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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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CHAIR OF THE COUNCIL OF MINISTERS

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Proposal for Law No 71 /XII

Exhibition of Motives

This proposed law aims to enable the Government to regulate access to the activity of the

electronic money institutions, the provision of electronic money issuance services

and the respect for prudential supervision in the scope of transposition into the internal legal order

of Directive No 2009 /110/CE, of the European Parliament and of the Council, of September 16

of 2009, concerning access to the activity of electronic money institutions, to their

exercise and its prudential supervision.

The amendments that are intended to be introduced to the covered in this proposed law of

legislative authorization is essentially focused on the introduction of the appropriate adaptations

in the legal regime that regulates access to the activity of payment institutions and the

provision of payment services, approved in annex to Decree-Law No. 317/2009, of

October 30 (RJIPSP) and well in the applicable related legal regimes.

With the present legislative initiative, it is intended to enable the Government to regulate the scheme of

access to the activity of electronic money institutions, by instituting standards that

establish the uniqueness institution for the exercise of this activity, the control of the

idoneity, professional experience, availability and absence of conflicts of interest, the

corrective intervention, provisional administration, dissolution and settlement of the institutions, the

typification as a crime of violation of the duty of secrecy of the criminal conducts practiced

within the scope of this activity, as well as the definition of the legal consequences of the practice of

illicit of mere social ordering relating to offences relating to the activity of issuance

of electronic money, including the level of the fines, ancillary sanctions and other rules

procedural.

It was promoted to hear from the Bank of Portugal and the National Board of Consumption.

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Thus:

Under the terms of the paragraph d) of Article 197 (1) of the Constitution, the Government presents to the

Assembly of the Republic the following proposal for a law:

Article 1.

Object of the legislative authorization

1-It is granted to the Government legislative authorization to, within the framework of the transposition to the

internal legal order of Directive No 2009 /110/CE, of the European Parliament and of the

Council, of September 16, 2009 on access to the activity of the institutions of

electronic money, its exercise and prudential supervision, regulate access to

activity of these institutions and the provision of electronic money issuance services.

2-A The regulations provided for in the preceding paragraph are effected by the introduction of the

appropriate changes to the legal regime that regulates access to the activity of institutions

of payment and the provision of payment services, approved in annex to the Decree-

Law No. 317/2009 of October 30 (RJIPSP).

3-In concretization of the defined in the preceding paragraph, is the Government authorized to:

a) Regulate access to electronic money issuance activity and institute the scheme

of exclusive with regard to the entities that exercise that activity;

b) Institute a regime concerning the control of the suitability of the holders of

qualified participations in the electronic money institutions;

c) Institute a regime concerning the control of idoneity, professional experience,

availability and absence of conflicts of interest of the members of the organs of

administration and surveillance of electronic money institutions;

d) Establish a corrective intervention regime and an administration regime

provisional of the electronic money institutions;

e) Enshrine a regime of dissolution and settlement of currency institutions

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electronics;

f) To establish that the secret breach pipelines practiced within the framework of

emitting activity of electronic money and the exercise of powers of

supervision, are punishable under Article 195 of the Criminal Code, so

equivalent to that provided for in the General Regime of Credit Institutions and

Financial Societies (RGICSF);

g) Defining the legal consequences of the practice of illicit of mere social ordering

relating to the infringements of legal and regulatory standards relating to the

emitting activity of electronic money, at the level:

i) Of the situations likely to generate counterordinational procedure;

ii) Of the fines, defining the respective amounts and the ancillary sanctions;

iii) Of the rules of a substantive and procedural nature applicable to the

corresponding counterordinance processes.

4-The Government is still allowed to establish for the payment institutions and to

Electronic money institutions a scheme covering the possibility of application

of mechanisms for corrective intervention and appointment of an administration

provisional.

5-For realization of the measures provided for in this Law, and without prejudice to the provisions of the

n. 2, is the Government authorized to make the necessary changes in the following

diplomas:

a) Decree-Law No. 298/92 of December 31 approving the General Regime of the

Credit Institutions and Financial Societies;

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b) Law No. 25/2008 of June 5 laying down measures of a preventive nature and

repressive of combating the laundering of advantages of illicit provenance and

to the financing of terrorism, by transposing into the internal legal order the

Directives n. 2005 to /60/CE, of the European Parliament and of the Council, of 26 of

October, and 2006 /70/CE, of the Commission of August 1 on the prevention of the

use of the financial system and activities and occupations especially

designated for the purposes of money laundering and financing of the

terrorism, proceeds to the second amendment to Law No. 52/2003 of August 22, and

repeals Law No 11/2004 of March 27;

c) Decree-Law No. 156/2005 of September 15, which sets out the mandatory

of making available the book of claims to all suppliers of goods or

providers of services that have contact with the general public;

d) Decree-Law No. 95/2006 of May 29 laying down the legal regime

applicable to distance contracts relating to financial services concluded

with consumers, transposing to the national legal order the Directive

n. 2002 /65/CE, of the European Parliament and of the Council of September 23,

on the distance marketing of financial services provided to

consumers;

e) Law No. 5/2002 of January 11, which sets out measures to combat the

organised crime and economic-finance and proceeds to the second amendment to the

Law No. 36/94 of September 29, amended by Law No 90/99 of July 10, and

fourth amendment to Decree-Law No. 325/95 of December 2, amended by the Law

n. 65/98 of September 2 by the Decree-Law No. 275-A/2000 of 9 of

November, and by Law No. 104/2001, of August 25;

f) Decree-Law No. 3/94 of January 11 amending the legal regime of agencies

of foreign exchange.

Article 2.

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Sense and extent of legislative authorization as to access to the activity of

issuance of electronic money

1-In the use of the legislative authorization conferred by the ( a ) of paragraph 3 of the previous article,

can the Government:

a) Reserve the exercise of electronic money issuance activity to the following

categories of legal persons:

i) The credit institutions with registered office in Portugal whose object is to understand the

exercise of that activity, in accordance with legal standards and

applicable regulations;

ii) The electronic money institutions with registered office in Portugal;

iii) Credit institutions with registered offices outside Portugal legally

qualified to perform activity in Portugal;

iv) The electronic money institutions with registered office in another member state

of the European Union, in the terms set out in Directive No 2009 /110/CE,

of the European Parliament and of the Council of September 16, 2009;

v) The branches of electronic money institutions with headquarters outside the

European Union, in the terms set out in Directive No 2009 /110/CE of the

European Parliament and of the Council of September 16, 2009;

vi) The State, the Autonomous Regions and the services and bodies of the

direct and indirect administration of the State, when acting in the exercise of

public powers of authority;

vii) The ECB, the Bank of Portugal and the other national central banks,

when they do not act in the quality of monetary authorities or in the

exercise of other public powers of authority.

b) Determine the application to the electronic currency institutions of the envisaged scheme

in Article 126 of the RGICSF, with adaptations, so that when there is

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founded suspicions that an unauthorized entity exerts or exerted some

activity reserved for electronic money institutions, the Bank of Portugal

may apply for the respective dissolution and settlement;

c) Defining the assumptions on which the constitution of currency institutions depends

electronic, including:

i) The adoption of an anonymous form of society or by quotas;

ii) The minimum capital;

iii) The presentation of suitable conditions for an exercise are and prudent of the

activity, particularly in the matter of government of society, management of

risks, as well as internal control mechanisms, including those if

they are intended to comply with the obligations in relation to the fight against the

money laundering and the financing of terrorism.

d) Establish the necessary elements for the instruction of the application for authorization,

including:

i) A project of a society contract or amendment to the contract of

Society, from where a reference is expressed to the services of

payment that the electronic money institution proposes to provide;

ii) A program of activities, geographical deployment, organic structure

and human means, technicians and materials that will be used;

iii) A declaration of commitment that, in the act of the constitution, and

as a condition of it, if it will show itself deposited in an institution of

credit the amount of the minimum capital required under the terms currently

provided for the payment institutions;

iv) The indication of the identity and the respective supporting elements of the

persons who detain, directly or indirectly, shareholdings

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qualified, as well as the size of the respective shareholdings and

proof of your suitability, taking into account the need to guarantee a

sound and prudent management of the institution;

v) A description of the procedures aimed at ensuring protection

of the funds of the users of the payment services and the

electronic money carriers;

vi) The supporting elements of the existence of solid devices in

matter of government of society, including an organizational structure

clear, with well-defined lines of responsibility, transparent and

coherent, effective processes of identification, management, control and

communication of the risks to which it is or may come to be exposed, and

appropriate mechanisms of internal control, including procedures

solid administrative and accounting, owing to the devices,

procedures and mechanisms referred to be complete and proportional to the

nature, at the level and complexity of the activities of the institution of

payment;

vii) The supporting elements of the existence of control mechanisms

internal to comply with the obligations in relation to the fight against

money laundering and the financing of terrorism,

including the provisions relating to the information on the payer that

accompany the transfers of funds;

viii) The description of the way in which the structures of the

applicant institution, specifically, where appropriate, description of the

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intended use of the agents and branches and a description of the

provisions in respect of provision of services by third parties,

how of the respective share in national payment system or

international;

ix) The supporting elements of the identity of directors and people

responsible for the management of the payment institution or the institution

of electronic money and, where appropriate, of the persons responsible for the

management of the activities of payment and currency issuance services

electronic of the applicant institution, as well as proof that they are

elderly people and possess the knowledge and experience

suitable for performing payment services or issuing currency

electronics;

x) The identity of the official reviewers of accounts and of the societies of

statutory auditors, within the meaning of Directive No 2006 /43/CE, of the

European Parliament and of the Council of May 17;

xi) The address of the central administration of the institution.

e) Establish that electronic money institutions should apply the funds

of which they have so as to ensure, at all time, appropriate levels of

liquidity and creditworthiness.

f) Create a register of electronic money institutions with the Bank of

Portugal, from which the start of electronic money issuance activity is started

by the said institutions, which shall also cover the respective agents and

branches;

2-In concretization of the legislative authorization referred to in this Article, it shall be the

Government authorized to determine the implementation of the regime concerning the authorisation and the

registration of credit institutions enshrined in the General Regime of Institutions of

Credit and Financial Societies (RGICSF), approved by the Decree-Law No. 298/92, of

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December 31, when this is shown to be appropriate.

Article 3.

Sense and extent of legislative authorization as to the control of the suitability of the

holders of qualified participations of the electronic money institutions

1-In the use of the legislative authorization conferred by the ( b ) of Article 1 (3), may the

Government:

a) To provide that the detention, increase or decrease of qualified shareholdings

in an electronic money institution depends on prior communication to the

Bank of Portugal;

b) Establishing the thresholds of the capital or voting rights in the institution

participatory or any other facts that make communication mandatory

prior to the Bank of Portugal of the acts involving increase or decrease of

a qualified participation;

c) Confer competence on the Bank of Portugal to officiously declare the

qualified character of any participation in the capital or in the voting rights

of an electronic money institution;

d) Establish that it must be communicated to the Bank of Portugal, by

determined, the celebration of the acts upon which they are realized the

acquisition projects, increase or decrease in qualified participation,

subject to prior communication;

e) Predict that if a reduction of a participation to a level occurs

less than 10% of the capital or voting rights of the participating institution, the

Bank of Portugal communicates to its holder, at a specified time, if

considers that the resulting participation has a qualified character;

f) To provide that the acquisition or increase of the qualified participation in a

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electronic money institution depends on the demonstration, before the Bank of

Portugal, of which the proposed acquirer brings together the conditions that guarantee a

sound and prudent management of the institution, as well as regulate the terms, criteria and

the effects of the decision of the supervisory entity;

g) Establish that, in the case of the acquisition or the increase in shareholdings

qualified to occur in disrespect of the communication obligation, at present

prior to the decision of the Bank of Portugal or in disrespect of a decision of

opposition to the project of acquisition or increase of participation communicated,

may the Bank of Portugal determine the inhibition of the voting rights inherent in the

qualified participation, either in the institution of electronic money or in

entity that detains, directly or indirectly, voting rights at the institution of

participative electronic currency, to the extent necessary and appropriate to prevent the

influence on the management that was obtained through the act of which it resulted in

acquisition or increase of the said participation;

h) To provide that, in the situation described in the preceding paragraph and in the terms laid down therein, the

Bank of Portugal may determine in which the measure the inhibition covers the

voting rights exerted by the institution of participating electronic money

other institutions with which to find themselves in relation to control or

domain, direct or indirect.

