Authorizes The Government To Regulate The Access To The Activity Of Electronic Money Institutions And The Provision Of Services Of Electronic Currency Issuance, In The Context Of The Transposition Of Directive No. 2009/110/ec Of The European Parliament...

Original Language Title: Autoriza o Governo a regular o acesso à atividade das instituições de moeda eletrónica e da prestação de serviços de emissão de moeda eletrónica, no âmbito da transposição da Diretiva n.º 2009/110/CE, do Parlamento Europeu e do Conselho, de 16 de setembro

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PRESIDENCY of the COUNCIL of MINISTERS 1 Proposal of law No. 71/XII explanatory memorandum the present Bill seeks to enable the Government to regulate the access to the activity of electronic money institutions, the provision of services of issuance of electronic money and its prudential supervision within the transposition into the national legal systems of the Directive No. 2009/110/EC of the European Parliament and of the Council of 16 September 2009 relating to the activity of electronic money institutions, to your Office and your prudential supervision. The changes to be introduced under cover of this proposed legislative authorization Act focus essentially on the introduction of suitable adaptations in the legal regime governing access to the activity of payment institutions and the provision of payment services, approved in annex to Decree-Law No. 317/2009, of 30 October (RJIPSP) and in the associated legal regimes applicable. With this legislative initiative is intended to enable the Government to regulate the regime of access to the activity of electronic money institutions, establishing standards that establish the exclusive institution for the exercise of this activity, the qualifications, professional experience, availability and absence of conflicts of interest, the corrective intervention, temporary administration, dissolution and liquidation of the institutions, the typification as crime of breach of the duty of confidentiality of the criminal conduct carried out within the framework of this activity as well as the definition of the legal consequences of the illicit practice of mere social Ordinance relating to offences relating to the activity of issuing electronic money, including the level of fines, penalties and other procedural rules. She was promoted to the Bank of Portugal and the National Consumer Council.

PRESIDENCY of the COUNCIL of MINISTERS So 2: under d) of paragraph 1 of article 197 of the Constitution, the Government presents to the Assembly of the Republic the following proposal of law: article 1 Object of legislative authorization 1-shall be granted to Government legislative authorization for, in the context of the transposition into the internal legal order of the Directive No. 2009/110/EC of the European Parliament and of the Council of 16 September 2009 relating to the activity of electronic money institutions, to your Office and your prudential supervision, regular access to the activity of these institutions and the provision of services of issuance of electronic money. 2-the regulations provided for in the preceding paragraph is carried out through the introduction of appropriate amendments to the legal framework governing access to the activity of payment institutions and the provision of payment services, approved in annex to Decree-Law No. 317/2009, of 30 October (RJIPSP). 3-implementation of defined in the preceding paragraph, the Government is authorized to: a) Regular access to the activity of issuing electronic money and establish exclusive arrangements with regard to entities engaged in that activity; b) establish a system for checking the suitability of holders of qualifying holdings in electronic money institutions; c) establish a system for checking the suitability, experience, availability and absence of conflict of interests of members of the organs of administration and supervision of electronic money institutions; d) establish a system of corrective intervention and a system of provisional administration of electronic money institutions; and Establish a system of) dissolution and winding up of currency PRESIDENCY of the COUNCIL of MINISTERS 3 electronics; f) provide that the violation of secret practiced within the activity of issuing electronic money and the exercise of supervisory powers, are punishable in accordance with article 195 of the Penal Code, in an equivalent manner to the general scheme of credit institutions and financial corporations (RGICSF); g) Define the legal consequences of the illicit practice of mere social ordering relating to infringements of the legal provisions and regulations relating to the activity of issuing electronic money, level: i) the situations likely to generate corporate procedure; II) fines, defining the respective amounts and penalties; III) of the rules of substantive and procedural nature applicable to the corresponding above processes. 4-the Government is also authorized to establish for payment institutions and electronic money institutions a regime covering the possibility of application of corrective intervention mechanisms and appointment of an interim administration. 5-implementation of the measures provided for in this law, and without prejudice to paragraph 2, the Government is authorized to make the necessary changes in the following diplomas: a) Decree-Law No. 298/92 of 31 December, approving the general scheme of credit institutions and financial corporations;

PRESIDENCY of the COUNCIL of MINISTERS 4 b) Law No. 25/2008 of 5 June, establishing preventive and repressive measures to combat laundering of illicit provenance advantages and the financing of terrorism, transposing to the internal legal order Nos. directives 2005/60/EC of the European Parliament and of the Council of 26 October 1999 and 2006/70/EC , of 1 August, concerning the prevention of the use of the financial system and the activities and professions specially designated for the purpose of money laundering and terrorist financing, the second amendment to law No. 52/2003, of 22 August, and repeals the law No. 11/2004, of March 27; c) Decree-Law No. 156/2005 of 15 September, which establishes the obligation of making the complaints book to all suppliers or contractors that have contact with the general public; d) Decree-Law No. 95/2006, of 29 may, which establishes the legal regime applicable to distance contracts concerning financial services concluded with consumers, national legislation transposing the Directive No. 2002/65/EC of the European Parliament and of the Council of 23 September concerning the distance marketing of consumer financial services; e) Law No. 5/2002, of 11 January, establishing measures to combat organised crime and economic-financial and proceeds to the second amendment to law No. 36/94, of 29 September, as amended by law No. 90/99, July 10, and fourth amendment to Decree-Law No. 325/95, of 2 December, amended by law No. 65/98 , September 2, by Decree-Law No. 275-A/2000, 9 November, and by law No. 104/2001 of 25 August; f) Decree-Law No. 3/94, of 11 January, amending the legal regime of foreign exchange agencies. Article 2 5 of the COUNCIL of MINISTERS PRESIDENCY meaning and extent of legislative authorization regarding the access to the activity of issuing electronic money 1-the use of legislative authorization conferred by subparagraph (a)) of paragraph 3 of the preceding article, can the Government: a) reserve the exercise of the activity of issuing electronic money to the following categories of persons: (i)) credit institutions with headquarters in Portugal which understand the exercise of this activity in accordance with the legal provisions and regulations; II) electronic money institutions based in Portugal; III) credit institutions with headquarters outside Portugal legally empowered to exercise activity in Portugal; IV) electronic money institutions based in another EU Member State, as referred to in Directive No. 2009/110/EC of the European Parliament and of the Council of 16 September 2009; v) the branches of electronic money institutions based outside the European Union, under the conditions laid down in Directive No. 2009/110/EC of the European Parliament and of the Council of 16 September 2009; vi) the State, the autonomous regions and the offices of direct and indirect State administration, when Act in the exercise of public authority of authority; VII) the ECB, the Bank of Portugal and the other national central banks when not acting in its capacity as monetary authority or other public authorities in the exercise of authority. b) Determine the application to electronic money institutions of the regime provided for in article 126 of the RGICSF, with adjustments, so that when there's PRESIDENCY of the COUNCIL of MINISTERS 6

founded suspicions that an entity not enabled exercises or exercised any activity reserved for electronic money institutions, the Banco de Portugal may require its dissolution and liquidation; c) Set the conditions for the establishment of electronic money institutions, including: i) the adoption of the form of a public limited company or private limited; II) minimum capital; III) presentation of appropriate conditions to a sound and prudent exercise of the activity, in particular in the field of corporate governance, risk management, and internal control mechanisms, including those which are intended to comply with the obligations in the fight against money laundering and the financing of terrorism. d) establish the necessary elements for the statement of the application for authorization, including: (i)) a project of partnership agreement or amendment to the articles of Association, where the record an express reference to the payment services that the electronic money institution proposes to pay; II) a program of activities, geographic deployment, organizational structure and human, technical and material resources that will be used;

III) A declaration of commitment that, in the Act of the Constitution, and how her condition will deposited in a credit institution the amount of minimum capital required under currently provided for payment institutions; IV) the indication of the respective identity and evidence of persons who hold, directly or indirectly, participations PRESIDENCY of the COUNCIL of MINISTERS qualified 7, as well as the size of their holdings and evidence of your suitability, taking into account the need to ensure the sound and prudent management of the institution; v) A description of the procedures intended to ensure the protection of the funds of the payment services users and the bearers of electronic money; vi) The evidence of the existence of solid devices with regard to corporate governance, including a clear organisational structure with clearly defined lines of responsibility, transparent and coherent, effective procedures for the identification, management, control and reporting of the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures and devices procedures and mechanisms referred to be complete and proportional to the nature, level and complexity of the activities of the payment institution;

VII) The evidence of existence of internal control mechanisms to comply with the obligations in the fight against money laundering and the financing of terrorism, including the provisions on information on the payer accompanying transfers of funds; VIII) A description of the way they are organized structures of the applicant, including, where appropriate, a description of the PRESIDENCY of the COUNCIL of MINISTERS 8 intended use of agents and branches and a description of the arrangements for provision of services by third parties, as well as their participation in national or international payment system; IX) The evidence of the identity of Directors and persons responsible for the management of the payment institution or the electronic money institution and, where appropriate, the persons responsible for the management of payment services activities and issuing electronic money of the applicant, as well as proof that people are fit and have the appropriate knowledge and experience to perform payment services or issuing electronic money; x) the identity of statutory auditors and audit firms within the meaning of Directive No 2006/43/EC of the European Parliament and of the Council of 17 may; XI) the address of the central administration of the institution. and) establish that electronic money institutions shall apply the funds available to ensure at all times adequate levels of liquidity and solvency. f) Create a record of electronic money institutions to the Bank of Portugal, which depend on the beginning of the activity of issuing electronic money by these institutions, covering also the respective agents and affiliates; 2-implementation of legislative authorization referred to in this article, is the Government allowed to determine the application of the arrangements concerning the authorisation and registration of credit institutions enshrined in the general scheme of credit institutions and financial corporations (RGICSF), approved by Decree-Law No. 298/92, PRESIDENCY of the COUNCIL of MINISTERS on December 9 31 If this is show suitable. Article 3 meaning and extent of legislative authorization regarding the control of the suitability of the holders of qualifying holdings of electronic money institutions 1-when using the legislative authorisation conferred by subparagraph (b)) of paragraph 3 of article 1, can the Government: a) Predict that detention, the increase or the decrease of qualifying holdings in an electronic money institution depends on prior communication to the Bank of Portugal; b) establish the thresholds of the capital or of the voting rights in the subsidiary institution or any other facts that make mandatory the prior communication to the Bank of Portugal of the acts involving increase or decrease of a qualifying holding; c) Confer jurisdiction on the Bank of Portugal to declare of its own motion the qualified nature of any participation in the capital or of the voting rights of an electronic money institution;

d) stipulate that it must be notified to the Banco de Portugal, in a fixed period, the celebration of the acts by which acquisition projects are implemented, increase or decrease of the qualifying holding, subject to advance notice; e) provide that if the reduction of a stake to below 10% of the capital or of the voting rights of the institution, the Bank of Portugal owned communicates to your keeper, in specified period, it is considered that the resulting participation is qualified; f) provide for the acquisition or increase of qualifying holding in a PRESIDENCY of the COUNCIL of MINISTERS 10 electronic money institution depends on the demonstration, in front of the Bank of Portugal, that the proposed acquirer meets the conditions to ensure the sound and prudent management of the institution, as well as regulate the terms, criteria and the effects of the decision of the supervisory authority; g) provide that, in the case of the acquisition or increase of qualifying holdings occur in contempt of the obligation to notify, at no time prior to the decision of the Bank of Portugal or in disregard of the opposition decision to the project of acquisition or increase of holding statement, can the Bank of Portugal to determine the inhibition of the voting rights attaching to the qualifying holding in the electronic money institution or entity who holds, directly or indirectly, of voting rights in the electronic money institution owned to the extent necessary and appropriate to prevent the influence on management that was obtained through the Act that has resulted in the acquisition or the increase of such participation;

h) provide that, in the situation described in the preceding paragraph and in accordance with the procedure laid down therein, the Banco de Portugal may determine in which measure the inhibition covers voting rights exercised by the electronic money institution reported in other institutions with which it is in a relationship of control or dominance, direct or indirect. 2-implementation of legislative authorization referred to in this article, is the Government still allowed to determine the application of the rules on the control of qualifying holdings in credit institutions established by RGICSF electronic money institutions, as show appropriate.

PRESIDENCY of the COUNCIL of MINISTERS 11 article 4 direction and extent of legislative authorization regarding the control system to the qualifications, professional experience, availability and absence of conflict of interests of members of the organs of administration and supervision of electronic money institutions 1-the use of legislative authorization conferred by subparagraph (c)) of paragraph 3 of article 1, can the Government : a) Establish that the exercise of member functions of the organs of administration and supervision of electronic money institutions depends on a prior assessment, by the Bank of Portugal, the qualifications, professional experience, availability and absence of conflict of interests of the parties concerned, in order to provide assurances of sound and prudent management, as well as regulate the terms and the effects of the decision of the Bank of Portugal providing for the criteria to be taken into account in the assessment of the Banco de Portugal;


b) establish the possibility of the Bank of Portugal take appropriate measures when no longer meeting the legal requirements or when the accumulation of positions is likely to harm the exercise of functions; c) Create a register of members of the organs of administration and supervision of electronic money institutions which depend on the beginning of functions; d) provide that the suitability control can be exercised at the time of designation as during functions, getting the Government authorized to establish the means necessary for this purpose, such as to provide for the possibility of cancellation of the registration in the case of the Bank of Portugal take notice of supervening facts which could jeopardise the suitability , experience, availability or the exemption of the person concerned.

PRESIDENCY of the COUNCIL of MINISTERS 12 2-In implementation of legislative authorization referred to in this article, is the Government still allowed to determine the application of the rules on the control of the members of the administrative and supervision set up by RGICSF, electronic money institutions. Article 5 direction and extent of legislative authorization regarding the corrective intervention scheme 1-the use of legislative authorization conferred by subparagraph (d)) of paragraph 3 of article 1, can the Government impose a corrective intervention scheme, with a view to safeguarding the financial soundness of the payment institutions and electronic money, the interests of their respective customers or the stability of the financial system.

2-Is the Government allowed to confer jurisdiction on the Bank of Portugal so that when payment institutions and electronic money do not meet, or are at risk of failing to comply with legal or regulatory standards governing the activity to your application one or more of the following measures of corrective intervention, taking into account the principles of appropriateness and proportionality : a) Determine the presentation, by the institution concerned, of a restructuring plan, the Bank of Portugal may establish conditions for your approval, in particular the increase of the share capital, the reduction of the share capital or the alienation of shares or other assets of the institution; b) Suspend, or impose the replacement of one or more members of the administrative or supervisory body of the institution, these being obliged to provide all information and to provide collaboration wed be applied for PRESIDENCY of the COUNCIL of MINISTERS by the Banco de Portugal 13; c) Designate, for a period of up to one year, extendable up to a maximum of two years, a Committee of supervision or a single tax, paid by the institution and endowed with the powers and duties conferred by law and the articles of association the supervisory organ, which is suspended for the period of activity of that audit Board or sole supervisor; d) Impose the replacement of the statutory auditor or audit firm who is issuing the legal certification of accounts, in cases in which the institution has adopted a management and supervisory models provided for in the commercial companies code in which the statutory auditor or audit firm does not integrate the respective supervisory bodies;

and) Determine restrictions on credit and the implementation of funds in certain kinds of assets, particularly in respect to transactions with subsidiaries, with an entity which is the parent undertaking of the institution or with this affiliates, as well as with entities based in offshore jurisdictions; f) Impose the Constitution of special provisions; g) Determine the prohibition or limitation of distribution of dividends; h) Subjecting certain operations or certain acts to the prior approval of the Bank of Portugal; I) Impose additional reports; j) Determine the presentation, by the institution concerned, of a plan to amend the conditions of the debt, for the purpose of negotiating with their creditors; k) Determine the performance of an audit to all or part of the activity of the institution by an independent entity designated by the Bank of Portugal, the PRESIDENCY of the COUNCIL of MINISTERS at 14 of the institution; l) Requiring the all the time the convocation of the general meeting of the institution and intervene in it with the submission of tenders; m) establish that, at the same time as the appointment of an interim administration, the Banco de Portugal may dispense with compliance with specific obligations temporarily previously incurred by the institutions for a period of up to one year. 3-Is the Government allowed to establish that, if they are not approved by the shareholders or by the management bodies of the institutions the conditions established by the Bank of Portugal with regard to the restructuring plan, or if it is not fulfilled by the same institutions the restructuring plan approved by the Bank of Portugal, this can appoint an interim administration or revoke the authorisation of the institutions; 4-implementation of the authorization referred to in this article, is the Government allowed to determine the application of the system introduced by RGICSF in respect of corrective intervention measures applicable to credit institutions, payment institutions and electronic money article 6 Sense and extent of legislative authorization regarding the provisional administration scheme 1-the use of legislative authorization conferred by subparagraph (d)) of paragraph 3 of article 1 is the Government allowed to, with a view to safeguarding the financial soundness of the payment institutions and electronic money institutions, the interests of their clients or the stability of the financial system, the Bank of Portugal to determine the suspension of Board of Directors and appoint a provisional administration, when any of the following situations that is likely to put at serious risk the financial stability or the PRESIDENCY of the COUNCIL of MINISTERS 15 solvency of the institution or pose a threat to the stability of the financial system: a) serious or repeated Violation of legal or regulatory standards governing the activity of the institution; b) Banco de Portugal have cogent reasons to suspect the existence of serious irregularities in the management of the institution; c) the Bank of Portugal has cogent reasons to suspect the ability of shareholders or members of the management bodies of the institution to ensure the sound and prudent management or to recover financially the institution;

d) Banco de Portugal have cogent reasons to suspect the existence of other irregularities which put at serious risk the interests of their clients and creditors. 2-Is the Government allowed to determine that the members of the interim administration are paid by the institution and have the powers and duties conferred by law and the statutes, and the following: a) Veto the deliberations of other governing bodies of the institution; b) Revoke decisions previously adopted by the Board of Directors of the institution; c) Convene the general meeting of the institution and determine the order of the day; d) Promote a detailed assessment of assets and liabilities and financial situation of the institution, in accordance with the conditions set by the Bank of Portugal; and the Bank of Portugal) presenting proposals for the financial recovery of the institution;

PRESIDENCY of the COUNCIL of MINISTERS 16 f) strive for the immediate correction of irregularities previously committed by the governing bodies of the institution or any of its members; g) adopt measures to understand customers ' interest and appropriate to the institution; h) promote agreement between shareholders and creditors of the institution in respect of measures that allow your financial recovery, notably the renegotiation of debt conditions, the conversion of debt into capital, the reduction of the share capital to absorb losses, the increase of the share capital or the disposal of part of the activity to another institution authorised for your exercise; I) keep the Bank of Portugal informed about your activity and on the management of the institution, in particular by reporting at intervals defined by this; j) Note the generic guidelines and the strategic objectives defined by the Bank of Portugal with a view to their duties; k) Provide all information and collaboration required by the Bank of Portugal on any issues related to your activity or with the institution. 3-Is the Government allowed to establish that, at the same time as the appointment of an interim administration, the Banco de Portugal may designate a Supervisory Committee or a single tax, which are paid by the institutions and have the powers and duties conferred by law and the articles of association the supervisory organ, which is suspended for the period of activity of that audit Board or sole supervisor. 4-Is the Government allowed to establish that, at the same time as the appointment of an interim administration, the Banco de Portugal may waive temporarily the PRESIDENCY of the COUNCIL of MINISTERS 17

punctual fulfilment of obligations previously incurred by the institution for a period of up to one year. 5-Is the Government allowed to determine which members of the administrative and supervision suspended in accordance with the provisions laid down in paragraphs 1 and 3 are obliged to provide all the information and provide the collaboration requested by the Bank of Portugal or by new members of the management bodies and supervision. 6-the Government is authorized to establish the Bank of Portugal may subject to your prior approval by certain acts of the members of the interim administration.

7-the Government can establish that, for the duration of the interim administration, are suspended for a period of up to one year, all executions, including the tax, against the institution, or covering your assets, without exception of having finally pecuniary claims with preference or privilege, and are interrupted the limitation period or expiry opposable by the institution. 8-implementation of the authorization referred to in this article, is the Government allowed to determine the application of the system introduced by the RGICSF as regards the provisional administration of credit institutions, payment institutions and electronic money. Article 7 direction and extent of legislative authorization regarding the dissolution and settlement scheme 1-the use of legislative authorization conferred by subparagraph (e)) of paragraph 2 of article 1, can the Government: a) Determine which electronic money institutions which have as their sole object the activity of issuing electronic money, or even the PRESIDENCY of the COUNCIL of MINISTERS 18 provision of payment services , dissolve only upon revocation of its authorization by the Bank of Portugal or by resolution of the shareholders, and the Banco de Portugal, in the use of its powers, ensure that clients and other creditors are treated fairly, according to the class of creditors belonging; b) Set the grounds for revocation and expiry of the authorization of electronic money institutions;

c) Determine, in terms equivalent to those currently defined in RJIPSP to payment institutions, which the dissolution and liquidation of electronic money institutions which have as their sole object the activity of issuing electronic money, or the provision of payment services, shall be subject to the regime established in chapter II of Decree-Law No. 199/2006 , of 25 October, amended by Decree-Law No. 31/2012, of 10 February, on the winding-up of credit institutions and financial corporations, mutatis mutandis; d) Determine which electronic money institutions that carry out simultaneously several of the professional activities referred to in the preceding paragraph shall be subject to the provisions of the code of insolvency and business recovery, in terms equivalent to those currently defined in RJIPSP to payment institutions under the same circumstances, in particular as to the Faculty of the Banco de Portugal require the Declaration of insolvency , monitor the process and the activity of the insolvency administrator, as well as the expiry of the authorisation for the performance effects of the activity under the judicial declaration of insolvency. 2-implementation of legislative authorization referred to in this article, is the PRESIDENCY of the COUNCIL of MINISTERS 19 Government authorized to determine the application of the system introduced by RGICSF in terms of expiry and withdrawal of authorisation of credit institutions, as well as to Decree-Law No. 199/2006, of 25 October, amended by Decree-Law No. 31/2012 , February 10, on the winding-up of credit institutions and financial corporations, electronic money institutions.



Article 8 direction and extent of legislative authorization regarding the type of crime of violation of the duty of secrecy In use of legislative authorization conferred by subparagraph (f)) of paragraph 3 of article 1, the Government is authorized to establish that the breach of secrecy, carried out within the framework of the activity of issuing electronic money and exercise of powers of supervision over electronic money issuers , are punishable in accordance with article 195 of the Penal Code, so equivalent to what is currently provided for in RGICSF in relation to the activity of credit institutions and their supervision. Article 9 direction and extent of legislative authorization regarding the definition of mere social ordering illegal 1-the use of legislative authorization conferred by subparagraph (g)) of paragraph 3 of article 1, can the Government define as punishable with fine contraordenações between € 3 000 and € 1 500 000 or between € 1,000 and € 500 000, as applies to ente or collective PRESIDENCY of the COUNCIL of MINISTERS 20 singular , the following violations: a) the distribution and reimbursement of electronic money through representatives, without having been given the duty of prior communication to the Bank of Portugal the name and address of the authorised for that purpose, as well as the duty to update this information;



b) non-compliance, on the part of the agents of the institutions authorised in another Member State of the European Union, the duty of identification, towards its customers, the institution on whose behalf they act; c) Constitution of commercial company whose sole object the issuance of electronic money and the provision of payment services, when this Constitution has been determined by the Bank of Portugal; d) violation of rules concerning amendment and termination of framework contracts; and the failure to comply with the obligations concerning) the provision of effective and appropriate non-judicial means of dispute settlement complaints and repair; f) the ducts provided for and punished under (a)), b), (d)), and), f), (i)) and l) of article 210.º of the general scheme of credit institutions and financial corporations, when committed in the context of the activity of electronic money institutions; g) violations of mandatory precepts contained in regulations issued by the Bank of Portugal. h) violations of mandatory precepts not provided for in articles 94 and 95 of the RJIPSP, as well as mandatory standards contained in specific legislation PRESIDENCY of the COUNCIL of MINISTERS 21 governing the activity of payment institutions and electronic money institutions. 2-when using the legislative authorisation conferred by subparagraph (g)) of paragraph 3 of article 1, can the Government still set as contraordenações especially serious punishable with fines between € 10,000 and € 5 000 000 or € 4 000 and € 2 000 000, whichever is applicable to collective entity or natural person, the following violations: a) unauthorized practice for any individuals or entities, of the activity of issuing electronic money; b) activities not included in the subject of electronic money institutions; (c)) that the funds received in Exchange for the issuance of electronic money to different purposes of executing payment services; d) the breach of the duty of payment accounts used exclusively for payment transactions; and) the breach of the obligation to Exchange without delay the funds received by electronic money; f) credit outside of the conditions and limits established by law; g) performing statutory changes subject to prior authorisation of the Bank of Portugal without obtaining such authorization; h) the issuance of electronic money by representatives of electronic money institutions; (I) observance of prudential rules) relating to minimum capital and own funds, without prejudice to the legal provisions establishing exceptions, when her PRESIDENCY of the COUNCIL of MINISTERS 22 serious injury or is likely to occur to the financial stability of the organization concerned; j) failure to comply with the protection requirements of the funds, including the failure of determinations issued by the Bank of Portugal;



k) violating the rules on information and communications requirements; l) violating the rules on recovery of charges; m) the non-compliance with the obligations of reimbursement and payment; n) the issuance of electronic money in breach of the duty of issuance at face value upon receipt of funds; the) the granting of interest or any other benefit related to the time period during which the carrier holds electronic money; p) the ducts provided for and punished in (c)), and), f), (g)), l), m), o), p), (q)), r) and t) of article 211 of the general scheme of credit institutions and financial corporations, when committed in the context of the activity of electronic money institutions. 3-Is the Government allowed to give the Bank of Portugal power to instruct the above processes by the practice of acts or omissions referred to in the preceding paragraphs. 4-Can the Government determine if twice the economic benefit exceeds the maximum limit of the fine applicable, this is elevated to that value, without prejudice to the possibility of application of the accessory sanction seizure and confiscation of the object of the offence, including the PRESIDENCY of the COUNCIL of MINISTERS 23 economic product.


