Council, lay down detailed provisions on the nature, scope, time and form of the advertisements and templates provided for in this Act. of documents and of the authorised data carriers, transmission routes and data formats, and supplement the existing notification obligations by the obligation to refund collection advertisements and the submission of collection orders, to the extent that: is required to carry out the tasks of the Federal Institute. This authorisation may be transferred to the Federal Institute by legal regulation without the consent of the Federal Council, with the proviso that legal ordinances of the Federal Institute shall be issued in agreement with the Deutsche Bundesbank. Prior to the adoption of the regulation, the associations of the institutes shall be consulted. Unofficial table of contents

§ 29a Monthly statements and further information

(1) An institution shall submit a monthly pass without delay after the end of each month of the Deutsche Bundesbank. The Deutsche Bundesbank forwards these messages to the Federal Institute for its opinion; it can dispense with the forwarding of certain reports. (2) In the cases of Section 12 (2) and § 12a (2), the Bundesanstalt may decide whether or not to apply: (3) The Federal Ministry of Finance can, without the consent of the Federal Council, act in consultation with the Federal Ministry of Finance without the consent of the Federal Council. with the Deutsche Bundesbank detailed provisions on the content, type, scope and Time and on the permitted volumes, transmission routes and data formats of the monthly statements, in particular to gain insight into the development of the assets and earnings situation of the institutions, as well as further information, to the extent that this is not the case. is required to carry out the tasks of the Federal Institute. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation, with the proviso that the legal regulation will be issued in agreement with the German Federal Bank. Unofficial table of contents

§ 30 Payment institution-register

(1) The Federal Institute shall carry out on its Internet site a continuously updated payment institution register into which it is registered

1.

any domestic payment institution to which it has issued a permit pursuant to section 8 (1), with the date of issue and the extent of the authorization and, where applicable, the date of the deletion or the waiver of the permit,

2.

the branches set up by national payment institutions, with the indication of the State in which the branch is established, the extent and timing of the commencing of the business, and

3.

the agents operating for a payment institution in accordance with section 19 (2), the date of the beginning and the end of the activity of the agent concerned.

(2) If facts indicate that the information about an agent transmitted by a payment institution to the Federal Institute pursuant to § 19 (1) is not applicable, the Federal Office may register the agent in the The Federal Ministry of Finance may, by means of a regulation without the consent of the Federal Council, further provisions on the content and the management of the payment institution register as well as the obligation to co-act with the payment institution. Payment institutions, their branches and agents in the management of the Payment institution-register. In particular, it may grant the payment institution a written access to the payment institution's site to be set up for the payment institution, and it may give it the responsibility for the accuracy and timeliness of this page. The Federal Ministry of Finance can transfer this authorisation to the Federal Agency by means of a regulation without the consent of the Federal Council. Unofficial table of contents

§ 30a E-Money-Institut-Register

(1) The Federal Institute shall conduct on its website a separate, continuously updated E-money-institute register, in which it shall issue each domestic E-money institution to which it has granted a permit pursuant to Article 8a (1), with the date of issue. and the extent of the permission and, where applicable, the date of the deletion or the cancellation of the permit. (2) Branch offices and agents of the E-Money Institute shall be registered in accordance with § 30 (1) (2) and (3) and (2). (3) The Federal Ministry of Finance may, by means of a legal regulation without the consent of Federal Council detailed provisions on the content and guidance of the E-money-Institut-Register as well as the cooperation obligations of the E-money-institutes, their branches and agents in the management of the E-money-Institut-Register enacted. In particular, the E-Money Institute may grant a written access to the page of the register to be set up for the E-Money Institute and give it the responsibility for the correctness and up-to-dateness of this page. The Federal Ministry of Finance can transfer this authorisation to the Federal Agency by means of a regulation without the consent of the Federal Council. Unofficial table of contents

§ 30b Advertising

(1) In order to deal with instances of maladministration in the advertising of institutions, the Bundesanstalt may prohibit certain types of advertising. (2) Before general measures pursuant to paragraph 1, the associations of institutions and consumer protection shall be heard. Unofficial table of contents

Section 31 Criminal law

(1) Who

1.