2-In realization of the legislative authorization referred to in this Article, it is still the

Government authorized to determine the implementation of the scheme on the control of

qualified participations in credit institutions instituted by the RGICSF at

electronic money institutions, when this is shown to be appropriate.

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Article 4.

Sense and extent of the legislative authorization as to the control regime of the

idoneity, professional experience, availability and absence of conflicts of

interests of the members of the administration and supervisory bodies of the

electronic money institutions

1-In the use of the legislative authorization conferred by the ( c ) of Article 1 (3), may the

Government:

a) To establish that the exercise of functions of member of the governing bodies and

of surveillance of electronic money institutions depends on an appreciation

prior, by the Bank of Portugal, of the idoneity, professional experience,

availability and absence of conflicts of interest of those concerned, in such a way

offer sound and prudent management guarantees as well as regulate the terms and the

effects of the decision of the Bank of Portugal, providing for the purpose of the criteria to be

into account in the appreciation of the Bank of Portugal;

b) Establish the possibility for the Bank of Portugal to take appropriate measures

when they cease to be meeting the legal requirements or when the accumulation of

posts if it shows that it is likely to impair the exercise of duties;

c) Create a register of the members of the administration and supervisory bodies of the

electronic money institutions of which they depend on the start of the functions;

d) Predicting that the control of idoneity both can be exercised at the

designation as during the performance of duties, by staying the Government authorized to

to establish the means necessary for the purpose, such as to provide for the possibility of

cancellation of the registration in the event that the Bank of Portugal takes notice of

super-convenient facts likely to call into question the suitability, the experience, the

availability or exemption of the person concerned.

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2-In realization of the legislative authorization referred to in this Article, it is still the

Government authorized to determine the implementation of the regime concerning the control of the

members of the administrative and supervisory bodies established by the RGICSF, to the

electronic money institutions.

Article 5.

Sense and extent of legislative authorization as to the intervention regime

corrective

1-In the use of the legislative authorization conferred by the ( d ) of Article 1 (3), may the

Government to institute a corrective intervention regime, with a view to safeguarding the

financial soundness of payment and electronic money institutions, interests

of the client's respects or the stability of the financial system.

2-It is the Government authorized to confer competence on the Bank of Portugal so that,

when the payment and electronic money institutions do not comply, or are in

risk of failing to comply with legal or regulatory standards that discipline their activity,

carry out the application of one or more of the following corrective intervention measures,

taking into account the principles of suitability and proportionality:

a) Determine the presentation, by the institution concerned, of a plan of

restructuring, and the Bank of Portugal may establish conditions for its

approval, specifically the increase in social capital, the reduction of capital

social or the alienation of social or other assets of the institution;

b) Suspend, or impose the replacement, of one or more members of the organs of

administration or oversight of the institution, being these obligated to

provide all information and to provide the necessary collaboration to you

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by the Bank of Portugal;

c) Designate, by the maximum term of one year, extended to the maximum of two

years, a supervisory commission or a single tax, remunerated by the

institution and endowed with the powers and duties conferred by law and bylaws

to the supervisory body, which is suspended by the period of activity of that

single supervisory or tax commission;

d) To impose the replacement of the official reviewer of accounts or the society of reviewers

officers of accounts to whom it is up to issue the legal certification of accounts, in cases in

that the institution has adopted one of the models of administration and

surveillance provided for in the Code of Commercial Societies in which the reviewer

account officer or the society of official auditors do not integrate the

respective supervisory bodies;

e) Determine restrictions on the granting of credit and the application of funds in

certain species of assets, in particular in respect of operations

carried out with subsidiaries, with entity that is the parent company of the institution or

with branches of this, as well as with entities based in jurisdictions offshore;

f) Enforce the constitution of special provisions;

g) Determine the prohibition or limitation of the distribution of dividends;

h) Subjecting certain operations or certain acts to the prior approval of the Bank of

Portugal;

i) Impose additional reporting;

j) Determine the presentation, by the institution concerned, of a plan of amendment

of the conditions of the debt, for the purpose of trading with the respective creditors;

k) Determine the achievement of an audit of the whole or the part of the activity of the

Institution by independent entity designated by the Bank of Portugal, the

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expensing of the institution;

l) Require at all time the convocation of the general meeting of the institution and

intervene in it with the submission of proposals;

m) Establish that, at the same time with the designation of an administration

provisional, the Bank of Portugal may temporarily dispense the

punctual fulfillment of obligations previously contracted by the institutions,

by the maximum period of one year.

3-It is the Government authorized to establish that, if they are not approved by the shareholders

or by the administrative bodies of the institutions the conditions determined by the Bank

of Portugal with respect to the restructuring plan, or if it is not met by the

same institutions the restructuring plan approved by the Bank of Portugal, this

may appoint a provisional administration or revoke the authorization of the institutions;

4-For the purpose of the authorisation referred to in this Article, it shall be the Government

authorized to determine the application of the scheme established by the RGICSF in respect of

to corrective intervention measures applicable to credit institutions, to the institutions of

payment and electronic money

Article 6.

Sense and extent of legislative authorization as to the administration regime

provisional

1-In the use of the legislative authorization conferred by the ( d ) of Article 1 (3), stands the

Government authorized to, with a view to safeguarding the financial soundness of the

payment institutions and electronic money institutions, of the interests of the

respective customers or the stability of the financial system, confer with the Bank of

Portugal competences to determine the suspension of the governing body and

appoint a provisional administration, when you check any of the following situations

set out, which is likely to pose a serious risk to the financial balance or to

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solvability of the institution or to constitute a threat to the stability of the system

financial:

a) Serious or repeated violation of legal or regulatory standards that disciplined

the activity of the institution;

b) The Bank of Portugal has met reasons for suspecting the existence of

serious irregularities in the management of the institution;

c) The Bank of Portugal has met reasons for suspecting the capacity of the

shareholders or the members of the administration bodies of the institution to

to ensure sound and prudent management or to recover financially from

institution;

d) The Bank of Portugal has met reasons for suspecting the existence of

other irregularities that put in serious risk the interests of the respective

customers and creditors.

2-It is the Government authorized to determine that the members of the provisional administration

are remunerated by the institution and have the powers and duties conferred by the law and the

statutes and, still, the following:

a) Vetting the deliberations of the remaining social bodies of the institution;

b) Revoke decisions previously adopted by the board of directors of the

institution;

c) Convene the general assembly of the institution and determine the order of the day;

d) Promote a detailed assessment of the equity and financial situation of the

institution, in accordance with the assumptions set out by the Bank of Portugal;

e) Present to the Bank of Portugal proposals for the financial recovery of the

institution;

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f) Diligenar in the sense of the immediate correction of possible irregularities

previously committed by the social organs of the institution or by some of the

your members;

g) Adopt measures that understand convenient in the interest of customers and the

institution;

h) Promote the agreement between shareholders and lenders of the institution relatively to

measures that allow for its financial recovery, notably the

renegotiation of the debt conditions, the conversion of debt into social capital, the

reduction of social capital for uptake of damage, the increase in capital

social or the alienation of part of the activity to another authorized institution for the

your exercise;

i ) Keep the Bank of Portugal informed about its activity and on the management of the

institution, particularly through the drafting of reports with the

periodicity defined by this;

j ) Observe the generic guidelines and strategic objectives defined by the

Bank of Portugal with a view to the performance of its functions;

k ) Provide all the information and collaboration required by the Bank of Portugal

about any subjects related to your activity or with the

institution.

3-It shall be the Government authorized to establish that, simultaneously with the designation of a

provisional administration, the Bank of Portugal may designate a commission of

supervision or a single tax, which are remunerated by the institutions and have powers and

duties conferred by law and by the statutes to the supervisory body, which lies

suspended for the period of activity of that single supervisory or tax commission.

4-It shall be the Government authorized to establish that, simultaneously with the designation of a

provisional administration, the Bank of Portugal may temporarily dispense the

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punctual fulfillment of obligations previously contracted by the institution, by the

maximum term of one year.

5-It shall be the Government authorized to determine that the members of the governing bodies and

of suspended supervision pursuant to the provisions of paragraphs 1 and 3 are obliged to

provide all the information and to provide the collaboration requested by the Bank of

Portugal or by the new members of the administration and supervisory bodies.

6-The Government shall be allowed to establish that the Bank of Portugal may subject it to its

prior approval certain acts of the members of the provisional administration.

7-The Government may establish that, while it last-after the interim administration, stay

suspended, for the maximum period of one year, all executions, including tax ones,

against the institution, or to cover their assets, without exception of those with an end

the collection of credits with preference or privilege, and are interrupted the deadlines of

prescription or lapse objectionable by the institution.

8-For the purpose of the authorisation referred to in this Article, it shall be the Government

authorized to determine the application of the scheme established by the RGICSF in respect of

to the provisional administration of credit institutions, the payment institutions and the

electronic currency.

Article 7.

Sense and extension of the legislative authorization as to the dissolution and the

liquidation

1-In the use of the legislative authorization conferred by the ( and ) of Article 1 (2), may the

Government:

a) To determine that the electronic money institutions that have per object

exclusive the electronic money issuance activity, or still the activity of

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provision of payment services, dissolve only upon revocation

of the respective authorisation by the Bank of Portugal or by deliberation of the partners,

by having the Bank of Portugal, in the use of its competences, to ensure that the

customers and too many creditors are treated equally, according to the

class of creditors to which they belong;

b) Define the fundamentals of revocation and expiry of the authorization of the

electronic money institutions;

c) Determine, in equivalent terms to those currently defined in the RJIPSP for the

payment institutions, that the dissolution and the settlement of the institutions of

electronic money that have for the sole purpose of the emission activity of

electronic money, or still the activity of provision of payment services,

shall be subject to the regime set out in Chapter II of Decree-Law No. 199/2006,

of October 25, as amended by the Decree-Law No. 31-A/2012 of February 10,

on the settlement of credit institutions and financial companies, with the

necessary adaptations;

d) Determine that the electronic money institutions that exercise

simultaneously various professional activities of those referred to in the preceding paragraph

become subject to the provisions of the Insolvency and Recovery Code of

Companies, in equivalent terms to those currently set in the RJIPSP for the

payment institutions in the same circumstances, particularly as to the

faculty of the Bank of Portugal apply for the declaration of insolvency,

follow up with the process and the activity of the insolvency administrator, well

as to the expiry of the effects of the authorization for the exercise of the activity by

force of the judicial declaration of insolvency.

2-In concretization of the legislative authorization referred to in this Article, it shall be the

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Government authorized to determine the implementation of the scheme instituted by the RGICSF in

expiry matter and revocation of the authorization of credit institutions, as well as

for Decree-Law No. 199/2006 of October 25, as amended by the Decree-Law

n 31-A/2012 of February 10 on the liquidation of credit institutions and

financial companies, the electronic money institutions.

Article 8.

Sense and extent of legislative authorization as to the type of rape crime

of the duty of secrecy

In the use of the legislative authorization conferred by the letter (s) f ) of Article 1 (3), stands the

Government authorized to establish that the secret violation ducts, practiced in the

scope of the issuance of electronic money and the exercise of powers of

supervision over electronic money issuers, are punishable under the terms of the article

195. of the Criminal Code, in an equivalent manner to what is currently envisaged in the

RGICSF in relation to the activity of credit institutions and the respect of supervision.

Article 9.

Sense and extension of the legislative authorization as to the definition of the illicit of mere

social ordering

1-In the use of the legislative authorization conferred by the ( g ) of Article 1 (3), may the

Government to define as punishable counterordinations with fine between € 3000 and € 1500

000 or between € 1000 and € 500000, depending on whether the collective is applicable or the person

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singular, the following infractions:

a) The distribution and reimbursement of electronic money by means of

representatives, without having been given compliance with the duty of communication

prior to the Bank of Portugal of the name and address of authorised entities

for the purpose, as well as the duty to update that information;

b) The default on the part of the agents of the institutions authorized in another

State Member of the European Union, of the duty of identification, in the face of its

customers, from the institution on behalf of whom they act;

c) The non-constitution of commercial society which has as its exclusive object to

issuance of electronic money and the provision of payment services, when

such a constitution shall be determined by the Bank of Portugal;

d) The violation of the rules on amendment and denunciation of framework contracts;

e) Failure to comply with the duties on the provision of extrajudicial means

effective and appropriate complaints and redress of disputes;

f) The ducts provided for and punished in the sub- a ), b) , d ), and ), f ), i) and l) of Article 210 para.

of the General Regime of Credit Institutions and Financial Societies, when

practiced in the context of the activity of electronic money institutions;

g) The violations of mandatory precepts contained in regulations issued by the

Bank of Portugal.

h) The violations of mandatory precepts not provided for in Articles 94 and 95 of the

RJIPSP, as well as of constant imperative norms of specific legislation

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which governs the activity of the payment institutions and currency institutions

electronics.

