Regulation on the capital adequacy of payment institutions and e-money institutions in accordance with the Payment Services Supervisory Act (ZAG-Institut-Institut-Equity Ordinance-ZIEV)

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ZIEV

Date of completion: 15.10.2009

Full quote:

" ZAG-Institut-Equity Ordinance of 15. October 2009 (BGBl. 3643), as last amended by Article 8 of the Regulation of 30 January 2014 (BGBl I). 322) has been amended "

Status:

Last amended by Art. 8 V v. 30.1.2014 I 322

For more details, please refer to the menu under Notes

*)

This Regulation is intended to further the implementation of Articles 7 and 8 of Directive 2007 /64/EC of the 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 73, 14.4.1997, p 1, L 187, 18.7.2009, p. 5).

Footnote

(+ + + Text evidence from: 31.10.2009 + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 EGRL 64/2007 (CELEX Nr: 32007L0064) + + +) 

  

Heading: IdF d. Art. 11 No. 1 G v. 1.3.2011 I 288 mWv 30.4.2011 Unofficial table of contents

Input formula

Pursuant to § 12 (6) sentences 1 and 3, also in conjunction with paragraph 4, sentence 2, of the Payment Services Supervisory Act of 25 June 2009 (BGBl. 1506), the Federal Ministry of Finance, in consultation with the Deutsche Bundesbank, after hearing the associations of the payment institutions:

Section 1
Adequacy

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§ 1 Adequacy of equity capital

Notwithstanding the initial capital according to Section 9 (3) or Section 9a (1) of the Payment Services Supervisory Act, an institution shall, at any time, have a reasonable equity capital within the meaning of the Payment Services Supervisory Law. An institution shall have appropriate equity capital if it has at any time its own capital at a level corresponding to the calculation method to be applied in accordance with this Regulation.

Section 2
Rules for the calculation of equity of payment institutions

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§ 2 Calculation of capital requirements

(1) The payment institution shall have the calculation of the capital requirements to be based on the method B shown in § 4, unless another method has been established in accordance with § 6. (2) The applicable method of calculation according to § § 4 and 5 of the calculation Scaling factor k equals

1.

0,5, if the payment institution only provides the payment services referred to in Article 1 (2) (6) of the Payment Services Supervisory Law;

2.

0.8, if the payment institution provides the payment service referred to in Article 1 (2) (5) of the Payment Services Supervisory Law;

3.

1.0 where the payment institution provides one or more of the payment services referred to in Article 1 (2) (1) to (4) of the Payment Services Supervision Act.

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§ 3 Calculation by method A

(1) Payment institutions must have an equity basis equivalent to at least 10 per cent of their fixed overheads of the previous year. General administrative expenses, depreciation and amortisation of intangible fixed assets and property, plant and equipment and other operating expenses incurred by the payment institution in the profit and loss are as fixed overhead costs. Loss account of the last annual financial statements. The Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht-Bundesanstalt) may request the capital requirement of the first sentence in the case of a significantly changed business activity of the payment institution in relation to the previous year's business activities (2) Payment institutions carrying out their business activities at the time of the calculation for less than one year must have an equity requirement of 10% of the fixed overheads provided for in the business plan in the sense of the , the second sentence of paragraph 1. For the purposes of this calculation, the Federal Institute may request an adjustment of the business plan. Unofficial table of contents

§ 4 Calculation by method B

Payment institutions must have an equity basis equal to or greater than the sum of the following tranche values multiplied by the scale factor k defined in § 2 (2), the volume of payments within the meaning of this provision being a Twelfths of the total amount of payment transactions carried out by the payment institution in the previous year shall be:

1.

4.0 per cent of the tranche of the payment volume of up to 5 million euro plus

2.

2.5 per cent of the tranche of the payment volume of more than 5 million euros to 10 million euro plus

3.

1 per cent of the tranche of the payment volume from more than 10 million euros to 100 million euro plus

4.

0.5 percent of the tranche of the payment volume from over 100 million euros to 250 million euros plus

5.

0.25 percent of the tranche of the payment volume over 250 million euros.

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§ 5 Calculation by method C

(1) Payment institutions must have an equity basis which is at least equal to the relevant indicator referred to in paragraph 2, multiplied by the multiplication factor as defined in paragraph 3 and with the ratio defined in Article 2 (2). Scale factor k. (2) The relevant indicator is the sum of the following components:

1.

Interest receivable,

2.

interest expense,

3.

revenue from commissions and charges, and

4.

other operating income.

In sum, each value goes with its positive or negative sign. Extraordinary or irregular returns should not be included in the calculation of the relevant indicator. Expenses for the outsourcing of services provided by third parties may then reduce the relevant indicator if the expenses are borne by a company which is subject to the terms of the payment service supervisory act or the corresponding foreign provisions implementing Directive 2007 /64/EC of the 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 73, 14.4.1997, p. 1, L 187 of 18.7.2009, p. 5). The relevant indicator shall be calculated for the preceding financial year on the basis of the last twelve-month observation, which is carried out at the end of the preceding financial year. However, the capital requirements determined may not be less than 80 per cent of the amount which would result from the calculation of the capital requirements by method C if the calculation of the average value of the relevant capital requirement would be The indicator for the previous three financial years would be used. If no verified figures are available, estimates can be used. (3) The multiplication factor is equal to

1.