5-when using the legislative authorisation conferred by subparagraph (g)) of paragraph 3 of article 1, the Government establish, for the mere social ordering unlawful, the application, the following cumulative penalties: a) publication of the judgment; b) seizure and confiscation of the object of the offence, including the economic product of this; c) suspension of the exercise of voting rights allocated to the partners of payment institutions or electronic money institutions for a period of 1 to 10 years; d) Inhibition of social positions and administration functions, direction, management or leadership in credit institutions, financial companies, payment institutions and electronic money institutions for a period of 1 to 10 years, in the case of particularly serious offences, as provided for in paragraph 2 of the preceding article, and from six months to three years, in the case of other infringements; e) Prohibition, in whole or in part, for a period up to three years, the exercise of the activity of providing payment services or issuance of electronic money. 6-use of legislative authorisation conferred by subparagraph (g)) of paragraph 3 of article 1, the Government is authorized to determine the applicability to mere social ordering unlawful all other standards, substantive and procedural in nature, the administrative offences laid down in RGICSF scheme to electronic money institutions.

PRESIDENCY of the COUNCIL of MINISTERS 24 Article 10 Duration the legislative authorization granted by this law lasts for 180 days.

Seen and approved by the Council of Ministers of 6 June 2012 the Prime Minister and State Minister of finance, the Deputy Minister and Parliamentary Affairs PRESIDENCY of the COUNCIL of MINISTERS 25 was heard the National Council of consumption and the Bank of Portugal, which held a public hearing for this purpose. So: pursuant to points (a)) and b) of paragraph 1 of article 198 of the Constitution, and in the use of the legislative authorisation conferred by law No. [...], the Government decreed the following: article 1 Object this Decree-Law transposes to the internal legal order the directive no. 2009/110/EC of the European Parliament and of the Council of 16 September, relating to the activity of electronic money institutions , to your Office and your prudential supervision, amending directives 2005/60 Nos/EC and 2006/48/EC and repealing Directive 2000/No. 46/EC. Article 2 amendment to the general scheme of credit institutions and financial corporations, approved by Decree-Law No. 298/92 of 31 December, articles 2, 3, 4, 8, 13, 116-D, 117-A, 198, 199.º-I and 212.º of the general scheme of credit institutions and financial corporations, approved by Decree-Law No. 298/92 of 31 December, and amended by Decree-Law No. 246/95 , September 14, no. 232/96, of 5 December, no. 222/99, of 22 June, nº 250/2000, of October 13, no. 285/2001, of 3 November, no. 201/2002, of 26 September, no. 319/2002 of 28 December, no. 252/2003, of 17 October, no. 145/2006, of July 31, no. 104/2007 , April 3, paragraph 357-A/2007, of October 31, n° 1/2008, of 3 January, no. 126/2008, of July 21, paragraph 211-A/2008, of 3 November, by law No. 28/2009, of 19 June, by Decree-Law No. 162/2009, of July 20, by law No. 94/2009, of September 1 , by decree-laws No. 317/2009, of 30 October, no. 52/2010 of 26 May and no. 71/2010 of 18 June, by law No. 36/2010 of 2 September, by Decree-Law No. 140-A/2010, PRESIDENCY of the COUNCIL of MINISTERS of 30 December 26, by law No. 46/2011, June 24, and by Decree-Law No 88/2011 , July 20, 119/2011, December 26 and 31-A/2012, of 10 February, are replaced by the following: ' article 2 [...] 1 - […]. 2-[Repealed]. Article 3 [...] […]: a) […]; b) […]; c) […]; d) […]; e) […]; f) […]; g) […]; h) […]; i) […]; j) […]; k) [previous subparagraph m)]; l) [Repealed]. Article 4 of the COUNCIL of MINISTERS PRESIDENCY 27 [...] 1-[...]:) [...]; b) […]; c) payment services as defined in article 4 of the legal regime of payment services and electronic money; d) […]; e) […]; f) […]; g) […]; h) […]; i) […]; j) […]; k) [previous (l))]; l) [previous subparagraph m)]; m) [previous (n))]; n) [previous article)]; the) [previous (p))]; p) [previous subparagraph q)]; q) [previous) (r)]; r) issuance of electronic money s) [...].

PRESIDENCY of the COUNCIL of MINISTERS 28 2-[...]. Article 8 [...] 1-Only credit institutions may engage in the activity of the public reception of deposits or other repayable funds, for use on their own. 2-Only credit institutions and financial corporations may perform professionally, the activities referred to in paragraph 1 (b)) (a) (i)) and r) and s) of paragraph 1 of article 4, with the exception of the consultancy referred to in subparagraph (i)). 3 - […]. 4 - […]: a) […]; b) […]; c) […]; (d)) the provision of payment services by payment institutions and electronic money institutions, in accordance with the legal provisions and regulations governing their activity; e) […];

f) The issuance of electronic money, electronic money institutions, in accordance with the legal provisions and regulations governing their activity. Article 13 of the COUNCIL of MINISTERS PRESIDENCY 29 [...] 1-[...]. 2 - […]. 3 - […]. 4-financial institution: company, not being a credit institution, and lying outside the national territory but in another Member State of the European Union, has as main activity take stakes or exercise one or more of the activities referred to in paragraphs 2 to 12 and paragraph 15 of the list annexed to Directive No 2006/48/EC of the European Parliament and of the Council , June 14, or, having the headquarters in a third country, exert, the main title, one or more of the activities equivalent to those referred to in article 5. 5 - […]. 6 - […]. 7 - […]. 8 - […]. 9 - […]. 10-[...]. 11-[...]. 12-[...]. Article 116-D [...]

1 - […].

PRESIDENCY of the COUNCIL of MINISTERS 30 2-[...]. 3 - […]: a) […]; b) […]; c) […]; d) identification of mechanisms implemented to ensure compliance with the provisions of paragraph 8 of article 167; e) […]. 4 - […]. 5 - […]. 6 - […]. 7 - […]. 8 - […]. 9 - […]. 10-[...]. 11-[...]. 12-[...]. 13-[...]. 14-[...]. 15-[...]. Article 117-the payment institutions and electronic money institutions PRESIDENCY of the COUNCIL of MINISTERS 31 payment institutions and electronic money institutions are subject to the supervision of the Bank of Portugal, in accordance with the legal and regulatory rules governing their activity. Article 198 [...] 1-except as provided in law, shall apply, mutatis mutandis, to financial companies and branches established in Portugal the provisions of chapters I, II, III and V of title VIII. 2 - […]. Article 199.º-I [...] 1-[...]. 2-Notwithstanding the provisions of paragraph 1 of article 198, the chapter IV of title VIII shall apply to investment firms which carry out the activities provided for in paragraph 1 (b)) and c) of paragraph 1 of article 199.º-or that are included in the same perimeter of supervision on a consolidated basis of credit institutions. 3 - […]. 4 - […]. 5 - […]. 6 - [...]. Article 212.º [...]-1 [...]: PRESIDENCY of the COUNCIL of MINISTERS the 32) [...]; b) […]; c) When the defendant is a natural person, inhibition of social positions and administration functions, direction, management or leadership in credit institution, finance company, payment institution or electronic money institution determined or any credit institutions, financial companies, payment institutions or e-money institutions, for a period of six months to 3 years in the cases referred to in article 210.º, or 1 year to 10 years, in the cases referred to in article 211; d) […]. 2 - […].»



Article 3 amendment to law No. 25/2008 of 5 June 3, and articles 24 and 25 of law No. 25/2008 of 5 June, establishing preventive and repressive measures to combat laundering of illicit provenance advantages and the financing of terrorism, as amended by Decree-Law No. 317/2009, of 30 October, are replaced by the following : «Article 3 [...]

PRESIDENCY of the COUNCIL of MINISTERS 33 1-[...]:) [...]; b) […]; c) […]; d) […]; e) […]; f) […]; g) […]; h) […]; i) […]; j) […]; k) [previous (l)).] l) electronic money institutions. 2 - […]. 3 - […]. 4 - […]. Article 24 [...] 1-financial entities, excluding currency exchange bureaux, payment institutions and electronic money institutions, shall be authorised to allow execution of the duties of identification and due diligence in relation to customers as set out in article 7 and in (a)) c) of paragraph 1 of article 9, a third party, under the PRESIDENCY of the COUNCIL of MINISTERS regulation 34 by the respective supervisory authorities When this is: a) a financial institution referred to in paragraph 1 of article 3, established in national territory and that is not an Exchange Office, a payment institution or an electronic money institution; b) […]. 2 - […]. Article 25 [...] 1-[...]:) [...];




b) in the case of issuance of electronic money whose monetary value stored electronically, represent a claim on the issuer which is consideration for the receipt of funds in an amount not less in value than the monetary value issued and accepted by several companies of the issuer, if the device cannot be reloaded, provided that the maximum amount that can be stored electronically in the device does not exceed € 250 , or, if they can be, when the limit that can be traded during the calendar year does not exceed € 2500, unless an amount equal to € 1000 is refunded in this calendar year at the request of the carrier pursuant to article 91 of the legal regime of payments and of the PRESIDENCY of the COUNCIL of MINISTERS currency 35, annex to Decree-Law No. 317/2009 , 30 October; c) […]; d) […]. 2 - […].» Article 4 amendment to annex I of Decree-Law No. 156/2005 of 15 September annex I of Decree-Law No. 156/2005 of 15 September, amended by Decree-Law No. 371/2007 of 6 November, no. 118/2009, June 19, and paragraph 317/2009, of 30 October, shall be replaced by the following: ' Annex I [...] 1 - […]. 2 - […]. 3-[...] 4-Credit Institutions, financial companies, payment institutions, electronic money institutions and providers of postal services with regard to the provision of payment services. 5 - […]. 6 - […]. 7 - […]. 8 - […]. 9 - […].» Article 5 of the COUNCIL of MINISTERS PRESIDENCY 36 amendment to Decree-Law No. 95/2006, of 29 may article 2 of Decree-Law No. 95/2006, of 29 may, amended by Decree-Law No. 317/2009, of 30 October, shall be replaced by the following: ' article 2 [...] […]: a) […]; b) […]; c) […];

d) ' financial service supplier ' the credit societies and financial institutions, payment institutions, electronic money institutions, financial intermediaries in securities, insurance and reinsurance companies, insurance companies and pension fund managers; e) […].» Article 6 amendment to law No. 5/2002, of 11 January articles 2, 3, 4, 13 and 14 of Act No. 5/2002, of 11 January, amended by law No. 19/2008, of April 21, and by Decree-Law No. 317/2009, of 30 October, are replaced by the following: ' article 2 COUNCIL PRESIDENCY of 37 MINISTERS [...] 1-at the stage of investigation, education and trial of cases involving the crimes referred to in article 1, the professional secrecy of the members of the governing bodies of credit institutions, financial companies, payment institutions and electronic money institutions, their employees and people who they provide service, as well as the secret of officials of the tax administration, give in, if there is reason to believe that their information has interest for the discovery of truth. 2 - […]. 3 - […]. 4 - […]. 5 - […]: a) […]; b) […]; c) information on financial and banking transactions, including payment transactions and issuance, distribution and reimbursement of electronic money, in which the accused or the legal person are involved; d) […]; e) […]. 6 - […]. Article 3 procedure for the credit institutions, financial companies, payment institutions and electronic money institutions PRESIDENCY of the COUNCIL of MINISTERS 38 1-After the order provided for in the preceding article, the judicial authority or, by your delegation, the criminal police body responsible for investigation, request credit institutions, financial companies, payment institutions or electronic money institutions the information and supporting documents , or your copy, which is relevant. 2-credit institutions, finance companies, payment institutions and electronic money institutions are obliged to provide the requested elements within: a) [...]; b) […].

3 - […]. 4 - […]. 5 - […]. 6-credit institutions, financial companies, payment institutions or electronic money institutions indicate the Attorney General of the Republic a central body responsible for responding to requests for information and documents. Article 4 [...] 1-control of bank account or payment account requires the respective credit institution payment institution or electronic money institution to report any movements on the account to the judicial authority or criminal police body within the 24-hour PRESIDENCY of the COUNCIL of MINISTERS 39. 2 - […]. 3 - […]. 4 - […]. 5 - […].



Article 13 [...] 1-Who, being a member of the governing bodies of the credit institution, finance company, payment institution or electronic money institution, or your employee, or they serving, or official of tax authority, provide information or give false or misrepresented in the context of orderly procedure in accordance with the provisions of chapter II shall be punished with imprisonment from 6 months to 3 years or a fine of not less than 60 days. 2 - […]. Article 14 [...] 1-Is against ordination, punishable by fine of € 750 to € 750 000, non-compliance with the obligations laid down in chapter II, on the part of the PRESIDENCY of the COUNCIL of MINISTERS 40 credit institutions, financial companies, payment institutions or e-money institutions. 2 - […]. 3 - […]. 4 - […]. 5 - […].»



Article 7 amendment of Decree-Law No. 3/94 of January 11 article 1 of Decree-Law No. 3/94, of 11 January, as amended by Decree-Law No. 298/95, of 18 November, by Decree-Law No. 53/2001, of 15 February, and by Decree-Law No. 317/2009, of 30 October, shall be replaced by the following : ' Article 1 [...] 1 - […]. 2 - […]. 3 - […]. 4-Exchange agencies can still exercise the activity of PRESIDENCY of the COUNCIL of MINISTERS 41 payment institution or electronic money institution with headquarters in Portugal or in another Member State of the European Union, under the conditions laid down in the Legal Regime of electronic money and Payments, annex to Decree-Law No. 317/2009, of 30 October.»



Article 8 Amendment to the legal framework governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009, of 30 October articles 1 to 13, 15 to 21, 23, 26, 31, 34 to 37, 41, 45, 46, 50, 53, 55, 56, 58, 59, 63 .62, 64, 73, 77 , 85 to 88, 90 to 96 of the legal regime governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009, of 30 October, are replaced by the following: ' article 1 [...] 1-[previous article body]. 2-the present legal regime regulating access to the activity of electronic money institutions and the issuance of electronic money. Article 2 of the COUNCIL of MINISTERS PRESIDENCY 42 [...] [...]:) [...]: i) the Member State in which is situated the registered office of the payment service provider or issuer of electronic money; or ii) If the payment service provider or the issuer of electronic money has not, under your national law, any registered office, the Member State in which is your central administration. b) ' host Member State ' means the Member State other than the Member State of origin, where a payment service provider or an issuer of electronic money has an agent, a branch, or where payment services or send or distribute electronic money; c) […]; d) ' electronic money ' means the monetary value stored electronically, including magnetically, represented by a claim on the issuer and issued on receipt of banknotes, coins and Scriptural currency, to make payment transactions within the meaning of subparagraph (g)) of this article and which is accepted by a natural or legal person other than the issuer of electronic money; e) ' payment institutions ' legal persons who have been granted authorisation in accordance with article 10 to provide and PRESIDENCY of the COUNCIL of MINISTERS 43 execute payment services throughout the European Union; f) ' electronic money institutions ' legal persons who have been granted authorisation in accordance with article 10, to issue electronic money; g) [previous article)]; h) [previous subparagraph (f))]; I) [previous subparagraph (g))]; j) [previous paragraph (h))]; k) [previous subparagraph (i))]; l) ' electronic money Issuers» the entities listed in Article 7a; m) [previous (j))]; n) ' consumer ' means a natural person who, in payment service contracts and in contracts with issuers of electronic money covered by this legal regime, acts with objectives unrelated to their commercial or professional activities; the) [previous subparagraph m)]; p) [previous (n))]; q) [previous article)]; r) «Funds» banknotes and coins, scriptural currency and electronic money as defined in subparagraph (d)) of this article; s) [previous subparagraph q)]; t) [previous) (r)]; u) [previous (s))];

PRESIDENCY of the COUNCIL of MINISTERS 44

v) [previous subparagraph t)]; w) [previous) (u)]; x) [previous subparagraph v)]; y) ' Agent ' means a natural or legal person that provides payment services on behalf of a payment institution or of an electronic money institution; z) [previous) (z)]; AA) [previous aa) (a)]; AB) [previous) (ab)]; AC) [previous ac (a))]; ad) [previous ad (a))]; AE) [previous ae (a))]; AF) ' Branch ' a distinguished establishment of central administration that is part of a payment institution or of an electronic money institution, devoid of legal personality and which carries out directly all or some of the operations inherent to the activity of those institutions, and all the establishments created in the country for an institution with headquarters in another Member State shall be regarded as a single branch; AG) [previous) (ag)]; Ah) ' relevant ' operational Function the function whose failure or failure can seriously undermine the fulfilment, by a payment institution or of an electronic money institution, of the conditions for authorisation laid down in this legal regime, its financial results, your strength or the continuity of its PRESIDENCY of the COUNCIL of MINISTERS 45 payment services; AI) ' average value of outstanding electronic money ' means the average of the total amount of financial liabilities related to electronic money issued at the end of each day during the past six months, calculated on the first day of each month and applied to this month. Article 3 [...] 1-the present legal regime is applicable to the activity of payment institutions with headquarters in Portugal, their agents and branches, as well as the provision of payment services in Portugal by the entities legally authorized, without prejudice to paragraphs 3 and 4. 2-the present legal system is still applicable to the activity of electronic money institutions with headquarters in Portugal and of their respective agents, affiliates and other representatives, as well as to the issuance, distribution and reimbursement of electronic money in Portugal by the entities legally empowered. 3-title III, with the exception of article 84, is only applicable when both payment service providers, or the service provider only, are situated in Portugal or when a provider is situated in Portugal and the other in another Member State of the European Union. 4-[previous paragraph 3]. Article 4 [...] […]: a) […];

PRESIDENCY of the COUNCIL of MINISTERS 46 b) [...];

c) execution of payment transactions, including transfer of funds deposited into an account open payment with the payment service provider of the user or another payment service provider, such as: (i) execution of direct debits), including the non-recurring in nature; II) [...]; III) execution of credit transfers, including local clearance orders; d) [...]: a) the execution of direct debits, including one-off character; b) […]; c) the execution of credit transfers, including local clearance orders; e) […]; f) […]; g) […]. Article 5 [...] 1-the present legal framework does not apply to the following transactions: PRESIDENCY of the COUNCIL of MINISTERS the 47) [...]; b) […]; c) […]; d) […]; e) […]; f) […]; g) […]: i) […]; II) [...]; III) [...]; IV) [...]; v) […]; vi) [...]; VII) [...]. h) […]; i) […]; j) […]; k) [previous (l))]; l) [previous subparagraph m)]; m) [previous (n))]; n) [previous article)]; the) [previous (p))].

PRESIDENCY of the COUNCIL of MINISTERS 48 2-this scheme also does not apply to monetary value stored in the instruments referred to in point (k)) of the preceding paragraph, or the monetary value used to perform payment operations referred to in point (l)) of the same paragraph. Article 6 [...] 1-[...]: a) Grant authorization for the establishment of payment institutions and electronic money institutions and withdraw it in the cases provided for by law; b) […]; c) […]; d) enjoy the complaints by users of payment services and the bearers of electronic money; e) […]. 2-[...]: a) Require payment service providers and electronic money issuers to submit any information you consider necessary to verify compliance with the requirements of this legal regime;

PRESIDENCY of the COUNCIL of MINISTERS 49 b) Perform inspections to establishments of the payment service providers and of issuers of electronic money, as well as those of their agents and branches and establishments of third parties to whom they have been committed relevant operational functions relating to the provision of payment services or the issuance of electronic money; c) […]. 3-Without prejudice to the powers conferred upon it by the general scheme of credit institutions and financial corporations (RGICSF), the Bank of Portugal exercises its powers of supervision in relation to payment institutions and electronic money institutions based in Portugal, including its agents and branches established abroad, as well as in relation to branches in Portugal of electronic money institutions based outside the European Union. 4-Portugal Bank supervises the compliance with the standards of title III as regards the provision of payment services in Portugal by the entities legally entitled to exercise this activity, including through agents and branches, with the exception of services provided under the freedom to provide services by undertakings authorised in other Member States.



PRESIDENCY of the COUNCIL of MINISTERS 50 5-Portugal Bank supervises compliance with title III-(A) in respect of the issuance, distribution and reimbursement of electronic money in Portugal by the entities legally entitled to exercise this activity, including through branches and natural or legal persons authorized to distribute and to reimburse electronic money on behalf of and under the supervision of electronic money institutions with the exception of the activities carried out under the freedom to provide services by undertakings authorised in other Member States. 6-12 of article RGICSF shall apply mutatis mutandis to decisions of the Bank of Portugal taken under this legal regime. 7-[previous paragraph 6]. 8-in the application of antitrust law to payment service providers and electronic money issuers and their business associations, as well as payment systems, are also articles 87 and 88 of the RGICSF, with the necessary adaptations. 9-the rules on advertising laid down in article 77 C of RGICSF are applicable to payment service providers and electronic money issuers, their agents and branches, and to natural or legal persons authorized to distribute and to reimburse electronic money, as well as business associations of providers and issuers, and the Banco de Portugal in relation to such entities exercise the powers laid down in article 77-D of the same general scheme.

PRESIDENCY of the COUNCIL of MINISTERS 51 article 7 [...] 1-[...]: a) credit institutions with headquarters in Portugal which understand the exercise of this activity, in accordance with the legal provisions and regulations; b) […]; c) electronic money institutions based in Portugal; d) credit institutions with headquarters outside Portugal legally empowered to exercise activity in Portugal; and) electronic money institutions and payment institutions based in another EU Member State, pursuant to this legal regime; f) branches of electronic money institutions based outside the European Union, under this legal regime; g) [previous subparagraph (c))]; h) the State, the autonomous regions and the offices of direct and indirect State administration, when Act in the exercise of public authority of authority;

I) the ECB, the Bank of Portugal and the other national central banks when not acting in its capacity as monetary authority or in the exercise of public authority.

PRESIDENCY of the COUNCIL of MINISTERS 52 2-the entities referred to in subparagraphs (a) (d)), and) and f) of the preceding paragraph may only provide payment services that are authorised to provide in your country of origin. 3 - […]. 4 - […]. 5 - […]. Article 8 [...] 1-[...]. 2-[...]: a) provision of operational services and closely related ancillary services, namely provision of guarantees of execution of payment transactions, foreign exchange services and guard services, storage and processing of data; b) […]; c) […]; d) […]. 3 - […]. 4 - […]. 5-[Repealed]. 6-shall apply to payment institutions with headquarters in Portugal the corrective intervention scheme and interim administration of credit institutions established in the RGICSF, with the necessary adaptations. 7 - […].

PRESIDENCY of the COUNCIL of MINISTERS 53

8 - […]. 9 - […]. 10-[...]. 11-[...]. Article 9 [...] 1-payment institutions and electronic money institutions may grant credit only in the case of this be related to payment services referred to in points (a) to (d)), and) and (g)) of article 4 and as long as the following conditions are fulfilled: a) [...]; b) […]; c) credit cannot be granted from the funds received or held for the execution of a payment transaction or received in Exchange for the issuance of electronic money; d) the payment institution and the electronic money institution shall have at all times own funds appropriate to the volume of loans granted, in accordance with the determinations of the Banco de Portugal. 2-the provisions of this legal regime should be without prejudice to the legal provisions applicable to consumer credit. 3-payment institutions and electronic money institutions that grant credit under this article shall communicate to the Central Credit Responsibilities, managed by the Bank of Portugal, the information relating to operations that perform, under PRESIDENCY of the COUNCIL of MINISTERS and 54 for the purposes set out in the legislation which governs the centralisation of credit responsibilities. Article 10 [...] 1-the Constitution of payment institutions and electronic money institutions depends on authorisation to be granted on a case by case basis by the Bank of Portugal. 2-payment institutions and electronic money institutions based in Portugal must meet the following conditions:) [...]; b) Have minimum capital corresponding to the services to be provided, in accordance with article 29; c) […]; d) […]; e) […]; f) […]; g) […]. 3 - […]. Article 11 [...] 1-[...]: the partnership agreement project) or to amend the articles of Association, where the record an express reference to payment services, from among those listed in article 4, that the institution of PRESIDENCY of the COUNCIL of MINISTERS 55 payment or the electronic money institution proposes to pay; b) […]; c) […]; d) […]; e) a description of the procedures intended to ensure the protection of the funds of the payment services users and the bearers of electronic money, in accordance with article 32; f) […]; g) […]; h) […]; I) evidence of the identity of Directors and persons responsible for the management of the payment institution or the electronic money institution and, where appropriate, the persons responsible for the management of payment services activities and issuing electronic money of the applicant, as well as proof that people are fit and have the appropriate knowledge and experience to perform payment services or issuing electronic money pursuant to article 12; j) […]; k) [previous (l))]; l) address of Head Office of the institution. 2 - […]. 3 - […]. Article 12 [...] 1-applies the provisions of articles 30 to 32 of RGICSF, with the PRESIDENCY of the COUNCIL of MINISTERS 56 adaptations with regard to good repute and professional experience of the members of the administrative and supervision of payment institutions and electronic money institutions. 2-as regards the payment institutions and electronic money institutions engaged in the activities referred to in paragraph (c), respectively) of paragraph 2 of article 8 and in article 5(1)(e)) of paragraph 2 of Article 8a, the requirements regarding professional experience only apply to persons who fit ensure the day-to-day management of payments and issuing electronic money. Article 13 [...]-1 [previous article body].