2-In the use of the legislative authorization conferred by the ( g ) of Article 1 (3), may

still the Government will define as especially serious counterordinations punishable with

cofine between € 10000 and € 5000000 or between € 4000 and € 2000000, whicheend

applicable for the collective ente or the natural person, the following infractions:

a) The unauthorized practice, by any individuals or entities, of the activity of

issuance of electronic money;

b) The exercise of activities not included in the legal object of the institutions of

electronic currency;

c) The use of the funds received in exchange for the issuance of electronic money

for distinct purposes of the implementation of payment services;

d) The breach of the duty to use the payment accounts exclusively for the

realisation of payment transactions;

e) The violation of the duty to exchange without delay the funds received by currency

electronics;

f) The granting of credit outside the conditions and limits set out in the Act;

g) The realization of statutory changes subject to prior authorization from the Bank of

Portugal without obtaining such permission;

h) The issuance of electronic money by representatives of the institutions of

electronic currency;

i) The failure to comply with the prudential standards relating to minimum capital and funds

own, without prejudice to the legal standards establishing exceptions, when it

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22

result in or may result in serious injury to the financial balance of the entity

in cause;

j) The failure to comply with the protection requirements of the funds, including the

non-compliance with determinations issued by the Bank of Portugal;

k) The violation of the rules on information and communications requirements;

l) The violation of the rules on charging charges;

m) The failure to comply with the obligations of repayment and payment;

n) The issuance of electronic money in violation of the duty of issuance by the value

nominal upon receipt of the funds;

o) The granting of interest or of any other benefit related to the period

of time during which the holder holds electronic currency;

p) The ducts provided for and punished in the sub- c), e), f), g), l), (o), (p), (q), r) and t) from the

article 211 of the General Regime of Credit Institutions and Societies

Financial, when practiced in the framework of the activity of currency institutions

electronics.

3-It is the government authorized to confer on the Bank of Portugal competence to instruct the

processes of counterordinance by the practice of the acts or omissions provided for in the numbers

previous.

4-Can the Government determine that if double the economic benefit exceeds the limit

maximum of the applicable fine, this is high to that value, without prejudice to the possibility of

application of the incidental sanction of seizure and loss of the object of the offence, including the

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economic product.

5-In the use of the legislative authorization conferred by the ( g ) from the n. 3 of the article 1, it may

also the Government establish, for the illicit of mere social ordering, the application,

cumulative , of the following ancillary sanctions:

a) Publication of the condemnatory decision;

b) Seizure and loss of the object of the offence, including the economic product

of this;

c) Suspension of the exercise of the right to vote allocated to the partners of the institutions

of payment or electronic money institutions for a period of 1 a

10 years;

d) Inhibition of the exercise of social positions and of functions of administration, direction,

management or managerial in credit institutions, financial societies, institutions

of payment and electronic money institutions, for a period of 1 a to 10

years, in the case of especially serious offences, provided for in Article 2 (2)

previous, and from six months to three years, in the case of the remaining offences;

e) Interdiction, in whole or in part, for a period up to three years, of the exercise of

activity of provision of payment or currency issuing services

electronics.

6-Still in the use of the legislative authorization conferred by the letter (s) g ) of Article 1 (3), stands

still the Government authorized to determine the applicability to the illicit of mere ordinance

Social the remaining norms, of a substantive and procedural nature, of the regime

counterordinance established in the RGICSF to electronic money institutions.

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Article 10.

Duration

The legislative authorization granted by this Law shall be for the duration of 180 days.

Seen and approved in Council of Ministers of June 6, 2012

The Prime Minister

The Minister of State and Finance

The Minister-Deputy and Parliamentary Affairs

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It was heard from the National Consumer Council and the Bank of Portugal, which held a

public consultation for this purpose.

Thus:

In the terms of the points a ) and b ) of Article 198 (1) of the Constitution, and in the use of

legislative authorization conferred by the Law n. [...], the Government enacts the following:

Article 1.

Object

The present decree-law transposes to the internal legal order to Directive No 2009 /110/CE,

of the European Parliament and of the Council of September 16 on access to activity

of the electronic money institutions, their exercise and prudential supervision, which

changes the Directive paragraphs 2005 /60/CE and 2006 /48/CE and repeals Directive No 2000 /46/CE.

Article 2.

Amendment to the General Regime of Credit Institutions and Financial Societies,

approved by Decree-Law No. 298/92, of December 31

Articles 2, 3, 4, 13, 116, 116.-D, 198, 199, 199-I and 212 of the General Regime of the

Credit Institutions and Financial Societies, approved by the Decree-Law No. 298/92, of

December 31, and amended by Decrees-Laws No 246/95 of September 14, para. 232/96,

of December 5, paragraph 222/99, of June 22, 250/2000, October 13, para.

285/2001 of November 3, paragraph 201/2002, September 26, para. 319/2002, 28

December, No. 252/2003, October 17, paragraph 145/2006, July 31, para. 104/2007, of

April 3, para. 357-A/2007, October 31, paragraph 1/2008, January 3, para. 126/2008, of

July 21, para. 211-A/2008, of November 3, by Law No. 28/2009 of June 19, by the

Decree-Law No. 162/2009 of July 20, by Law No. 94/2009 of September 1 by the

Decrees-Laws No 317/2009 of October 30, para. 52/2010, of May 26 and para. 71/2010,

of June 18, by Law No. 36/2010 of September 2, by the Decree-Law No. 140-A/2010,

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of December 30, by Law No. 46/2011, of June 24, and by the Decrees-Laws

n. 88/2011, of July 20, 119/2011, of December 26 and 31-A/2012, of 10 of

February, go on to have the following essay:

" Article 2.

[...]

1-[...].

2-[ Revoked ].

Article 3.

[...]

[...]:

a) [...];

b) [...];

c) [...];

d) [...];

e) [...];

f) [...];

g) [...];

h) [...];

i) [...];

j) [...];

k) [ Previous point (m) ];

) [Repealed].

Article 4.

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[...]

1-[...]:

a) [...];

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 point l) ];

l) [ Previous point (m)];

m) [Previous point (n)];

n) [Previous point (o)];

o) [Previous point (p)];

p) [Previous point q )];

q) [Previous point r) ];

r) Issuance of electronic money

s) [...].

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2-[...].

Article 8.

[...]

1-Only credit institutions can exercise the reception activity, of the

public, from deposits or other refundable funds, for use by

own account.

2-Only credit institutions and financial companies can exercise, the

professional title, the activities referred to in points b ) a i ) and r) and s ) of paragraph 1

of Article 4, with the exception of the consultancy referred to in para. i).

3-[...].

4-[...]:

a) [...];

b) [...];

c) [...];

d) From the provision of payment services, by institutions of

payment and electronic money institutions, according to the

legal and regulatory standards governing the respective activity;

e) [...];

f) From the issuance of electronic money, by currency institutions

electronic, in accordance with the legal and regulatory standards that

govern the respective activity.

Article 13.

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[...]

1-[...].

2-[...].

3-[...].

4-Financial Institution: company that, not being an institution of

credit, and finding headquartered outside of the national territory but in another

Member state of the European Union, have as main activity

take stakes or exercise one or more of the activities referred to in the

Paragraphs 2 a to 12 and in paragraph 15 of the list appended to Directive No 2006 /48/CE, of the

European Parliament and of the Council of June 14, or, having the seat

in third country, exercise, in 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-[...].

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2-[...].

3-[...]:

a) [...];

b) [...];

c) [...];

d) Identification of the mechanisms implemented to ensure the

compliance with the provisions of Article 167 (8);

e) [...].

4-[...].

5-[...].

6-[...].

7-[...].

8-[...].

9-[...].

10-[...].

11-[...].

12-[...].

13-[...].

14-[...].

15-[...].

Article 117-The

Payment institutions and electronic money institutions

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The payment institutions and electronic money institutions

they are subject to the supervision of the Bank of Portugal under the terms of the

legal and regulatory standards governing the respective activity.

Article 198.

[...]

1-Unless the provisions of special law, shall apply, with the necessary

adaptations, financial companies and branches established in

Portugal the provisions of Chapters I, II, III and V of Title VIII.

2-[...].

Article 199-I

[...]

1-[...].

2-Without prejudice to the provisions of Article 198 (1), Chapter IV of the title

VIII is applicable to investment firms that exercise the activities

provided for in points b ) and c ) of Article 199 (1)-A or that are

included in the same supervisory perimeter on a consolidated basis of a

credit institution.

3-[...].

4-[...].

5-[...].

6-[ ... ].

Article 212.

[...]

1-[...]:

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a) [...];

b) [...];

c) When the accused is a natural person, inhibition of the exercise of

social positions and functions of administration, direction, management or

heads in the institution of credit, financial society, institution of

payment or institution of electronic currency determined or in

any credit institutions, financial companies, institutions

of payment or electronic money institutions, by a

period from six months to 3 years, in cases provided for in Article 210,

or from 1 year to 10 years, in cases provided for in Article 211;

d) [...].

2-[...]. "

Article 3.

Amendment to Law No. 25/2008 of June 5

Articles 3, and 24 and 25 of Law No. 25/2008 of June 5, which sets out measures of

preventive and repressive nature of combating the bleaching of advantages of

illicit provenance and financing of terrorism, as amended by the Decree-Law n.

317/2009, of October 30, go on to have the following essay:

" Article 3.

[...]

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1-[...]:

a) [...];

b) [...];

c) [...];

d) [...];

e) [...];

f) [...];

g) [...];

h) [...];

i) [...];

j) [...];

k) [Previous sentence (l).]

l) Electronic money institutions.

2-[...].

3-[...].

4-[...].

Article 24.

[...]

1-Financial entities, excluding exchange agencies, of the

payment institutions and electronic money institutions, stay

authorized to allow the execution of the identification and the duties of

diligence in relation to the clientele, set out in Article 7 and (a) to (c)

of Article 9 (1), in a third entity, in the terms of regulation

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by the respective supervisory authorities, when this is:

a) A financial entity referred to in Article 3 (1), established

in national territory and that is not a foreign exchange agency, a

payment institution or an institution of electronic money;

b) [...].

2-[...].

Article 25.

[...]

1-[...]:

a) [...];

b) In the case of issuance of electronic money whose monetary value,

stored electronically, represent a credit on the

issuer, which is counterpart to the receipt of funds in value no

lower than the monetary value issued and to be accepted by companies

several of the issuer, if the device cannot be recharged,

provided that the maximum passable amount of being stored

electronically on the device does not exceed € 250, or, if it can

sate it, when the limit that can be traded during the calendar year

does not exceed € 2500, unless an amount equal to € 1000 is

reimbursed in that calendar year at the request of the holder pursuant to the

article 91-B of the legal regime for payments and currency

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electronic, annex to Decree-law No. 317/2009 of October 30;

c) [...];

d) [...].

2-[...]. "

Article 4.

Amendment to Annex I to Decree-Law No 156/2005 of September 15

Annex I to Decree-Law No. 156/2005 of September 15, as amended by the Decrees-Laws

n ° 371/2007 of November 6, para. 118/2009 of June 19, and paragraph 317/2009, of 30 of

October, goes on to have the following essay:

" Annex I

[...]

1-[...].

2-[...].

3-[...]

4-Credit institutions, financial companies, payment institutions,

electronic money institutions and postal service providers in what

refers to the provision of payment services.

5-[...].

6-[...].

7-[...].

8-[...].

9-[...]. "

Article 5.

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Amendment to Decree-Law No 95/2006 of May 29

Article 2 of the Decree-Law No. 95/2006 of May 29, amended by the Decree-Law

n ° 317/2009 of October 30, it shall have the following essay:

" Article 2.

[...]

[...]:

a) [...];

b) [...];

c) [...];

d) "Provider of financial services" the credit institutions and

financial companies, the payment institutions, the institutions of

electronic currency, financial intermediaries in values

securities, insurance and reinsurance companies, the mediators of

insurance and pension fund management companies;

e) [...]. "

Article 6.

Amendment to Law No. 5/2002 of January 11

Articles 2, 3, 4, 13 and 14 of Law No 5/2002 of January 11, amended by the Law

n. 19/2008 of April 21 and by the Decree-Law No. 317/2009 of October 30 pass the

have the following essay:

" Article 2.

