The Regulation On The Payment Companies

Original Language Title: Forskrift om betalingsforetak

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The regulation on the payment date of the undertaking-2010-07-01-1049 Ministry Ministry of finance published in the 2010 booklet 9 entry into force 01.07.2010 last edited FOR-2011-12-21-1444 from 01.01.2012 applies to Change Norway Pursuant LAW-1988-06-10-40-section 4b-1, LAW-1988-06-10-40-section 4b-2 CF. law-2015-04-10-17-section 23-2 Announced at 06.07.2010. 15:00 short title regulations on payment enterprises Chapter overview: Chapter 1. Introductory provisions (section 1) Chapter 2. Requirements for the business (§ § 2-3) Chapter 3. Permit (§ § 4-7) Chapter 4. Capital requirements (§ § 8-9) Chapter 5. Securing of customer assets (§ 10) Chapter 6. Accounting and statutory audit, etc. (§ § 11-13)
Chapter 7. The use of agents and other contractors (§ § 14-16) Chapter 8. Limited permission to provide payment services (§ § 17-19) Chapter 9. The payment business in Norwegian Enterprise overseas (§ § 20-23) Chapter 10. Foreign enterprise business in Norway (§ § 24-28) Annex 1 to the Finance Ministry regulations 1. July 2010 No. 1049, cf. § 9 about the calculation of responsible Authority established by the capital: the Ministry of finance 1. July 2010 under the legal authority of the Act 10. June 1988 No. 40 about financing business and financial institutions (Finance Act) § 4b-1 and section 4b-2.
EEA EEA referrals: annex IX Nr. 16th (Directive 2007/64/EC).
Changes: modified by regulations 24 aug 2010 No. 1205, 21 Dec 2011 No. 1444. Chapter 1. Initial provisions § 1. Scope, definitions, nemnds treatment etc.
(1) Regulation sets out the requirements for companies to be doing business as a payment undertaking as stated in the Finance Act § 4b-1 to § 4b-3.

(2) no one can drive business as payment companies in Norway without the permission of the Ministry unless otherwise follows from Chapter 10. The Ministry may by individual decisions make exceptions from the requirements of these regulations and provide legal and physical persons a limited right to provide payment services according to the rules in Chapter 8.

(3) Finance Authority oversees payment companies and other providers of payment services which are registered under section 7, cf. the financial regulatory law.

(4) with payment services will mean the activities as stated in the financial agreement Act.

(5) the payment companies and other providers of payment services should be attached to a appeals as mentioned in the financial agreement the law § 4 for treatment of disputes about the payment services.

Chapter 2. Requirements to the business section 2. Areas of (1) a payment undertaking can provide payment services after the terms set out by the Ministry.

(2) to have the payment business office undertaking and the main office in Norway.

(3) in addition to the right to provide payment services according to fixed permission, payment companies drive the following activities of business grade: a) the performance of operational and other closely related additional services such as securing that payment transactions are carried out, the currency business by the rules in the Act of financing chapter 4a, retention businesses as well as online processing and archiving of payment information, b) the operation of payment systems without affecting the rules of law 17. December 1999 Nr. 95 about payment systems etc., Chapter 5, for access to other payment systems, and c) other business activities in accordance with Norwegian legislation.

§ 3. Enterprise limitations (1) a payment undertaking to not doing business as the recipient of deposits or similar back payment liable funds pursuant to article 5 of Directive 2006/48/EC. Funds as a payment undertaking receives from the users of payment services with a view to the provision of payment services, shall not be deemed as deposits or similar back payment liable funds pursuant to article 5 of Directive 2006/48/EC, or electronic money after funding Act section 4 c-1.

(2) a payment undertaking can only create accounts to use for execution of payment services.

(3) the payment companies can only provide credit in relation to the payment services as mentioned in the financial agreement the law section 11 first paragraph, LITRA b, c and e, as long as the following conditions are met: a) the credit is to be a performance additional service and exclusively be given in connection with the execution of a payment transaction, b) credit to be repaid is required within a period of time not to exceed twelve months, c) funds that are received or held to perform a payment transaction , should not be used to fund the credit provision, and d) payment the company's responsible at any time capital must be suitable in terms the total credit amount, cf. § 9.