2-the provisions of the preceding paragraph shall apply, mutatis mutandis, to the authorization of electronic money institutions, and may in this case the company previously referred to have exclusive subject-matter not only the issuance of electronic money, as well as the provision of payment services listed in article 4. Article 15 amendments and to the elements of the application 1-[...]. 2-Notwithstanding the provisions of articles 33 and 33-G 33-I, the other statutory changes and, in General, the changes to the elements which instruct PRESIDENCY of the COUNCIL of MINISTERS 57 the request referred to in paragraph 1 of article 11, shall be subject to immediate communication to the Bank of Portugal. Article 16 [...] 1-applies the caducity of authorisation of payment institutions and electronic money institutions article 21 of RGICSF, and also the suspension of expiry for a period exceeding six months. 2-is applicable to the withdrawal of authorisation of payment institutions and electronic money institutions, with the necessary adaptations, the provisions of articles 22 and 23 of the RGICSF, considering still grounds for withdrawal of authorisation the condition of the institution pose a threat to the stability of the payment system by the fact that pursue the activity of provision of payment services. 3 - […]. Article 17 [...] Applies the provisions of article 35 and in paragraph 1 of article 35 of the RGICSF, with the necessary adaptations, to the merger, demerger and the voluntary dissolution of payment institutions and electronic money institutions. Article 18 [...] 1-payment institutions and electronic money institutions may provide payment services through agents, assuming responsibility for all acts performed by them.

PRESIDENCY of the COUNCIL of MINISTERS-58 2 If they wish to provide payment services through agents, payment institutions and electronic money institutions based in Portugal shall notify in advance to the Bank of Portugal the following information: a) [...]; b) […]; c) […]. 3 - […]. 4 - […]. 5-payment institutions and electronic money institutions shall ensure that agents who act on your behalf inform thereof the payment service users.

Article 19 [...] 1-payment institutions and electronic money institutions can make to third parties operating functions relating to payment services or the issuance of electronic money. 2-the Bank of Portugal must be previously informed of the intent to commit the third party operational functions relating to payment services or the issuance of electronic money. 3-the institution that commits to third parties the performance of relevant operational functions should safeguard the quality of internal control and ensure that the Bank of Portugal is able to verify the compliance with all applicable legal provisions.

PRESIDENCY of the COUNCIL of MINISTERS-59 4 [...]. Article 20 [...] 1-payment institutions and electronic money institutions cannot start your activity while not enrolled in special register at the Bank of Portugal. 2-the registration covers all institutions authorised to provide payment services and to issue electronic money, their agents and branches.

Article 21 [...] 1-applies the provisions of articles 65 to 72 of the RGICSF, with the necessary adaptations, to the register of payment institutions and electronic money institutions based in Portugal, their agents and branches. 2 - […]. 3-[...]: a) the identification of the payment institutions and electronic money authorised institutions, their agents and branches; and b) payment services within the authorization of payment institutions.

PRESIDENCY of the COUNCIL of MINISTERS 60 article 23 [...] 1-the payment institution or the electronic money institution based in Portugal who wishes to provide services for the first time in another Member State, in particular by establishing branch or hiring agent, must give prior notification to the Bank of Portugal, specifying the following elements: a) country proposes to establish a branch hire an agent or, in General, provide payment services or issuing electronic money; b) name and address of the institution; c) […]; d) […]; e) […]; 2 - […]. 3-In case of modification of the elements provided for in paragraph 1 (b))) of paragraph 1, the institution shall notify, in writing, to the Bank of Portugal and to the competent authority of the host Member State. 4 - […]. Article 26 Activity in Portugal of institutions based in other Member States 1-payment institutions and electronic money institutions authorised in another Member State of the European Union, which does not benefit, respectively, of the derogation laid down in article 26 of Directive No. 2007/64/EC of the European Parliament and of the Council of 13 November, and of the derogation provided for in article 9 of the COUNCIL of MINISTERS PRESIDENCY Policy 61

2009/110/EC of the European Parliament and of the Council, may provide services in Portugal, either by opening branches or the hiring of agents, either under the freedom to provide services, provided that such services are covered by the authorisation. 2 - […]. 3-the institutions authorised in another Member State can start your activity in Portugal as soon as the Bank of Portugal receives from the competent authority of the Member State of origin the communications provided for in paragraph 2 of article 23 and article 24, with the specification of the elements that fit. 4-In case of modification of the elements provided for in paragraph 1 (b))) of article 23, the institution shall notify, in writing, to the Bank of Portugal and to the competent authority of the Member State of origin. 5 - […]. 6 - […]. Article 31 [...] 1-the own funds of the payment institutions shall, at all times, be equal to or greater than the amount resulting from the application of one of the three methods described in the annex to the present legal regime entitled ' Calculation of the own funds '. 2 - […]. 3 - […]. 4 - […]. Article 34 CHAIRMANSHIP of COUNCIL of MINISTERS 62 [...] 1-[...]. 2-checking if any of the circumstances referred to in article 13, the Bank of Portugal can still determine, at any time, that the institution subject to your supervision constitutes a commercial society which has as its sole object the provision of payment services listed in article 4 or, in the case of electronic money institutions, the provision of these services and the issuance of electronic money within that for this purpose it is fixed. 3-the alternative is applicable to the activity of supervision of payment institutions and electronic money institutions, with the necessary adaptations, the provisions of RGICSF, in particular the provisions of articles 120, 127 and 128 of this regime. 4 - […]. 5 - […]. Article 35 institutions authorized in other Member States 1-payment institutions and electronic money institutions authorised in other Member States and to provide services in Portugal, subject to the supervision of the competent authorities of the countries of origin, are not subject to the prudential supervision of the Bank of Portugal. 2-it is the Bank of Portugal cooperate with the competent authorities of the Member States of origin as regards the supervision of branches, agents and third parties with operational functions, which provide services in Portugal under the responsibility of the institutions mentioned in the preceding paragraph.

PRESIDENCY of the COUNCIL of MINISTERS 63 3-[...]. 4 - […]. 5 - […]. 6-in the event of the withdrawal or lapse of authorisation in the Member State of origin shall apply the provisions of article 47 of the RGICSF, with the necessary adaptations. 7 - […].

Article 36 [...] 1-Without prejudice to any other applicable legal provisions, in particular in the context of the prevention of money laundering or terrorist financing, payment institutions and electronic money institutions must keep on file the records of all payments and all other documentation related to the provision of payment services for the minimum term of five years. 2-electronic money institutions shall maintain on file, under the terms and for the period defined in paragraph 1, the records of all operations, distribution and reimbursement of electronic money and other documentation relating to these operations. Article 37 [...] 1-the system of professional secrecy provided for in articles 78 and 79 of the RGICSF shall apply to payment institutions and electronic money institutions shall apply mutatis mutandis.

PRESIDENCY of the COUNCIL of MINISTERS-64 2 [...]. 3 - […]. 4 - […].

Article 41 [...] 1-[...]. 2-in the situations covered by the Decree-Law No. 95/2006, of 29 may, articles 42, 47, 48, 52 and 53 of the present legal regime take precedence over the provisions of articles 9, 11, paragraph 1, 13 and 14, with the exception of points (a) to (c)) the h) in article 15, except for paragraph 1 (a)), b) and (c)) of paragraph 1 and paragraph 2 , and also in article 16, with exception of point (a)) of the said Ordinance. Article 45 derogation from information requirements for payment instruments and electronic money of low value [previous article body.] Article 46 [...] 1-this section applies to transactions of isolated nature not covered by a framework contract. 2 - […]. Article 50 65 PRESIDENCY of the COUNCIL of MINISTERS [...] Immediately after the execution of the payment transaction, the payment service provider of the payee shall pay this, or put to your disposal, pursuant to article 42 and paragraph 2 of article 47, the following information: a) [...]; b) […]; c) […]; d) […]; e) […]. Article 53 [...] […]: a) […]; b) […]; c) […]: i) […]; II) [...]; III) if agreed, the immediate application of changes in the interest rate or exchange rate of reference and reporting requirements relating to changes in the terms of paragraphs 4, 5 and 6 of article 55; d) […];

PRESIDENCY of the COUNCIL of MINISTERS and 66) [...]; f) […]; g) […].

Article 55 [...] 1-any alteration of the framework contract or the information and conditions specified in article 53 should be proposed by the payment service provider, in accordance with article 42 and paragraph 2 of article 52, and at the latest two months before the proposed date for your application. 2 - […]. 3 - […]. 4 - […]. 5-the payment service user shall be informed as soon as possible of any change in the interest rate as referred to in article 42 and paragraph 2 of article 52, unless the parties have agreed on a periodicity or in specific ways for the provision or availability of the information. 6 - […]. 7 - […]. Article 56 [...] 1-[...]. 2 - […].

PRESIDENCY of the COUNCIL of MINISTERS 67 3-[...].

4-if agreed in the framework contract, the payment service provider may terminate a framework contract for an indefinite period by giving at least two months, in accordance with article 42 and paragraph 2 of article 52 5-[...]. 6 - […]. Article 58 [...] 1-after the amount of an individual payment transaction have been debited to the account of the payer, or, if the payer does not use an account, upon receipt of the payment order, the payment service provider of the payer pays to this immediately, unless justified delay, and in accordance with article 42 and paragraph 2 of article 52 , the following information: 2-[...]. 3 - […]. Article 59 [...] 1-After the execution of an individual payment transaction, the payment service provider of the payee to this, without unjustified delay 68 PRESIDENCY of the COUNCIL of MINISTERS and in accordance with article 42 and paragraph 2 of article 52, the following information: 2-[...]. 3 - […].

Article 62 [...] 1-[...]. 2-When the payment service user is not a consumer, the parties may depart from the application, in whole or in part, the provisions of paragraph 3 of article 63, paragraph 3 of article 65 and articles 70, 72, 73, 74, 77, 86 and 87, as well as wake up within other than set out in article 69 3-[...]. 4 - […]. Article 63 [...] 1-[...]. 2 - […]. 3 - […]. 4 - […]: a) […]; b) revocation of a payment order as referred to in paragraph PRESIDENCY of the COUNCIL of MINISTERS article 77 69 7; c) […]. 5 - […]. 6 - […]. Article 64 Derogation to payment instruments and electronic money of low value 1-[...]: a) do not apply) (b) of paragraph 1 of article 67, paragraph c), (d)) and e) of paragraph 1 of article 68 and paragraphs 4 and 5 of article 72, if the payment instrument does not allow these operations block or prevent your subsequent use; b) […]; c) […]; d) […]; e) […]. 2-articles 71 and 72 shall also apply to electronic money within the meaning of subparagraph (d)) of article 2, except where the payment service provider of the payer does not have the possibility to block the payment instrument that only lets you store funds which do not exceed € 150. Article 73 [...] 1-[...]. 2 - […].

PRESIDENCY of the COUNCIL of MINISTERS 70 3-[...]. 4 - […]. 5-for the purposes of point (b)) of paragraph 1, the payer may not be based on reasons related to the exchange rate where it has been applied to the reference exchange rate agreed with the respective payment service provider, in accordance with subparagraph (d)) of paragraph 1 of article 48 and article ii) subparagraph (c)) article 53. 6 - […]. Article 77 [...] 1-[...]. 2 - […]. 3 - […]. 4 - […]. 5 - […]. 6 - […]. 7-in the situations provided for in the two preceding paragraphs, and upon the express clause framework contract, the payment service provider may charge for revocation. Article 85 [...] 1-[...].

PRESIDENCY of the COUNCIL of MINISTERS 71



2-If the unique identifier provided by the payment service user is incorrect, the payment service provider is not responsible under articles 86 and 87, the non-execution or defective execution of the payment transaction. 3 - […]. 4-Notwithstanding the payment service user to be able to provide the additional information specified in subparagraph (a)) of paragraph 1 of article 48 or article ii) of point (b)) of article 53, the payment service provider is only responsible for the execution of payment transactions in accordance with the unique identifier provided by the payment service user. Article 86 [...] 1-If a payment order is issued by the payer, the responsibility for the correct execution of the payment transaction before the originator it is up to the payment service provider shall, without prejudice to article 69, paragraphs 2, 3 and 4 of article 85 and article 90 2-[...]. 3 - […]. 4 - […]. 5 - […]. 6 - […].

PRESIDENCY of the COUNCIL of MINISTERS Article 72 87 [...] 1-If a payment order is issued by the beneficiary or through this, it is up to the payment service provider shall, without prejudice to the provisions of article 69, paragraphs 2, 3 and 4 of article 85(1) and in article 90, the liability to the beneficiary for the correct transmission of the payment order to the payment service provider of the payer pursuant to paragraph 5 of article 80 2-[...]. 3-Notwithstanding the provisions of paragraph 1, the payment service provider of the payee, without prejudice to the provisions of article 69, paragraphs 2, 3 and 4 of article 85(1) and in article 90, the liability to the beneficiary by the treatment of the payment transaction in accordance with its obligations deriving from article 4 84-[...]. 5 - […]. 6 - […]. 7 - […]. 8 - […].

Article 88 73 COUNCIL PRESIDENCY [...] The provisions of articles 86 and 87 shall not affect the right to further compensation under the law applicable to the contract. Article 90 [...] The liability provided for in articles 65 to 89 shall not apply in case of abnormal and unforeseeable circumstances beyond the will of the party invokes, unless their hadn't consequences could not be avoided despite all efforts made, or if the payment service provider is bound by other legal obligations, in particular those relating to the prevention of money laundering and terrorist financing. Article 91 [...] 1-Without prejudice to any other legitimate causes of treatment enshrined in law, the processing of personal data by payment systems and payment service providers to the extent that they show necessary to safeguard the prevention, investigation and detection of fraud in relation to payments. 2 - […].

Article 92 [...]

PRESIDENCY of the COUNCIL of MINISTERS 74 1-without prejudice to the access by users of payment services and the bearers of electronic money, the competent judicial resources, payment service providers and electronic money issuers should offer to their users of payment services and electronic money holders access to effective and appropriate non-judicial means of dispute settlement complaints and repair of value equal to or lower than the jurisdiction of the courts of first instance , relating to the rights and obligations established in titles III and III-A of this legal regime. 2-the offer referred to in the preceding paragraph effectively through the accession of the payment service providers and of issuers of electronic money to at least two entities authorized to conduct arbitrations pursuant to Decree-Law No. 425/86, of 27 of December, or the two entities registered in the system of voluntary registration procedures for out-of-court settlement of consumer disputes established by Decree-Law No 146/99 of May 4. 3-the entities chosen by payment service providers and electronic money issuers must comply with the principles applicable to the bodies responsible for the out-of-court settlement of consumer disputes laid down in the recommendation, the European Union Commission, no. 98/257/EC of 30 March.



4-payment service providers and currency issuers PRESIDENCY of the COUNCIL of MINISTERS may, in addition to electronic 75 the provision of the means above, submit the disputes referred to in paragraph 1 to the intervention of an Ombudsman or similar entity, appointed in accordance with the principles formulated in recommendation No 98/257/EC, the European Union Commission , March 30. 5-payment service providers and electronic money issuers must still ensure that the resolution of cross-border disputes is forwarded to entity a signatory of the Protocol of accession to the FIN-NET network of cooperation on cross-border out-of-court settlements in the financial sector, the choice falls on one of the entities referred to in the preceding paragraphs. 6-payment service providers and electronic money issuers shall inform the Bank of Portugal to entities which have acceded in accordance with paragraph 2, within 15 days after accession. 7-the provisions of this article shall not apply to payment service providers and electronic money issuers listed in points (a) to (h)) and i) of paragraph 1 of article 7 and in points (a) to (f)) and g) of paragraph 1 of article 7A.



Article 93 [...] 1-Without prejudice to the access to competent judicial means, the users of payment services and the bearers of electronic money, or its PRESIDENCY of the COUNCIL of MINISTERS 76 representative associations, as well as other interested parties, may submit directly to the Bank of Portugal, claims founded in breach of standards of titles III and III-A of this legal regime on the part of the payment service providers and of issuers of electronic money. 2 - […]. 3 - […]. Article 94 [...] 1-[...]:) [...]; (b)) the distribution and reimbursement of electronic money through representatives, in accordance with paragraphs 1 and 2 of article 18-A, without having been complied with the provisions of paragraph 4 of the same article; c) non-compliance, on the part of the agents of the institutions authorised in another Member State of the European Union, of the duty provided for in paragraph 5 of article 26; d) [previous subparagraph (b))];

and Constitution of society) which has as its sole object the provision of payment services or, in the case of electronic money institutions, the provision of these services and the issuance of electronic money, when determined by the Bank of Portugal in accordance with paragraph 2 of article 34;

PRESIDENCY of the COUNCIL of MINISTERS 77 f) [Former subparagraph (d))]; g) violation of rules concerning amendment and termination of framework contract provided for in paragraphs 4, 6 and 7 of article 55 and in paragraphs 1 and 4 of article 56; h) [previous subparagraph (f))]; I) [previous subparagraph (g))]; j) [previous paragraph (h))]; k) [previous subparagraph (i))]; l) failure to comply with duties relating to the provision of effective and appropriate non-judicial means of dispute settlement complaints and redress, in accordance with article 92; m) the ducts provided for and punished under (a)), b), (d)), and), f), (i)) and l) of article 210.º of the RGICSF, when carried out within the framework of the activities of payment institutions and electronic money institutions; n) violations of mandatory precepts contained in regulations issued by the Bank of Portugal under c) of paragraph 1 of article 6, not provided for in this article or in the following article;

the) violations of mandatory precepts of this diploma and the specific legislation governing the activities of payment institutions and electronic money institutions, not provided for in the above and in the following article, as well as the regulations issued by the Bank of Portugal in compliance with or implementation of these precepts.

PRESIDENCY of the COUNCIL of MINISTERS-78 2 [...]. Article 95 [...]) the unauthorized practice by any individuals or entities, the activity of providing payment or issuance of electronic money; b) exercise, payment institutions and electronic money institutions, for activities not included in your legal object, or the provision of payment services which are not included in the authorisation; (c)) that the funds from the payment service users for different purposes of the implementation of these services, in violation of the provisions of paragraph 3 of article 8; d) the breach of the obligation provided for in paragraph 4 of article 8, using the payment of accounts that hold payment institutions or electronic money institutions exclusively for the execution of payment transactions; and) the breach of the obligation provided for in paragraph 4 of Article 8a, of change without delay, the funds received by electronic money;

f) credit outside of the conditions and limits established pursuant to article 9; g) amendments referred to in paragraph 1 of article 15, when not preceded by authorization of the Bank of Portugal; h) electronic money issued by the electronic money institutions ' representatives referred to in paragraphs 1 and 2 of article 18-PRESIDENCY of the COUNCIL of MINISTERS 79

The, in disregard of the prohibition in paragraph 3 of the same article 18; (I) observance of prudential rules) laid down in articles 29, 30, without prejudice to paragraph 3 of the same article 31 without prejudice to paragraph 3 of the same article 33-B, 33-C, without prejudice to paragraph 3 of the same article, and 33-D, without prejudice to paragraph 4 of the same article, when her serious injury or is likely to occur to the financial stability of the organization concerned; j) failure to comply with the protection requirements of the funds defined in article 32 and 33-and, including the failure of determinations issued by the Banco de Portugal under paragraph 6 of article 32 and paragraphs 6 and 7 of article 33; k) [previous (a))]; l) violating the rules on information requirements and communications provided for in articles 42, 45, 47 to 50, 52 to 55, 57 to 61, in paragraph 3 of article 66, paragraphs 2 and 3 of article 76, paragraph 3 of article 78, paragraph 5 of article 86, paragraph 7 of article 87 and paragraph 2 of article 91-B;

m) to violations of the rules on recovery of charges provided for in article 43, paragraphs 2, 3, 5 and 6 of article 56, article 63, paragraph 4 of article 76, paragraph 7 of article 77, paragraphs 1 and 2 of article 78, paragraph 3 of article 85(1) and in paragraphs 3 and 4 of article 91-B; n) [Former subparagraph (d))]; the) [previous article)]; p) the non-compliance with the obligations of reimbursement and payment provided for in the PRESIDENCY of the COUNCIL of MINISTERS 80 paragraph 1 of article 71, paragraph 1 of article 73, paragraphs 2 and 3 of article 74, paragraphs 3 and 4 of article 86, paragraphs 4 and 6 of article 87(1) and in paragraphs 1, 5 and 6 of article 91-B; q) [previous subparagraph (g))]; r) [previous paragraph (h))]; s) [previous subparagraph (i))]; t) the issuance of electronic money in breach of the duty of issuance at face value upon reception of the funds referred to in article 91; u) the grant of interest or any other benefit related to the time period during which the carrier holds electronic money, in violation of the provisions of article 91 C; v) the ducts provided for and punished in (c)), and), f), (g)), l), m), o), p), (q)), r) and t) of article 211 of the RGICSF, when carried out within the framework of the activities of payment institutions and electronic money institutions».



Article 96 [...] 1-[...]:) [...]; b) […];

PRESIDENCY of the COUNCIL of MINISTERS 81 c) suspension of the exercise of voting rights allocated to the partners of payment institutions or electronic money institutions for a period of 1 to 10 years; d) Inhibition of social positions and administration functions, direction, management or leadership in credit institutions, financial companies, payment institutions and electronic money institutions for a period of six months to three years, in the case of offences referred to in article 94, or 1 to 10 years, in the case of offences referred to in article 95; e) Prohibition, in whole or in part, for a period up to three years, the exercise of the activity of provision of payment services listed in article 4 or from issuing electronic money. 2 - […].»



Article 9 an addition to the legal regime governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009, of 30 October Are added to the legal regime governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009 , Oct 30, articles 7A, 8A, 9A, 18-, 23-, 27-, 33-, 33-B, 33-C, 33-D, 33-and 33-F, 33-G, H-33, 33-I, 91-A, 91-B, C-91 and 91-D, with the following wording: PRESIDENCY of the COUNCIL of MINISTERS ' 82 article 7-the issuers of electronic money 1-can only issue electronic money the following entities : a) credit institutions with headquarters in Portugal which understand the exercise of this activity, in accordance with the legal provisions and regulations; b) electronic money institutions based in Portugal; c) credit institutions with headquarters outside Portugal legally empowered to exercise activity in Portugal; d) electronic money institutions based in another EU Member State, pursuant to this legal regime; e) branches of electronic money institutions based outside the European Union, under this legal regime;

f) the State, the autonomous regions and the offices of direct and indirect State administration, when Act in the exercise of public authority of authority; g) the ECB, the Bank of Portugal and the other national central banks when not acting in its capacity as monetary authority or other public authorities in the exercise of authority; 2-the provisions of paragraphs 3, 4 and 5 of article 7 shall apply to electronic money institutions mutatis mutandis. Article 8-the electronic money institutions PRESIDENCY of the COUNCIL of MINISTERS 83 1-electronic money institutions are legal persons, subject to this legal regime, designed to issue electronic money. 2-electronic money institutions may carry out the following activities: a) payment services referred to in article 4; b) credit related to payment services referred to in points (a) to (d)), e) and (g)) of article 4, in accordance with the conditions laid down in article 9; c) provide operational services and closely related ancillary with the issuance of electronic money or with payment services, namely the provision of guarantees of execution of payment transactions, foreign exchange services and guard services, storage and processing of data;

d) operation of payment systems, without prejudice to the provisions of article 39; and different Professional Activities of issuance) of electronic money in accordance with the legal provisions applicable to these activities. 3-electronic money institutions may not receive the public deposits or other repayable funds within the meaning of paragraph 1 of article 2 of the RGICSF. 4-the funds received by electronic money institutions and from the holders of electronic money must be replaced without delay by the PRESIDENCY of the COUNCIL of MINISTERS 84 electronic money, do not constitute receipt of deposits or other repayable funds within the meaning of paragraph 1 of article 2 of the RGICSF. 5-paragraphs 3 and 4 of article 8 shall apply to the funds received by electronic money institutions with a view to the provision of payment services referred to in article 4 which are not associated with the issuance of electronic money. 6-shall apply to electronic money institutions based in Portugal the corrective intervention scheme and interim administration of credit institutions established in the RGICSF, with the necessary adaptations.

7-the dissolution and settlement of electronic money institutions based in Portugal, including branches established in other Member States, which have as their sole object the issuance of electronic money, or the activities referred to in (a)), b), c) and (d)) of paragraph 2, shall be subject, mutatis mutandis, the procedure set out in chapter II of Decree-Law No. 199/2006 , of 25 October, on the winding-up of credit institutions and financial corporations. 8-electronic money institutions engaged in the activities referred to in point (e)) of paragraph 2 shall be subject to the provisions of the code of insolvency and business recovery, with the specialties listed in paragraphs 9, 10 and 11 of article 8, applying, where necessary, apply mutatis mutandis. Article 9-the Duties of abstention, recording and reporting of transactions with entities PRESIDENCY of the COUNCIL of MINISTERS based on 85 offshore jurisdiction the duties of abstention, recording and reporting of transactions with entities located in offshore jurisdiction provided for in article 118 of the RGICSF, are applicable to payment service providers listed in paragraph 1 of article 7. Article 18-the distribution and reimbursement of e-money by representatives of electronic money institutions 1-electronic money institutions may distribute and refund electronic money through natural or legal persons who act on your behalf and under your responsibility. 2-the officers who use electronic money institutions to provide payment services under article 18 may also distribute and refund electronic money on behalf and under the responsibility of them. 3-it shall be prohibited for representatives referred to in paragraphs 1 and 2 to issue electronic money. 4-electronic money institutions must communicate prior to the Bank of Portugal the name and address of the entities authorised to distribute and refund electronic money in your name and convey him immediately any changes to such information. 5-electronic money institutions assume responsibility for all the acts of persons authorized to act on your representation in accordance with this article. Article 23-the distribution and reimbursement of electronic money in another Member State PRESIDENCY of the COUNCIL of MINISTERS 86

In the case of an electronic money institution with headquarters in Portugal wish to distribute or redeem electronic money in another Member State through the persons referred to in article 18 it shall apply the provisions of article 23, with the necessary adaptations. Article 27-the branches of third countries to the establishment in Portugal of branches of electronic money institutions authorised in countries that are not members of the European Union shall apply the provisions of articles 57 to 59 of RGICSF with the necessary adaptations. Article 33-the general principle of electronic money institutions shall apply the funds available to ensure at all times adequate levels of liquidity and solvency. Article 33-B Capital 1-electronic money institutions based in Portugal must, at all times, own capital not less than € 350 000. 2-the minimum share capital referred to in the preceding paragraph is made up of the elements defined in (a)) and (b)) of article 57 of Directive 2006/no. 48/EC of the European Parliament and of the Council of 14 June. 3-electronic money institutions should set up special reserves to strengthen equity or to cover losses that the profit and loss account cannot support.