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[...]

1-In the phases of inquiry, instruction and prosecution of prosecutions concerning crimes

provided for in Article 1, the professional secret of the members of the social organs of the

credit institutions, financial companies, payment institutions and

electronic money institutions, their employees and those of them

provide service, as well as the secret of the employees of the tax administration,

cedem, if there is reason to believe that the respective information has an interest

for the discovery of the truth.

2-[...].

3-[...].

4-[...].

5-[...]:

a) [...];

b) [...];

c) Information regarding banking and financial transactions, including

payment and issuance operations, distribution and refund of

electronic money, in which the accused or the legal person are

actors;

d) [...];

e) [...].

6-[...].

Article 3.

Procedure relating to credit institutions, financial companies, institutions of

payment and electronic money institutions

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1-Following the order provided for in the preceding article, the judicial authority or, by

his delegation, the criminal police body with competence for the

research, ask the credit institutions, financial companies,

to payment institutions or electronic money institutions the

information and supporting documents, or your copy, that are

relevant.

2-Credit institutions, financial companies, institutions of

payment and electronic money institutions are obliged to provide

the elements requested, within the time of:

a) [...];

b) [...].

3-[...].

4-[...].

5-[...].

6-Credit institutions, financial companies, payment institutions

or electronic money institutions indicate to the Attorney General of the

Republic a central entity responsible for the response to requests for

information and documents.

Article 4.

[...]

1-Bank account or payment account control mandates the respective

credit institution, payment institution or institution of currency

electronic to communicate any movements on the account to the authority

judicial or to the criminal police body within the twenty-four hours

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subsequent.

2-[...].

3-[...].

4-[...].

5-[...].

Article 13.

[...]

1-Who, being a member of the social bodies of credit institution,

financial society, payment institution or institution of currency

electronics, or your employee, or to them by providing service, or employee

of the tax administration, provide information or deliver documents

false or deturpated in the framework of ordered procedure pursuant to the

chapter II is punished with a prison sentence of 6 months to 3 years or fine not

less than 60 days.

2-[...].

Article 14.

[...]

1-Constitui against ordinance, punishable with fine of € 750 a € 750000, the

non-compliance with the obligations set out in Chapter II, by the

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credit institutions, financial companies, payment institutions or

electronic money institutions.

2-[...].

3-[...].

4-[...].

5-[...]. "

Article 7.

Amendment to that of the Decree-Law No. 3/94 of January 11

Article 1 of the Decree-Law No. 3/94 of January 11 with the amendments made by the

Decree-Law No 298/95 of November 18 by the Decree-Law No. 53/2001 of 15 of

February, and by the Decree-Law No. 317/2009 of October 30, passes the following

essay:

" Article 1.

[...]

1-[...].

2-[...].

3-[...].

4-Exchange agencies may still exercise the activity of agent of

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payment institution or electronic money institution with registered office

in Portugal or in another member state of the European Union, under the conditions

established in the Legal Regime for Payments and Electronic Currency,

annex to Decree-Law No 317/2009 of October 30. "

Article 8.

Amendment to the legal regime that regulates access to the activity of the institutions of

payment and the provision of payment services, approved by the Decree-Law n.

317/2009, of October 30

Articles 1 to 13, 15 to 21, 26, 31, 34, 41, 45, 50, 55, 55, 55, 55, 55, 55, 55.

56, 58, 59, 62, 64, 73, 85, 85, 90, 90 to 96, 90 to 96 of the legal regime regulating

access to the activity of payment institutions and the provision of payment services,

approved by Decree-Law No. 317/2009 of October 30, they go on to the following

essay:

" Article 1.

[...]

1-[ Previous body of the article ].

2-The present legal regime still regulates access to the activity of the institutions

of electronic money and the issuance of electronic money.

Article 2.

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[...]

[...]:

a) [...]:

i) The member state in which the registered office is located

provider of the payment service or the currency issuer

electronics; or

ii) If the provider of the payment service or the issuer of

electronic money has not, under its national law, been

any registered office, the member state in which it is located

central administration.

b) "State member state" the member state, distinct from the

Member state of origin, in which a service provider of

payment or an issuer of electronic money has an agent,

a branch office, or where it provides payment services or issues or

distributes electronic currency;

c) [...];

d) "Electronic currency" the monetary value stored electronically,

including in a magnetic way, represented by a credit on the

issuer and issued after receipt of bank notes, currencies and

scriptural currency, to effect payment operations within the meaning of the

point ( g) of this Article and which is accepted by natural person or

collective different from the issuer of electronic money;

e) "Payment institutions" the legal persons to whom it has been

granted permission, pursuant to Article 10, to provide and

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carry out payment services across the European Union;

f) "Electronic currency institutions" the legal persons to whom

has been granted permission, pursuant to Article 10, to

issue electronic currency;

g) [ Previous point (e) ];

h) [ Previous point f) ];

i) [ Previous point (g) ];

j) [ Previous point (h) ];

k) [ Previous point (i) ];

l) "Issuers of electronic money" the entities listed in the article

7.

m) [ Previous point (j) ];

n) "Consumer" a natural person who, in the contracts of services of

payment and contracts concluded with the coin issuers

electronics covered by this legal regime, acts with

target alhedles to their commercial or professional activities;

o) [ Previous point (m) ];

p) [ Previous paragraph (n) ];

q) [ Previous point (o) ];

r) "Funds" bank notes and currencies, scriptural currency and currency

electronic as defined in ( d) of this article;

s) [ Previous point (q) ];

t) [ Previous point r) ];

u) [ Previous point (s) ];

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v) [ Previous point (t) ];

w) [ Previous point u) ;

x) [ Previous point (v) ];

y) "Agent" a natural or legal person providing services of

payment on behalf of a payment institution or a

electronic money institution;

z) [ Previous point z) ];

aa) [ Previous Article aa) ];

ab ) [ Previous Article (ab) ];

ac ) [ Previous point (ac)];

ad ) [ Previous point (ad) ];

ae ) [ Previous point (ae) ];

af) "Branch" a separate establishment of the central administration that

it is part of a payment institution or an institution of

electronic money, devoid of legal personality and which performs

directly all or some of the operations inherent in the activity

of those institutions, with all the establishments being created in the

Country by an institution with registered office in another member state are

considered a single branch;

ag ) [ Previous point ag) ];

ah ) "Operational function relevant" the function whose failure or failure can

severely damage compliance, on the part of an institution

of payment or an institution of electronic money, of the

conditions of authorisation set out in this legal regime, the

your financial results, your soundness or the continuity of your

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payment services;

ai ) "Average value of electronic currency in circulation" the average value

total financial liabilities associated with electronic currency

issued at the end of each day during the last six months, calculated

on the first day of each month and applied to that month.

Article 3.

[...]

1-The present legal regime shall apply to the activity of the institutions of

payment with registered office in Portugal and the respective agents and branches,

as well as the provision of payment services in Portugal by the

legally entitled entities, without prejudice to the provisions of paragraphs 3 and 4.

2-The present legal regime is still applicable to the activity of the institutions of

electronic currency with registered office in Portugal and the respective agents,

branches and too many representatives, as well as the issuance, distribution and

refund of electronic money in Portugal by the entities legally

enabled.

3-Title III, with the exception of Article 84, is only applicable when both

providers of payment services, or the single provider, are

situated in Portugal or when one of the providers is situated in

Portugal and the other in another member state of the European Union.

4-[ Previous Article No 3 ].

Article 4.

[...]

[...]:

a) [...];

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b) [...];

c) Execution of payment transactions, including the transfer of

funds deposited in an open payment account with the

provider of payment services of the user or other

provider of payment services, such as:

i) The execution of direct debits, including those of a punctual character;

ii) [...];

iii) The execution of transfers to credit, including orders of

domiciliation;

d) [...]:

a) The execution of direct debits, including those of a punctual character;

b) [...];

c) The execution of transfers to credit, including orders of

domiciliation;

e) [...];

f) [...];

g) [...].

Article 5.

[...]

1-The present legal regime shall not apply to the following operations:

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a) [...];

b) [...];

c) [...];

d) [...];

e) [...];

f) [...];

g) [...]:

i) [...];

ii) [...];

iii) [...];

iv) [...];

v) [...];

vi) [...];

vii) [...].

h) [...];

i) [...];

j) [...];

k) [ Previous point l) ];

l) [ Previous point (m) ];

m) [ Previous paragraph (n) ];

n) [ Previous point (o) ];

o) [ Previous paragraph (p) ].

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2-The present regime is also not applicable to the stored monetary value

in the instruments referred to in ( k) from the previous number, nor to the value

money used to effect the payment transactions referred to in

point ( l) of the same number.

Article 6.

[...]

1-[...]:

a) Granting permission for the constitution of institutions of

payment and electronic money institutions and revoke it in the

cases provided for in the law;

b) [...];

c) [...];

d) Appreciate the complaints made by users of services of

payment and by electronic money holders;

e) [...].

2-[...]:

a) Require payment service providers and issuers of

electronic money the presentation of any information that

consider necessary for the verification of compliance with the standards of the

present legal regime;

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b) Carry out inspections of the establishments of the service providers

of payment and electronic money issuers, as well as the

of the respective agents and branches and, still, the establishments of

third parties to whom operational functions have been committed

relevant 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 Regime

of the Credit Institutions and Financial Societies (RGICSF), the Bank of

Portugal exercises its prudential supervisory skills in relation

to payment institutions and electronic money institutions with

registered in Portugal, including the respective agents and established branches

abroad, as well as in relation to branches in Portugal of

electronic money institutions with headquarters outside the European Union.

4-The Bank of Portugal oversees compliance with Title III standards

with regard to the provision of payment services in Portugal by

part of the legally entitled entities to exercise this activity, including

through agents and branches, with the exception of the services provided in

free provision of services by authorised entities in others

Member States.

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5-The Bank of Portugal oversees compliance with Title III-A in what if

refers to the issuance, distribution and refund of electronic money in

Portugal on the part of the legally entitled entities to exercise this

activity, including through branches and natural or legal persons

qualified to distribute and reimburse electronic money in the name and under the

liability of electronic money institutions, with the exception of

activities carried out in regime of free provision of services by entities

authorized in other Member States.

6-Article 12 of the RGICSF shall apply, with the necessary adaptations, to

decisions of the Bank of Portugal taken in the framework of this scheme

legal.

7-[ Previous Article No 6 ].

8-In the application of competition defence legislation to the providers of

payment services and electronic money issuers and their

business associations, as well as payment systems, are

also applicable to articles 87 and 88 of the RGICSF, with the necessary

adaptations.

9-The rules on advertising provided for in Article 77-C of the RGICSF are

applicable to providers of payment services and issuers of

electronic money, the respective agents and branches and the persons

singular or legal entities enabled to distribute and repay currency

electronics, as well as the business associations of providers and

issuers, cabling the Bank of Portugal to exercise in relation to such

entities the powers provided for in Article 77-D of the same general scheme.

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Article 7.

[...]

1-[...]:

a) The credit institutions with registered office in Portugal whose object

understand the exercise of this activity, in accordance with the norms

applicable legal and regulatory;

b) [...];

c) The electronic money institutions with registered office in Portugal;

d) Credit institutions with registered offices outside Portugal legally

qualified to perform activity in Portugal;

e) The electronic money institutions and payment institutions

with registered office in another member state of the European Union, pursuant to the

present legal regime;

f) The branches of electronic money institutions with headquarters outside the

European Union, under the terms of this legal regime;

g) [ Previous paragraph (c) ];

h) The State, the Autonomous Regions and the services and bodies of the

direct and indirect administration of the State, when acting in the exercise

of public powers of authority;

i) The ECB, the Bank of Portugal and the other national central banks,

when they do not act in the quality of monetary authorities or in the

exercise of public powers of authority.

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2-The entities to which the points are referred d ), and ) and f) of the previous number only

you can provide the payment services you are authorized to provide

in your country of origin.

3-[...].

4-[...].

5-[...].

Article 8.

[...]

1-[...].

2-[...]:

a) Provision of closely related operational and ancillary services

with payment services, in particular provision of guarantees

of execution of payment transactions, foreign exchange services and services

of guard, storage and processing of data;

b) [...];

c) [...];

d) [...].

3-[...].

4-[...].

5-[ Revoked ].

6-It shall apply to the payment institutions with registered office in Portugal the scheme of

corrective intervention and interim administration of credit institutions

established in the RGICSF, with the necessary adaptations.