Chapter 3. Permit § 4. Application for permit (1) application for permission as a payment undertaking after the Finance Act § 4b-2, should contain the information necessary to assess whether the permission is to be given under section 5, including a) entity's name, head office address and VAT registration number, if any, b) the company's organization, Foundation Agreement, articles of Association, formation Protocol and c) a business plan with the overview of the company's current and planned activities, including a description of the planned payment services, credit provision, etc. , d) a business plan, including a budsjettprognose for the first three financial years, which shows that the company is able to use the systems, resources and procedures that are appropriate and well adapted to a healthy and proper operation, as well as the latest annual accounts, if revised, e) evidence that the entity has the initial capital as set forth in section 8, and a reasoned account of the method of calculation of primary capital under section 9 first paragraph, LITRA b , jf. Annex 1, f) a description of the company's guidelines for corporate governance and internal control, including instructions for Administration, risk management and accounting, which shows that these management and control arrangements are proportionate, appropriate, proper and adequate, g) a description of the safeguards that are planned, adopted and/or implemented to protect the funds to users of the company's payment services as mentioned in section 10, h) a description of the measures planned , adopted and/or implemented for the fulfillment of the company's obligations under the money-laundering law and regulations 13. March 2009 No. 302 on measures against money laundering and terrorist financing, including the forskriftens section 20 on the implementation of European Parliament and Council Regulation (EC) No. 1781/2006 of 15. November 2006 about the identification of the payer in a payment transaction, a description of the entity's) organizational structure, the use of agents and affiliates, as well as a description of the arrangements for the utkontraktering of the operating functions, see. section 16, and of the entity's participation in the national and/or international payment systems, as well as a description of the activities and plans for the performance of cross-border payment services and establishment in another country inside or outside the EEA, j) information about the people who directly or indirectly holds qualifying holdings in the enterprise, jf. Finance Act § 2-2 the first paragraph, the size of their respective interests and documentation on their fitness, as taking into account the need to ensure the sound and prudent management of the enterprise, k) information about people in the company's Board of Directors, management and people with responsibility for the management of the company's payment service activities, as well as evidence that they have a good record and appropriate knowledge and experience to operate the payment service business , and l) information about the entity's selected Auditors and audit firms, jf. § 12 and Auditor Act.

(2) the information to be given under subsection letter f, g and in should contain a description of the organizational and revisjonsmessige measures that the company has introduced to help protect users ' interests and to ensure continuity and reliability of performance of payment services.

(3) it happens changes in the information and the documentation that is given in accordance with the first and second paragraph, before permission is given, the payment the company without undue delay inform about this. Corresponding underretnings duty applies after permission is granted, if any payment undertaking according to the rules in section 5. On the basis of information given after the second sentence can Finance the Authority set the terms that are considered required to ensure that the business is being run in a proper way.

(4) the Ministry may require that the applicant provide complementary information.

§ 5. Granting of permission, terms, etc.
(1) decision of the application for permission shall be notified to the applicant within three months after the application is received by the Ministry. Rejected the application, this shall be justified. If the application does not contain the information necessary to determine if permission is to be given, is considered the deadline from the time all relevant and necessary information is received.

(2) it can be set the terms of the permit, including that the business is run in a certain way or within certain frames, or other criteria in accordance with the purposes for which the legislation about the payment companies to attend to. The permission can be further limited to apply one or more of the activities referred to in the financial agreement the law § 11 subsection letter a-e.

(3) permission to be denied if a) the entity does not have the business office and the main office in Norway, b) if the application does not satisfy the requirements under section 4, c) Ministry is not convinced that the owners of qualified owner share and erververe of such holdings satisfy the criteria for suitability as mentioned in section 2 funding Act-4, d) Board members, the Managing Director or any other person to be included in the actual management of the business or any part of this : 1. do not can be assumed to have the necessary qualifications and professional experience to exercise the position or task, 2.

is convicted of a criminal offence and it expelled due to relationships assume that the person will not be able to attend to the position or the task properly, or 3.
in the Setup or by the exercise of other offices has expelled such behavior that there is reason to assume that the person will not be able to attend to the position or the task properly, or e) there is reason to assume that the company will not meet the requirements of the Act or pursuant to the law, or that the business will be in violation of chastity or court order by the way.