PRESIDENCY of the COUNCIL of MINISTERS article 33-87 C 1-own funds own funds of the electronic money institution shall not be less than the value of the minimum capital required under the previous article or the amount resulting from application of the following article, whichever is higher. 2-the rules on the composition of own funds of electronic money institutions are those laid down by the notice of the Bank of Portugal.

3-if own funds decrease below the limit set in paragraph 1, the Bank of Portugal may, where the circumstances justify it, allow the institution a limited period for which regulate the situation. 4-If the electronic money institution belongs to the same group of other electronic money institution, credit institution, financial institution, society or insurance company, you may not use multiple elements eligible for own funds. 5-the multiple use of elements eligible for own funds is also not permitted in relation to electronic money institutions engaged in other activities other than issuance of electronic money or the provision of payment services listed in article 4. 6-When an electronic money institution carries out other activities other than issuance of electronic money or the provision of payment services listed in article 4, which are also subject to capital requirements, the payment institution shall respect Additionally such requirements.

PRESIDENCY of the COUNCIL of MINISTERS article 33-88 D 1 capital requirements-the own funds of electronic money institutions shall, at all times, be equal to or greater than the amount which result from the sum of the requirements set out in the following paragraphs.

2-as regards the activity of issuing electronic money, capital requirements of electronic money institutions shall be at least 2% of the average value of outstanding electronic money. 3-with regard to the activity of providing payment services referred to in article 4 not associated with the issuance of electronic money, capital requirements of electronic money institutions are those resulting from the application of one of the three methods described in the annex to the present legal regime entitled ' Calculation of the own funds ', applying the provisions of paragraphs 2 and 4 of article 31 of this regime. 4-on the basis of an assessment of the risk management procedures, the risk of data loss and internal control mechanisms, the Bank of Portugal may require or allow, respectively, that the electronic money institution holds a capital amount higher or lower than in 20% of the amount which would result from the application of paragraph 2 of this article. 5-Notwithstanding the preceding paragraphs and articles 33-B and C-33, the Banco de Portugal may adopt the procedures set out in the PRESIDENCY of the COUNCIL of MINISTERS 89 article 6, to ensure that electronic money institutions affect the operation of your activity of issuing electronic money and payment service provision a sufficient level of own funds in particular when the activities referred to in paragraph 2 of article 8-the harm or may harm the financial soundness of institutions.

Article 33-1 funds protection requirements-electronic money institutions shall ensure the protection of the funds that have been received in Exchange for electronic money, by applying mutatis mutandis the provisions of article 32, without prejudice of the specialties listed in numbers 3 to 7. 2-the activity of providing payment services referred to in article 4 not associated with the issuance of electronic money shall apply the provisions of article 32. 3-The funds received in the form of payment by a payment instrument need not be protected until they are credited to the payment account of the electronic money institution or by other means available to the same institution in accordance with the provisions concerning the implementation period laid down in the present legal regime. In any case, institutions must ensure the protection of those funds within five working days from the date of issuance of electronic money. 4-for the purposes of the procedures provided for in article ii) of subparagraph (a)) of paragraph 1 of article 32 with regard to funds that have been received in Exchange for electronic money, shall be considered as active PRESIDENCY of the COUNCIL of MINISTERS 90 insurance and low-risk assets that belong to one of the categories listed in table 1 in point 14 of annex I to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions, for which the capital requirement for specific risk does not exceed 1.6%, but to the exclusion of other eligible elements referred to in paragraph 15 of the annex. 5-Consider active, low-risk and insurance units in undertakings for collective investment in transferable securities (UCITS) which only invest in the assets referred to in the preceding paragraph. 6-In exceptional and duly justified, the Banco de Portugal may, on the basis of an assessment of the security, the period of maturity, value and other risk factors of the assets referred to in paragraphs 4 and 5, determine which of these assets do not meet the safety requirements and low risk. 7-for the purposes of paragraphs 1 and 2, the Bank of Portugal can determine which of the procedures provided for in paragraph 1 of article 32 should be used by electronic money institutions to ensure the protection of the funds received. 8-electronic money institutions should inform the Bank of Portugal of any relevant changes that wish to adopt in relation to the protection of the funds that have been received in Exchange for electronic money. Article 33-F accounting and statutory audit PRESIDENCY of the COUNCIL of MINISTERS 91 the rules on accounting and statutory audit provided for in article 33 shall apply to electronic money institutions shall apply mutatis mutandis.

Article 33-G communication of qualifying holdings, increase and decrease your 1-the natural or legal person who, directly or indirectly, plan to hold a qualifying holding within the meaning of paragraph 7 of article 13 of the RGICSF in an electronic money institution shall communicate prior to the Bank of Portugal the your project. 2-Must still be reported prior to the Bank of Portugal the acts involving an increase of a qualifying holding, where can result, depending on the cases, a percentage that reaches or exceeds any of the thresholds of 20%, 30% or 50% of the capital or of the voting rights in the subsidiary institution, or when this becomes a subsidiary of the acquiring company. 3-the Bank of Portugal may, in accordance with Article 102A of the RGICSF, declare of its own motion the qualified nature of any participation in the capital or of the voting rights of an electronic money institution. 4-the conclusion of the acts by which they are implemented the projects of acquisition or increase of qualifying holding, subject to prior communication under paragraphs 1 and 2, shall be notified to the Banco de Portugal within 15 days. 5-the natural or legal person who proposes to help stop a qualifying holding, or diminish it in such a way that the percentage of the PRESIDENCY of the COUNCIL of MINISTERS 92

the voting rights or of the capital that holds down the below any of the thresholds referred to in paragraph 2, or in such a way that the institution ceases to be your affiliate, must inform the Bank of Portugal and the new amount of your participation. 6-If the reduction of a stake to below 10% of the capital or of the voting rights in the subsidiary institution, the Bank of Portugal shall communicate to your holder, within 30 working days, it is considered that the resulting participation is qualified. 7-the situation provided for in paragraph 5 shall apply, mutatis mutandis, the provisions of paragraph 4. 8-the Bank of Portugal establishes, by a notice, elements and information that shall accompany the notification referred to in paragraphs 1 and 2. 9-If the communication made pursuant to this article is not properly completed, the Bank of Portugal shall inform the proposed acquirer in writing of the elements or missing information. Article 33-H project Assessment of acquisition or increase of qualifying holdings 1-Banco de Portugal may oppose the acquisition or increase of qualifying holding pursuant to the provisions of paragraphs 1 and 2 of article 103 of the RGICSF, properly adapted. 2-the Bank of Portugal says the proposed acquirer of your decision within 60 working days of the date of receipt of the notification referred to in paragraphs 1 and 2 of the preceding article or the date reply to request for further information referred to in paragraph 9 of the previous article and the next number, but never later than 4 months after that first date.

PRESIDENCY of the COUNCIL of MINISTERS 93 3-Banco de Portugal may request the proposed acquirer, at all times, elements and additional information as well as perform the enquiries it deems necessary. 4-If you decide to oppose the project, the Bank of Portugal: a) informs the proposed acquirer in writing of your decision and the reasons therefor, within two working days of the date of the decision and before the expiry of the time limit laid down in paragraph 2; b) may disclose to the public the reasons for the opposition, for your initiative or at the request of the proposed acquirer. 5-the Bank of Portugal does not object to the project if it is not a decision within the time limit laid down in paragraph 2. 6-articles 105 and 106 of the RGICSF shall apply mutatis mutandis to the inhibition of the voting rights in the electronic money institution owned or entity who holds, directly or indirectly, of voting rights in the electronic money institution owned and the inhibition of voting rights exercised by the institution reported in other institutions with which it is in domain relationship , direct or indirect. Article 33-(I) Communication by electronic money institutions 1-electronic money institutions shall communicate to the Bank of Portugal, as soon as it is are aware, the amendments referred to in article 33-g. 2-in April of each year, electronic money institutions shall communicate to the Bank of Portugal the identity of its shareholders holders of qualifying holdings and the amount of their equity PRESIDENCY of the COUNCIL of MINISTERS article 91 94-issuing electronic money must be issued at face value upon receipt of funds. Article 91-B redeemability 1-at the request of the cardholder, the issuer of electronic money must be repaid at any time and at face value, the monetary value of the electronic money held. 2-the contract between the issuer of electronic money and the carrier must indicate clearly and prominently the terms of repayment, including any commissions related to the same, and the carrier be informed of these conditions before you binding to any contract or offer. 3-the refund can only be subject to a Commission if such is declared in the contract, in accordance with paragraph 2, and in one of the following cases: a) the reimbursement be asked before the term attached to the contract; (b)) the contract fix a term and the cardholder cancel the contract before that date; or c) reimbursement be requested more than a year after the term specified for the contract. 4-the Commission referred to in the preceding paragraph must be proportionate and based on costs actually incurred by the issuer of electronic money.

PRESIDENCY of the COUNCIL of MINISTERS 95 5-Case request repayment before the term attached to the contract, the bearer of electronic money may ask that he be reimbursed part or all of the monetary value corresponding to the electronic money held. 6-If the refund is requested by the electronic money holder on the date of expiry of the agreement or within one year thereafter: a) is refunded the total monetary value of the electronic money held; or (b)) If the electronic money institution to exercise one or more of the activities referred to in point (e)) of paragraph 2 of article 8-A and is not known in advance the portion of the funds to be used as electronic money must be refunded all of the borrowed funds for the carrier. 7-Notwithstanding the provisions of paragraphs 3, 4, 5 and 6, the right to reimbursement by persons who are not consumers, accept electronic money in payments shall be subject to the discipline of the contract between the issuer of electronic money and the people concerned. Article 91-C ban on interest is prohibited the assignment of interest or any other benefit related to the time period during which the carrier holds electronic money.



Article 91-D PRESIDENCY of the COUNCIL of MINISTERS 96 Amendment of conditions and termination of the contract between the issuer and the bearer of electronic money pursuant to articles 55 and 56 shall apply, mutatis mutandis, to the contract between the issuer of electronic money and its carrier, without prejudice to the provisions concerning conditions for reimbursement and the payment instruments and electronic money of low value». Article 10 amendment to the systematic organization of the legal regime governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009, of 30 October 1-title II the legal regime governing access to the activity of payment institutions and the provision of payment services is headed ' payment service providers and issuers of electronic money». 2-Chapter II of title II of the legal regime governing access to the activity of payment institutions and the provision of payment services is headed ' authorization and registration '. 3-the chapter IV of title II of the legal regime governing access to the activity of payment institutions and the provision of payment services shall be replaced by the heading ' Supervision of payment institutions and electronic money institutions». 4-is created the subsection I of section I of chapter IV of title II of the legal regime governing access to the activity of payment institutions and the provision of payment services, with the title ' payment institutions ', covering articles 28, 29, 30, 31, 32 and 33.

5-is created the subsection II of section I of chapter IV of title II of the legal regime governing access to the activity of payment institutions and the provision of services of PRESIDENCY of the COUNCIL of MINISTERS 97 payment, with the title ' electronic money institutions ', covering articles 33-, 33-B, 33-c., 33-D, 33-and no. , 33-F, 33-G, H-33, 33-I. 6-is created the title III-A of the legal regime governing access to the activity of payment institutions and the provision of payment services, with the heading ' Issuance and redeemability of electronic money ', covering articles 91-A, 91-B, C-91 and 91-d. Article 11 Republication and new designation of the legal regime governing access to the activity of payment institutions and the provision of payment services approved by Decree-Law No. 317/2009, of 30 October is republished, in the annex, which forms an integral part of this decree-law, the legal regime governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009, of 30 October, as amended by this decree-law, passing the same renamed «juridical regime of payment services and electronic money». Article 12 amendment to the systematic insertion of annex II of Decree-Law No. 317/2009, of 30 October, and your essay 1-annex II of Decree-Law No. 317/2009, of 30 October, headed ' (referred to in paragraph 2 of article 1)» shall be an annex to the legal framework for payment services and electronic money , changing the designation for your ' calculation of own funds (referred to in articles 31 and 33-D)».

2-2-the introductory part of the annex referred to in paragraph 1 shall be replaced by the following: "the calculation of the own funds requirements referred to in articles 31 and 33-D of the PRESIDENCY of the COUNCIL of MINISTERS 98

the legal framework for payment services and electronic currency takes place in accordance with one of the methods described in this annex. Article 13 set 1-Standard is revoked Decree-Law No. 42/2002, of 2 March. 2-Are repealed paragraph 2 of article 2, point (l)) of article 3 and point (c)) of paragraph 5 of article 167 of the general scheme of credit institutions and financial corporations, approved by Decree-Law No. 298/92 of 31 December. 3-is repealed paragraph 5 of article 8 of the legal regime governing access to the activity of payment institutions and the provision of payment services, approved by Decree-Law No. 317/2009, of 30 October. Article 14 entry into force this law shall enter into force (...).

PRESIDENCY of the COUNCIL of MINISTERS 99 ANNEX (referred to in article 11) LEGAL REGIME of PAYMENT SERVICES and ELECTRONIC MONEY title I General provisions article 1 introductory and 1 Object-the present legal regime regulating access to payment institutions ' activity and the provision of payment services. 2-the present legal regime regulating access to the activity of electronic money institutions and the issuance of electronic money. Article 2 definitions for the purposes of this legal regime: (a) ' Member State of origin) ' one of the following States: i) the Member State in which is situated the registered office of the payment service provider or issuer of electronic money; or ii) If the payment service provider or the issuer of electronic money has not, under your national law, any registered office, the Member State in which is your central administration.

PRESIDENCY of the COUNCIL of MINISTERS 100 b) ' host Member State ' means the Member State other than the Member State of origin, where a payment service provider or an issuer of electronic money has an agent, a branch or where payment services or send or distribute electronic money; c) ' payment services ' activities listed in article 4; d) ' electronic money ' shall mean monetary value stored electronically, including magnetically, represented by a claim on the issuer and issued on receipt of banknotes, coins and Scriptural currency, to make payment transactions within the meaning of subparagraph (g)) of this article and which is accepted by a natural or legal person other than the issuer of electronic money; e) ' payment institutions ' legal persons who have been granted authorisation in accordance with article 10 to provide and execute payment services throughout the European Union; f) ' electronic money institutions ' legal persons who have been granted authorisation in accordance with article 10, to issue electronic money; g) "payment transaction" means the Act, practiced by the payer or by the payee, of depositing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee; h) ' payment system "means a funds transfer system that is governed by formal and standardised arrangements and common rules for the processing, clearing and settlement of payment transactions;

I) ' Originator ' means a natural or legal person who holds a payment account and authorising a payment order from that account, or, in the absence of PRESIDENCY of the COUNCIL of MINISTERS 101 payment account, a natural or legal person who issues a payment order; j) ' beneficiary ' means a natural or legal person who is the recipient provided the funds that have been the subject of a payment transaction; k) ' payment service provider ' the entities listed in article 7; l) ' electronic money Issuers» the entities listed in Article 7a; m) ' payment service user ' means a natural or legal person who uses a payment service as payer, payee or both; n) ' consumer ' means a natural person who, in payment service contracts and in contracts with issuers of electronic money covered by this legal regime, acts with goals unrelated to their commercial or professional activities; the ' framework Contract ') a contract for the provision of payment services that governs the future execution of individual and successive payment transactions and which may spell out the obligations and conditions for setting up a payment account; p) «sending funds ' a payment service that involves the receipt of funds from a payer, without any payment accounts creation on behalf of the payer or the payee, for the sole purpose of transferring corresponding amount to a payee or to another payment service provider acting on behalf of the beneficiary, and the receipt of these funds on behalf of the beneficiary and its availability to the latter;

q) ' payment account ' an account held in the name of one or more payment service users which is used for the execution of payment transactions;

PRESIDENCY of the COUNCIL of MINISTERS r 102) «Funds» banknotes and coins, scriptural currency and electronic money as defined in subparagraph (d)) of this article; s) ' payment order ' means any instruction given by a payer or a beneficiary to your payment service provider requesting the execution of a payment transaction; t) "value date" means the date of reference used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account; u) "reference Exchange Rate" means the exchange rate used as basis for the calculation of any Exchange operation, which must be provided by the payment service provider or comes from a publicly available source; v) «» Authentication a procedure which allows the payment service provider to verify the use of a specific payment instrument, including custom security devices; w) «reference» interest rate the interest rate used for calculating the interest to be charged, it should be from a source accessible to the public and which can be verified by both parties to a payment service contract; x) "unique identifier" means the combination of letters, numbers or symbols specified to the payment service user by the payment service provider, the payment service user must provide to identify unequivocally the other payment service user and the payment account, with a view to a payment transaction; y) ' Agent ' means a natural or legal person that provides payment services on behalf of a payment institution or of an electronic money institution; z) "payment instrument" means any personalised device or set of PRESIDENCY of the COUNCIL of MINISTERS 103 procedures agreed between the user and the payment service provider and the payment service user refer to issue a payment order; AA) ' means of distance communication ' means any means which can be used for the conclusion of a contract for the provision of payment services, without the simultaneous physical presence of the service provider and the payment service user; AB) ' durable medium ' means any instrument which enables the payment service user to store information addressed personally to him, so that this information can be queried later, for a period of time adequate for the purposes of the information and which allows the exact reproduction of the information stored; AC) ' micro-enterprise ' a company that, at the time of conclusion of the contract for the provision of payment services, is a company in accordance with the definition given in article 1 and of paragraphs 1 and 3 of article 2 of the annex to Recommendation No. 2003/361/EC of 6 may; ad) «business day» day in which the payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for the execution of a payment transaction;

AE) ' direct debit ' payment service is to debit the payment account of a payer, the payment transaction initiated by the beneficiary on the basis of the consent given by the payer to the payee, the payee's payment service provider or the provider of PRESIDENCY of the COUNCIL of MINISTERS 104

payer's own payment service; AF) ' Branch ' a distinguished establishment of central administration that is part of a payment institution or of an electronic money institution, devoid of legal personality and which carries out directly all or some of the operations inherent to the activity of those institutions, and all the establishments created in the country for an institution with headquarters in another Member State shall be regarded as a single branch; AG) «Group» companies related to each other as the Commercial companies Code characterizes this type of relationship, regardless of their headquarters are in Portugal or abroad; Ah) ' relevant ' operational Function, the function whose failure or failure can seriously undermine the fulfilment, by a payment institution or of an electronic money institution, of the conditions for authorisation laid down in this legal regime, its financial results, your strength or the continuity of its payment services. AI) ' average value of outstanding electronic money ' means the average of the total amount of financial liabilities related to electronic money issued at the end of each day during the past six months, calculated on the first day of each month and applied to this month.

Article 3 scope of application 1-the present legal regime is applicable to the activity of payment institutions with headquarters in Portugal, their agents and branches, as well as the provision of payment services in Portugal by the entities legally authorized, without prejudice to paragraphs 3 and 4.

PRESIDENCY of the COUNCIL of MINISTERS 105 2-the present legal system is still applicable to the activity of electronic money institutions with headquarters in Portugal and of their respective agents, affiliates and other representatives, as well as to the issuance, distribution and reimbursement of electronic money in Portugal by the entities legally empowered. 3-title III, with the exception of article 84, is only applicable when both payment service providers, or the service provider only, are situated in Portugal or when a provider is situated in Portugal and the other in another Member State of the European Union. 4-the title III shall apply to payment services made in euro or in the currency of a Member State not belonging to the euro zone. Article 4 payment services Are payment services the following activities: a) Services enabling cash deposit on a payment account as well as all the operations necessary for the management of that account; b) services that allow to raise cash from a payment account as well as all the operations necessary for the management of that account; c) execution of payment transactions, including transfer of funds deposited into an account open payment with the payment service provider of the user or another payment service provider, such as: (i) execution of direct debits), including the non-recurring in nature; II) execution of payment transactions through a payment card or a similar device;

PRESIDENCY of the COUNCIL of MINISTERS 106 iii) execution of credit transfers, including local clearance orders. d) execution of payment transactions where the funds are covered by a credit line granted to a payment service user, such as: (i) execution of direct debits), including the non-recurring in nature; II) execution of payment transactions through a payment card or a similar device; III) execution of credit transfers, including local clearance orders. and) issue or acquisition of payment instruments; f) sending of funds; g) execution of payment transactions where the consent of the payer to the execution of the payment transaction is communicated through any telecommunications devices, computer or digital, and payment is made to the network operator or the telecommunications or computer system, acting solely as an intermediary between the payment service user and the supplier of goods and services.

Article 5 Exclusions 1-the present legal framework does not apply to the following transactions: (a) payment transactions made exclusively) in cash directly from the payer to the payee, without any intermediary; b) payment transactions from the payer to the payee through a commercial agent authorised to negotiate or conclude the sale or purchase of goods or services on behalf of the payer or the payee;

PRESIDENCY of the COUNCIL of MINISTERS 107 c) physical Transport the professional title of banknotes and coins, including the collection, processing and delivery of the same and re-circulation of banknotes and coins; d) payment transactions consisting in the collection and delivery of cash under unprofessional, in the context of a nonprofit or charity; and cash delivery Services) by the beneficiary to the payer as part of a payment transaction following an explicit request of the payment service user, immediately prior to the execution of the payment transaction through a payment for the purchase of goods or services; f) currency exchange Services, namely, cash operations against cash, when the funds are not held on a payment account; g) payment transactions based on any of the following documents drawn on a payment service provider, with a view to placing funds at the disposal of the payee: i) paper Cheques, governed by the Geneva Convention of 19 March 1931, establishing the uniform law on Cheque; II) paper Cheques similar to those referred to in point (i)) and governed by the laws of the Member States which are not parties to the Geneva Convention of 19 March 1931, establishing the uniform law on Cheque; III) paper-based Drafts governed by the Geneva Convention of 7 June 1930, establishing a uniform law relating to bills of Exchange and promissory notes; IV) paper-based Drafts similar to those referred to in (iii)) and PRESIDENCY of the COUNCIL of MINISTERS 108 governed by the laws of the Member States which are not parties to the Geneva Convention of 7 June 1930, establishing a uniform law relating to bills of Exchange and promissory notes; v) paper-based Vouchers; vi) Cheques in paper form; VII) payment Postal Orders in paper form, as defined by the Universal Postal Union. h) payment transactions carried out within the framework of a payment system or securities settlement between settlement agents, central counterparties, clearing houses or central banks and other participants in the system, and payment service providers, on the other, without prejudice to the provisions of article 39;

I) payment transactions related to securities-related services, including the distribution of dividends and income or other distributions, or refund or sale of securities made by persons referred to in paragraph (h)) or by investment firms, credit institutions, collective investment undertakings or asset management companies providing investment services and any other entities allowed to proceed to the custody of financial instruments; j) services provided by technical service providers, which support the provision of payment services without entering the possession at any time, subject to the transfer funds, consisting in particular in the treatment and storage of data, trust protection services and privacy, data authentication and entities, in providing communications networks and PRESIDENCY of the COUNCIL of MINISTERS or the software 109 supply and maintenance of terminals and devices used for the services of payment; k) services based on instruments that can be used to acquire goods or services only in the premises used by the issuer or under a commercial agreement with the issuer on a restricted network of service providers or in respect of a restricted range of goods and services; l) payment transactions executed by means of any telecommunication, digital or computer devices, if the goods or services purchased are delivered to a telecommunications device, computer or digital and are intended to be used by this device, since the operator of telecommunications, computer or digital, don't act solely as an intermediary between the payment service user and the supplier of goods and services;


m) payment transactions carried out between payment service providers, their agents or branches for your own account; n) payment transactions between a parent undertaking and its subsidiaries, or between subsidiaries of the same parent company, without any mediation of a payment service provider other than an undertaking belonging to the same group; and the cash withdrawal services) offered by providers through automatic teller machines, who act on behalf of one or more card issuers, and are not party to the framework contract with the customer withdrawing money from the payment account, on condition that these providers do not ensure other payment services as listed in article 4 of the present Regime. 2-the present regime also does not apply to monetary value stored in the PRESIDENCY of the COUNCIL of MINISTERS 110 instruments referred to in point (k)) of the preceding paragraph, or the monetary value used to perform payment operations referred to in point (l)) of the same paragraph. Article 6 competent Authority 1-it is the Bank of Portugal to exercise prudential supervision and behavior under this legal regime, and shall, in particular: a) grant authorization for the establishment of payment institutions and electronic money institutions and withdraw it in the cases provided for by law; b) monitor compliance with the provisions of this legal regime; c) Issue the regulations deemed necessary for the implementation of its provisions; d) enjoy the complaints by users of payment services and the bearers of electronic money; e) initiate above and apply the respective sanctions. 2-in the exercise of its supervisory powers, can the Bank of Portugal, in particular: a) Require payment service providers and electronic money issuers to submit any information you consider necessary to verify compliance with the requirements of this legal regime; b) Perform inspections to establishments of the payment service providers and of issuers of electronic money, as well as those of their agents and branches and establishments of third parties to whom they have been committed relevant operational functions relating to the provision of payment services or the issuance of electronic money;

PRESIDENCY of the COUNCIL of MINISTERS 111 c) to issue recommendations and specific determinations to be remedied the deficiencies detected. 3-Without prejudice to the powers conferred upon it by the general scheme of credit institutions and financial corporations (RGICSF), the Bank of Portugal exercises its powers of supervision in relation to payment institutions and electronic money institutions based in Portugal, including its agents and branches established abroad, as well as in relation to branches in Portugal of electronic money institutions based outside the European Union. 4-Portugal Bank supervises the compliance with the standards of title III as regards the provision of payment services in Portugal by the entities legally entitled to exercise this activity, including through agents and branches, with the exception of services provided under the freedom to provide services by undertakings authorised in other Member States.