7-[...].

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8-[...].

9-[...].

10-[...].

11-[...].

Article 9.

[...]

1-Payment institutions and electronic money institutions only

may grant credit in the event that this is related to the services

of payment referred to in points d ), e) and g ) of Article 4 and provided that

find fulfilled the following conditions:

a) [...];

b) [...];

c) Credit may not be granted from the funds received or

held for execution of a payment transaction or received

in exchange for the issuance of electronic money;

d) The payment institution and the institution of electronic money shall

have, at all time, own funds appropriate to the volume of

credit granted, in accordance with the Bank's determinations

from Portugal.

2-The provisions of this legal regime shall be without prejudice to the legal provisions

applicable to credit to consumers.

3-Payment institutions and electronic money institutions that

grant credit under this article shall report to Central

of Credit Liabilities, managed by the Bank of Portugal, the

elements of information relating to the operations effectuin, in the terms

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54

and for the effects provided for in the regulatory legislation of the centralization of

credit responsibilities.

Article 10.

[...]

1-A constitution of payment institutions and currency institutions

electronic depends on authorisation to be granted, on a case by case, by the Bank of

Portugal.

2-Payment institutions and electronic money institutions with

seat in Portugal must meet the following conditions:

a) [...];

b) Having the minimum capital corresponding to the services to be provided, in the

terms of Article 29;

c) [...];

d) [...];

e) [...];

f) [...];

g) [...].

3-[...].

Article 11.

[...]

1-[...]:

a) Project of a company contract or amendment to the contract of

Society, from where a reference is expressed to the services of

payment, from among those listed in Article 4, that the institution of

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55

payment or the institution of electronic money proposes to provide;

b) [...];

c) [...];

d) [...];

e) A description of the procedures aimed at ensuring protection

of the funds of the users of the payment services and the

bearers of electronic money, pursuant to Article 32;

f) [...];

g) [...];

h) [...];

i) Supporting elements of the identity of directors and persons

responsible for the management of the payment institution or the institution

of electronic money and, where appropriate, of the persons responsible

by the management of the activities of payment and issuance services of

electronic currency of the applicant institution, as well as proof that

are elderly people and possess the knowledge and experience

suitable for performing payment services or issuing currency

electronic in the terms of Article 12;

j) [...];

k) [Previous point l)];

l) Address of the central administration of the institution.

2-[...].

3-[...].

Article 12.

[...]

1-Applies the provisions of articles 30 to 32 of the RGICSF, with the necessary

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adaptations, with regard to the suitability and professional experience of the

members of the administration and supervisory bodies of the institutions of

payment and electronic money institutions.

2-With respect to payment institutions and currency institutions

electronics that will simultaneously exercise the activities referred to,

respectively, in the c) of Article 8 (2) and (2) and ) of paragraph 2 of the

article 8-A, the requirements relating to the professional experience only if

apply to the persons to whom it kayaks to ensure the day-to-day management of the activity of

payments and issuance of electronic money.

Article 13.

[...]

1-[ Previous body of the article ].

2-The provisions of the preceding paragraph shall apply, with the necessary adaptations, to

authorization of electronic money institutions, and may in this case

commercial society previously referred to have by exclusive object not only

the issuance of electronic money, as also the provision of the services of

payment listed in Article 4.

Article 15.

Statutory changes and the elements of the application

1-[...].

2-Without prejudice to the provisions of articles 33--E and 33.-G to 33.-I, the remaining

statutory changes and, in general, changes to the elements that instruct

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the application indicated in Article 11 (1), they become subject to communication

immediate to the Bank of Portugal.

Article 16.

[...]

1-Applies to the expiry of the authorization of the payment institutions and the

electronic money institutions the provisions of Article 21 of the RGICSF,

also constituting a reason for expiry of the suspension of the activity by

period of more than six months.

2-It shall apply to the revocation of the authorization of the payment institutions and the

electronic money institutions, with the necessary adaptations, the provisions

in Articles 22 and 23 of the RGICSF, considering further grounds of

revocation of the permit the circumstance of the institution constituting a

threat to the stability of the payment system by the fact that

pursue the activity of the provision of payment services.

3-[...].

Article 17.

[...]

The provisions of Article 35 and paragraph 1 of Article 35 (1) of the RGICSF shall apply,

with the necessary adaptations, the merger, the spin-off and the voluntary dissolution of

payment institutions and electronic money institutions.

Article 18.

[...]

1-Payment institutions and electronic money institutions can

provide payment services through agents, assuming the

responsibility for the totality of the acts practiced by them.

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2-Should they wish to provide payment services through agents,

payment institutions and electronic money institutions with

registered office in Portugal must notify the Bank of Portugal beforehand

following information:

a) [...];

b) [...];

c) [...].

3-[...].

4-[...].

5-Payment institutions and electronic money institutions shall

ensure that the agents who act on their behalf inform them of that fact

users of payment services.

Article 19.

[...]

1-Payment institutions and electronic money institutions can

commit to third parties the operational functions relating to the services of

payment or the issuance of electronic money.

2-The Bank of Portugal must be informed in advance of the intention of

commit to third parties operational functions relating to the services of

payment or the issuance of electronic money.

3-A institution that commits to third parties the performance of operational functions

relevant should safeguard the quality of internal control and ensure that

the Bank of Portugal has conditions to check compliance with all the

applicable legal provisions.

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4-[...].

Article 20.

[...]

1-Payments institutions and electronic money institutions do not

can start their activity while they are not enrolled in

special registration at the Bank of Portugal.

2-The registration covers all the institutions enabled to provide services of

payments and to issue electronic money, as well as the respective 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 institutions of

electronic currency with registered office in Portugal and the respective agents and

branches.

2-[...].

3-[...]:

a) The identification of payment institutions and institutions of

authorized electronic money and the respective agents and branches; and

b) The payment services understood in the authorization of the

institutions of payment.

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Article 23.

[...]

1-A payment institution or the institution of electronic money with registered office

in Portugal wishing to provide services for the first time in another state

member, in particular by the establishment of a branch or the

agent contracting, must notify the Bank of a notice beforehand

Portugal, specifying the following elements:

a) Country where it is proposed to establish branch, hire agent or, in

general, provide payment services or issue electronic money;

b) Name and the address of the institution;

c) [...];

d) [...];

e) [...];

2-[...].

3-In the event of modification of the elements set out in paragraph (b) to (e) of the n.

1, the institution shall communicate it, 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 with registered offices in other member states

1-Payment institutions and electronic money institutions

authorized in another member state of the European Union, which does not

benefit, respectively, from the derogation set out in Article 26 of the

Directive No 2007 /64/CE, of the European Parliament and of the Council, of 13 of

november, and of the derogation set out in Article 9 of the Directive

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2009 /110/CE, of the European Parliament and of the Council, may provide

services in Portugal, either through the opening of branches or the

hiring of agents, whether in a free provision of services, since

that such services are covered by the authorisation.

2-[...].

3-Institutions authorized in another member state may start their

activity in Portugal as soon as the Bank of Portugal receives from the authority

competent from the Member State of origin the communications provided for in the

n Article 23 (2) and in Article 24, with the specification of the elements which

in the case couberem.

4-In the event of modification of the elements set out in points b ) a and ) from the

article 23, the institution shall communicate it, 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 must, in permanence,

be equal to or greater than the amount that result from the application of one of the

three methods described in the Annex to this legal regime entitled

"Calculation of own funds".

2-[...].

3-[...].

4-[...].

Article 34.

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62

[...]

1-[...].

2-Checking in some of the circumstances referred to in Article 13, the

Bank of Portugal may still determine, at any time, that the

institution subject to its supervision constitutes a commercial society that

have the exclusive object to the provision of the 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 the period that

for the purpose is fixed to it.

3-It is subsidarily applicable to the supervision activity of the institutions of

payment and electronic money institutions, with the necessary

adaptations, the provisions of the RGICSF, in particular the constant standards

of articles 120, 127 and 128 of that scheme.

4-[...].

5-[...].

Article 35.

Institutions authorized in other member states

1-Payment institutions and electronic money institutions

authorized in other member states and to provide services in Portugal,

provided that they 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-Compete to the Bank of Portugal to collaborate with the competent authorities

of the member states of origin with regard to the supervision of the

branches, agents and third parties with operational functions, which preshas

services in Portugal under the responsibility of the mentioned institutions

in the previous number.

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63

3-[...].

4-[...].

5-[...].

6-In the event of a revocation or expiry of the authorisation in the Member State

of origin, the provisions of Article 47 of the RGICSF shall apply, with the

necessary adaptations.

7-[...].

Article 36.

[...]

1-Without prejudice to other applicable legal provisions, specifically in the

scope of the prevention of money laundering or the financing of the

terrorism, payment institutions and currency institutions

electronic must keep in file the records of all the operations of

payment and too much documentation relating to the provision of services of

payment during the minimum term of five years.

2-Electronic money institutions must still keep in file, in the

terms and by the time limit set out in paragraph 1, the records of all the operations of

issuance, distribution and refund of electronic and too much currency

documentation relating to these operations.

Article 37.

[...]

1-The professional secrecy regime provided for in Articles 78 and 79 of the

RGICSF is applicable to payment institutions and currency institutions

electronic, with due adaptations.

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2-[...].

3-[...].

4-[...].

Article 41.

[...]

1-[...].

2-In the situations covered by the Decree-Law No. 95/2006 of May 29, the

articles 42, 47, 48, 52 and 53 of this legal regime shall prevail

on the provisions of Articles 9, 11 (1), 13 and 14, with the exception of

points c) a h ), in Article 15, with the exception of points a ), b) and c ) of paragraph 1 and of the

n. 2, and still in Article 16, with the exception of point (s) a ) of the cited decree-law.

Article 45.

Derogation from information requirements for payment and currency instruments

low value electronics

[ Previous body of the article. ]

Article 46.

[...]

1-A This section applies to the insulated payment transactions

not covered by a framework contract.

2-[...].

Article 50.

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65

[...]

Immediately after the execution of the payment transaction, the provider of

payment services of the beneficiary must provide to this, or put to your

provision, pursuant to Art. 42 (2) and Article 47 (2), the following

information:

a) [...];

b) [...];

c) [...];

d) [...];

e) [...].

Article 53.

[...]

[...]:

a) [...];

b) [...];

c) [...]:

i) [...];

ii) [...];

iii) If this is agreed, the immediate application of changes in the rate

of interest or reference exchange and the requirements of

information relating to changes in the terms of paragraphs 4, 5 and 6

of Article 55;

d) [...];

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e) [...];

f) [...];

g) [...].

Article 55.

[...]

1-Any change to the framework contract or the information and conditions

specified in Article 53 shall be proposed by the provider of the service of

payment, in the terms provided for in Article 42 and Article 52 (2), and

no later than two months prior to the proposed date for its application.

2-[...].

3-[...].

4-[...].

5-The user of payment services shall be informed the most

expeditily possible of any change in the interest rate on the terms

provided for in Article 42 and Article 52 (2), save if the parties have

agreed in a periodicity or in specific forms for the provision or

provision of the information.

6-[...].

7-[...].

Article 56.

[...]

1-[...].

2-[...].

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67

3-[...].

4-If this is agreed upon in the framework contract, the service provider of

payment may denounce a framework contract of indefinite duration

upon a notice of at least two months, in the terms provided for

in Article 42 and in Article 52 (2)

5-[...].

6-[...].

Article 58.

[...]

1-After the amount of an individual payment transaction has been

debited in the payer's account, or, if the payer does not use an account,

upon receipt of the order of payment, the service provider of

payment of the payer provides this, immediately, save late

justified, and in the terms provided for in Article 42 and in Article 52 (2),

the following information:

2-[...].

3-[...].

Article 59.

[...]

1-After the execution of an individual payment transaction, the provider of

payment services of the beneficiary provides to this, without unwarranted delay

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and in the terms provided for in Article 42 and in Article 52 (2), the following

information:

2-[...].

3-[...].

Article 62.

[...]

1-[...].

2-When the user of the payment service is not a consumer, the

parties may depart from the application, in whole or in part, of the provisions of paragraph 3

of Article 63, in Article 65 (3) and in Articles 70, 72, 74, 77, 77,

86. and 87 and, well, agree on a period other than that set out in the article

69.

3-[...].

4-[...].

Article 63.

[...]

1-[...].

2-[...].

3-[...].

4-[...]:

a) [...];

b) Revocation of a payment order, under the terms set out in para.