(4) at the assessment of the application for permission shall be added significantly emphasis on whether a) the company's capital-and soliditetsforhold is reassuring, including about starting capital commensurate to the scheduled business, b) organizational and operational plan is reassuring in relation to the business to be operated, c) entity has solid arrangements for the management of their payment service business, including a clear organisational structure with well-defined , open and consistent lines of responsibility, d) entity has effective procedures to identify, manage, monitor and report the risks as a payment undertaking are or may be exposed to, and e) entity has reasonable arrangements for internal control, including financial administration and reasonable procedures in relation to the species, the size and complexity of the payment services provided by the entity.

(5) when a payment undertaking besides payment services provides other business activities as mentioned in section 2, third paragraph, letter a-c, the Ministry as the criteria for the permit require the creation of a separate entity for the payment services business, as long as the payment the company's other business activities may help to reduce payment either entity's financial solvency or financial authority's ability to supervise that the entity engaged in compliance with all the obligations set out in the law , regulation and permission.

(6) the company's bylaws and bylaw changes to be approved by the financial audit.

(7) if there is a close association between the payment undertaking and other natural or legal persons, the Ministry only give permission if this Association does not hinder a proper supervision of payment undertaking.

(8) the Ministry shall only give permission if a tredjestats the laws and regulations governing the conditions pertaining to one or more natural or legal persons as a payment undertaking has close proximity to, or if difficulties when the enforcement of the said laws and regulations, do not prevent the effective exercise of Financial authority's supervisory functions.

section 6. Revocation of permissions (1) the Ministry may partially or completely revoke a permit if the payment undertaking a) does not make use of the permit within twelve months from the day the permit was granted, expressly renounced the use of the permit or has ceased to exercise his or her business for more than six months, b) has obtained the permission by using the incorrect declarations or other irregularities, c) no longer meets the criteria for getting a permit , or d) poses a threat to the stability of payment systems by continuing its payment services business.

(2) any revocation of permission should be justified and notified to the parties concerned.

(3) revocation of a permit shall be made public.

section 7. Public registry of allowable payment enterprises etc.
(1) the financial supervision should lead a public, internet-based registry of payment companies with permission to provide payment services in Norway, their agents and affiliates. The register shall also include legal and natural persons, their agents and branches, which has received limited permission in accordance with the rules of Chapter 8.

(2) the registry shall inform the payment service as payment entity has permission to provide or that the physical or legal person is registered for. Payment companies to be listed in the register separate from the legal and natural persons with restricted permission in accordance with the rules of Chapter 8.

(3) Payment business should be registered in business enterprises.

Chapter 4. Capital requirements section 8. Start-up capital (1) a payment undertaking shall at the time of granting of permission under section 5 and later, at least have a start capital that make up an amount in NOK that corresponds to: a) 20 000 euros if payment undertaking only provide the payment service listed in the financial agreement the law section 11 first paragraph, LITRA d, b) 50 000 euros when the payment undertaking provides the payment service listed in the financial agreement the law § 11 subsection letter e , and c) 125 000 euros when the payment the company performs one or more of the payment services listed in the financial agreement the law § 11 subsection letter a-c.

(2) starting capital shall consist of the share capital, PCC or retained earnings as set out in Directive 2006/48/EC, article 57 letter a and b, cf. Regulation 1. June 1990 No. 435 on calculation of primary capital for financial institutions, clearing houses and investment firms.

§ 9. Liable capital (1) a payment undertaking to at all times have a responsible capital as at least make up the highest of the following amounts: a) starting capital, cf. section 8, or b) the amount that emerges after calculation according to one of the three methods as stated by Annex 1 to the regulation here.

