Amendment Of Payment Services And Electronic Cash Law

Original Language Title: Grozījumi Maksājumu pakalpojumu un elektroniskās naudas likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2013/128.8

The Saeima has adopted and the President promulgated the following laws: the amendment and payment services, electronic money in the law to make payments and electronic money Services Act (Latvian journal 2010, nr. 43; 2011, 52, 85 no) the following amendments: 1. the title of chapter V to replace the word "authorities" with the words "payment service provider". 2. Express article 41 the following: "article 41. The payment service provider and the payment service user for the regulation of this law, other payment services activities of the regulatory legislation directly applicable European Union legislation and payment services, electronic money, as well as civil contracts for the payment service provider and the payment service user. 3. the title of Chapter VI to replace the word "authorities" with the words "payment service providers and electronic money institutions". 4. Article 48: a supplement to the second part of the article as follows: "(2) the supervisory functions of the Commission is entitled to issue payment service providers, binding legislative provisions to ensure compliance with the requirements laid down in this law and directly applicable European Union legislation and payment services, electronic money."; believe the current text of the first part of the article. 5. Express article 56 the following: ' article 56. (1) if the Commission finds that the payment system, payment service provider, or an electronic money institution does not comply with the requirements laid down in this Act, legislation issued by the Commission or directly applicable European Union legislation and payment services, electronic money when making a decision, it is entitled to exercise one or more of the following operations: 1) request to the institution or the person responsible for the operation of the payment system payment service provider, or an electronic money institution shall be taken immediately to prevent the situation the necessary measures and shall provide the Commission, within a period to be fixed by the action plan; 2) express the institution or the person responsible for the operation of the system of payments, the payment service provider of the electronic money institution or warning; 3) set limitations on the payment service provider or an electronic money institution, including partially or completely stop the provision of payment services; 4) given to the institution or the person responsible for the operation of the system of payments, the payment service provider, or electronic money institutions supervision bodies and executive bodies, as well as leaders and members informed written orders that are necessary to limit or stop payment system, payment service provider, or electronic money institutions activity which endangers or could endanger their stability, solvency, or reputation; 5) impose a fine of up to 100 000 lats; 6) partly or wholly suspend the issuance of electronic money, electronic money institution. (2) if the Commission finds that the authority does not comply with the requirements of the criminal law on money laundering and terrorist financing in the field of prevention, it is entitled to exercise one or more of the first paragraph of this article. (3) If the Commission, on the basis of the first and second part, has issued the administrative act, the appeal shall not suspend the execution. " 6. Article 105: Add to the first paragraph after the words "chapter" with the words "and the European Union are directly applicable law and payment services in the field of electronic money" and after the words "this provision" — with the words "and the European Union are directly applicable law and payment services in the field of electronic money"; to complement the second subparagraph following the words "chapter" with the words "and the European Union are directly applicable law and payment services in the field of electronic money"; to complement the fourth paragraph after the words "chapter" with the words "and the European Union are directly applicable law and payment services in the field of electronic money"; Supplement fifth subparagraph following the words "chapter" with the words "and the European Union are directly applicable law and payment services in the field of electronic money". 7. Supplement article 106, first subparagraph, after the words "chapter" with the words "and the European Union are directly applicable law and payment services in the field of electronic money". 8. Supplement article 107 following the words "the provisions of chapter" with the words "and the European Union are directly applicable law and payment services in the field of electronic money". The Parliament adopted the law of 20 June 2013. The President a. Smith 2013 in Riga on July 4.