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7 of Article 77;

c) [...].

5-[...].

6-[...].

Article 64.

Derogation for low-value payment instruments and electronic currency

1-[...]:

a) Do not apply to ( b) of Article 67 (1), the points c ), d ) and e)

of Art. 68 (1) and paragraphs 4 and 5 of Article 72, if the

payment instrument do not allow to block these operations

nor prevent their subsequent use;

b) [...];

c) [...];

d) [...];

e) [...].

2-Articles 71 and 72 shall also apply to the electronic currency in the

meaning of the point d) of Article 2, save if the provider of the service of

payday payment of the payer does not have the possibility to block the

payment instrument that only allows to store funds whose amount

never exceed € 150.

Article 73.

[...]

1-[...].

2-[...].

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3-[...].

4-[...].

5-However, for the purposes of the b) of paragraph 1, the payer shall not be based

on reasons related to the exchange rate if the rate of

reference exchange agreed with the respective service provider of

payment, under the terms of the paragraph d ) of Article 48 (1) and sub-paragraph ii )

of the paragraph c ) of Article 53.

6-[...].

Article 77.

[...]

1-[...].

2-[...].

3-[...].

4-[...].

5-[...].

6-[...].

7-In the situations provided for in the two preceding paragraphs, and by clause

express from the framework contract, the payment service provider may

charge charges for revocation.

Article 85.

[...]

1-[...].

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2-If the unique identifier provided by the user of payment services

is incorrect, the payment service provider is not responsible, in the

terms of Articles 86 and 87, by the non-execution or by the execution

deficient of the payment transaction.

3-[...].

4-Notwithstanding the user of payment services can provide

additional information to those specified in the ( a ) of Article 48 (1)

or in the sub-paragraph ii) of the paragraph b ) of Article 53, the provider of services of

payment only is responsible for the execution of the payment transactions

in compliance with the unique identifier provided by the user of

payment services.

Article 86.

[...]

1-Should a payment order be issued by the payer, the

liability for the correct execution of the payment transaction before the

payer rests with the respective payment service provider, without

Injury to Article 69, paragraphs 2, 3 and 4 of Article 85 and Article 90 para.

2-[...].

3-[...].

4-[...].

5-[...].

6-[...].

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Article 87.

[...]

1-Should a payment order be issued by the beneficiary or through

of this, it is up to the respective provider of payment services, without prejudice

of the provisions of Article 69, in paragraphs 2, 3 and 4 of Article 85 and Article 90, the

liability to the beneficiary for the correct transmission of the order

of payment to the payer's payment service provider, nos

terms of Article 80 (5)

2-[...].

3-Notwithstanding the provisions of the preceding paragraph, it is up to the provider of services

of payment of the beneficiary, without prejudice to the provisions of Article 69, in the

n. paragraphs 2, 3 and 4 of Article 85 and in Article 90, the liability to the

beneficiary by the processing of the payment transaction pursuant to their

obligations arising from Article 84 para.

4-[...].

5-[...].

6-[...].

7-[...].

8-[...].

Article 88.

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73

[...]

The provisions of Articles 86 and 87 shall be without prejudice to the right to compensation

supplementary under the law applicable to the contract.

Article 90.

[...]

The liability laid down in Articles 65 to 89 shall not apply in the event of

abnormal and unpredictable circumstances alhedances to the will of the party that the

invokes, if the respective consequences had not been able to be avoided

despite all the efforts made, or in case the service provider of

payment is bound by other legal obligations, namely the

related to the prevention of money laundering and

financing of terrorism.

Article 91.

[...]

1-Without prejudice to other legitimate causes of treatment enshrined in law, it is

permitted the processing of personal data by payment systems and

by payment service providers to the extent that it is shown

necessary to the safeguarding of prevention, research and detection of

fraud in respect of payments.

2-[...].

Article 92.

[...]

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74

1-Without prejudice to access, by users of payment services and by the

bearers of electronic money, the competent judicial means, the

payment service providers and electronic money issuers

must offer the respective users of payment services and

e-money carriers access to effective extrajudicial means and

appropriate claim and repair of disputes of equal or lower value

to the winged of the courts of 1 th instance, relating to rights and obligations

set out in the headings III and III-A of this legal regime.

2-A offer referred to in the preceding paragraph shall be made by the accession of the

payment service providers and electronic money issuers

to at least two entities authorized to carry out arbitrations under the

Decree-Law No 425/86 of December 27 or to two registered entities

in the system of voluntary registration of extrajudicial resolution procedures

of consumer conflicts, established by the Decree-Law No. 146/99, of 4 of

may.

3-The entities chosen by the payment service providers and the

electronic money issuers shall observe the principles applicable to the

organisms responsible for the extrajudicial resolution of conflicts of

consumption set out in the Recommendation, of the Commission of the European Union,

n. 98 /257/CE of March 30.

4-Payment service providers and currency issuers

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electronic may, in complement to the offer of the means previously

referred to, submit the disputes mentioned in paragraph 1 to the intervention of a

client or analogous entity provider, designated according to the

principles formulated in Recommendation No. 98 /257/CE, of the Commission of the

European Union, March 30.

5-Payment service providers and currency issuers

electronic must still ensure that the resolution of cross-border disputes

be forwarded to signatory entity of the network accession protocol

FIN-NET of cooperation in the extrajudicial settlement of disputes

cross-border in the financial sector, and may choose to fall on one of the

entities mentioned in the previous numbers.

6-Payment service providers and currency issuers

electronics communicate to the Bank of Portugal the entities to which hajam

adhered to in accordance with paragraph 2, within 15 days after accession.

7-The provisions of this Article shall not apply to providers of

payment and electronic money issuers indicated,

respectively, in the points h) and i) of Article 7 (1) and paragraphs (1) f) and g)

of paragraph 1 of Article 7.º-A.

Article 93.

[...]

1-Without prejudice to access to the competent judicial means, users of

payment services and electronic money holders, or their

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representative associations, as well as the other interested, may

present, directly to the Bank of Portugal, complaints founded on the

non-compliance with standards of securities III and III-A of this regime

legal on the part of payment service providers and issuers

of electronic money.

2-[...].

3-[...].

Article 94.

[...]

1-[...]:

a) [...];

b) The distribution and reimbursement of electronic money by means of

representatives, in accordance with paragraphs 1 and 2 of Article 18, without which

has been given compliance with the provisions of paragraph 4 of the same article;

c) The default on the part of the agents of the authorized institutions

in another member state of the European Union, of the duty of information

provided for in Article 26 (5);

d) [Previous point (b)] ;

e) The non-constitution of commercial society that has as its object

exclusive to 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 Article 34 (2);

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f) [Previous point (d)] ;

g) The violation of the rules on amendment and denunciation of framework contracts

provided for in paragraphs 4, 6 and 7 of Article 55 and in paragraphs 1 and 4 of Article 56;

h) [Previous point (f)] ;

i) [Previous point (g)] ;

j) [Previous point (h)] ;

k) [Previous point (i)] ;

l) Failure to comply with duties relating to the provision of means

effective and appropriate extrajudicial and redress of complaint and repair

disputes, in the terms provided for in Article 92;

m) The intended ducts and punishments in points (a) ), (b), (d), and), f), i) and l ) from the

article 210 of the RGICSF, when practiced in the framework of the activity

of the payment institutions and the electronic money institutions;

n) The violations of mandatory precepts contained in regulations

issued by the Bank of Portugal under the letter c) of paragraph 1 of the

article 6, not provided for in this Article or in the following article;

o) The violations of the imperative precepts of this diploma and the legislation

specific that governits the activity of payment institutions and the

electronic money institutions, not provided for in the previous Article

and in the following article, as well as of the regulations issued by the

Bank of Portugal in compliance or for the implementation of the said

precepts .

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2-[...].

Article 95.

[...]

a) The unauthorized practice, by any individuals or entities, of the

payment service activity or coin issuance activity

electronics;

b) The exercise, by the payment institutions and the currency institutions

electronics, of activities not included in its legal object, or the provision

of payment services not included in the respective authorisation;

c) The use of the funds from the users of the services of

payment for distinct purposes of the execution of these services, in violation of the

provisions of Article 8 (3);

d) The breach of duty, provided for in Article 8 (4), of using the accounts of

payment that they are the holders of the payment institutions or the

electronic money institutions exclusively for the realization of

payment operations;

e) The breach of duty, provided for in Article 8 (4), to exchange without delay

the funds received by electronic money;

f) The granting of credit outside of the conditions and limits set by the

shelter from Article 9;

g) The realization of statutory amendments provided for in Article 15 (1),

when not preceded by permission of the Bank of Portugal;

h) The issuance of electronic money by the representatives of the

electronic money institutions mentioned in paragraphs 1 and 2 of Article 18-

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A, in disregard of the constant prohibition of paragraph 3 of the same Article 18;

i) The failure to comply with the prudential standards set out in Articles 29, 30, without

Injury 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

injury to paragraph 4 of the same article, when it results in or may result

serious injury to the financial balance of the entity concerned;

j) The failure to comply with the protection requirements of the funds defined in the article

32. and 33.-And, including the default of determinations issued by the

Bank of Portugal under Art. 32 (6) and paragraphs 6 and 7 of the article

33.-And;

k) [Previous point (a)] ;

l) The violation of the rules on information and communications requirements

provided for in Articles 42, 45, 47 to 50, 52 to 61, 57 to 61, in paragraph 3 of the

article 66, in paragraphs 2 and 3 of Article 76 (3) of Article 78 (5) of the

article 86, in Article 87 (7) and in Article 91 (2) of the Article 91;

m) The violation of the rules on the collection of charges laid down in Article 43,

in paragraphs 2, 3, 5 and 6 of Article 56, in Article 76 (4), para.

n Article 77 (7), in paragraphs 1 and 2 of Article 78, paragraph 3 and para.

Paragraphs 3 and 4 of Article 91-B;

n) [Previous point (d)] ;

o) [Previous point (e)] ;

p) The failure to meet the repayment and payment obligations provided for in the

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n Article 71 (1), Article 73 (1), paragraphs 2 and 3 of Article 74, us.

Paragraphs 3 and 4 of Article 86, paragraphs 4 and 6 of Article 87 and paragraphs 1, 5 and 6 of the

article 91-B;

q) [Previous point (g)] ;

r) [Previous point (h)] ;

s) [Previous point (i)] ;

t) The issuance of electronic money in violation of the duty of issuance by the value

nominal upon receipt of the funds provided for in Article 91;

u) The granting of interest or of any other benefit related to the

period of time during which the holder holds electronic currency, in

violation of the provisions of Article 91-C;

v) The ducts provided for and punished in the sub- c), e), f), g), l), (o), (p), (q), r) and t)

of Article 211 of the RGICSF, when practiced in the framework of the activity of the

payment institutions and electronic money institutions ".

Article 96.

[...]

1-[...]:

a) [...];

b) [...];

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c) Suspension of the exercise of the right to vote allotted to the partners of the

payment institutions or electronic money institutions

for a period of 1 a to 10 years;

d) Inhibition of the exercise of social positions and functions of administration,

direction, management or managerial in credit institutions, societies

financial, payment institutions and currency institutions

electronic, for a period of six months to three years, in the case of

offences set out in Article 94, or 1 a to 10 years, in the case of

offences set out in Article 95;

e) Interdiction, in whole or in part, for a period up to three years, of the

exercise of the activity of provision of payment services

listed in Article 4 or issue of electronic money.

2-[...]. "

Article 9.

Addition to the legal regime that regulates access to the activity of the institutions of

payment and the provision of payment services, approved by the Decree-Law

n. 317/2009, of October 30

They are deferred to the legal regime that regulates access to the activity of the institutions of

payment and the provision of payment services, approved by the Decree-Law

n. 317/2009, of October 30, Articles 7, 8-A, 9.-A, 23.-A, 27.

33.-A, 33.-B, 33.-C, 33.-D, 33.-And, 33.-F, 33.-G, 33.-H, 33.-I, 91.-B, 91.-C, 91

91. º-D, with the following essay:

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" Article 7.