(2) Financial Audit sets out the conditions for the application of the closer the calculation methods as stated in Appendix 1. which of these methods of calculation as the individual payment undertaking to apply by the fulfillment of capital requirements. Financial audit will be in this regard. pay attention to the payment the company's reasonable desire for the calculation method to be used (cf. section 4 first paragraph letter e), what payment services payment undertaking offers, as well as the extent of the entity's business. Financial audit may on the basis of a risk assessment of the individual payment companies decide that the entity's responsible capital must be up to 20% higher or up to 20% lower than the amounts arising after the application of the method of calculation referred to in annex 1.

(3) Financial Audit sets out conditions for the fulfillment of capital requirements when payment entity are included in the financial group.

Chapter 5. Securing of customer funds § 10. Requirements for securing of funds (1) the payment shall implement measures that undertakings described in the second or third paragraph to ensure the funds received from payment service users or through another provider of payment services in order to perform payment transactions.

(2) Funds as mentioned in the first paragraph should be kept separate from the company's own funds, and funds that otherwise are included in the company's ongoing operations. Assets not transferred to the payee and who are still held by the payment company by the end of the working day after the day the funds are received, will be immediately inserted on the client account in the bank or invested in safe, liquid assets with low risk as defined by the financial audit. The funds to be kept separate and be identified in such a way that they cannot be the subject of enforcement for coverage of claims from other claimants of the payment, especially in the company's case of insolvency.

(3) the payment to the company as an alternative they can hedge the ways specified in the second paragraph, draw an insurance policy or some other comparable guarantee from an insurance company or a bank, that do not belong to the same group as the payment the entity itself. The insurance policy or warranty shall be set to security for those eligible users according to the not yet completed payment transactions, and to cover any amount, which otherwise would be deposited in the special account or invested in secure liquid enable low risk according to the rules in the second paragraph.

(4) the requirements for securing funds for the first to third paragraphs also apply to payment companies that do not provide other services than the payment services.

(5) the Ministry may by individual decisions determine the closer terms about securing of funds according to the rules in the first to the third paragraph, including decide that protection measures need to be implemented first for funds belonging to users of payment services each of which exceeds an amount in NOK which is equivalent to 600 euro or another lower limit set by the Ministry.

(6) a payment undertaking to according to the provisions of the finance law § 15 the second paragraph letter h and section 23, educate users of payment services about which safeguards that payment entity has implemented to protect the funds to users of the company's payment services.

Chapter 6. Accounting and statutory audit, etc.

section 11. Accounting (1) Fiscal law applies for the payment companies, cf. section 1-2 No. 5, unless otherwise follows from the regulations laid down pursuant to the accounting Act § 10-1 and the regulations here.

(2) the payment by the end of entity shall every six months to make the fiscal reporting to Financial Audit in accordance with the forms and associated instructions prepared by the Financial Audit. Innberetningene to be sent to Financial Audit in electronic form.

(3) if the payment the company also provides other business activities than the payment services as mentioned in section 2, third paragraph, to enterprise financial statements revised payment also include a separate financial statement for such other business activities. Financial audit can dispense from this requirement for activities as mentioned in section 2, third paragraph, letter a.

§ 12. Audit (1) the annual report shall be audited by the payment company's selected auditor.

(2) the payment will also be the company's auditor the auditor for the payment the company's subsidiary (s). The provision in the first sentence does not apply to parent company and subsidiary company (s) that are not resident in Norway.

section 13. Storage of documentation

(1) Payment to at least five enterprises in the years keep all documentation that may be relevant to the Financial authority's oversight of the company and control of the company's compliance with the set permission under section 4 to section 6. The retention requirement does not affect different retention obligation in legislation by the way.

Chapter 7. The use of agents and other contractors section 14. In General about the use of contractors and sales channels (1) a payment companies can give a different legal person commissioned to conduct the performance of parts of the business. A payment companies can also provide other payment companies, agent or provider of specific goods or services mission marketing and sales or dissemination of enterprise payment services payment. Agreement on the mission as mentioned shall be reported to the financial audit.