10 per cent of the tranche of the relevant indicator of up to EUR 2.5 million;

2.

8 per cent of the tranche of the relevant indicator from more than EUR 2.5 million to EUR 5 million,

3.

6 per cent of the tranche of the relevant indicator from more than EUR 5 million to EUR 25 million,

4.

3 per cent of the tranche of the relevant indicator from more than EUR 25 million to EUR 50 million;

5.

1.5 per cent of the tranche of the relevant indicator over 50 million euros.

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§ 6 Definition of the method

(1) In individual cases, the Bundesanstalt may at any time determine, without prejudice to the powers conferred by Section 12 (4) sentence 3 of the Payment Services Supervisory Act and § 3 (1) sentence 3 of this Regulation, that the calculation shall be based on another in the § § 3 to 5 if the method used does not adequately reflect the actual risks of the transaction. (2) The payment institution may, in the application for a permit pursuant to § 8 of the Payment Services Supervisory Act or later the application, request a specific calculation method if it considers that the the method to be used does not adequately reflect the actual risks of the transaction. In the request of the payment institution, the payment institution shall give its opinion in writing. However, such a request may only be submitted once per financial year, without prejudice to the possibility of submitting an application in the grant application.

Section 3
Rules for the calculation of equity of electronic money institutions

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Section 6a Calculation of capital requirements

E-money institutions shall always have a stock of equity which is at least as high as the sum of the requirements referred to in § § 6b and § 6c. Unofficial table of contents

Section 6b Calculation for the provision of payment services

§ § § 2 of the Payment Services Supervisory Act, which is not related to the issue of e-money, provides an electronic money institution for payment services within the meaning of Section 1 (2) of the Payment Services Supervisory Act. Unofficial table of contents

§ 6c Calculation by method D for the issue of e-money

(1) The equity capital must be at least 2 per cent of the average E-money circulation within the meaning of Article 1a (4) of the Payment Services Supervision Act for the issueof e-money. (2) An electronic money institution shall provide payment services in the sense of § 1 (2) of the Payment Services Supervisory Act, which are not related to the issue of e-money or to any of the activities referred to in § 8a (2) (2) to (5) of the Payment Services Supervisory Act, and is the amount of the E-Money circulation is not known in advance, the Bundesanstalt permits the calculation of the Capital requirements on the basis of a representative share typically used for the issuance of e-money. The prerequisite for this is that this representative proportion can be estimated with sufficient probability on the basis of historical data according to the conviction of the Federal Institute. In the absence of a sufficiently long business activity of the E-money-Institute, the calculation of capital requirements shall be determined on the basis of the expected E-money circulation resulting from the business plan. The Federal Institute may at any time request an adjustment of the business plan.

Section 4
Reporting and notification requirements

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§ 7 Notifications on capital adequacy

(1) The Institute within the meaning of the Payment Services Supervisory Act has the following for the review of the appropriate capital adequacy according to § 12 (4) sentence 1 or § 12a (3) in conjunction with § 12 (4) sentence 1 of the Payment service supervision law, according to the status of the reporting date at the end of a quarter of a quarter, using the form following the annex to this Regulation until the 15th day of the month. (2) The noti cations referred to in paragraph 1 shall be submitted to the Deutsche Bundesbank in paperless proceedings; the following shall be submitted by the Bundesbank in paperless proceedings. Deutsche Bundesbank is forwarding the reports to the Federal Institute. On request of the Federal Institute for comparison purposes, calculations must be made according to the other methods for payment institutions. The Deutsche Bundesbank publishes on the Internet the record formats to be used for the electronic data submission and the submission path. Unofficial table of contents

§ 8 Display in case of non-compliance with capital requirements

Institutions within the meaning of the Payment Services Supervisory Act must immediately notify in writing the non-compliance with the capital requirements between the reporting days of the Bundesanstalt and the Deutsche Bundesbank. The amount of the amount to which the capital requirement is not complied with shall be indicated on the display in the first sentence. Unofficial table of contents

Section 9 Entry into force

This Regulation shall enter into force on 31 December October 2009, in force. Unofficial table of contents

Appendix Reporting sheet for the calculation of capital requirements according to § 12 ZAG

(Fundstelle: BGBl. I 2009, 3645-3647)

Institute number:	Check digit:
Name:	Location:
Stand End:	Clerk/-in: Phone:

1. Calculation of equity capital ¹⁾


IDLabel Amount (in Tsd. Euro) 01Comments 02

0010	1	Total equity			1.1 + 1.2
0020	1.1	Core capital			1.1.1 + 1.1.2 + 1.1.3 + 1.1.4 + 1.1.5 + 1.1.6 + 1.1.7
0030	1.1.1	Paid-in capital (business, basic, share capital) without cumulative preferred shares
0040	1.1.2	(-)	Own shares or shares
0050	1.1.3	Open reserves
0060	1.1.4	Special items for general banking risks according to § 340g HGB
0070	1.1.5	Asset deposits stiller partners
0080	1.1.6	Balance sheet profit/intermediate account profit/profit proposal			So far not for vsl. Profit distributions or tax expense
0090	1.1.7	(-)	Deductions from the core capital according to § 10 (2a), second sentence, no. 1 to 5 KWG in the version valid until 31 December 2013		1.1.7.1 + 1.1.7.2 + 1.1.7.3
0100	1.1.7.1	(-)	Balance sheet loss
0110	1.1.7.2	(-)	Intangible assets
0120	1.1.7.3	(-)	Loans to shareholders
0130	1.2	Eligible Supplementary Capital 2) in accordance with Section 10 (2b) of the KWG in the version valid up to 31 December 2013
0140	1.3	(-)	Deductions of core and supplementary capital in accordance with § 12 para. 1 sentence 2 ZAG

1)

Any amount that increases equity has a positive sign. Any amount that reduces the equity capital has a negative sign.

2)

In the calculation of equity capital, supplementary capital can only be taken into account up to the level of the core capital. In doing so, the supplementary capital taken into account may only consist of up to 50 per cent of the core capital from longer-term, subordinated liabilities.

Note: The presented table does not cover all positions for the calculation of the equity capital, for which it is expressly referred to § 12 ZAG. Calculation of capital requirements ³⁾

0150

Scaling factor

pursuant to § 2 paragraph 2 of the ZIEV

¹⁾


IDLabel Amount (in Tsd. Euro) 01Comments 02

0160	1	Total capital requirements			Final result of the fair method 4)
0170	2	Capital requirements by method A			Capital requirements according to § 3 ZIEV (2.1 + 2.2 + 2.3) x 0.1
0180	2.1	General administrative expenses
0190	2.2	Depreciation and amortisation of intangible fixed assets and property, plant and equipment
0200	2.3	Other operating expenses
0210	3	Capital requirements by method B			Capital requirements in accordance with § 4 ZIEV (3.1.1 + 3.1.2 + 3.1.3 + 3.1.4 + 3.1.5) x line 0150
0220	3.1	Payment Volume			Amount according to the definition in § 4 ZIEV
0230	3.1.1	Tranche up to 5 million Euro			Amount according to § 4 Nr. 1 ZIEV
0240	3.1.2	Tranche of over 5 million to 10 million Euro			Amount according to § 4 Nr. 2 ZIEV
0250	3.1.3	Tranche of over 10 million to 100 million Euro			Amount according to § 4 Nr. 3 ZIEV
0260	3.1.4	Tranche of over 100 million to 250 million Euro			Amount according to § 4 Nr. 4 ZIEV
0270	3.1.5	Tranche over 250 million Euro			Amount according to § 4 Nr. 5 ZIEV
0280	4	Capital requirements by method C			Capital requirements in accordance with § 5 ZIEV (4.5.1 + 4.5.2 + 4.5.3 + 4.5.4 + 4.5.5) x row 0150; at least 0.8 x amount in line 0390
0290	4.1	Interest receivable
0300	4.2	(-)	Interest Expense
0310	4.3	Revenue from commissions and charges
0320	4.4	Other operating income
0330	4.5	Authoritiy indicator			4.1 + 4.2 + 4.3 + 4.4
0340	4.5.1	Tranche up to 2.5 million Euro			Amount according to § 5 para. 3 no. 1 ZIEV
0350	4.5.2	Tranche of more than 2.5 million to 5 million Euro			Amount according to § 5 para. 3 no. 2 ZIEV
0360	4.5.3	Tranche of over € 5 million to € 25 million Euro			Amount according to § 5 para. 3 no. 3 ZIEV
0370	4.5.4	Tranche of over € 25 million to € 50 million Euro			Amount according to § 5 para. 3 no. 4 ZIEV
0380	4.5.5	Tranche over 50 million Euro			Amount according to § 5 para. 3 no. 5 ZIEV
0390	4.6	Capital requirements by method C using the average value of the relevant indicator for the previous three financial years

3)

The method B specified in § 2 paragraph 1 ZIEV is to be applied, unless another method has been established in accordance with § 6 ZIEV. The requirements are to be fully reported for each method applied.

4)

The respective end result for the fair method (line 0170, 0210 or 0280) must be transferred to this line.

3. surplus/deficit of equity capital

0400

Surplus/deficit

0010-0160

4. own resources under 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 646/2012 (OJ L 139, 30.6.2013, p. (OJ L 176, 27.6.2013, p. 1) ⁵⁾

0410

Self-funding is based on Regulation (EU) No 575/2013

6)

5)

Only to be completed by institutions which have a permit in accordance with Section 32 (1) of the Banking Act (KWG).

6)

1.

if the capital requirements according to ZIEV are less than or equal to the own resources requirements laid down in Regulation (EU) No 575/2013;

2.

if the capital requirements according to ZIEV are greater than the own resources requirements laid down in Regulation (EU) No 575/2013.