Issuers of electronic money

1-Can only issue electronic money the following entities:

a) The credit institutions with registered office in Portugal whose object

understand the exercise of this activity, in accordance with the norms

applicable legal and regulatory;

b) The electronic money institutions with registered office in Portugal;

c) Credit institutions with registered offices outside Portugal legally

qualified to perform activity in Portugal;

d) The electronic money institutions based in another State

member of the European Union, under the terms of this legal regime;

e) The branches of electronic money institutions with headquarters outside the

European Union, under the terms of this legal regime;

f) The State, the Autonomous Regions and the services and bodies of the

direct and indirect administration of the State, when acting in the exercise

of public powers of authority;

g) The ECB, the Bank of Portugal and the other national central banks,

when they do not act in the quality of monetary authorities or in the

exercise of other public powers of authority;

2-The provisions of paragraphs 3, 4 and 5 of Article 7 shall apply to the institutions of currency

electronic, with the necessary adaptations.

Article 8-The

Electronic money institutions

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1-Electronic money institutions are legal persons, subject to the

present legal regime, which have the object of issuing electronic money.

2-Electronic money institutions may still exercise the following

activities:

a) Provision of the payment services referred to in Article 4;

b) Provision of credits related to payment services

referred to in points d ), and ) and g ) of Article 4, according to the

conditions set out in Article 9;

c) Provision of closely related operational and ancillary services

with the issuance of electronic money or with payment services,

specifically the provision of guarantees of execution of operations of

payment, foreign exchange services and guard services, storage and

treatment of data;

d) Exploitation of payment systems, without prejudice to the provisions of the

article 39;

e) Various professional activities of the issuance of electronic money, in

compliance with the legal provisions applicable to these activities.

3-Electronic money institutions cannot receive from the public

deposits or other refundable funds within the meaning of Article 2 (1).

of the RGICSF.

4-The funds received by the electronic money institutions and coming from

of holders of electronic money shall be exchanged without delay by

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electronic currency, not constituting receipt of deposits or other

refundable funds within the meaning of Art. 2 (1) of the RGICSF.

5-Article 8 (3) and (4) shall apply to the funds received by the

electronic money institutions with a view to the provision of services of

payment referred to in Article 4 that are not associated with the issuance of

electronic currency.

6-Is applicable to electronic money institutions with registered office in Portugal o

corrective intervention regime and provisional administration of

credit institutions established in the RGICSF, with the necessary

adaptations.

7-A dissolution and the settlement of electronic money institutions with headquarters

in Portugal, including branches established in other member states,

have the sole object of the issuance of electronic money, or still

the activities referred to in the ( a ), b) , c ) and d ) of paragraph 2, become subject, with

the due adaptations, to the regime provided for in Chapter II of the Decree-Law

n ° 199/2006 of October 25 on the liquidation of institutions of

credit and financial companies.

8-Electronic currency institutions that exercise simultaneously the

activities referred to in point (s) e) of paragraph 2 shall be subject to the provisions of the

Code of Insolvency and Business Recovery, with the specialties

constants of Article 8 (9), 10 and 11 of Article 8, applicable, where

required, with due adaptations.

Article 9-A

Duties of abstention, registration and communication of operations with entities

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sedeed in jurisdiction offshore

The duties of abstention, registration and communication of operations with entities

sedeed in jurisdiction offshore , provided for in Article 118-A of the RGICSF, they are

applicable to providers of payment services listed in paragraph 1 of the

article 7.

Article 18-The

Distribution and reimbursement of electronic money by representatives of currency institutions

electronics

1-Electronic money institutions can distribute and repay currency

e-electronics through natural or legal persons acting in their

name and under your responsibility.

2-The agents to whom the electronic money institutions have availed to

provide payment services under Article 18 may also

distribute and reimburse electronic money in the name and under the

responsibility of them.

3-It is forbidden to the representatives mentioned in paragraphs 1 and 2 to issue currency

electronics.

4-Electronic money institutions must communicate in advance to the

Bank of Portugal the name and address of the entities authorized to

distribute and refund electronic money in your name and pass it on

immediately any change to these elements of information.

5-Electronic money institutions assume responsibility for the

totality of the acts of the persons authorized to act in their representation in the

terms of this article.

Article 23-The

Distribution and reimbursement of electronic money in another member state

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In the case of an electronic money institution with a registered office in Portugal

intend to distribute or reimburse electronic money in another member state

through the persons referred to in Article 18, the provisions of the provision shall apply

article 23, with the necessary adaptations.

Article 27-The

Branches of third countries

To the establishment in Portugal of branches of currency institutions

authorized electronics in countries that are not members of the European Union is

applicable the provisions of Articles 57 to 59 of the RGICSF with the necessary

adaptations.

Article 33-The

General principle

Electronic money institutions must apply the funds they have

in such a way as to ensure, at all time, adequate levels of liquidity and

solvability.

Article 33-B

Minimum capital

1-The electronic money institutions with registered office in Portugal must, at all

the time, owning capital not less than € 350000.

2-The minimum capital referred to in the preceding paragraph shall be constituted by the

elements defined in the subparagraphs a) and b ) of Article 57 of the Directive

n. 2006 /48/CE, of the European Parliament and of the Council of June 14.

3-Electronic money institutions must constitute special reserves

intended to strengthen the net situation or to cover damage that the account of

profits and losses can't bear.

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Article 33-C

Own funds

1-The own funds of the electronic money institution should not be

lower than the value of the minimum capital required under the previous article

or to the amount that result from the application of the following article, depending on the

that is higher.

2-The rules on the composition of the own funds of the institutions of

electronic money are as fixed by notice of the Bank of Portugal.

3-Checking the decrease in own funds below the defined limit

in paragraph 1, the Bank of Portugal may, whenever the circumstances o

justify, grant the institution a limited time limit for them to regularize the

situation.

4-In case the institution of electronic money belongs to the same group of another

institution of electronic money, credit institution, institution of

payment, financial society or insurance company, is not permitted to

multiple use of eligible elements for own funds.

5-A multiple use of the eligible elements for own funds

is also not permitted in relation to electronic money institutions

that exercise other distinct activities of the issuance of electronic money or

of the provision of the payment services indicated in Article 4.

6-When an electronic money institution exercises other activities

distinct from the issuance of electronic money or the provision of the services of

payment indicated in Article 4, which are also subject to

requirements of own funds, the payment institution must respect

additionally such requirements.

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Article 33-D

Requirements of own funds

1-The own funds of electronic money institutions shall, in

permanence, be equal to or higher than the amount that results from the sum of the

requirements set out in the following numbers.

2-With regard to the issuance activity of electronic money, the

own funds requirements of electronic money institutions must

correspond at least to 2% of the average value of the electronic currency in

circulation.

3-With regard to the activity of provision of payment services

referred to in Article 4 not associated with the issuance of electronic money, the

own funds requirements of electronic money institutions are the

that result from the application of one of the three methods described in the Annex to

present legal regime entitled "Calculation of own funds",

applying for the provisions of paragraphs 2 and 4 of Article 31 of this scheme.

4-Based on an evaluation of the risk management procedures, of the

data relating to the risks of losses and internal control mechanisms,

the Bank of Portugal may require or permit, respectively, that the

electronic money institution detains an amount of own funds

higher or lower by 20% at most to the amount that would result from the

application of paragraph 2 of this article.

5-Notwithstanding the provisions of the preceding paragraphs and in Articles 33-B. and 33-

C. °, the Bank of Portugal may adopt the procedures laid down in the

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article 6, in order to ensure that electronic money institutions

affect on the exploitation of its electronic money issuance activity and

provision of payment services a sufficient level of own funds,

specifically when the activities referred to in Article 8 (2).

prejudice or may impair the financial soundness of the institutions.

Article 33-And

Requirements for protection of funds

1-Electronic money institutions shall ensure the protection of the

funds that have been received in exchange for electronic money,

applying it with due adaptations, the provisions of Article 32, without

injury to the specialities set out in numbers 3 a to 7.

2-To the activity of provision of payment services referred to in Article 4.

not associated with the issuance of electronic money applies the provisions of the

article 32.

3-The funds received in the form of payment by an instrument of

payment do not have to be protected until they are credited to the account of

payments from the electronic money institution or by another means placed at the

provision of the same institution, in accordance with the provisions relating to the

term of implementation set out in this legal regime. In all the

case, the institutions shall ensure the protection of such funds within the period of

five working days, from the date of issuance of the electronic currency.

4-For the purposes of the application of the procedures laid down in sub-paragraph (ii) of the

point ( a) of Article 32 (1) with regard to the funds that they have

been received in exchange for electronic money, consider themselves as assets

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safe and low-risk assets that belong to one of the categories

listed in Table 1 of point 14 of Annex I to Directive 2006 /49/CE,

of the European Parliament and of the Council of June 14, 2006 on the

suitability of the own funds of investment firms and

credit institutions, in respect of which the requirement of own funds

for specific risk not exceeding 1.6%, but with the exclusion of others

eligible elements referred to in point 15 of the same annex.

5-Considered, still, safe and low-risk assets the units of

participation in the capital of collective investment bodies in values

securities (UCITS) that only invist in the assets referred to in the number

previous.

6-In exceptional and duly justified circumstances, the Bank of

Portugal may, on the basis of an assessment of the safety, of the time limit of

maturity, the value and other risk factors of the assets referred to in the

paragraphs 4 and 5, determine which of these assets do not meet the requirements of

safety and low risk.

7-For the purposes of paragraphs 1 and 2, the Bank of Portugal may determine which of the

procedures provided for in Article 32 (1) shall be used by the

electronic money institutions to ensure the protection of funds

received.

8-Electronic money institutions must inform the Bank in advance

of Portugal of any relevant change they wish to adopt

regarding the protection of the funds that have been received in exchange for

electronic currency.

Article 33-F

Accounting and legal review of accounts

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The rules on accounting and legal review of accounts provided for in Article 33.

Apply to electronic money institutions, with due adaptations.

Article 33-G

Communication of the qualifying holdings, their increase and decrease

1-A natural or legal person who, directly or indirectly, intends to detain

a qualified participation within the meaning of point 7 of Article 13 of the

RGICSF in an electronic money institution must communicate

previously to the Bank of Portugal your project.

2-They must still be communicated in advance to the Bank of Portugal the acts

that involve increasing a qualified participation, whenever they

may 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 at the participating institution, or when this one will turn into

subsidiary of the procuring society.

3-The Bank of Portugal may, under the terms of Article 102 of the RGICSF,

declare officially the qualified character of any participation in the

capital or in the voting rights of an electronic money institution.

4-A celebration of the acts upon which the projects of

acquisition or increase in qualified participation, subject to communication

prior to the terms of paragraphs 1 and 2, shall be communicated to the Bank of Portugal

within 15 days.

5-A natural or legal person who intends to cease to hold a

qualified participation, or decreases it in such a way that the percentage of the

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voting rights or the capital of which it is proprietor down to below the

any of the thresholds referred to in paragraph 2, or in such a way that the institution

will cease to be its subsidiary, must inform the Bank of Portugal in advance and

communicate you the new amount of your participation.

6-If you check the reduction of a stake to a level lower than 10%

of the capital or voting rights of the participating institution, the Bank of

Portugal will communicate to its holder, within a maximum of 30 working days, if

considers that the resulting participation has a qualified character.

7-The situation provided for in paragraph 5 shall apply, with due adaptations, the

provisions of paragraph 4.

8-The Bank of Portugal establishes, by notice, the elements and information that

shall accompany the communication provided for in paragraphs 1 and 2.

9-If the communication carried out pursuant to this article is not

duly instructed, the Bank of Portugal informs the proposed acquirer,

in writing, of the missing elements or information.

Article 33-H

Assessment of the acquisition project or increase in qualified participation

1-The Bank of Portugal may object to the acquisition or increase project

of qualified participation on the grounds of the provisions of paragraphs 1 and 2 of the

article 103 of the RGICSF, duly adapted.

2-The Bank of Portugal informs the proposed acquirer of its decision in the

deadline of sixty working days from the date of receipt of the communication

provided for in paragraphs 1 and 2 of the preceding article or of the date response to the request for

additional information referred to in paragraph 9 of the previous article and the

the following number, but never after after decorations 4 months after that

first date.

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3-The Bank of Portugal may request the proposed acquirer, at all

time, supplementary elements and information, as well as carry out the

enquiries that you consider necessary.

4-Should you decide to oppose the project, the Bank of Portugal:

a) Informs the proposed acquirer, in writing, of its decision and of the

reasons that substantiate it, within two working days of the

date of the decision and before the expiry of the period provided for in paragraph 2;

b) It may disclose to the public the reasons that substantiate the opposition, by

your initiative or at the request of the proposed acquirer.

5-It is considered that the Bank of Portugal is not opposed to the project if it does not

pronount on the time limit set out in paragraph 2.