(2) the use of affiliates, agents, and contractors, etc. is without impact on the company's payment obligations and responsibility to the customers or the public authority. Claims of the customer are considered in relation to the payment the entity that set forth the day the contractor has received notice of the claim.

(3) Payment entity must not use contractors to an extent or in a manner that is not considered reasonable in comparison to the attention that the rules on payment companies to attend to, or that allows the supervision of the company's overall business is made much more difficult. Financial audit can determine special conditions or give the enterprise an order to end the mission as financial audit can be found in violation of this.

(4) Payment the company shall ensure that agents, affiliates and others who act on behalf of the enterprise, informs the users of payment services that the service provider's agent, branch or similar for the Norwegian company payment.

section 15. The use of agents (1) If a payment undertaking intends to provide payment services through an agent, the company shall inform the Financial supervision of the following: a) the agent's name and address, b) a description of the internal control arrangements that will be used by the agents to be able to act in accordance with the duties after the money-laundering law, and c) information about the people in the lead and those with responsibility for the handling of the agent that will be used to provide payment services , as well as evidence that these are appropriate.

(2) Financial Audit shall ensure that information referred to in the first paragraph are recorded in the public register of payment undertaking as described in section 7. Before the agent is listed in the registry can Finance the authority, if they consider that the received information is insufficient or incorrect, to see further measures to control the information. If the Financial supervision after verifying the information, is not convinced that the received information is sufficient and correct, to the authority refuse to lead the agent up in the registry under section 7.

(3) If a payment undertaking intends to provide payment services in another EEA Member State through an agent, the company shall notify in advance the financial audit about this. Underretningen to. educate people about which state the payment services to be offered in, what services to be offered through the agent and details about the responsible persons at the agent.

(4) the financial supervision shall ensure that underretningen and the information as mentioned in the third paragraph, be communicated to the supervisory authorities in the host State not later than one month after the reception of the underretningen. Together with underretningen to the financial audit remit the host State information about the payment the company, its organizational structure and allowed activities, as well as any statement that the planned activities in the host State are covered by the payment company permission.

(5) before the agent can be recorded as mentioned in the second paragraph, cf.. section 7, to the financial authority under the right competent authority in the host State with request for statement of the matter prior to registration. If the host State's authorities have reasonable grounds to suspect that it, in conjunction with the upcoming engasjeringen of the agent, has happened or has been attempted money laundering or the financing of terrorism in accordance with Directive 2005/60/EC, or that engasjeringen of such agent will be able to increase the risk of money laundering or the financing of terrorism, to the financial authority refuse to register the agent , or cancel the registration if this has already happened.

section 16. Launching of the operating functions (utkontraktering) (1) If a payment undertaking intends to outsource operational functions of payment services to an external contractor, payment entity under the correct Financial authority about this.

(2) at the launching of the operating features are maintained the company's payment obligations and liability to users of payment services. Payment undertaking are still fully responsible for all actions and omissions made by the company's employees and agents, or other contractors.

(3) Launching of important operational features should not happen in such a way that it substantially degrades the payment the company's internal controls or financial authority's ability to verify that the payment undertaking acting in accordance with the entity's obligations under the law, regulations and set permission for the business. Payment entity shall at all times act in such a way that the requirements for and the prerequisites for maintaining the permit under section 5, do not change.

(4) if the contractor in a deal about launching of operational features is headquartered in another EEA State, the Financial supervision make sure to inform the supervisory authorities of the relevant EEA State.

Chapter 8. Limited permission to provide payment services § 17. Restricted permission with the exception of § 1, § 3, section 6, section 7, section 10 to section 13 and the provisions of this chapter comes the provisions of this regulation do not apply to enterprises with limited permission granted pursuant to the Finance Act § 4b-3, unless otherwise follows from the permission.

§ 18. Application for limited permission (1) an application for limited permission to operate the payment service business shall contain the necessary information to be able to assess whether the criteria for the permit are met, including: a) information about the people with responsibility for the management and operation of the payment service activities, as well as evidence that they have a good record and appropriate knowledge and experience to operate the payment service business, b) an outline of the applicant's current and planned activities , and c) a business plan, including a budsjettprognose for the first three financial years, as well as the latest annual accounts, where appropriate, revised.