5-the Bank of Portugal oversees compliance with title III-(A) in respect of the issuance, distribution and reimbursement of electronic money in Portugal by the entities legally entitled to exercise this activity, including through branches and natural or legal persons authorized to distribute and to reimburse electronic money on behalf of and under the supervision of electronic money institutions with the exception of the activities carried out under the freedom to provide services by undertakings authorised in other Member States. 6-12 of article RGICSF shall apply mutatis mutandis to decisions of the Bank of Portugal adopted under this legal regime. 7-article 12 of the RGICSF shall apply to time limits laid down in this PRESIDENCY of the COUNCIL of MINISTERS regime 112. 8-in the application of antitrust law to payment service providers and electronic money issuers and their business associations, as well as payment systems, are also articles 87 and 88 of the RGICSF, with the necessary adaptations. 9-the rules on advertising laid down in article 77 C of RGICSF are applicable to payment service providers and electronic money issuers, their agents and branches, and to natural or legal persons authorized to distribute and to reimburse electronic money, as well as business associations of providers and issuers, and the Banco de Portugal in relation to such entities exercise the powers laid down in article 77-D of the same general scheme.



TITLE II payment service providers and electronic money issuers chapter I Access and conditions of article 7 payment service providers exclusivity Principle 1-can only provide the services referred to in article 4 the following PRESIDENCY of the COUNCIL of MINISTERS: 113 a) credit institutions with headquarters in Portugal which understand the exercise of this activity in accordance with the legal provisions and regulations; b) payment institutions with headquarters in Portugal; c) electronic money institutions based in Portugal; d) credit institutions with headquarters outside Portugal legally empowered to exercise activity in Portugal; and) electronic money institutions and payment institutions based in another EU Member State, pursuant to this legal regime; f) branches of electronic money institutions based outside the European Union, under this legal regime; g) the concessionaire entity of the universal postal service;

h) the State, the autonomous regions and the offices of direct and indirect State administration, when Act in the exercise of public authority of authority; I) the ECB, the Bank of Portugal and the other national central banks when not acting in its capacity as monetary authority or in the exercise of public authority. 2-the entities referred to in subparagraphs (a) (d)), and) and f) of the preceding paragraph may only provide payment services that are authorised to provide in your country of origin.

PRESIDENCY of the COUNCIL of MINISTERS 114 3-the use of the term ' payment institution ' is exclusively reserved for these entities, which may include on your business name or use in the course of your activity. 4-payment institutions based in another Member State can use the business name using your Member State of origin in, in accordance with article 46 of the RGICSF, apply with any necessary adaptations. 5-the provisions of article 126 of the RGICSF is applicable, mutatis mutandis, in cases of suspected founded to provide payment for services not enabled. Article 7-the issuers of electronic money 1-can only issue electronic money to the following entities: the) credit institutions with headquarters in Portugal which understand the exercise of this activity, in accordance with the legal provisions and regulations; b) electronic money institutions based in Portugal;

c) credit institutions with headquarters outside Portugal legally empowered to exercise activity in Portugal; d) electronic money institutions based in another EU Member State, pursuant to this legal regime; e) branches of electronic money institutions based outside the European Union, under this legal regime; f) the State, the autonomous regions and the offices of direct and indirect State administration, when Act in the exercise of public powers of PRESIDENCY of the COUNCIL of MINISTERS 115

authority; g) the ECB, the Bank of Portugal and the other national central banks when not acting in its capacity as monetary authority or other public authorities in the exercise of authority. 2-the use of the term ' electronic money institution ' is exclusively reserved for these entities, which may include on your business name or use in the course of your activity. 3-electronic money institutions based in another Member State can use the business name using your Member State of origin in, in accordance with article 46 of the RGICSF, apply with any necessary adaptations. 4-the provisions of article 126 of the RGICSF is applicable, mutatis mutandis, in cases of suspected founded e-money issued by an entity not enabled. Article 8 payment institutions 1-payment institutions are payment service providers, subject to this legal regime, having as their object the provision of one or more payment services. 2-payment institutions may still engage in the following activities: a) operating and auxiliary service delivery closely related payment services, namely provision of guarantees of execution of payment transactions, foreign exchange services and guard services, storage and processing of data; b) operation of payment systems, without prejudice to the provisions of article 39; c) different Professional Activities the provision of payment services, in accordance with the legal provisions applicable to these activities; and PRESIDENCY of the COUNCIL of MINISTERS 116 d) activities included in the subject of currency exchange agencies, in accordance with the legal provisions applicable to these institutions. 3-the funds received by payment institutions from payment service users can only be used for the execution of payment services, do not constitute receipt of deposits or other repayable funds within the meaning of paragraph 1 of article 2 of the RGICSF. 4-payment accounts held for payment institutions may only be used for the provision of payment services. 5-[Repealed]. 6-shall apply to payment institutions with headquarters in Portugal the corrective intervention scheme and interim administration provided for in articles 139 to 145 of the RGICSF, with the necessary adaptations. 7-the dissolution and the liquidation of payment institutions with headquarters in Portugal, including branches established in other Member States, which have as their sole object the provision of payment services, or activities referred to in (a)), b) and d) of paragraph 2, shall be subject, mutatis mutandis, the procedure set out in chapter II of Decree-Law No. 199/2006 , of 25 October, on the winding-up of credit institutions and financial corporations.

8-payment institutions engaged in the activities referred to in point (c)) of paragraph 2 shall be subject to the provisions of the code of insolvency and business recovery, with the specialties given in the following paragraphs. 9-Banco de Portugal may request the Declaration of insolvency if any of the facts referred to in paragraph 1 of article 20 of the code of insolvency and business recovery. 10-Without prejudice to the obligations of communication to the Bank of Portugal imposed by law to the PRESIDENCY of the COUNCIL of MINISTERS 117 payment institutions, the Court is required the Declaration of insolvency reports, the Bank of Portugal accordingly for the purposes of eventual withdrawal of authorisation to pursue the activity as a payment institution. 11-If no authorization is revoked by the Bank of Portugal, the Declaration of insolvency implies the expiry of authorization, and the impact of the Bank of Portugal, in the insolvency proceedings, the powers conferred on it by articles 12 and 14 of Decree-Law No. 199/2006 of 25 October. Article 8-the electronic money institutions 1-electronic money institutions are legal persons, subject to this legal regime, designed to issue electronic money. 2-electronic money institutions may carry out the following activities: a) payment services referred to in article 4; b) credit related to payment services referred to in points (a) to (d)), e) and (g)) of article 4, in accordance with the conditions laid down in article 9;

c) provide operational services and closely related ancillary with the issuance of electronic money or with payment services, namely the provision of guarantees of execution of payment transactions, foreign exchange services and guard services, storage and processing of data; d) operation of payment systems, without prejudice to the provisions of article 39; and different Professional Activities) the issuance of electronic money in accordance with the legal provisions applicable to these activities.

PRESIDENCY of the COUNCIL of MINISTERS 118 3-electronic money institutions may not receive the public deposits or other repayable funds within the meaning of paragraph 1 of article 2 of the RGICSF. 4-the funds received by electronic money institutions and from the holders of electronic money must be replaced without delay by electronic money, do not constitute receipt of deposits or other repayable funds within the meaning of paragraph 1 of article 2 of the RGICSF. 5-paragraphs 3 and 4 of article 8 shall apply to the funds received by electronic money institutions with a view to the provision of payment services referred to in article 4 which are not associated with the issuance of electronic money. 6-shall apply to electronic money institutions based in Portugal the corrective intervention scheme and interim administration provided for in articles 139 to 145 of the RGICSF, with the necessary adaptations. 7-the dissolution and settlement of electronic money institutions based in Portugal, including branches established in other Member States, which have as their sole object the issuance of electronic money, or the activities referred to in (a)), b), c) and (d)) of paragraph 2, shall be subject, mutatis mutandis, the procedure set out in chapter II of Decree-Law No. 199/2006 , of 25 October, on the winding-up of credit institutions and financial corporations.

8-electronic money institutions engaged in the activities referred to in point (e)) of paragraph 2 shall be subject to the provisions of the code of insolvency and business recovery, with the specialties listed in paragraphs 9, 10 and 11 of article 8, applying, where necessary, apply mutatis mutandis. Article 9 1 credit-payment institutions and electronic money institutions may only grant PRESIDENCY of the COUNCIL of MINISTERS credit 119 in the case of this be related to payment services referred to in points (a) to (d)), and) and (g)) of article 4 and as long as the following conditions are fulfilled: a) the credit shall be ancillary and granted exclusively in connection with implementation of the payment transaction; b) loans granted in the exercise of the right of establishment and freedom to provide services under articles 23 and 24, shall be repaid in a period not exceeding 12 months, notwithstanding the legal provisions with regard to lending through credit cards; c) credit cannot be granted from the funds received or held for the execution of a payment transaction or received in Exchange for the issuance of electronic money; d) the payment institution and the electronic money institution shall have at all times own funds appropriate to the volume of loans granted, in accordance with the determinations of the Banco de Portugal. 2-the provisions of this legal regime should be without prejudice to the legal provisions applicable to consumer credit.

3-payment institutions and electronic money institutions that grant credit under this article shall communicate to the Central Credit Responsibilities, managed by the Bank of Portugal, the information relating to operations that perform, in accordance with and for the purposes set out in the legislation which governs the centralisation of credit responsibilities. Article 9-the Duties of abstention, recording and reporting of transactions with entities located in PRESIDENCY of the COUNCIL of MINISTERS 120

offshore jurisdiction the duties of abstention, recording and reporting of transactions with entities located in offshore jurisdiction provided for in article 118 of the RGICSF, are applicable to payment service providers listed in paragraph 1 of article 7. CHAPTER II Authorisation and registration of payment institutions and electronic money institutions and General requirements article 10 1-the Constitution of payment institutions and electronic money institutions depends on authorisation to be granted on a case by case basis by the Bank of Portugal. 2-payment institutions and electronic money institutions based in Portugal must meet the following conditions: a) Adopt the form of a public limited company or private limited; b) Have minimum capital corresponding to the services to be provided, in accordance with article 29; (c)) Have the main headquarters and administration effective situated in Portugal;

d) Present solid devices with regard to corporate governance, including a clear organisational structure with clearly defined lines of responsibility, transparent and coherent; e) Organize effective procedures for identification, management, control and reporting of the risks to which it is or may be exposed; f) have adequate internal control mechanisms, including PRESIDENCY of the COUNCIL of MINISTERS 121 solid administrative and accounting; g) have internal control mechanisms to comply with the obligations in the fight against money laundering and the financing of terrorism, including the provisions on information on the payer accompanying transfers of funds. 3-also will depend on authorization from the Bank of Portugal to cast enlargement of payment services, among those listed in article 4, that payment institutions already established propose pay. Article 11 application instruction 1-an application for authorisation is accompanied by the following elements: the partnership agreement project) or to amend the articles of Association, where the record an express reference to payment services, from among those listed in article 4, that the payment institution or the electronic money institution proposes to pay; b) programme of activities, geographic deployment, organizational structure and human, technical and material resources that will be used, including, where appropriate, reference to the agents and branches of the institution, as well as to third parties who have been committed, operational functions and the provisional accounts for each of the first three years of activity; c) Declaration of commitment that, in the Act of the Constitution, and how her condition will deposited in a credit institution the amount of minimum capital required under article 29; d) Identity and their evidence of persons who hold, directly or indirectly, qualifying holdings within the meaning of paragraph 7 of article 13 of the RGICSF, as well as the size of their holdings and evidence of the PRESIDENCY of the COUNCIL of MINISTERS your reputation 122, taking into account the need to ensure the sound and prudent management of a payment institution; e) a description of the procedures intended to ensure the protection of the funds of the payment services users and the bearers of electronic money, in accordance with article 32; f) evidence of the existence of solid devices with regard to corporate governance, including a clear organisational structure with clearly defined lines of responsibility, transparent and coherent, effective procedures for the identification, management, control and reporting of the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures and devices procedures and mechanisms referred to be complete and proportional to the nature, level and complexity of the activities of the payment institution; g) evidence of the existence of internal control mechanisms to comply with the obligations in the fight against money laundering and the financing of terrorism, including the provisions on information on the payer accompanying transfers of funds;

h) description of how they are organized structures of the applicant, including, where appropriate, a description of the intended use of agents and branches and a description of the arrangements for provision of services by third parties, as well as their participation in national or international payment system;

PRESIDENCY of the COUNCIL of MINISTERS 123 i) evidence of the identity of Directors and persons responsible for the management of the payment institution or the electronic money institution and, where appropriate, the persons responsible for the management of payment services activities and issuing electronic money of the applicant, as well as proof that people are fit and have the appropriate knowledge and experience to perform payment services or issuing electronic money in accordance with article 12; j) where appropriate, the identity of statutory auditors and audit firms within the meaning of Directive No 2006/43/EC of the European Parliament and of the Council of 17 may; k) address of Head Office of the institution. 2-for the purposes of paragraph 1(e)), f) and h) of the preceding paragraph, the applicant shall provide a description of the mechanisms created in terms of auditing and organization with a view to taking all reasonable steps to protect the interests of its users and to ensure continuity and reliability in the performance of payment services. 3-the provisions of paragraphs 2 to 4 of article 17 of the RGICSF, mutatis mutandis, with regard to the information to be submitted in relation to Government and society regarding founding shareholders which is a legal person holding qualifying holdings in institution building.

Article 12 the reputation and professional experience of the members of the management, administration and supervision, PRESIDENCY of the COUNCIL of MINISTERS 124 1-applies the provisions of articles 30 to 32 of RGICSF, mutatis mutandis, with regard to the reputation and professional experience of the members of the administrative and supervision of payment institutions and electronic money institutions. 2-as regards the payment institutions and electronic money institutions engaged in the activities referred to in paragraph (c), respectively) of paragraph 2 of article 8 and in article 5(1)(e)) of paragraph 2 of Article 8a, the requirements regarding professional experience only apply to persons who fit ensure the day-to-day management of payments and issuing electronic money. Article 13 Separation of activities 1-the Bank of Portugal may determine, as a condition for granting the authorization, the Constitution of a company that has as its sole object the provision of payment services listed in article 4, if the activities beyond the performed payment services or the exercise by the applicant from adversely affecting or may affect: the financial soundness of the institution); or (b)) the appropriate exercise of supervisory functions by the Bank of Portugal. 2-the provisions of the preceding paragraph shall apply, mutatis mutandis, to the authorization of electronic money institutions, and may in this case the company previously referred to have exclusive subject-matter not only the issuance of electronic money, as well as the provision of payment services listed in article 4. Article 14 1 Decision-the decision on the application for authorisation shall be notified to the interested parties within 3 months of receipt of the application or, where applicable, the date of receipt of the PRESIDENCY of the COUNCIL of MINISTERS further information requested 125 applicants, but never later than 12 months from the date of original delivery of the application. 2-applies to the refusal of authorisation provided for in article 20 of the RGICSF. 3-the refusal of authorisation must be justified. Article 15 amendments and to the elements of the application 1-are subject to prior authorisation of the Bank of Portugal changes of society concerning the following aspects: a) business name; (b)); c) location of the headquarters, unless the change occurs within the same municipality or County borderline; d) social Capital, in the case of reduction; and) creation of categories of shares or modification of the existing categories; f) structure of management or supervision; g) Limitation of the powers of the administrative or supervisory body; h) Dissolution. 2-Notwithstanding the provisions of articles 33 and 33-G 33-I, the other statutory changes and, in General, the changes to the elements which instruct the request referred to in paragraph 1 of article 11, shall be subject to immediate communication to the Bank of Portugal. Article 16 lapse and revocation of authorisation 1-applies the caducity of authorisation of payment institutions and institutions of the COUNCIL of MINISTERS PRESIDENCY 126

electronic currency article 21 of RGICSF, and also the suspension of expiry for a period exceeding six months. 2-is applicable to the withdrawal of authorisation of payment institutions and electronic money institutions, with the necessary adaptations, the provisions of articles 22 and 23 of the RGICSF, considering still grounds for withdrawal of authorisation the condition of the institution pose a threat to the stability of the payment system by the fact that pursue the activity of provision of payment services. 3-Is, similarly, grounds for revocation of authorisation, a serious breach of the duties provided for in law No. 25/2008 of 5 June. Article 17 merger, Division and voluntary dissolution shall apply the provisions of article 35 and in paragraph 1 of article 35 of the RGICSF, with the necessary adaptations, to the merger, demerger and the voluntary dissolution of payment institutions and electronic money institutions. Article 18 1-Agents payment institutions and electronic money institutions may provide payment services through agents, assuming responsibility for all acts performed by them. 2-If they wish to provide payment services through agents, payment institutions and electronic money institutions based in Portugal shall notify in advance to the Bank of Portugal the following information: a) name and address of the agent; b) description of the internal control mechanisms used by the agent to comply with the provisions of law No. 25/2008 of 5 June;

PRESIDENCY of the COUNCIL of MINISTERS 127 c) identity of the persons responsible for the management of the activity of the agents and evidence of their suitability and competence. 3-Received the information listed in the preceding paragraph, the Bank of Portugal carries out registration of the agent in the special register in accordance with articles 20 and 21, unless you consider that these are incorrect, in which case it may take measures to verify the information. 4-the Bank of Portugal refuses registration of the agent in the register, after taken the measures referred to in the preceding paragraph, consider that the correction of the information provided pursuant to paragraph 2 was not sufficiently demonstrated. 5-payment institutions and electronic money institutions shall ensure that agents who act on your behalf inform thereof the payment service users. Article 18-the distribution and reimbursement of e-money by representatives of electronic money institutions 1-electronic money institutions may distribute and refund electronic money through natural or legal persons who act on your behalf and under your responsibility. 2-the officers who use electronic money institutions to provide payment services under article 18 may also distribute and refund electronic money on behalf and under the responsibility of them. 3-it shall be prohibited for representatives referred to in paragraphs 1 and 2 to issue electronic money.

4-electronic money institutions must communicate prior to the Bank of Portugal the name and address of the entities authorised to distribute and refund electronic money in your name and convey him immediately any changes to these PRESIDENCY of the COUNCIL of MINISTERS 128 items of information. 5-electronic money institutions assume responsibility for all the acts of persons authorized to act on your representation in accordance with this article. Article 19 provision of services by third parties 1-payment institutions and electronic money institutions can make to third parties operating functions relating to payment services or the issuance of electronic money. 2-the Bank of Portugal must be previously informed of the intent to commit the third party operational functions relating to payment services or the issuance of electronic money. 3-the institution that commits to third parties the performance of relevant operational functions should safeguard the quality of internal control and ensure that the Bank of Portugal is able to verify the compliance with all applicable legal provisions. 4-the Commission relevant operational functions to third parties must comply with the following conditions: a) the responsibilities of senior management may not be committed to third parties; b) the institution is responsible for compliance with the provisions of this regime; and (c)) the institution remains obliged to comply with the conditions of authorisation.

Article 20 entry for the PRESIDENCY of the COUNCIL of MINISTERS record 129 1-payment institutions and electronic money institutions cannot start your activity while not enrolled in special register at the Bank of Portugal. 2-the registration covers all institutions authorised to provide payment services and to issue electronic money, their agents and branches. Article 21 Elements subject to registration and refusal of registration 1-applies the provisions of articles 65 to 72 of the RGICSF, with the necessary adaptations, to the register of payment institutions and electronic money institutions based in Portugal, their agents and branches. 2-the register of payment institutions shall also include elements relating to payment services that the institution is authorized to provide. 3-Are publicly accessible and regularly updated on the website of the Bank of Portugal the following elements: a) the identification of the payment institutions and electronic money authorised institutions, their agents and branches; and b) payment services within the authorization of payment institutions. Article 22 contentious Media resources of the Bank of Portugal taken decisions under this chapter shall apply, mutatis mutandis, the provisions of article 12 of the RGICSF.

CHAPTER III PRESIDENCY of the COUNCIL of MINISTERS 130 right of establishment and freedom to provide services of payment institutions or electronic money institutions article 23 General requirements 1-the payment institution or the electronic money institution based in Portugal who wishes to provide services for the first time in another Member State, in particular by establishing branch or hiring agent , must give prior notification to the Bank of Portugal, specifying the following elements: a) country proposes to establish a branch, hire an agent or, in General, provide payment services or issuing electronic money; b) name and address of the institution; c) organisational structure of the branch or of the agent, when the latter is not a natural person, and likely the same address in the host Member State; d) names of the persons responsible for the management of the branch or of the agent, in accordance with the preceding paragraph, and evidence of your reputation and experience; and) type of payment services to be provided on the territory of the host Member State. 2-within one month of receipt of the information referred to in the preceding paragraph, the Bank of Portugal must report them to the competent authorities of the host Member State. 3-In case of modification of the elements provided for in paragraph 1 (b))) of paragraph 1, the institution shall notify, in writing, to the Bank of Portugal and to the competent authority of the host Member State.

4-To control the requirements laid down in paragraph 1, the Bank of Portugal can hold PRESIDENCY of the COUNCIL of MINISTERS on-the-spot inspections 131 in the host Member State, as well as delegate to your Director, in accordance with paragraph 4 of article 34. Article 23-the distribution and reimbursement of electronic money in another Member State in the case of an electronic money institution with headquarters in Portugal wish to distribute or redeem electronic money in another Member State through representatives pursuant to article 18-A, shall apply the provisions of article 23, with the necessary adaptations. Article 24 Registration if there are grounds for refusal of registration of the branch or of the agent in the register in accordance with the provisions of article 21, the Bank of Portugal shall inform in advance the competent authorities of the host Member State of your intention to register the branch or agent and takes into account the opinion of these entities. Article 25 refusal or cancellation of registration in the case of the competent authorities of the host Member State to communicate to the Bank of Portugal who have reasonable grounds to suspect that was, or is to be, carried out an operation or an attempt of money laundering or terrorist financing within the meaning of Directive No. 2005/60/EC of the European Parliament and of the Council of 26 October, related to the project for employment of an agent or a branch, or that such hiring or opening can increase the risk of money laundering or terrorist financing, the Bank may refuse the registration of the branch or of the agent, or cancel it if it has already been carried out.

PRESIDENCY of the COUNCIL of MINISTERS 132

Article 26 Activity in Portugal of institutions based in other Member States 1-payment institutions and electronic money institutions authorised in another Member State of the European Union, which does not benefit, respectively, of the derogation laid down in article 26 of Directive No. 2007/64/EC of the European Parliament and of the Council of 13 November, and of the derogation provided for in article 9 of Directive 2009/110/EC , of the European Parliament and of the Council, may provide services in Portugal, either by opening branches or the hiring of agents, either under the freedom to provide services, provided that such services are covered by the authorisation. 2-If the Bank of Portugal has reasonable grounds to suspect that was, or is to be, carried out an operation or an attempt of money laundering or terrorist financing within the meaning of Directive No. 2005/60/EC of the European Parliament and of the Council of 26 October, related to the project for employment of an agent or of opening a branch in Portuguese or that this hiring or opening can increase the risk of money laundering or terrorist financing, the bank informs the competent authorities of the Member State of origin. 3-the institutions authorised in another Member State can start your activity in Portugal as soon as the Bank of Portugal receives from the competent authority of the Member State of origin the communications provided for in paragraph 2 of article 23 and article 24, with the specification of the elements that fit. 4-In case of modification of the elements provided for in paragraph 1 (b))) of article 23, the institution shall notify, in writing, to the Bank of Portugal and to the competent authority of the Member State of origin.

PRESIDENCY of the COUNCIL of MINISTERS 133 5-The servants of the institutions referred to in paragraph 1 shall inform its customers about the institution on whose behalf they act. 6-in the exercise of your activity in Portugal, the institutions mentioned are subject to the provisions dictated by reasons of general interest. Article 27 subsidiaries and branches in third countries the establishment of branches and subsidiaries in a third country are applicable, respectively, articles 42 and 42A of the RGICSF, with the necessary adaptations. Article 27-the branches of third countries to the establishment in Portugal of branches of electronic money institutions authorised in countries that are not members of the European Union shall apply the provisions of articles 57 to 59 of RGICSF, with the necessary adaptations. CHAPTER IV Supervision of payment institutions and electronic money institutions section 1 prudential Standards SUBSECTION (I) payment institutions article 28 general principle payment institutions shall apply the funds available to ensure at all times adequate levels of liquidity and solvency.

PRESIDENCY of the COUNCIL of MINISTERS 134 article 29 minimum Capital 1-payment institutions with headquarters in Portugal must, at all times, own capital of not less than: a) € 20 000, for institutions that provide only the service of payment indicated in article 4 (f)); b) € 50 000, for the institutions providing the payment service indicated in subparagraph (g)) of article 4; c) € 125 000, for institutions that provide any of the payment services listed in points (a))) of article 4. 2-the minimum share capital referred to in the preceding paragraph is made up of the elements defined in (a)) and (b)) of article 57 of Directive 2006/no. 48/EC of the European Parliament and of the Council of 14 June. 3-payment institutions should set up special reserves to strengthen equity or to cover losses that the profit and loss account cannot support. Article 30-1 own funds own funds of the payment institution shall not be less than the value of the minimum capital required under the previous article or the amount resulting from application of the following article, whichever is higher. 2-the rules on the composition of own funds of the payment institutions are those laid down by the notice of the Bank of Portugal.

PRESIDENCY of the COUNCIL of MINISTERS 135 3-checking if own funds decrease below the limit set in paragraph 1, the Bank of Portugal may, where the circumstances justify it, allow the institution a limited period for which regulate the situation. 4-If the payment institution belongs to the same group of another payment institution, credit institution, finance company or insurance company, you may not use multiple elements eligible for own funds. 5-the multiple use of elements eligible for own funds is also not permitted in relation to payment institutions engaged in other activities other than the provision of payment services listed in article 4. 6-When a payment institution carries out other activities other than the provision of payment services listed in article 4, which are also subject to capital requirements, the payment institution shall respect Additionally such requirements. Article 31 1 capital requirements-the own funds of the payment institutions shall, at all times, be equal to or greater than the amount resulting from the application of one of the three methods described in the annex to the present legal regime entitled ' Calculation of the own funds '. 2-for the purposes of the preceding paragraph, the Bank of Portugal set the method to be applied by each institution. 3-based on an assessment of risk management procedures, the risk of data loss and internal control mechanisms, the Bank of Portugal may require or allow, respectively, that the payment institution holds a capital amount higher or lower than in 20% to the PRESIDENCY of the COUNCIL of MINISTERS that would result from the application of the 136 method defined in accordance with the preceding paragraph.