, contrary to § 2 (1) or (3) sentence 1, receives deposits or other repayable funds, or grants credit,

2.

without permission pursuant to § 8 (1) sentence 1 of payment services,

2a.

operate the e-money business without permission in accordance with Article 8a (1) sentence 1,

3.

contrary to § 16 (4) sentence 1, half-sentence 1, an advertisement is not reimbursed, not correct or not timely, or

4.

Contrary to Article 23a of the E-Money,

shall be punished by imprisonment of up to three years or by a fine and in the cases of points 1, 2 and 2a with a custodial sentence of up to five years or a fine in the cases of points 3 and 4. (2) If the perpetrator is negligent, the penalty shall be: in the case of points 3 and 4, imprisonment of up to one year or fine and, in the cases of points 1, 2 and 2a, a custodial sentence of up to three years or a fine. Unofficial table of contents

Section 32 Penbual provisions

(1) Contrary to the provisions of Section 4 (1), second sentence, also in connection with sentence 4, the order shall be contrary to a enforceable order by way of a instruction for the settlement or a enforceable order in accordance with § 15 (1) or (3). (2) Contrary to the rules of the law, who deliberately or lightly

1.

contrary to § 17 (1) sentence 1 or 3, subsection 2 sentence 1 or 2 or § 29a paragraph 1 sentence 1, this also in conjunction with paragraph 2 as well as a legal regulation pursuant to para. 3 sentence 1 an annual financial statements, a management report, an audit report, a Consolidated financial statements, a group management report or a monthly pass not correct, not complete or not in good time, or not in good time, or

2.

Contrary to § 25 (1) sentence 1 or § 29 (1) no. 4 to 9 or no. 10, an advertisement is not reimbursed, not correct, not complete or not in good time.

(3) Contrary to the law, who intentionally or negligently

1.

Contrary to Article 5 (1), information is not provided, not correct, not complete or not provided in time, or does not submit a document, not correct, not complete or not in good time,

2.

Contrary to Article 5 (5), first sentence, including in conjunction with paragraph 6, a measure shall not be tolerated,

3.

a fully-fledgable edition in accordance with § 8 (5) sentence 1,

4.

Contrary to § 14 (1) sentence 1, no information is provided, not correct, not complete or not provided in good time, or does not submit a document, not correct, not complete or not in good time,

5.

does not tolerate a measure contrary to Article 14 (1) sentence 4,

6.

Contrary to § 14 (3) sentence 1, a measure referred to in that paragraph shall not be carried out or not

7.

a fully-retractable arrangement pursuant to § 16 (3) sentence 1 or § 22 (4) sentence 1,

8.

an enforceable arrangement in accordance with Section 22 (2) in conjunction with Section 6a (1) of the Banking Act,

9.

Contrary to § 22 (2) in conjunction with Section 24c (1) sentence 1 of the Banking Act, a file does not lead, not in time or in full,

10.

Contrary to Section 22 (2) in conjunction with Section 24c (1) sentence 5 of the Banking Act, it does not guarantee that the Federal Office can automatically retrieve data at any time,

10a.

an enforceable arrangement according to § 22 (2) in conjunction with Section 25n (4) of the Banking Act,

11.

Contrary to Article 22 (3), in conjunction with Section 3 (1) (1), even in conjunction with Section 4 (3) or 4 sentence 1, the Money Laundering Act, an identification of the contractual partner shall not or not be carried out in full,

12.

Contrary to Article 22 (3) in conjunction with Section 3 (1) (3) of the Money Laundering Act, the existence of an economically entitled person is not informed or

13.

Contrary to Article 22 (3) in conjunction with Article 8 (1) of the Money Laundering Act, information collected or obtained from the money laundering act does not record, not correct, or not fully.

In the cases referred to in paragraph 1, the administrative offence may be subject to a fine of up to five hundred thousand euros, in the cases referred to in points 1 and 2 of paragraph 3, with a fine of up to one hundred and fifty thousand euros and, in the other cases, with a fine of up to Fifty thousand euros. Unofficial table of contents

Section 33 competent administrative authority

The Federal Agency is the administrative authority within the meaning of Section 36 (1) (1) of the Law on Administrative Offences. Unofficial table of contents

Section 34 Communication in criminal matters

The court, the law enforcement authority or the law enforcement authority has in criminal proceedings against holders or directors of institutions as well as against holders of significant holdings in institutions or their legal representatives for breach of the law of their professional duties or of other offences in connection with or in connection with the pursuit of a business or the operation of any other economic enterprise, in the case of the collection of the public action of the Federal Agency