(2) the provisions of section 5 applies to enterprises with restricted permission so far they fit.

§ 19. Disclosure (1) a business with limited permission to a) notifying Financial audit as soon as possible if anything changes in the information previously received from the business and that the decision on the permit, b) send Financial Audit once a year a statement that the business meets the criteria established for the permit, under the sign of the enterprise responsible leader, c) under the right Financial Audit when the average of the preceding 12 months ' total amount of payment transactions executed by the business , including any agent acting on behalf of the business, exceeding an amount equivalent to 5 million. ENOUGH per month or other amount provided for by the rules in the Finance Act § 4b-3.

(2) Financial Audit can determine the supplementary terms and conditions for the disclosure obligation under this section.

Chapter 9. The payment business in Norwegian Enterprise abroad section 20. Change of business abroad (1) A payment to Norwegian companies notify the Financial authority if the entity in whole or in part, establishes or acquires a payment undertaking or a finance company subsidiary in another EEA Member State, and by other changes in the company's payment organization structure of the importance for business abroad, cf. § 4 the first paragraph of the letter.

§ 21. The establishment of the branch in another EEA Member State (1) the payment companies that will establish a branch in another State in the EUROPEAN ECONOMIC AREA, should provide the financial audit message with information about the: a) in which state the branch will be established, and the branch's address, b) a business plan with information on the types of payment services to include business and about the branch's organizational structure, and c) the people who will conduct the management of the branch.

(2) the financial audit to no later than within one month after the information is received, send information as mentioned in the first paragraph, to the host State's regulatory authorities. Financial audit to further provide information about the entity's responsible capital and capital as well as confirm that the operations branch will operate, are covered by the company's permission. It should also be given information about the branch's arrangement for securing of customer funds by the rules in section 10. Entity shall at the same time under the corrected about the transmission.

(3) if the financial authority has reason to assume that the entity's administrative structure and financial condition does not provide a reasonable basis for the establishment of the branch, or the branch's management is not suitable under section 5, third paragraph, LITRA c, to Finance the authority to deny payment undertaking to establish branch. The entity to be under the corrected without undue delay.

(4) the company shall with a minimum of one month's notice notify the Financial Audit and the host State's supervisory authorities about any change in circumstances covered by the first paragraph.

§ 22. Cross-border business activities in the other Contracting State (1) the rules in section 21 applies so far they fit for Norwegian firms that offer payment to cross-border services in another State in the EEA.

§ 23. Establishments outside the European economic area, etc.

(1) a payment undertaking cannot without permission given by the Ministry establish a subsidiary or branch in a foreign State not covered by the EEA Agreement. It can be fixed terms of the permit in accordance with the considerations that the legislation on payment companies to attend to.

(2) a payment undertaking cannot without permission given by the Ministry to acquire a stake of 10 percent or more in a payment undertaking or a financial company in the State that are not covered by the EEA Agreement.

Chapter 10. Foreign enterprise business in Norway section 24. Branch of payment companies with headquarters in another EEA Member State (1) the payment companies with headquarters in another State in the EUROPEAN ECONOMIC AREA that meets the criteria of Directive 2007/64/EC, can drive business through branch in Norway when the financial authority has confirmed to have received the following information from the supervisory authorities of the company's home State: a) a business plan that specifies the types of payment services to include business, b) a statement that the planned activities are covered by the company's permission in the home State , c) branch's address and organizational structure, and d) the persons who are to conduct the management of the branch.

(2) If changes are made to any of the circumstances that is lit after the first paragraph, shall notify the company in writing to even the ledger audit no later than one month before the changes take effect.

§ 25. Cross-border business (1) Payment enterprises with headquarters in another State in the EUROPEAN ECONOMIC AREA that meets the criteria of Directive 2007/64/EC, can power cross-border business here in the Kingdom when the financial authority has confirmed to have received information from regulatory authorities in the company's home State about what payment services entity will offer in Norway.