4-Notwithstanding the preceding paragraphs and articles 29 and 30, the Bank of Portugal may adopt the procedures set out in article 6, in order to ensure that payment institutions affect the operation of your activity to provide payment services a sufficient level of own funds, in particular when the activities referred to in paragraph 2 of article 8 harm or may harm the financial soundness of the payment institution. Article 32 1 funds protection requirements-payment institutions shall ensure the protection of the funds that have been received from payment service users or through another payment service provider for the execution of payment transactions in accordance with one of the following: a) Assuring that the funds: (i)) are not at any time aggregated with the funds of any natural or legal person distinct from payment service users on whose behalf the funds are held; and ii) are deposited in a separate account in a credit institution or invested in safe assets, low-risk and liquid, in cases where these funds are still held by the payment institution, without being delivered to the payee or transferred to another payment service provider by the end of the business day following the month in which they were received; and iii) Are segregated in accordance with the provisions of paragraph 3, in the interest of the payment service users concerned, the credits of other PRESIDENCY of the COUNCIL of MINISTERS 137 lenders, in particular in case of dissolution of the payment institution.


b) Ensuring that funds are covered by a policy of insurance or other security considered, provided by an insurance company or credit institution which does not belong to the same group of payment institution itself, for an amount at least equivalent to that which would be separated in the absence of such policy of insurance or other security shall be payable in the case of the payment institution does not fulfil its financial obligations. 2-for the purposes of point (iii)) (a)) of the preceding paragraph, in case of dissolution of the payment institution, the amounts delivered by users of payment services cannot be seized for the mass in liquidation, watching their holders the right to complain to your separation or refund. 3-If a payment institution to receive funds where a fraction of these will be used in future payment transactions, being the remaining amount used for miscellaneous services payment services, part of the funds to be used for future payment transactions shall also be subject to the requirements laid down in paragraph 1. 4-If the proportion referred to in the preceding paragraph is variable, or cannot be determined in advance, the payment institution shall ensure compliance with the protection requirements of the funds on the basis of a representative number of payment institution assume will be used for payment services, since this representative fraction can be reasonably estimated based on historical data. 5-Portugal Bank assesses the adequacy of assessments and procedures implemented by the payment institution in compliance with the provisions of this PRESIDENCY of the COUNCIL of MINISTERS article 138, and may determine any changes or adjustments that deems necessary.

6-the Bank of Portugal defines, by notice, the other technical rules and procedures necessary for the application of this article, in particular what is meant by insurance assets, low-risk and liquid, for the purposes of point (ii))) (a) of paragraph 2, as well as the essential conditions of the insurance policy or equivalent and the terms and procedures of the respective drive for the purposes of paragraph b) of paragraph 2. Article 33 accounting and statutory audit 1-with the exception of payment institutions to provide any of the payment services listed in article 4 and, at the same time, engaged in other activities under subparagraph (c)) of paragraph 2 of article 8, shall apply to payment institutions accounting standards set out in Notice No. 1/2005, of the Banco de Portugal for credit institutions and financial corporations. 2-for the purposes of supervision, payment institutions shall provide the Bank of Portugal, on terms to be defined by instruction, separate accounting information for payment services listed in article 4 and to the activities referred to in paragraph 2 of article 8 3-the accounting information referred to in the preceding paragraph shall be subject to audit or report of legal drafting certification by statutory auditor or audit firm accounts. 4-The statutory auditors or audit firms to the service of a payment institution and the external auditors who, by legal requirement, submit to a payment institution audit services, shall apply the provisions of the PRESIDENCY of the COUNCIL of MINISTERS article 121 139 RGICSF. 5-the Bank of Portugal may require special audits by an independent entity designated by itself, at the expense of the institution of payment audited.

SUBSECTION II electronic money institutions article 33-the general principle of electronic money institutions shall apply the funds available to ensure at all times adequate levels of liquidity and solvency. Article 33-B Capital 1-electronic money institutions based in Portugal must, at all times, own capital not less than € 350 000. 2-the minimum share capital referred to in the preceding paragraph is made up of the elements defined in (a)) and (b)) of article 57 of Directive 2006/no. 48/EC of the European Parliament and of the Council of 14 June. 3-electronic money institutions should set up special reserves to strengthen equity or to cover losses that the profit and loss account cannot support. Article 33-C 1-own funds own funds of the electronic money institution shall not be less than the value of the minimum capital required under the previous article or the amount that PRESIDENCY of the COUNCIL of MINISTERS 140 result from the application of the following article, whichever is higher. 2-the rules on the composition of own funds of electronic money institutions are those laid down by the notice of the Bank of Portugal.

3-if own funds decrease below the limit set in paragraph 1, the Bank of Portugal may, where the circumstances justify it, allow the institution a limited period for which regulate the situation. 4-If the electronic money institution belongs to the same group of other electronic money institution, credit institution, financial institution, society or insurance company, you may not use multiple elements eligible for own funds. 5-the multiple use of elements eligible for own funds is also not permitted in relation to electronic money institutions engaged in other activities other than issuance of electronic money or the provision of payment services listed in article 4 6-When an electronic money institution carries out other activities other than issuance of electronic money or the provision of payment services listed in article 4 , which are also subject to capital requirements, the payment institution shall respect Additionally such requirements. Article 33-D 1 capital requirements-the own funds of electronic money institutions shall, at all times, be equal to or greater than the amount which result from the sum of the requirements set out in the following paragraphs. 2-as regards the activity of issuing electronic money, capital requirements of electronic money institutions must match at least 141 PRESIDENCY of the COUNCIL of MINISTERS to 2% of the average value of outstanding electronic money.

3-with regard to the activity of providing payment services referred to in article 4 not associated with the issuance of electronic money, capital requirements of electronic money institutions are those resulting from the application of one of the three methods described in the annex to the present legal regime entitled ' Calculation of the own funds ', applying the provisions of paragraphs 2 and 4 of article 31 of this regime. 4-on the basis of an assessment of the risk management procedures, the risk of data loss and internal control mechanisms, the Bank of Portugal may require or allow, respectively, that the electronic money institution holds a capital amount higher or lower than in 20% of the amount which would result from the application of paragraph 2 of this article. 5-Notwithstanding the preceding paragraphs and articles 33-33-C, the Banco de Portugal may adopt the procedures set out in article 6, to ensure that electronic money institutions affect the operation of your activity of issuing electronic money and payment service provision a sufficient level of own funds in particular when the activities referred to in paragraph 2 of article 8-the harm or may harm the financial soundness of institutions. Article 33-1 funds protection requirements-electronic money institutions shall ensure the protection of the funds that have been received in Exchange for electronic money, by applying mutatis mutandis the provisions of article 32, without prejudice of the specialties listed in numbers 3 to 7.

PRESIDENCY of the COUNCIL of MINISTERS-142 2 to the activity of providing payment services referred to in article 4 not associated with the issuance of electronic money shall apply the provisions of article 32.


3-The funds received in the form of payment by a payment instrument need not be protected until they are credited to the payment account of the electronic money institution or by other means available to the same institution in accordance with the provisions concerning the implementation period laid down in the present legal regime. In any case, institutions must ensure the protection of those funds within five working days from the date of issuance of electronic money. 4-for the purposes of the procedures provided for in article ii) of subparagraph (a)) of paragraph 1 of article 32 with regard to funds that have been received in Exchange for electronic money, shall be considered as low-risk and insurance assets the assets belonging to one of the categories listed in table 1 in point 14 of annex I to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions, for which the capital requirement for specific risk does not exceed 1.6%, but to the exclusion of other eligible elements referred to in paragraph 15 of the annex. 5-Consider active, low-risk and insurance units in undertakings for collective investment in transferable securities (UCITS) which only invest in the assets referred to in the preceding paragraph. 6-In exceptional and duly justified, the Banco de Portugal may, on the basis of an assessment of the security, the period of maturity, value and other risk factors of the assets referred to in paragraphs 4 and 5, determine which of these assets do not meet the safety requirements and low risk.

PRESIDENCY of the COUNCIL of MINISTERS 143 7-for the purposes of paragraphs 1 and 2, the Bank of Portugal can determine which of the procedures provided for in paragraph 1 of article 32 should be used by electronic money institutions to ensure the protection of the funds received.

8-electronic money institutions should inform the Bank of Portugal of any relevant changes that wish to adopt in relation to the protection of the funds that have been received in Exchange for electronic money. Article 33-F accounting and statutory audit the rules on accounting and statutory audit provided for in article 33 shall apply to electronic money institutions shall apply mutatis mutandis. Article 33-G communication of qualifying holdings, increase and decrease your 1-the natural or legal person who, directly or indirectly, plan to hold a qualifying holding within the meaning of paragraph 7 of article 13 of the RGICSF in an electronic money institution shall communicate prior to the Bank of Portugal the your project. 2-Must still be reported prior to the Bank of Portugal the acts involving an increase of a qualifying holding, where can result, depending on the cases, a percentage that reaches or exceeds any of the thresholds of 20%, 30% or 50% of the capital or of the voting rights in the subsidiary institution, or when this becomes a subsidiary of the acquiring company. 3-the Bank of Portugal may, in accordance with Article 102A of the RGICSF, declare of its own motion the qualified nature of any participation in the capital or human rights PRESIDENCY of the COUNCIL of MINISTERS voting 144 of an electronic money institution. 4-the conclusion of the acts by which they are implemented the projects of acquisition or increase of qualifying holding, subject to prior communication under paragraphs 1 and 2, shall be notified to the Banco de Portugal within 15 days.

5-the natural or legal person who proposes to help stop a qualifying holding, or diminish it in such a way that the proportion of the voting rights or of the capital that holds down the below any of the thresholds referred to in paragraph 2, or in such a way that the institution ceases to be your affiliate, must inform the Bank of Portugal and the new amount of your participation. 6-If the reduction of a stake to below 10% of the capital or of the voting rights in the subsidiary institution, the Bank of Portugal shall communicate to your holder, within 30 working days, it is considered that the resulting participation is qualified. 7-the situation provided for in paragraph 5 shall apply, mutatis mutandis, the provisions of paragraph 4. 8-the Bank of Portugal establishes, by a notice, elements and information that shall accompany the notification referred to in paragraphs 1 and 2. 9-If the communication made pursuant to this article is not properly completed, the Bank of Portugal shall inform the proposed acquirer in writing of the elements or missing information. Article 33-H project Assessment of acquisition or increase of qualifying holdings 1-Banco de Portugal may oppose the acquisition or increase of qualifying holding pursuant to the provisions of paragraphs 1 and 2 of article 103 of the PRESIDENCY of the COUNCIL of MINISTERS RGICSF 145, duly adjusted. 2-the Bank of Portugal says the proposed acquirer of your decision within 60 working days of the date of receipt of the notification referred to in paragraphs 1 and 2 of the preceding article or the date reply to request for further information referred to in paragraph 9 of the previous article and the next number, but never later than 4 months after that first date.

3-the Bank of Portugal may request the proposed acquirer, at all times, elements and additional information as well as perform the enquiries it deems necessary. 4-If you decide to oppose the project, the Bank of Portugal: a) informs the proposed acquirer in writing of your decision and the reasons therefor, within 2 working days of the date of the decision and before the expiry of the time limit laid down in paragraph 2; b) may disclose to the public the reasons for the opposition, for your initiative or at the request of the proposed acquirer. 5-the Bank of Portugal does not object to the project if it is not a decision within the time limit laid down in paragraph 2. 6-articles 105 and 106 of the RGICSF shall apply mutatis mutandis to the inhibition of the voting rights in the electronic money institution owned or entity who holds, directly or indirectly, of voting rights in the electronic money institution owned and the inhibition of voting rights exercised by the institution reported in other institutions with which it is in domain relationship , direct or indirect. Article 33-(I) electronic money institutions Communication PRESIDENCY of the COUNCIL of MINISTERS 146 1-electronic money institutions communicate to the Bank of Portugal, as soon as it is are aware, the amendments referred to in article 33-g. 2-in April of each year, electronic money institutions shall notify the Bank of Portugal the identity of its shareholders holders of qualifying holdings and the amount of their shares.

SECTION II Supervision of the Banco de Portugal article 34 supervision procedures 1-the Bank of Portugal shall ensure compliance with the provisions of this title, exercising the powers laid down in article 6 and adopting the measures specifically provided for in other provisions. 2-checking if any of the circumstances referred to in article 13, the Bank of Portugal can still determine, at any time, that the institution subject to your supervision constitutes a commercial society which has as its sole object the provision of payment services listed in article 4 or, in the case of electronic money institutions, the provision of these services and the issuance of electronic money within that for this purpose it is fixed. 3-the alternative is applicable to the activity of supervision of payment institutions and electronic money institutions, with the necessary adaptations, the provisions of RGICSF, in particular the provisions of articles 120, 127 and 128 of this regime.

PRESIDENCY of the COUNCIL of MINISTERS 147 4-Portugal Bank can carry out on-the-spot inspections on the territory of the host Member State or to delegate this task in the competent authorities of that Member State, and in another case after notifying such entities.




5-in the exercise of their functions of prudential supervision, the Bank of Portugal shall collaborate with the competent authorities of the host Member States and exchange with them all the essential information and relevant, especially in the case of infringements or suspected infringements by an agent, a branch or an entity to whom they have been committed operational functions to this end, if requested, all relevant information and, by your own initiative all essential information. Article 35 institutions authorized in other Member States 1-payment institutions and electronic money institutions authorised in other Member States and to provide services in Portugal, subject to the supervision of the competent authorities of the countries of origin, are not subject to the prudential supervision of the Bank of Portugal. 2-it is the Bank of Portugal cooperate with the competent authorities of the Member States of origin as regards the supervision of branches, agents and third parties with operational functions, which provide services in Portugal under the responsibility of the institutions mentioned in the preceding paragraph. 3-in order to perform the functions of prudential supervision under, the competent authorities of the Member States of origin, after having informed the PRESIDENCY of the COUNCIL of MINISTERS that the Banco de Portugal 148, may carry out on-the-spot inspections in Portuguese territory. 4-at the request of the competent authorities of the Member States of origin, carry out the inspections referred to in the preceding paragraph may be delegated to the Bank of Portugal.

5-the Bank of Portugal Exchange with the competent authorities of the Member States of origin, all the essential and relevant information, in particular in the case of infringements or suspected infringements by an agent, a branch or an entity to whom they have been committed, and operational functions for this purpose communicate, if requested , all relevant information and, by your own initiative all essential information. 6-in the event of the withdrawal or lapse of authorisation in the Member State of origin shall apply the provisions of article 47 of the RGICSF, with the necessary adaptations. 7-the preceding paragraphs are without prejudice to the obligations to the Bank of Portugal and the competent Portuguese authorities, pursuant to law No. 25/2008 of 5 June, and of Decree-Law No. 125/2008, of July 21, concerning the supervision and monitoring of compliance with the standards set out in these diplomas. Article 36 1 File-Without prejudice to any other applicable legal provisions, in particular in the context of the prevention of money laundering or terrorist financing, payment institutions and electronic money institutions must keep on file the records of all payments and other documentation PRESIDENCY of the COUNCIL of MINISTERS 149 on the provision of payment services for the minimum term of 5 years. 2-electronic money institutions shall maintain on file, under the terms and by the deadline set in paragraph 1, the records of all operations, distribution and reimbursement of electronic money and other documentation relating to these operations.

Article 37 professional secrecy and cooperation 1-the system of professional secrecy provided for in articles 78 and 79 of the RGICSF shall apply to payment institutions and electronic money institutions shall apply mutatis mutandis. 2-is applicable to the Bank of Portugal articles 80 to 82 of the RGICSF, with the specifics given in the following paragraphs. 3-While competent supervisory authority for the purposes of this legal regime, the Bank of Portugal cooperate and exchange information with supervisory authorities of other Member States and, where appropriate, with the European Central Bank and the national central banks, as well as with other competent authorities designated under Community or national legislation applicable to payment service providers. 4-the Bank of Portugal may also exchange information with the following entities: a) the public authorities responsible for the supervision of the payment and settlement systems; (b)) Other relevant authorities designated in accordance with paragraph 95 policy/46/EC of the European Parliament and of the Council of 24 October, the PRESIDENCY of the COUNCIL of MINISTERS Directive 150 n° 2005/60/EC of the European Parliament and of the Council of 26 October 1999, and of other national or community legal texts applicable to payment service providers, such as those applicable to the protection of individuals with regard to the processing of personal data as well as money laundering and the financing of terrorism.

Article 38 violation of the duty of secrecy Without prejudice to other penalties, the breach of the duty of secrecy is punishable under the Penal Code. Chapter V common provision Article 39 rules on access to payment systems 1-the rules concerning access to payment systems by contractors authorised or registered payment which is a legal person must be objective, non-discriminatory and proportionate and should not impede access to an extent which goes beyond what is necessary in order to prevent specific risks, such as the risk of liquidation , operational risk and business risk, and to safeguard financial stability and payment systems operating. 2-the provisions referred to in the preceding paragraph cannot enforce payment service providers, payment service users or other systems of payment: PRESIDENCY of the COUNCIL of MINISTERS the 151) restrictions in respect of effective participation in other payment systems; b) discrimination between authorised payment service providers or between registered payment service providers in relation to rights, obligations or advantages granted to participants; or c) restrictions based on corporate form adopted. 3-the preceding paragraphs shall not apply to: a) payment systems designated under the Decree-Law No. 221/2000, of 9 September; b) payment systems consisting exclusively of payment service providers belonging to a group composed of entities that have capital links to give to one of the entities effective control over the other; c) payment systems where a sole payment service provider, be it a singular entity or group: i) Act or can act as the payment service provider for both the payer and the beneficiary holds the sole responsibility for management of the system; and ii) Licenses other payment service providers to participate in the system, and the latter the right to negotiate commissions among themselves with regard to the payment system although they may establish their prices for originators and recipients.

PRESIDENCY of the COUNCIL of MINISTERS 152 4-it is the Bank of Portugal, under the powers conferred on it by your organic law, ensure the application of this article, without prejudice to the powers of the competition authority.



TITLE III Provision and use of payment services chapter 1 transparency of conditions and information requirements for payment services section 1 General rules article 40 1-scope this chapter applies to payment transactions of isolated nature, framework contracts and payment transactions covered by them. 2-the provisions of this chapter shall apply to micro-enterprises in the same way as to consumers. 3-When the payment service user is not a consumer, the parties may depart, in whole or in part, the provisions of this chapter.

PRESIDENCY of the COUNCIL of MINISTERS 153 4-this chapter shall apply without prejudice to the provisions of Decree-Law No. 133/2009, of June 2. 5-the legislation on the conditions for granting of consumer credit is applicable in so far as they contain provisions not provided for in this chapter.

Article 41 Other provisions on pre-contractual information 1-the provisions of this title shall be without prejudice to any provisions containing supplementary requirements regarding pre-contractual information. 2-in the situations covered by the Decree-Law No. 95/2006, of 29 may, articles 42, 47, 48, 52 and 53 of the present legal regime take precedence over the provisions of articles 9, 11, paragraph 1, 13 and 14, with the exception of points (a) to (c)) the h) in article 15, except for paragraph 1 (a)), b) and (c)) of paragraph 1 and paragraph 2 , and also in article 16, with exception of point (a)) of the said Ordinance. Article 42 language and transparency of information all information and conditions to be provided by the payment service provider to the payment service user under this legal framework must: a) be transmitted in Portuguese language, except where it is agreed between the parties the use of another language; b) Be set out in easily understandable terms and in a clear and intelligible; and c) Allow easy reading by a reader of average visual acuity, in cases that are provided through support of paper or another durable medium. Article 43


PRESIDENCY of the COUNCIL of MINISTERS information Charges 1 154-the payment service provider may not charge the payment service user costs related to the provision of information provided for in this chapter. 2-the service provider and the payment service user may, however, agree on charges for providing additional or more frequent information, or transmission of information by means of communication other than those specified in the framework contract, provided that the provision or transmission occur at the request of the payment service user. 3-in the cases provided for in paragraph 2, the charges must be suitable and correspond to the costs actually incurred by the service provider. Article 44 burden of proof with regard to information requirements rests with the payment service provider to prove that fulfilled the information requirements laid down in this title. Article 45 derogation from information requirements for payment instruments and electronic money of low value in the case of payment instruments which, according to the framework contract, concern only individual payment transactions not exceeding € 30, you have a limit of expenditure of € 150 or store funds which will allow the amount of which does not exceed, in any situation , € 150:) by way of derogation from articles 52, 53 and 57, the payment service provider is only obliged to provide the originator information on the main features of the service, including the way in which the payment instrument can be used, liability, charges and other significant information required to make an informed decision, PRESIDENCY of the COUNCIL of MINISTERS and an indication of the 155 sources where in an easily accessible, can be obtained from any other information and conditions specified in article 53; b) Can be agreed that, by way of derogation from article 55, the payment service provider does not have to propose any amendments to the conditions of the framework contract as referred to in paragraph 1 of article 55; c) it may be agreed that, by way of derogation from articles 58 and 59, after the execution of a payment transaction: i) the payment service provider provides or makes available only a reference enabling the service user to identify the payment transaction, the amount your and their charges or, in the case of several payment transactions of the same kind made to the same payee , a unique reference ID of the set of these transactions, its total amount and charges; II) the payment service provider is not obligated to provide or make available the information referred to in the previous paragraph if the payment instrument is used anonymously or if for any other reason, the payment service provider is not technically in a position to do so, and, in any event, the payment service provider shall provide the payer to check the amount of accumulated funds. SECTION II payment operations of isolated nature PRESIDENCY of the COUNCIL of MINISTERS Article 156 46 1-scope this section applies to transactions of isolated nature not covered by a framework contract. 2-If a payment order for a payment transaction from isolated character is transmitted through a payment instrument covered by a framework contract, the payment service provider is not required to provide or make available information that has already been or should be communicated to the payment service user pursuant to a framework contract with another payment service provider.

Article 47 General information concerning pre-contractual payment operations of isolated nature 1-the payment service provider shall provide the information and conditions specified in article 48 to the payment service user before this be bound by a contract or proposal for provision of payment service of isolated character. 2-the payment service provider shall inform the payment service user that, at the request of, the provision of information and conditions must be made on paper or on another durable medium. 3-If the payment service contract in isolated character has been concluded at the request of the payment service user using a means of distance communication which does not enable the payment service provider to comply with the provisions of paragraphs 1 and 2, the latter must comply with the obligations established immediately after the PRESIDENCY of the COUNCIL of MINISTERS 157 implementation of payment transaction. 4-the obligations set out in paragraphs 1 and 2 may be fulfilled by delivery of a copy of the project contract to provide payment service to isolated nature or payment order project that includes the information and conditions specified in article 48. Article 48 information and conditions for the payment of an isolated 1-payment service providers shall provide or make available to the payment service user the following information and conditions: a) specification of the information or unique identifier to be provided by the payment service user in order for a payment order can be executed in a proper manner; b) the maximum period of implementation applicable to payment services; c) all charges payable by the user to the payment service provider and, where applicable, a breakdown of the respective amounts; d) where applicable, the exchange rate or the reference exchange rate to be applied to the payment transaction. 2-where applicable, any other relevant information and conditions specified in article 53 shall be made available to the payment service user in an easily accessible form. Article 49 information to be provided to the payer after receipt of the payment order PRESIDENCY of the COUNCIL of MINISTERS 158 immediately after receipt of the payment order, the payment service provider of the payer shall pay this, or put to your disposal, pursuant to article 42 and paragraph 2 of article 47, the following information: a) A reference enabling the payer to identify the payment transaction and where appropriate, information relating to the payee; b) the amount of the payment transaction in the currency used in the payment order; c) the amount of any charges for the payment transaction that the payer should be paid and, where appropriate, their discrimination; d) where applicable, the exchange rate used in the payment transaction by the payment service provider of the payer, or a reference to the same, if different from the resulting rate) (d) of paragraph 1 of article 48, as well as the amount of the payment transaction after that currency conversion; and e) the date of receipt of the payment order. Article 50 information to be provided to the payee after execution of the payment transaction immediately after the execution of the payment transaction, the payment service provider of the payee shall pay this, or put to your disposal, pursuant to article 42 and paragraph 2 of article 47, the following information: a) the reference enabling the payee to identify the payment transaction and where appropriate, the payer, and any information transmitted in connection with the payment transaction; (b)) the amount transferred in the currency in which the funds are made available to the payee; c) the amount of any charges for the payment transaction to the payee PRESIDENCY of the COUNCIL of MINISTERS 159 should pay and, if appropriate, their discrimination;

d) where applicable, the exchange rate used in the payment transaction by the payee's payment service provider, as well as the amount of the payment transaction before that currency conversion; and e) the credit value date. SECTION III framework Contracts article 51 scope this section applies to payment transactions covered by a framework contract. Article 52 General information at 1-the payment service provider shall provide the information and conditions specified in article 53 the payment service user before this be bound by a contract or a framework contract framework. 2-the communication must be made on paper or on another durable medium. 3-If the framework contract has been concluded, payment at the request of the payment service user using a means of distance communication which does not enable the payment service provider to comply with the provisions of paragraph 1, the latter must comply with the obligations laid down in paragraph 1 immediately after the conclusion of the framework contract.