1.

the indictup or an application to be sent to its place;

2.

the request for the adoption of a criminal order; and

3.

the final decision on the basis of the decision

; if an appeal has been filed against the decision, the decision shall be communicated with reference to the appeal lodged. Section 60a (1a) to (3) of the Banking Act shall apply accordingly. Unofficial table of contents

Section 35 Transitional provisions

(1) For credit institutions, which shall be 31. 1 of the German Banking Act (Kreditwesengesetz) in accordance with Section 1 (1) sentence 2 No. 9 of the German Banking Act (Kreditwesengesetz) in the prior to the 31 October 2009. shall be deemed to have been granted for all payment services within the meaning of Section 1 (2) at the time of the entry into force of this Act, as amended by Section 8 (1) of the Act. If the credit institution is within two months of the date of the 31. October 2009 by written declaration to the Federal Institute with reference to this provision waived, the permission from the beginning shall be deemed not to be granted. (2) Companies with a permit pursuant to Section 32 (1) of the Banking Act before the 25. December 2007

1.

the provision of payment orders in accordance with § 1 (1a) sentence 2 no. 6 of the Banking Act in the preceding 31. October 2009, or

2.

the issuance or management of credit cards, unless the issuer of the card was also the provider of the service underlying the payment transaction, in accordance with Section 1 (1a) sentence 2 No. 8 of the Banking Act in the preceding 31 December 2009. October 2009

, their activities may continue until 30 April 2011 without a permit pursuant to § 8. Up to the date of the acquisition of the permission in accordance with § 8, the provisions of the Banking Act shall be applied further to companies operating in accordance with the first sentence of the first sentence of 1 or 2 with the exception of § 2b (2), § § 10, 11 to 18, 24 1 No. 9, § § 24a, 33 (1) sentence 1 no. 1, § 35 para. 2 no. 5 and § § 46a to 46c of the Banking Act. For companies according to the first sentence, which are exempted pursuant to § 2 para. 4 of the Banking Act, the provisions of the Banking Act, with the exception of § § 2c, 10 to 18, 24, 24a, 25 to 38, 45, 46 to 46c and 51 (1) of the Banking Act, are further (3) Activities which have been accepted before 25 December 2007 without any violation of the authorisation reservation pursuant to Section 32 (1) of the Banking Act shall be allowed to continue without a permit pursuant to § 8 bis 30 April 2011. § § 14 and 22 (1) sentence 3 No. 4, insofar as they are necessary to ensure compliance with the obligations under the Money Laundering Act, as well as the performance of the company's obligations under the Money Laundering Act remain unaffected by this. (4) Companies within the meaning of Section 53b (7) of the Banking Act, which, in accordance with national law, have taken up the activities listed in Annex I (4) of Directive 2006 /48/EC before 25 December 2007 and which meet the requirements of section 53b (7) of the German Banking Act (§ 53b) Article 1 (7) of the German Banking Act (Kreditwesengesetz) fulfils these activities in the national territory by way of derogation from § 8 without the permission of the Federal Institute if they show the competent authorities of the State of origin these activities until 25 December 2009. (5) § § 7 and 28 shall remain unaffected in the cases of paragraphs 1 to 4. Unofficial table of contents

Section 36 Transitional provisions for electronic money institutions

(1) For e-money institutions which have a permit pursuant to Section 32 (1) of the Banking Act for the E-money business on 30 April 2011, the permission in accordance with Section 8a (1) shall apply to the extent to which the authorization pursuant to Section 32 (1) of the Banking Act , as of 30 April 2011, as granted. At the same time, these electronic money institutions are entered in the E-Money-Institut-Register in accordance with § 30a. If, within two months of 30 April 2011, the E-Money Institute waived this provision by written declaration to the Federal Institute for this provision, the permission from the beginning shall be deemed not to be granted. (2) E-Money-Institute, which shall be held on 30 April 2011. In April 2011, an exemption under Section 2 (5) of the German Banking Act (Kreditwesengesetz) in the version valid until 29 April 2011 for the e-money business is allowed to continue the issue of e-money until 30 April 2012 without a permit pursuant to section 8a.