§ 26. Exception for financial institutions with commenced business before 25. December 2007 (1) financial institutions that have commenced activities as listed in Annex i no. 4 to Directive 2006/48/EC, and which meet the criteria in article 24 No. 1 the first paragraph letter e in the said directive in accordance with the legislation of the State home before 25. December 2007, can be exempted from the requirement for permission for providing payment services under section 5, cf. section 1, second paragraph, of the regulations here.

(2) such institutions should have notified authorities in the home State about such activities within 25. December 2007. Such notice will be. include information that shows that they are acting in accordance with Directive 2007/64/EC article 5 letter a, d, g-i, k and l.

(3) When the Norwegian Government is convinced that these requirements are complied with, the affected financial institutions registered in accordance with section 7 of the regulations here.

§ 27. Foreign payment companies from countries outside the EEA (1) a payment companies with headquarters in the State outside the EEA that do not meet the terms of the financing Act § 4b-1 the second paragraph, can establish and drive the business through subsidiary or branch office here in the Kingdom after special permission given by the Ministry. It can be set criteria that the business is run in its own payment companies registered in Norway.

section 28. Entry into force these regulations shall enter into force immediately.

Annex 1 to the Finance Ministry regulations 1. July 2010 No. 1049, cf. § 9 about the calculation of responsible capital 1.
Payment at any time should an undertaking holds a responsible capital calculated in accordance with one of the following three methods: method A Payment entity's primary capital must amount to at least 10% of the preceding year's fixed costs. The competent authorities can customize this requirement by significant changes in the payment business in an enterprise compared to the previous year. When a payment undertaking has exercised their business in less than one year at the time of calculation, the requirement shall be that company's capital payment responsible to amount to at least 10% of the corresponding fixed costs as envisaged in the business plan, unless the competent authorities require an adjustment of the said plan. 
Method B Payment entity responsible capital must amount to at least the sum of the following records multiplied by the factor k defined in no. 2 below, where payment volume (BV) represents an own 1/12 of the total amount of payment transactions executed by the payment company in previous years: a. 4.0% of the part of the BV that does not exceed 5 million euro, and b. 2.5% of that part of the BV over 5 million euros not exceeding 10 million euros, and c. 1% of that part of the BV over 10 million euro that does not exceed 100 million euros , and d 0.5% of the ... part of the BV of 100 million euro that does not exceed 250 million euros, and e. 0.25% of the part of the BV in excess of 250 million euros. 

Method C Payment entity responsible capital must amount to at least the relevant indicator, as defined in letter a), multiplied by the multiplication factor defined under letter b) and with the factor k defined in no. 2 below.

a. Relevant indicator is the sum of the following:-interest income, finance costs,--received commissions and fees, and other operating income.

All entries will be included in the sum, together with its positive or negative sign. Income from extraordinary or irregular records cannot be used for the calculation of the relevant indicator. Expenses by operating launching of services performed by third parties, can reduce the relevant indicator if the expenditure is incurred from an undertaking subject to supervision according to this directive. The relevant indicator is calculated on the basis of observation over the twelve months at the conclusion of the previous fiscal year. The relevant indicator is calculated over the previous fiscal year. Responsible capital calculated in accordance with method C, shall not be less than 80% of the average of the three previous financial years for the relevant indicator. When audited figures are not available, the enterprise estimates used.

b. multiplication factor should be in. 10% of the part of the relevant indicator that does not exceed 2.5 million euros, ii.
8% of the part of the relevant indicator that is over 2.5 million euros and does not exceed 5 million euro, iii.
6% of the part of the relevant indicator that is over 5 million euros and does not exceed 25 million euros, iv.
3% of the part of the relevant indicator that is over 25 million euros and not exceeding 50 million euro, v. 1.5% over 50 million euros.

2. The factor k to be used in method B and C should be a) 0.5 where the payment the company only providing the payment services that are listed in the financial agreement the law § 11 subsection letter d), b) 0.8 where the payment institution provides the payment services that are listed in the financial agreement the law § 11 subsection letter e), c) 1.0 in cases where the payment institution provides the payment services that are listed in the financial agreement the law § 11 subsection letter a)-c).

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