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4-the obligations laid down in paragraph 1 may also be fulfilled by delivery of a copy of the framework contract project that includes the information and conditions specified in article 53. Article 53 information and conditions must be provided to the payment service user the following information and conditions:) with regard to the payment service provider: i) the name of the payment service provider, the geographical address of your central administration and, where applicable, the geographical address of your agent or branch in Portugal, as well as any other addresses , and in particular e-mail, useful for communication with the payment service provider; and ii) details of the competent supervisory authorities and to the register provided for in article 20, or any other relevant public register of authorisation of the payment service provider, as well as the registration number or other equivalent identification in that register; (b)) regarding the payment service: i) A description of the main characteristics of the payment service to be provided; II) specification of the information or unique identifier to be provided by the payment service user in order for a payment order can be conveniently performed;

PRESIDENCY of the COUNCIL of MINISTERS iii 161) the form and procedures for communication of consent to execute a payment transaction and withdrawal of this consent in accordance with articles 65 and 77; IV) the reference to the time of receipt of a payment order as defined in article 75, and, if any, to the time limit set by the payment service provider; v) the maximum applicable to the provision of payment services; and vi) If there is possibility to conclude an agreement on spending limits for the use of the payment instrument, in accordance with paragraph 1 of article 66. (c)) regarding the charges, interest and exchange rates: i) all charges payable by the payment service user to the respective service provider and, where applicable, a breakdown of the respective amounts; II) where applicable, the interest and exchange rates to be applied or, if to be used interest rates or the Exchange method of calculating the effective interest, as well as the relevant date and index or base for determination of this interest rate or exchange rate of reference; and (iii)) if agreed, the immediate application of changes in the interest rate or exchange rate of reference and reporting requirements relating to changes in the terms of paragraphs 4, 5 and 6 of article 55; d) on the communication: where appropriate, the means of communication, including the technical requirements of the equipment of the payment service user, agreed between the parties for the transmission of the PRESIDENCY of the COUNCIL of MINISTERS information 162 under this legal regime; II) forms of provision or provision of information pursuant to this legal regime and their frequency; III) the language or languages in which the framework contract is to be concluded and to process communications during the contractual relationship; and iv) the right of the payment service user to receive the terms of the framework contract and information and conditions in accordance with article 54. and preventive measures) and amendment: i) where applicable, a description of the measures that the payment service user should take to preserve the security of payment instruments, as well as how to notify the payment service provider for the purposes of point (b)) of paragraph 1 of article 67; II) if agreed, the conditions under which the payment service provider may reserve the right to block a payment instrument in accordance with article 66; III) the liability of the payer in accordance with article 72, in particular the information concerning the amount concerned; IV) shapes and the period available to the payment service user to notify the payment service provider of any unauthorised or incorrectly executed operation, in accordance with article 69, as well as the liability of the payment service provider for unauthorized transactions, in accordance with article 71; v) the liability of the payment service provider for the execution of payment transactions in accordance with articles 86 and 87; and vi) the conditions for refund in accordance with articles 73 and 74.

PRESIDENCY of the COUNCIL of MINISTERS 163 f) regarding amendments and termination of framework contract: i) if agreed, information that the payment service user has agreed to the change of the conditions pursuant to article 55, unless you have notified the payment service provider that does not accept it before the date of entry into force of the proposal; II) the duration of the contract; and iii) the right to the payment service user to terminate the framework contract and any agreements relating to the complaint, in accordance with paragraph 3 of article 55 and article 56. g) for repair: i) Any contractual clause on the law applicable to the framework contract and the competent court; and ii) the procedures for complaints and out-of-court redress available to the payment service user pursuant to articles 92 and 93.

Article 54 access to information and the conditions during the contractual relationship, the payment service user has the right to receive, your request and at any time, the terms of the framework contract as well as the information and conditions specified in article 53, on paper or on another durable medium. Article 55 Amendment of conditions 1-any alteration of the framework contract or the information and conditions specified in the PRESIDENCY of the COUNCIL of MINISTERS 164 article 53 should be proposed by the payment service provider, in accordance with article 42 and paragraph 2 of article 52, and at the latest two months before the proposed date for your application. 2-if it is applicable in accordance with point (i)) f (a)) of article 53, the payment service provider shall inform the payment service user that believes that the latter accepted these changes if you have not notified the payment service provider that does not accept them before the date proposed for the entry into force thereof. 3-in the case referred to in paragraph 1, the payment service provider must also specify that the payment service user has the right to terminate the framework contract immediately and free of charge prior to the proposed date for the implementation of the changes. 4-changes in interest rates or exchange rates may be applied immediately and without notice, provided that this right has been agreed in the framework contract and that the changes are based on exchange rates or agreed in accordance with the reference (ii)) and iii) of point (c)) article 53.

5-the payment service user shall be informed as soon as possible of any change in the interest rate as referred to in article 42 and paragraph 2 of article 52, unless the parties have agreed on a periodicity or in specific ways for the provision or availability of the information. 6-changes in interest rates or foreign exchange which are more favourable to the payment service users can be applied without notice. 7-changes in interest rates or exchange rate used in payment transactions shall be implemented and calculated in a neutral manner, in order not to establish discrimination between payment service users.

PRESIDENCY of the COUNCIL of MINISTERS article 56 Denunciation 1-165 the payment service user may terminate the framework contract at any time, unless the parties have agreed on a period of notice, which shall not be more than a month. 2-When the payment service user is a consumer or a micro-enterprise, the termination of the framework contract is always free of charge to the user. 3-outside the cases referred to in the preceding paragraph, the complaint of framework contracts of indeterminate duration or concluded for a fixed period exceeding 12 months is free of charges for the payment service user after the expiry of the period of 12 months, and, in all other cases, the costs of the complaint must be suitable and meet the costs incurred. 4-if agreed in the framework contract, the payment service provider may terminate a framework contract for an indefinite period by giving at least two months, in accordance with article 42 and paragraph 2 of article 52.

5-in the case of amendment of the framework contract or the information and conditions specified in article 53, the payment service user has the right to terminate the framework contract immediately and free of charge prior to the proposed date for the implementation of the changes. 6-regularly invoiced charges for the provision of payment services are only payable by the payment service user in part proportional to the period until the date of termination of the contract, and, if such fees are paid in advance shall be refunded in part proportional to the period not elapsed yet.

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Article 57 to provide Information before execution of individual payment transactions in the case of an individual payment transaction, conducted under a framework contract initiated by the payer, the payment service provider shall provide, at the request of the payer and for this operation, the following specific information: the maximum enforcement Period) payment transaction. b) charges that the originator should support and, where appropriate, discrimination of the respective amounts. Article 58 information to be provided to the payer on individual payment transactions 1-after the amount of an individual payment transaction have been debited to the account of the payer, or, if the payer does not use an account, upon receipt of the payment order, the payment service provider of the payer pays to this immediately, unless justified delay, and in accordance with article 42 and paragraph 2 of article 52 , the following information: a) A reference enabling the payer to identify each payment transaction and, where appropriate, information relating to the payee; b) the amount of the payment transaction in the currency in which the payer's account is debited or in the currency used in the payment order; c) the amount of any charges for the payment transaction and, where appropriate, their discrimination, or the interest that the originator should pay; d) where applicable, the exchange rate used in the payment transaction by the payment service provider of the payer and the amount of the payment transaction after that currency conversion; and e) the debit value date or the date of receipt of the payment order.

PRESIDENCY of the COUNCIL of MINISTERS 167 2-the framework contract may include a clause stipulating that the information referred to in the preceding paragraph shall be provided or made available periodically at least once a month and second a way awake which allows the payer to store and reproduce information unchanged. 3-the framework contract should include a clause stipulating that, by express request of the payment service user to the payment service provider is obligated to provide free of charge the information referred to in paragraph 1, in paper form, once a month. Article 59 information to be provided to the payee on individual payment transactions 1-After the execution of an individual payment transaction, the payment service provider of the payee to this without undue delay and in accordance with article 42 and paragraph 2 of article 52, the following information: a) A reference enabling the payee to identify the payment transaction and where appropriate, the payer, and any information transmitted in connection with the payment transaction; b) the amount of the payment transaction in the currency in which it is credited to the beneficiary's account; c) the amount of any charges for the payment transaction and, where appropriate, their discrimination, or the interest that the beneficiary should pay; d) where applicable, the exchange rate used in the payment transaction by the payee's payment service provider, as well as the amount of the payment transaction before that currency conversion; and e) the credit value date. 2-the framework contract may include a clause stipulating that the information referred to in paragraph 1 shall be provided or made available periodically at least once and PRESIDENCY of the COUNCIL of MINISTERS 168 per month and second a way awake which allows the payee to store and reproduce information unchanged. 3-the framework contract should include a clause stipulating that, by express request of the payment service user to the payment service provider shall provide free of charge the information referred to in paragraph 1, in paper form, once a month. SECTION IV common provisions article 60 currency and monetary conversion 1-payments shall be made in the currency agreed between the parties. 2-If a monetary conversion service is proposed before the payment transaction via automatic payment terminal or by the beneficiary, the part that proposes the monetary conversion service to the payer shall provide the following information: a) charges that the originator should support; b) exchange rate to be applied for the purposes of converting the payment transaction. Article 61 information on additional charges or reductions 1-If the beneficiary covers charges or proposes a reduction for the use of a given payment instrument, shall inform the payer before the start of the payment transaction. 2-If the payment service provider, or a third, cover charges for the use of a given payment instrument, shall inform the payment service user before the start of the payment transaction.

PRESIDENCY of the COUNCIL of MINISTERS 169 CHAPTER II rights and obligations concerning the provision and use of payment services section 1 common provisions article 62 1-scope the provisions of this chapter shall apply to micro-enterprises in the same way as to consumers. 2-When the payment service user is not a consumer, the parties may depart from the application, in whole or in part, the provisions of paragraph 3 of article 63, paragraph 3 of article 65 and articles 70, 72, 73, 74, 77, 86 and 87, as well as wake up within other than set out in article 69. 3-this chapter shall apply without prejudice to the provisions of Decree-Law No. 133/2009, of June 2. 4-the legislation on the conditions for granting of consumer credit is applicable in so far as they contain provisions not provided for in this chapter.

Article 63 charges for 1-to the originator and the beneficiary may be required to the charges for the payment service provider. 2-in the case of the payment transaction involving transactions of monetary conversion, the payer and the beneficiary may agree on a different allocation of costs set out in the preceding paragraph.

PRESIDENCY of the COUNCIL of MINISTERS 170 3-the payment service provider may not charge the payment service user the costs inherent to the information obligations or corrective and preventive measures provided for in this chapter. 4-Notwithstanding the provisions of paragraph 1, the payment service provider and the payment service user may agree on charges in the following situations: a) notification of refusal justified of execution of a payment order as referred to in paragraph 2 of article 76; b) revocation of a payment order as referred to in paragraph 7 of article 77; c) recovery of funds, in accordance with paragraph 3 of article 85. 5-in the cases referred to in the preceding paragraph, the charges must be suitable and correspond to the costs actually incurred by the service provider. 6-the payment service provider should not prevent the beneficiary from, on the use of a given payment instrument: a) offer a reduction for your use; or, b) Require a charge for your use, except in cases where the beneficiary requires the payer using a specific payment instrument, or when there is legislative provision which limits this right in encouraging competition or to promote the use of efficient payment instruments. Article 64 Derogation to payment instruments and electronic money of low value 1-in the case of payment instruments which, according to the framework contract, say PRESIDENCY of the COUNCIL of MINISTERS 171 only individual payment transactions not exceeding € 30, you have a limit of expenditure of € 150, or to allow funds whose amount does not exceed store in any situation, € 150, payment service providers may agree with their users:) does not apply to subparagraph b) of paragraph 1 of article 67, paragraph c), (d)) and e) of paragraph 1 of article 68 and paragraphs 4 and 5 of article 72, if the payment instrument does not allow these operations block or prevent your subsequent use; b) does not apply to articles 70 and 71 and paragraphs 1 and 2 of article 72, if the payment instrument is used anonymously or the payment service provider may not, for other reasons intrinsic to the payment instrument, provide evidence that the payment transaction was authorised; c) by way of derogation to paragraphs 2 to 4 of article 76, the payment service provider is not obliged to notify the user of this service of the refusal of a payment order, if the non-performance if you can understand the context; d) Notwithstanding article 77, the payer may not revoke the payment order after having communicated this order, or your consent, the recipient to execute the payment transaction; e) by way of derogation from articles 80 and 81, apply other lead times. 2-articles 71 and 72 shall also apply to electronic money within the meaning of subparagraph (d)) of article 2, except where the payment service provider of the payer does not have the possibility to block the payment instrument that only lets you store funds which do not exceed € 150. SECTION II Authorization of payment transactions article 65


PRESIDENCY of the COUNCIL of MINISTERS Consent and withdrawal of consent 172 1-a payment transaction or a series of payment transactions shall be deemed to be authorised only if the payer allow on your execution. 2-consent must be given prior to the execution of the operation, unless it is agreed between the payer and the payment service provider that it be provided in later time. 3-the consent referred to in the preceding paragraphs shall be given in the form agreed between the payer and the payment service provider and, in case of non-compliance with the agreed form, if you consider that the payment transaction was not authorized. 4-the consent may be withdrawn by the payer at any time, but never after the moment of irrevocability established under article 77. 5-the consent given for the implementation of a series of payment transactions may also be removed, with the result that any subsequent payment transaction shall be considered denied. 6-procedures of communication and withdrawal of consent shall be agreed between the payer and the payment service provider.

Article 66 Limits the use of the payment instrument 1-in cases where a specific payment instrument, for the purpose of communication of consent, the payer and the payment service provider may agree on spending limits for payment operations PRESIDENCY of the COUNCIL of MINISTERS 173 performed via the payment instrument in question. 2-By express stipulation in the framework contract, the payment service provider may reserve the right to block a payment instrument for objectively justified reasons, which relate to: a) the security of the payment instrument; b) the suspicion of unauthorised or fraudulent of that instrument; or c) the significant increase in the risk of the originator not to be able to fulfil their responsibilities for payment, in the case of a payment instrument with a credit line. 3-in the cases referred to in paragraph 1, the payment service provider shall inform the payer of the blocking of the payment instrument and the reasons for the way up, if possible before to block the payment instrument or at the latest immediately after the blockade, except if such information cannot be provided by objectively justified security reasons or is prohibited by other applicable legal provisions. 4-as soon as you stop checking the reasons for blocking, the payment service provider shall unblock the payment instrument or replace it with a new one.

Article 67 obligations of the payment service user associated with 1-payment instruments the payment service user entitled to use a payment instrument has the following obligations: a) to use the payment instrument in accordance with the conditions governing the PRESIDENCY of the COUNCIL of MINISTERS 174 your issue and use; and (b)) Communicate, without undue delay, the payment service provider, or the entity designated by the latter as soon as it becomes aware of them, the loss, theft, misappropriation or any unauthorized use of the payment instrument. 2-For the purposes of point (a)) of the preceding paragraph, the payment service user should take all reasonable steps, in particular when receiving a payment instrument, to preserve the effectiveness of your security devices. Article 68 Obligations on the payment service provider associated with the 1-payment instruments the payment service provider issuing a payment instrument has the following obligations: a) ensure that the safety devices personalized payment instrument are only accessible to the payment service user entitled to use this instrument, without prejudice to the obligations of the payment service user set out in the previous article;

b) refrain from sending unsolicited payment instrument, except where such an instrument already given to the payment service user is to be replaced; c) ensure the availability at all times of adequate facilities to enable the payment service user to carry out the notification provided for PRESIDENCY of the COUNCIL of MINISTERS (b) 175) of paragraph 1 of the preceding article or request unblocking pursuant to paragraph 4 of article 66; d) the payment service provider shall provide the payment service user, at its request, the necessary means to prove, for 18 months after the notification referred to in paragraph b) of paragraph 1 of the preceding article, that has made such a notification; and e) Prevent any use of the payment instrument as soon as the notification referred to in paragraph b) of paragraph 1 of the preceding article has been made. 2-the risk of sending the originator of a payment instrument or of their custom security devices run by the payment service provider. Article 69 submission of unauthorised payment transactions or incorrectly executed and rectification law 1-the payment service user has the right to obtain rectification, by the payment service provider, if, after having become aware of an unauthorized payment transaction or incorrectly executed liable to give rise to a claim, in particular under articles 86 and 87 communicate the fact to the relevant payment service provider without undue delay and within a period not more than 13 months after the debit date, 2-where, in respect of the payment transaction, the payment service provider has not provided or provided the information is required in accordance with the provisions of chapter i of this title iii does not apply the limitation period referred to in the preceding paragraph. Article 70 proof of authentication and execution of payment transactions PRESIDENCY of the COUNCIL of MINISTERS-176 1 where a payment service user denies having authorised an executed payment transaction or claims that the operation was not properly carried out, it is up to the respective payment service provider provide evidence that the payment transaction was authenticated, properly recorded and accounted for and that it was not affected by technical breakdown or other deficiency. 2-where a payment service user denies having authorised an executed payment transaction, the use of a payment instrument recorded by the payment service provider shall, by itself, is not necessarily sufficient to prove that the payment transaction was authorised by the payer, the latter acted fraudulently or has failed deliberately or through gross negligence , one or more of its obligations under article 67. Article 71 of the Liability of the payment service provider for unauthorised payment transactions 1-Without prejudice to article 69, in respect of an unauthorised payment transaction, the payment service provider of the payer shall reimburse you immediately the amount of the unauthorised payment transaction and, where applicable, restore the debited payment account in the situation where I would be if the unauthorised payment transaction had not been performed.

2-whenever the payer is not immediately reimbursed by the respective payment service provider in accordance with the provisions of the preceding paragraph, are payable on arrears, counted from day to day from the date on which the payment service user there is denied having authorised the payment transaction executed, until the date of actual repayment calculated the legal rate, fixed in accordance with the Civil Code increased by 10 percentage points, without prejudice to the right to compensation supplement there is place.

PRESIDENCY of the COUNCIL of MINISTERS article 72 177 originator's Liability for unauthorised payment transactions 1-in the case of unauthorized payment transactions resulting from loss, theft or misappropriation of the payment instrument, with breach of the confidentiality of security devices customized attributable to the originator, this supports the losses relating to these operations within the limit of the available balance or credit line associated with the account or the payment instrument up to a maximum of € 150. 2-the payer supports all losses resulting from unauthorised payment transactions, if those are due to fraudulent activities or the intentional non-compliance of one or more of the obligations referred to in article 67, in which case it shall not apply the limits referred to in paragraph 1. 3-going on gross negligence of the payer, this supports the losses resulting from unauthorised payment transactions within the limits of the available balance or credit line associated with the account or the payment instrument, although over € 150, depending on the nature of custom security payment instrument and the circumstances of your loss, theft or misappropriation.


4-after completing the notification referred to in point (b)) of paragraph 1 of article 67, the payer does not bear any financial consequences resulting from use of a payment instrument lost, stolen or misused suitable, except in cases of fraudulent activities. 5-If the payment service provider does not provide appropriate means for the notification at all times of loss, theft or misappropriation of PRESIDENCY of the COUNCIL of MINISTERS 178 1 payment instrument, as required by subparagraph (c)) of paragraph 1 of article 68, the payer is not required to bear the financial consequences resulting from use of that payment instrument except in cases in which he has acted fraudulently. Article 73 Repayment of transactions initiated by the beneficiary or through this 1-the payer is entitled to reimbursement by the relevant payment service provider of an authorised payment transaction initiated by or through the payee, that has already been executed, if the following conditions are fulfilled: a) the authorisation did not specify the exact amount of the payment transaction when the authorisation was granted; and (b)) the amount of the payment transaction exceeded the amount the payer could reasonably expect based on your previous expenditure profile, in accordance with the framework agreement and in your specific circumstances of the case. 2-at the request of the payment service provider, the payer provides the factual elements relating to the conditions specified in the preceding paragraph. 3-the reimbursement referred to in paragraph 1 corresponds to the full amount of the payment transaction performed.

4-in the case of direct debits the payer and the payment service provider may agree in the framework contract, which the payer has a right to reimbursement by the respective payment service provider even if the conditions for reimbursement referred to in paragraph 1. 5-for the purposes of point (b)) of paragraph 1, the payer may not be based on reasons of COUNCIL of MINISTERS PRESIDENCY 179 related to the exchange rate where it has been applied to the reference exchange rate agreed with the respective payment service provider, in accordance with subparagraph (d)) of paragraph 1 of article 48 and article ii) subparagraph (c)) article 53. 6-Can be agreed in the framework contract between the payer and the payment service provider that the payer is not entitled to a refund if you have communicated directly to the provider of the payment service your consent to the execution of the payment transaction and, where appropriate, the supplier or the beneficiary has provided or made available to the payer information on the future payment transaction by the way up, at least four weeks before the date of implementation. Article 74 applications for reimbursement of transactions initiated by the beneficiary or through this 1-the payer has the right to submit the application for reimbursement, as referred to in article 73, of an authorised payment transaction initiated by or through the payee for a period of eight weeks from the date on which the funds have been debited.



2-within 10 working days of the date of receipt of a request for a refund, the payment service provider shall reimburse the full amount of the payment transaction, or a justification for refusing the refund, indicating the bodies to which the payer may refer the matter, under articles 92 and 93, if you do not accept the justification.

PRESIDENCY of the COUNCIL of MINISTERS 180 3-the right of the payment service provider to refuse a refund in accordance with the provisions of the preceding paragraph shall not apply in the case referred to in paragraph 4 of article 73. SECTION III Implementation of SUBSECTION (I) payment transactions payment orders and amounts transferred Article 75 Reception of payment orders 1-the time of receipt of the payment order must match the time when the payment order transmitted directly by the payer or indirectly by the recipient or through this is received by the payment service provider of the payer. 2-If the receipt is not a working day for the payment service provider of the payer, the payment order was received the next business day. 3-the payment service provider may establish a time limit at the end of the working day for which payment orders received are considered to have been received on the following working day.

4-the payment service user issuing the payment order and the payment service provider may agree that the order has received: a) on a date specified;

PRESIDENCY of the COUNCIL of MINISTERS 181 b) after a certain period; or c) on the date on which the payer Fund at the disposal of the respective payment service provider. 5-If the agreed date pursuant to the preceding paragraph is not a working day for the payment service provider, it is considered that the payment order was received the next business day. Article 76 Refusal of payment orders 1-when they are gathered all the conditions laid down in the framework contract concluded with the payer, the payment service provider of the payer can not refuse to execute a payment order, regardless of having been issued by the payer, the beneficiary or through it, except statutory provision to the contrary. 2-not all the conditions laid down in the framework contract concluded with the originator, the possible refusal of a payment order and, if possible, the reasons inherent in the same and the procedure for correcting any factual errors that have led to such refusal shall be notified, except where otherwise legal, to the payment service user. 3-the payment service provider shall provide or make available the notification by way up and as soon as possible within the time limits laid down in article 80.

4-Upon explicit clause framework contract, the payment service provider may charge the costs inherent to the notification in the case of the refusal be objectively justified.

PRESIDENCY of the COUNCIL of MINISTERS 182 5-for the purposes of articles 80, 86 and 87, a payment order which has been refused is considered not received. Article 77 the irrevocability of a payment order 1-except as provided in the following paragraphs, a payment order cannot be revoked by the payment service user after your receipt by the payment service provider of the payer. 2-where a payment transaction is initiated by the beneficiary or through this, the payer may not revoke the payment order after having informed the beneficiary that order or your consent to the execution of the payment transaction. 3-However, in the case of direct debit and without prejudice to the rights of reimbursement, the payer may revoke the payment order by the end of the business day preceding the day agreed for debiting the funds. 4-in the case referred to in paragraphs 4 and 5 of article 75, the payment service user may revoke a payment order until the end of the business day preceding the agreed date. 5-After the deadlines specified in paragraphs 1 to 4, the payment order may be revoked only if this has been agreed between the user and the payment service provider. 6-in the case of payment transactions indicated in paragraphs 2 and 3, in addition to the agreement referred to in paragraph 5, it is also required the agreement of the beneficiary.

7-in the situations provided for in the two preceding paragraphs, and upon the express clause framework contract, the payment service provider may levy charges by the Presidency of the COUNCIL of MINISTERS revoking 183. Article 78 transferred and Amounts received 1-the payment service provider of the payer, the payment service provider of the payee and any intermediaries of both payment service providers are obliged to transfer the full amount of the payment transaction and refrain from deducting any charges from the amount transferred. 2-However, the beneficiary and the relevant payment service provider may agree that the latter deduct their own charges the amount transferred before crediting to the recipient. 3-in the case referred to in the preceding paragraph, the full amount of the payment transaction and charges shall be indicated separately on the information to give to the beneficiary. 4-If the amount transferred are deducted any charges not agreed in accordance with paragraph 2: a) the payment service provider of the payer shall ensure that the payee receives the full amount of the payment transaction initiated by the payer; (b)) the payment service provider of the payee shall ensure that this receives the full amount of the operation, the operation initiated by the beneficiary or through it.

SUBSECTION II lead time and value date PRESIDENCY of the COUNCIL of MINISTERS 184

Article 79 1-scope this subsection applies to payment transactions in euros. 2-this subsection is still applicable to payment transactions performed in currencies of Member States outside the euro area, unless otherwise agreed between the user and the payment service provider, and the parties may not, however, rule out the application of article 84. 3-When the user and the respective payment service provider wake up within a period longer than that laid down in article 80 to intra-Community payment transactions such period may not exceed four working days from the time of receipt in accordance with article 75. Article 80 payment transactions to a payment account 1-the payment service provider of the payer shall ensure that after the receipt of the payment order pursuant to article 75, the amount of the transaction is credited to the account of the payee's payment service provider by the end of the first following working day. 2-in the case of cross-border payment transactions, up to 1 January 2012, the payer and the payment service provider may agree to a longer period, which may not exceed three working days. 3-the periods referred to in paragraphs 1 and 2 may be extended by one more working day in case of payment transactions issued in paper form.

4-the payment service provider of the payee shall establish the value date and make available the amount of the payment transaction in the payment account of the PRESIDENCY of the COUNCIL of MINISTERS 185 beneficiary after receiving the funds in accordance with article 84. 5-the payment service provider of the payee shall forward payment orders issued by the beneficiary or by the payment service provider of the payer within the time limits agreed between the payee and their respective payment service provider, enabling settlement, as regards direct debits on the date of execution awake. Article 81 absence of payee payment account with the payment service provider If you do not have a payment account with the payment service provider, the funds are made available to the payee by the payment service provider that receives the funds on account of the beneficiary within the time limit set in article 80. Article 82 cash deposits on a payment account 1-Case a consumer make a cash deposit in a payment account with the payment service provider and in the currency of that payment account, the payment service provider shall ensure that the amount is available immediately after the time of receipt of the funds and with value date coincident with this moment. 2-If the payment service user is not a consumer, the amount shall be made available and be awarded a value date not later than the working day following receipt of the funds.

Article 83 PRESIDENCY of the COUNCIL of MINISTERS 186 national payment transactions 1-internal transfers, and in the absence of any stipulation to the contrary, the sums of money shall be credited to the beneficiary's account on the same day, if the transfer is effect between accounts even based payment service provider, being the value date and the date of availability to the time of the claim. 2-internal transfers between accounts of payment based on different payment service providers shall not apply the provisions of paragraph 2 of article 80. Article 84 value date and availability of funds 1-the date-value assigned to credit the payee's payment account shall be, at most, the business day on which the amount of the payment transaction is credited to the account of the payee's payment service provider. 2-the payment service provider of the payee shall ensure that the amount of the payment transaction stay available to the beneficiary immediately after having been credited to the payment account of the payee's payment service provider. 3-the value date of the debit in the account of the payer payment cannot be earlier than the time when the amount of the payment transaction is debited to that payment account.



SUBSECTION III PRESIDENCY of the COUNCIL of MINISTERS Responsibility Article 187 85 incorrect unique identifiers 1-If a payment order is executed in accordance with the unique identifier, was executed correctly with regard to the payee specified in the unique identifier. 2-If the unique identifier provided by the payment service user is incorrect, the payment service provider is not responsible under article 86 and 87, the non-execution or defective execution of the payment transaction. 3-However, the payment service provider of the payer shall make reasonable efforts to recover the funds involved in the payment transaction, and may charge the payment service user charges for this recovery, if agreed in the framework contract. 4-Notwithstanding the payment service user to be able to provide the additional information specified in subparagraph (a)) of paragraph 1 of article 48 or article ii) of point (b)) of article 53, the payment service provider is only responsible for the execution of payment transactions in accordance with the unique identifier provided by the payment service user.



Article 86 of COUNCIL of MINISTERS PRESIDENCY 188 non-execution or defective execution of payment orders issued by the payer 1-If a payment order is issued by the payer, the responsibility for the correct execution of the payment transaction before the originator it is up to the payment service provider shall, without prejudice to article 69, paragraphs 2, 3 and 4 of article 85 and article 90. 2-If the payment service provider of the payer can prove to the payer and, where applicable, the payment service provider of the payee that the latter received the amount of the payment transaction in accordance with paragraph 1 of article 80, the responsibility for the correct execution of the payment transaction to the payee the payment service provider of the payee. 3-Case responsibility fits to the payment service provider of the payer in accordance with paragraph 1, it shall reimburse the payer, without undue delay, the amount of the payment transaction not executed or incorrectly executed and, where applicable, restore the debited payment account in the situation where I'd be if I hadn't happened to incorrect execution payment transaction. 4-Case responsibility fits to the payment service provider of the payee pursuant to paragraph 2, it shall immediately credit the corresponding amount on the payee's payment account or make available to the beneficiary the amount of the payment transaction. 5-in the case of a payment transaction not executed or incorrectly executed where the payment order is issued by the payer, the payment service provider shall, regardless of the responsibility incurred by virtue of paragraphs 1 and 2, and if requested, make immediately efforts to trace the payment transaction and notify the originator of the results obtained.

PRESIDENCY of the COUNCIL of MINISTERS 189 6-beyond the responsibility referred to in the preceding paragraphs, the payment service providers are accountable to the users of payment services for any charges for which they fit and for any interest to which they subject the payment service user as a consequence of the non-execution or incorrect execution of the payment transaction. Article 87 non-execution or defective execution of payment orders issued by the beneficiary or through this 1-If a payment order is issued by the beneficiary or through this, it is up to the payment service provider shall, without prejudice to the provisions of article 69, paragraphs 2, 3 and 4 of article 85(1) and in article 90, the liability to the beneficiary for the correct transmission of the payment order to the payment service provider of the payer pursuant to paragraph 5 of article 80. 2-in the case of paragraph 1, the payment service provider of the payee shall immediately re-transmit the payment order in question to the payment service provider of the payer. 3-Notwithstanding the provisions of paragraph 1, the payment service provider of the payee, without prejudice to the provisions of article 69, paragraphs 2, 3 and 4 of article 85(1) and in article 90, the liability to the beneficiary by the treatment of the payment transaction in accordance with its obligations under article 84. 4-If the payment service provider of the payee is liable pursuant to paragraph 1, shall ensure that the amount of the payment transaction stay available to the beneficiary immediately after having been credited to the account of the payee's payment service provider.

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5-in the case of a payment transaction not executed or incorrectly executed whose responsibility does not fit to the payment service provider of the payee pursuant to the preceding paragraphs, it is up to the payment service provider of the payer to be liable to the payer. 6-in the case referred to in paragraph 1, the payment service provider of the payer shall, where appropriate and without undue delay, refund the payer the amount of the payment transaction not executed or incorrectly executed and restore the debited payment account in the situation in which it would be if it had not occurred to incorrect execution payment transaction. 7-in the case of a payment transaction not executed or incorrectly executed where the payment order is issued by the beneficiary or through this, the payment service provider shall, regardless of liability incurred pursuant to this article and if requested, make immediately efforts to trace the payment transaction and notify the beneficiary of the results obtained. 8-beyond the responsibility referred to in the preceding paragraphs, the payment service providers are accountable to the users of payment services for any charges for which they fit and for any interest to which they subject the payment service user as a consequence of the non-execution or incorrect execution of the payment transaction. Article 88 additional Compensation articles 86 and 87 shall not affect the right to further compensation under the law applicable to the contract.

PRESIDENCY of the COUNCIL of MINISTERS article 89 191 right of return-1 If the liability of a payment service provider in accordance with articles 86 and 87 is attributable to another payment service provider, or an intermediary, that payment service provider or intermediary shall compensate the first payment service provider for any losses incurred or sums paid under articles 86 and 87. 2-additional compensation may be fixed, in accordance with agreements between payment service providers, or between these and any intermediaries, as well as the law applicable to such agreements. Article 90 force majeure liability provided for in articles 65 to 89 shall not apply in case of abnormal and unforeseeable circumstances beyond the will of the party invokes, unless their hadn't consequences could not be avoided despite all efforts made, or if the payment service provider is bound by other legal obligations, in particular those relating to the prevention of money laundering and terrorist financing.



PRESIDENCY of the COUNCIL of MINISTERS 192 SECTION IV Data Protection Data Protection article 91 1-without prejudice to any other legitimate causes of treatment enshrined in law, the processing of personal data by payment systems and payment service providers to the extent that they show necessary to safeguard the prevention, investigation and detection of fraud in relation to payments. 2-the processing of personal data referred to in the preceding paragraph shall be conducted in accordance with law No. 67/98 of 26 October. TITLE III-issuance and redeemability of electronic money article 91-issuing electronic money must be issued at face value upon receipt of funds. Article 91-B redeemability 1-at the request of the cardholder, the issuer of electronic money must be repaid at any time and at face value, the monetary value of the electronic money held. 2-the contract between the issuer of electronic money and the carrier must indicate clearly and prominently the terms of repayment, including any commissions related to the same, and the carrier be informed of these conditions before you binding to any contract or offer. 3-the refund can only be subject to a Commission if such is declared in the contract, PRESIDENCY of the COUNCIL of MINISTERS 193 pursuant to paragraph 2, and in one of the following cases: a) the reimbursement be asked before the term attached to the contract; (b)) the contract fix a term and the cardholder cancel the contract before that date; or c) reimbursement be requested more than a year after the term specified for the contract. 4-the Commission referred to in the preceding paragraph must be proportionate and based on costs actually incurred by the issuer of electronic money. 5-in case you request a refund before the term attached to the contract, the bearer of electronic money may ask that he be reimbursed part or all of the monetary value corresponding to the electronic money held. 6-If the refund is requested by the electronic money holder on the date of expiry of the agreement or within one year thereafter: a) is refunded the total monetary value of the electronic money held; or (b)) If the electronic money institution to exercise one or more of the activities referred to in point (e)) of paragraph 2 of article 8-A and is not known in advance the portion of the funds to be used as electronic money must be refunded all of the borrowed funds for the carrier. 7-Notwithstanding the provisions of paragraphs 3, 4, 5 and 6, the right to reimbursement by persons who are not consumers, accept electronic money in payments shall be subject to the discipline of the contract between the issuer of electronic money and the people concerned.



PRESIDENCY of the COUNCIL of MINISTERS article 91-194 (C) Prohibition of interest is prohibited the assignment of interest or any other benefit related to the time period during which the carrier holds electronic money. Article 91-D change of conditions and termination of the contract between the issuer and the bearer of electronic money pursuant to articles 55 and 56 shall apply, mutatis mutandis, to the contract between the issuer of electronic money and its carrier, without prejudice to the provisions concerning conditions for reimbursement and the payment instruments and electronic money of low value. TITLE IV out-of-court dispute resolution and complaint procedure Article 92 provision of means of ADR 1-Without prejudice to the access by users of payment services and the bearers of electronic money, the competent judicial resources, payment service providers and electronic money issuers should offer to their users of payment services and electronic money holders access to effective and appropriate non-judicial means of complaint and redress settlement of value equal to or lower than the jurisdiction of the courts of first instance, concerning the rights and obligations established in titles III and III-A of this legal regime.



PRESIDENCY of the COUNCIL of MINISTERS 195 2-the offer referred to in the preceding paragraph effectively through the accession of the payment service providers and of issuers of electronic money to at least two entities authorized to conduct arbitrations pursuant to Decree-Law No. 425/86, of 27 of December, or the two entities registered in the system of voluntary registration procedures for out-of-court settlement of consumer disputes established by Decree-Law No 146/99 of May 4. 3-the entities chosen by payment service providers and electronic money issuers must comply with the principles applicable to the bodies responsible for the out-of-court settlement of consumer disputes set out in recommendation No 98/257/EC, the Commission of the European communities, of 30 March. 4-payment service providers and issuers of electronic money may, in addition to the provision of the means above, submit the disputes referred to in paragraph 1 to the intervention of an Ombudsman or similar entity, appointed in accordance with the principles formulated in recommendation No 98/257/EC, the Commission of the European communities, of 30 March. 5-payment service providers and electronic money issuers must still ensure that the resolution of cross-border disputes is forwarded to entity a signatory of the Protocol of accession to the FIN-NET network of cooperation on cross-border out-of-court settlements in the financial sector, the choice falls on one of the entities referred to in the preceding paragraphs. 6-payment service providers and electronic money issuers shall inform the Bank of Portugal to entities which have acceded in accordance with paragraph 2, within 15 days after accession.

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7-the provisions of this article shall not apply to payment service providers and electronic money issuers listed in points (a) to (h)) and i) of paragraph 1 of article 7 and in points (a) to (f)) and g) of paragraph 1 of Article 7a article 93 complaint to the Bank of Portugal 1-Without prejudice to the access to competent judicial means users of payment services and the bearers of electronic money, or their representative associations, as well as other interested parties, may submit directly to the Bank of Portugal, claims founded in breach of standards of titles III and III-A of this legal regime on the part of the payment service providers and of issuers of electronic money. 2-In your reply, the Bank of Portugal shall inform the complainants of the existence of means of ADR, where complaints cannot be resolved through the steps he was required to legally adopt or fit their story does not fit in their legal skills. 3-complaints provided for in this article shall apply, mutatis mutandis, the system of complaints from customers of credit institutions established in article 77 of the RGICSF. Title V Arrangements against ordenacional article 94 1-Offences Are punishable with a fine of € 3 000 to € 1 500 000 or € 1 000 to € 500 000, as is applied to collective entity or natural person, the following offenses: PRESIDENCY of the COUNCIL of MINISTERS the 197) the provision of payment services through agents without having been complied with the provisions of paragraph 2 of article 18; (b)) the distribution and reimbursement of electronic money through representatives, in accordance with paragraphs 1 and 2 of article 18-A, without having been complied with the provisions of paragraph 4 of the same article; c) non-compliance, on the part of the agents of the institutions authorised in another Member State of the European Union, of the duty provided for in paragraph 5 of article 26; d) failure to comply with the conditions laid down in article 19, as regards the Commission to third parties of major operational functions; and Constitution of society) which has as its sole object the provision of payment services or, in the case of electronic money institutions, the provision of these services and the issuance of electronic money, when determined by the Bank of Portugal in accordance with paragraph 2 of article 34; f) non-compliance with the duty to file referred to in article 36; g) violation of rules concerning amendment and termination of framework contracts reviewed in paragraphs 4, 6 and 7 of article 55 and in paragraphs 1 and 4 of article 56; h) payments in different currency from that which was agreed between the parties, in violation of the provisions of paragraph 1 of article 60; I) absence or release of a payment instrument, in violation of the provisions of paragraph 4 of article 66; j) refusal of execution of payment orders, in violation of the provisions of paragraph 1 of article 76; k) failure to comply with the deadlines of execution, value and availability dates laid down in articles 79 to 84;

PRESIDENCY of the COUNCIL of MINISTERS 198 l) non-observance of the obligations relating to the provision of effective and appropriate non-judicial means of dispute settlement complaints and redress, in accordance with article 92; m) the ducts provided for and punished under (a)), b), (d)), and), f), (i)) and l) of article 210.º of the RGICSF, when carried out within the framework of the activities of payment institutions and electronic money institutions; n) violations of mandatory precepts contained in regulations issued by the Bank of Portugal under c) of paragraph 1 of article 6, not provided for in this article or in the following article; the) violations of mandatory precepts of this diploma and the specific legislation governing the activities of payment institutions and electronic money institutions, not provided for in the above and in the following article, as well as the regulations issued by the Bank of Portugal in compliance with or implementation of these precepts. 2-the breach of the duty of information about additional charges or reductions provided for in article 61, if this duty falls on the recipient or third party who is not the provider of the payment service, is punishable under article 21 of Decree-Law No. 57/2008, of 26 March, competing for Food and economic Safety Authority (EFSA) to the corresponding statement against ordination processes. Article 95 Are particularly serious Offences punishable with a fine of € 10,000 to € 5 000 000 or € 4 000 € 2 000 000, according to apply to collective entity or natural person, the following offences: a) the unauthorized practice by any individuals or entities, of the PRESIDENCY of the COUNCIL of MINISTERS 199 of provision of payment or issuance of electronic money;

b) exercise, payment institutions and electronic money institutions, for activities not included in your legal object, or the provision of payment services which are not included in the authorisation; (c)) that the funds from the payment service users for different purposes of the implementation of these services, in violation of the provisions of paragraph 3 of article 8; d) the breach of the obligation provided for in paragraph 4 of article 8, using the payment of accounts that hold payment institutions or electronic money institutions exclusively for the execution of payment transactions; and) the breach of the obligation provided for in paragraph 4 of Article 8a, of change without delay, the funds received by electronic money; f) credit outside of the conditions and limits established pursuant to article 9; g) amendments referred to in paragraph 1 of article 15, when not preceded by authorization of the Bank of Portugal; h) electronic money issued by the electronic money institutions ' representatives referred to in paragraphs 1 and 2 of article 18-A, in disregard of the prohibition in paragraph 3 of the same article 18; (I) observance of prudential rules) laid down in articles 29, 30, without prejudice to paragraph 3 of the same article 31 without prejudice to paragraph 3 of the same article 33-B, 33-C, without prejudice to paragraph 3 of the same article, and 33-D, without prejudice to paragraph 4 of the same article, when her serious injury or is likely to occur to the financial stability of the organization concerned;

PRESIDENCY of the COUNCIL of MINISTERS 200 j) the failure to comply with the protection requirements of the funds defined in article 32 and 33-and, including the failure of determinations issued by the Banco de Portugal under paragraph 6 of article 32 and paragraphs 6 and 7 of article 33; k) the provision of accounting information to the Bank of Portugal with non-compliance with the provisions of article 33; l) violating the rules on information requirements and communications provided for in articles 42, 45, 47 to 50, 52 to 55, 57 to 61, in paragraph 3 of article 66, paragraphs 2 and 3 of article 76, paragraph 3 of article 78, paragraph 5 of article 86, paragraph 7 of article 87 and paragraph 2 of article 91-B; m) to violations of the rules on recovery of charges provided for in article 43, paragraphs 2, 3, 5 and 6 of article 56, article 63, paragraph 4 of article 76, paragraph 7 of article 77, paragraphs 1 and 2 of article 78, paragraph 3 of article 85(1) and in paragraphs 3 and 4 of article 91-th-B; n) conducting payment transactions not authorized by the originator, by absence or withdrawal of your consent to the execution of same, in violation of the provisions of article 65; the) the non-compliance with the obligations linked to payment instruments provided for in article 68; p) the non-compliance with the obligations of reimbursement and payment provided for in paragraph 1 of article 71, paragraph 1 of article 73, paragraphs 2 and 3 of article 74, paragraphs 3 and 4 of article 86, paragraphs 4 and 6 of article 87(1) and in paragraphs 1, 5, and 6 of article 91-B; q) violation of rules limiting the liability of the payer provided for in article 72; r) the breach of the obligation to pay the full amount to beneficiary referred to in paragraph 4 of article 78; s) the non-compliance with the obligations of recovery of funds and PRESIDENCY of the COUNCIL of MINISTERS 201 payment operations tracking provided for in paragraph 3 of article 85, paragraph 5 of article 86 and in paragraph 7 of article 87;


t) the issuance of electronic money in breach of the duty of issuance at face value upon reception of the funds referred to in article 91; u) the grant of interest or any other benefit related to the time period during which the carrier holds electronic money, in violation of the provisions of article 91 C; v) the ducts provided for and punished in (c)), and), f), (g)), l), m), o), p), (q)), r) and t) of article 211 of the RGICSF, when carried out within the framework of the activities of payment institutions and electronic money institutions Article 96 penalties 1-Together with the fines, can be applied to the person in charge by either against Ordinances laid down in articles 94 and 95 the following penalties Depending on the seriousness of the offence and the guilt of the agent: a) publication of the judgment; b) seizure and confiscation of the object of the offence, including the economic product of this, with observance of the provisions of articles 22 to 26 of Decree-Law No. 433/82 of 27 October; c) suspension of the exercise of voting rights allocated to the partners of payment institutions or of electronic money institutions, for a period of 1 to 10 years; d) Inhibition of social positions and administration functions, direction, management or leadership in credit institutions, financial companies, institutions, PRESIDENCY of the COUNCIL of MINISTERS 202 and e-money institutions, for a period of six months to three years, in the case of offences referred to in article 94, or 1 to 10 years, in the case of offences referred to in article 95;

e) Prohibition, in whole or in part, for a period up to three years, the exercise of the activity of provision of payment services listed in article 4 or from issuing electronic money. 2-the publication referred to in point (a)) of the preceding paragraph shall be carried out: a) in the case of decisions of the Bank of Portugal which has become definitive, already on the Internet page of the Bank of Portugal and, at the expense of the infringer, in a newspaper of wide dissemination at the location of the seat or of the permanent establishment, or, if this is a natural person in the town of your residence; b) in the case of decisions of the Bank of Portugal which have been the subject of judicial review, in the Web page of the Bank of Portugal, expressed the non-definitive judgment on appeal. Article 97 worsening fine Without prejudice to the provisions of paragraph b) of paragraph 1 of the preceding article, if twice the economic benefit exceeds the maximum limit of the fine applicable, this is elevated to that value. Article 98 Attempt and neglect the attempt and negligence is always punishable, being, in this case, reduced to half the minimum and maximum limits of the fines provided for in articles 94 and 95.

PRESIDENCY of the COUNCIL of MINISTERS article 99 203 arrangements applicable In everything that is not provided for in the preceding articles, shall apply the regime concerning the illicit mere social ordering laid down in articles 201 et seq. of the RGICSF, with the necessary adaptations. TITLE VI supplementary provisions, transitional and final provisions article 100 Direct Debits the regime established by the present legal framework does not affect the validity of the direct debit authorizations existing at the date of your entry into force, the same as the express consent of the payer to execute direct debits. Article 101 Adaptation of contracts in force 1-the constant regime of this legal regime shall not affect the validity of the contracts in force concerning payment services on it regulated, and therefore the provisions of this legal regime that may be more favourable to payment service users. 2-Notwithstanding the provisions of paragraph 1, the payment service providers must adapt the contracts in force before the entry into force of the PRESIDENCY of the COUNCIL of MINISTERS this legal regime, 204 relating to payment services which provide the payment service users that are their customers, to the provisions of these conditions of employment from the date of your entry into force and no later than 6 months.

3-payment service providers should refer to the payment service users that are their customers a full copy of the contractual conditions resulting from adjustments made in accordance with paragraph 1, in the manner that has been agreed with them or, failing agreement, by letter, in which it is evidenced the essential adaptations made, inform yourself on what conditions these adaptations if are tacitly accepted by users , as defined in article 102, and identifies the form that the user must use to communicate to your possible non-acceptance of the adaptations made. Article 102 Consent The contractual terms proposed by the payment service providers in accordance with article 101 shall be considered tacitly accepted by users of payment services if:) they do not express your opposition within two months of receipt of the aforesaid conditions; or (b)) These requests to the payment service provider of any new services under the contracts, although they do at least one month has elapsed after the communication of these adaptations. Article 103 Charges payment services providers may not charge users of PRESIDENCY of the COUNCIL of MINISTERS any payment services 205 amounts: a) The adaptation of contracts in compliance with article 101; b) By communication made in accordance with paragraph 3 of that article; and (c)) for the termination of contracts due to the opposition of the customers, without prejudice to other obligations made under the agreement terminated. APPENDIX calculation of own funds (referred to in articles 31 and 33-D) the calculation of the own funds requirements referred to in articles 31 and 33-D of the juridical regime of payment services and electronic currency takes place in accordance with one of the methods described in this annex. I – Method of fixed overhead: 1-payment institutions shall have own funds of at least amount equivalent to 10% of the value of their fixed overheads of the preceding year. 2 – the Bank of Portugal can set this requirement in cases where there is a significant change in the activity of the payment institution since the previous year. 3-While the payment institution has not completed a year of activity (on the date of calculation), and from the day on which it begins, the capital requirement shall be 10% of the value of the fixed overheads referred to the first year in your forecast activities plan. 4 – Bank of Portugal may require an adjustment of that plan, in particular where there has been a significant divergence in the face of predictions. II – method of payment: volume 1-payment institutions shall have own funds of amount by the PRESIDENCY of the COUNCIL of MINISTERS 206 least equivalent to the sum of the following elements multiplied by a scaling factor k defined below: i) 4% of the volume of payments up to € 5 million; more ii) 2.5% of the volume of payments above € 5 million and up to € 10 million; more iii) 1% of the volume of payments above € 10 million and up to £ 100 million; more iv) 0.5% of the volume of payments above € 100 million and up to £ 250 million; more v) 0.25% of the part of the volume of payments above € 250 million. The scaling factor k is: If the imposition of 0.5) payment pay payment service indicated in subparagraph (f)) of article 4 of the present legal regime; b) 0.8 if the payment institution pay payment service indicated in subparagraph (g)) of article 4 of the present legal regime; c) 1.0 if the payment institution pay any of the payment services listed in points (a))) of article 4 of this legal regime. 2 – the ' payments ' volume corresponds to one-twelfth of the total amount of payment transactions executed by the payment institution in the previous year. While the payment institution has not completed a year of activity (on the date of calculation), and from the day it first, the volume of payments should be based on the value of the volume of payments planned for the first year in your forecast activities plan. The Bank of Portugal may require an adjustment of that plan, in particular where there has been a significant divergence in the face of the PRESIDENCY of the COUNCIL of MINISTERS 207

predictions. III-relevant indicator method: 1-payment institutions shall have own funds of at least an equivalent amount to the sum of the following components, multiplied by a scaling factor k defined below: i) 10% of the part of the relevant indicator up to € 2,500,000; II) 8% of the part of the relevant indicator up to € 2,500,000 and up to € 5 million; III) 6% of the part of the relevant indicator up to € 5 million and up to £ 25 million; IV) 3% of the part of the relevant indicator up to € 25 million and up to (euro) 50 million; v) 1.5% of the part of the relevant indicator up to € 50 million. The scaling factor k is: If the imposition of 0.5) payment pay payment service indicated in subparagraph (f)) of article 4 of the present legal regime; b) 0.8 if the payment institution pay payment service indicated in subparagraph (g)) of article 4 of the present legal regime; c) 1.0 if the payment institution pay any of the payment services listed in points (a))) of article 4 of this legal regime. 2 – the ' relevant ' indicator is the sum of the following components: interest Income; Interest charges; Commissions receivable; and Other operating income.

PRESIDENCY of the COUNCIL of MINISTERS 208 the defined elements are based on the accounting categories relating to the profit and loss account of payment institutions. Each of the elements must be included in the sum with its positive or negative sign. The extraordinary or irregular income should not be considered in calculating the relevant indicator. Commissions paid for services provided by third parties (outsourcing) can contribute to reduce the relevant indicator if they are incurred by an institution subject to the supervision of the Bank of Portugal pursuant to the legal regime set out in annex I.

The relevant indicator is calculated on the basis of annual observations reported to the end of the immediately preceding financial year. When audited data are not available, estimates may be used. 3-Notwithstanding the provisions of paragraph 1, for payment institutions subject to relevant indicator method their own funds may not be less than 80% of the average of the relevant indicator for the last three financial years.

Seen and approved by the Council of Ministers of the Prime Minister and State Minister of finance

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