6-Articles 105 and 106 of the RGICSF are applicable, with the necessary

adaptations, to the inhibition of voting rights in the institution of currency

electronic participated or in an entity that detains, directly or indirectly,

voting rights in the institution of participating electronic money and, still, the

inhibition of voting rights exerted by the institution participating in other

institutions with which to find themselves in a domain relation, 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 they have knowledge, the changes to which the article relates

33 .º-G.

2-In April of each year, electronic money institutions shall communicate to the

Bank of Portugal the identity of its shareholders holders of

qualified participations and the amount of the respective shareholdings

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Article 91-The

Issue

The electronic currency shall be issued by the nominal value at the reception

of the funds.

Article 91-B

Refundable character

1-A The bearer's request, the issuer of electronic money shall reimburse,

at any time and by the nominal value, the monetary value of the currency

detained electronics.

2-The contract between the issuer of electronic money and the respective holder

must clearly indicate and highlight the conditions of reimbursement,

including any commissions related to the same, owing the

holder be informed of these conditions before linking to any

contract or offer.

3-The refund may only be subject to a commission if this is declared

in the contract, pursuant to paragraph 2, and in one of the following cases:

a) The refund is requested before the term fixed for the contract;

b) The contract shall fix a term and the holder to report the contract before

of that date; or

c) The refund is asked for more than one year after the term fixed for the

contract.

4-A committee referred to in the preceding paragraph shall be proportionate and based

in costs effectively borne by the issuer of electronic money.

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5-Case ask for the refund before the term fixed for the contract, the holder

of electronic money may ask you to be reimbursed a party or to

all of the monetary value corresponding to the e-currency held.

6-Should the refund be requested by the electronic money holder on the date

of the term of the contract or within one year after that date:

a) The totality of the monetary value of the electronic currency is repaid

detained; or

b) If the institution of electronic money exercises one or more of the

activities referred to in ( e) of Article 8 (2)-A and not

known in advance the portion of the funds to be used as

electronic money, must be refunded the whole of the funds

requests by the holder.

7-Notwithstanding the provisions of paragraphs 3, 4, 5 and 6, the right to reimbursement by

part of the people who, not being consumers, accept electronic money

in payments shall be subject to the discipline of the contract concluded between the

issuers of electronic money and the persons concerned.

Article 91-C

Prohibition of interest

The assignment of interest or for any other related benefit is prohibited

with the period of time during which the holder holds electronic currency.

Article 91-D

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Change in conditions and denunciation of the contract between the issuer and the holder

of electronic money

The provisions of Articles 55 and 56 shall apply, with the necessary adaptations, to the

contract between the issuer of electronic money and the respective holder, without

prejudice to the provisions relating to the conditions of reimbursement and the

payment instruments and low-value electronic currency ".

Article 10.

Amendment to the systematic organization of the legal regime regulating access to

activity of payment institutions and the provision of payment services,

approved by Decree-Law No. 317/2009, of October 30

1-Title II of the legal regime regulating access to the activity of the institutions of

payment and the provision of payment services goes on to have the epitographer " Providers of

payment services and electronic money issuers ".

2-Chapter II of Title II of the legal regime regulating access to the activity of the

payment institutions and the provision of payment services goes on to have the episte

"Authorization and registration".

3-Chapter IV of Title II of the legal regime regulating access to the activity of the

payment institutions and the provision of payment services goes on to have the episte

"Supervision of payment institutions and electronic money institutions".

4-It is created subsection I of section I of Chapter IV of Title II of the legal regime which

regulates access to the activity of payment institutions and the provision of services of

payment, with the episting "Institutions of Payment", covering Articles 28,

29., 30, 31, 32 and 33.

5-It is created subsection II of section I of Chapter IV of Title II of the legal regime which

regulates access to the activity of payment institutions and the provision of services of

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payment, with the epitome "Electronic currency institutions", covering the articles

33.-A., 33-B., 33, 33-D.-D., 33-E., 33.-F., 33.-G.-G., 33.-H. °, 33.-I.

6-Title III-A of the legal regime regulating access to the activity of the institutions is created

of payment and the provision of payment services, with the epigraft " Issue and

refundable character of the electronic currency ", covering Articles 91-A, 91.-B, 91-

C and 91 .no-D.

Article 11.

Re-publication and new designation of the legal regime regulating access to activity

of the payment institutions and the provision of payment services, approved

by Decree-Law No. 317/2009, of October 30

It is republished, in annex, which forms an integral part of this decree-law, the legal regime

that regulates access to the activity of payment institutions and the provision of services of

payment, approved by the Decree-Law No. 317/2009 of October 30, with the amendments

introduced by the present decree-law, passing the same to be designated " legal regime

of payment services and electronic money ".

Article 12.

Amendment to the systematic insertion of Annex II to Decree-Law No. 317/2009, 30 of

October, and to your essay

1-Annex II to Decree-Law No. 317/2009 of October 30, under the epiggrafe " (to which

refers to Article 1 (2)) ", shall constitute an annex to the legal regime of the

payment services and electronic money, changing their designation to

"Calculation of own funds (referred to in Articles 31 and 33.-D)".

2-2-A Introductory part of the Annex referred to in the preceding paragraph shall have the following

essay:

" The calculation of the requirements of own funds referred to in Articles 31 and 33-D of the

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legal regime of payment services and electronic money takes place in

compliance with one of the methods described in this Annex.

Article 13.

Abrogation standard

1-It is repealed the Decree-Law No. 42/2002 of March 2.

2-Are repealed Article 2 (2), para. l) of Article 3 and ( c) of the Article 5 (5)

167. of the General Regime of Credit Institutions and Financial Societies, approved

by Decree-Law No. 298/92 of December 31.

3-It is repealed Article 8 (5) of the legal regime regulating access to the activity of the

payment institutions and the provision of payment services, approved by the

Decree-Law No. 317/2009 of October 30.

Article 14.

Entry into force

The present decree-law shall come into force (...).

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ANNEX

(referred to in Article 11)

LEGAL REGIME FOR PAYMENT AND CURRENCY SERVICES

ELECTRONICS

Title I

General and introductory provisions

Article 1.

Object

1-The present legal regime regulates access to the activity of payment institutions and

the provision of payment services.

2-The present legal regime still regulates access to the activity of currency institutions

electronic and the issuance of electronic money.

Article 2.

Definitions

For the purposes of this legal regime, it is understood to be:

a) "member state of origin" one of the following states:

i) The Member State in which the registered office of the provider is situated

payment service or the issuer of electronic money; or

ii) If the provider of the payment service or the currency issuer

electronic does not have, under its national law, any headquarters

social, the member state in which its central administration is located.

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b) "State member state" the member state, distinguished from the member state

of origin, in which a payment service provider or an issuer of

electronic money has an agent, a branch office or where he provides services of

payment or issue or distributes electronic money;

c) "Payment services" the activities listed in Article 4;

d) "Electronic currency", the monetary value stored electronically, inclusive

in a magnetic form, represented by a credit on the issuer and issued after

receipt of bank notes, currencies and the scriptural currency, to effect operations of

payment within the meaning of paragraph (g) of this Article and which is accepted per person

natural or collective other than the issuer of electronic money;

e) "Payment institutions" the legal persons to whom it has been granted

authorization, pursuant to Article 10, to provide and perform services of

payment in the whole of the European Union;

f) "Electronic currency institutions" the legal persons to whom it has been

granted permission, pursuant to Article 10, to issue electronic money;

g) "Payment operation" the act, practiced by the payer or the beneficiary, of

deposit, transfer or raise funds, regardless of any

underlying obligations between the payer and the beneficiary;

h) "System of payments" a system of transfer of funds that is governed by

formal and standardised provisions and common rules regarding treatment,

compensation and settlement of payment transactions;

i) "Ordering" a natural or legal person who holds a payment account

and that authorizes a payment order from that account, or, in the absence of

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account of payment, the natural or legal person issuing an order of

payment;

j) "Beneficiary" means a natural or legal person who is the intended recipient of the

funds that have been the subject of a payment transaction;

k) "Payment provider of payment services" the entities listed in Article 7;

l) "Issuers of electronic money" the entities listed in Article 7;

m) "User of payment services" a natural or legal person who uses

a payment service at the title of payer, of beneficiary or in both

qualities;

n) "Consumer" means a natural person who, in the contracts of payment services and

in the contracts concluded with the issuers of electronic money covered by the

present legal regime, acts with objectives alhedto its activities

commercial or professional;

o) "Framework Contract" a contract for the provision of payment services governing the

future execution of individual and successive payment operations and which may

enunciate the obligations and conditions for the opening of a payment account;

p) "Sending funds" a payment service involving the receipt of funds

of an payer, without the creation of any payment accounts in the name of the

payer or beneficiary, with the sole purpose of transferring the amount

corresponding to a beneficiary or to another service provider of

payment that atue on account of the beneficiary, and the receipt of such funds by

account of the beneficiary and the respective provision of the latter;

q) "Payment account" an account held on behalf of one or more users of

payment services, which is used for the execution of operations of

payment;

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r) "Funds" bank notes and currencies, scriptural currency and electronic currency as per

defined in the paragraph d ) of this article;

s) "Order of payment" any statement given by an ordinator or a

beneficiary to its payment service provider requiring the execution of

a payment transaction;

t) "Data-value" the reference date used by a service provider of

payment for the calculation of interest on the funds debited or credited in a

payment account;

u) "Reference exchange rate" the exchange rate used as a basis of calculation

of any foreign exchange operation, which shall be made available by the provider of the

payment service or emanate from a source accessible to the public;

v) "Authentication" a procedure that allows the service provider of

payment check the use of a specific payment instrument,

in particular the personalized security devices;

w) "Reference interest rate" the interest rate used as a basis of calculation of the

interest to be charged, which must come from a source accessible to the public and which

can be verified by both parties in a payment service contract;

x) "Unique Identifier" the combination of letters, numbers, or specified symbols

to the user of the payment service by the payment service provider,

that the user of the payment service must provide to identify

unmistakably the other user of the payment service and the respective account

of payment, with a view to a payment transaction;

y) "Agent" a natural or legal person who provides payment services in

name of a payment institution or a currency institution

electronics;

z) "Instrument of payment" any personalized device or set of

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procedures agreed upon between the user and the provider of the service of

payment and to which the user of payment services scrapes to issue a

order of payment;

aa) "means of distance communication" any means that can be used for the

conclusion of a contract for the provision of payment services without the presence

concurrent physics of the provider and the user of payment services;

ab ) "durable support" any instrument that allows the user to

payment services store information that is personally

directed, in such a way that this information can be consulted

subsequently, for a period of time suitable for the purposes of

referred to information and to allow the exact reproduction of the information

stored;

ac) "Microenterprise" a company that, at the time of the conclusion of the contract of

provision of payment services, be a company in accordance with

constant definition of Art. 1 and paragraphs 1 and 3 of Article 2 of the Annex to

Commission Recommendation No. 2003 /361/CE of the Commission of May 6;

ad) "Payday day" day on which the payer of the payer's payment service or the

provider of the payment service of the beneficiary involved in the execution of

a payment transaction finds itself open for the execution of a

payment operation;

ae) "Direct Debit" a payment service that consists of debiting the account of

payment of an payer, being the payment transaction initiated by the

beneficiary on the basis of the consent given by the payer to the beneficiary,

to the payment service provider of the beneficiary or to the provider of

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payment services of the payer itself;

af) "Branch" a separate establishment of the central administration that is a part

of an institution of payment or an electronic money institution,

devoid of legal personality and who performs directly all or

some of the operations inherent in the activity of those institutions, being that

all establishments set up in the Country by an institution with a registered office

in another member state are considered a single branch;

ag) "Group" related companies to each other on the terms under which the Code of

Commercial Societies characterize this type of relationship, regardless of

the respective seats to be located in Portugal or abroad;

ah) "relevant operational function", the function whose failure or failure can

severely damage compliance, on the part of an institution of

payment or an institution of electronic money, of the conditions of

authorization set out in this legal regime, its results

financial, their soundness or the continuity of their payment services.

ai) "Average value of electronic currency in circulation", the average of the total value of the

financial liabilities associated with the electronic currency issued at the end

of each day during the last six months, calculated on the first day of each

month and applied to that month.

Article 3.

Scope of application

1-The present legal regime shall apply to the activity of the payment institutions with

registered in Portugal and the respective agents and branches, as well as the provision of

payment services in Portugal by the legally entitled entities, without

injury to the provisions of paragraphs 3 and 4.

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2-The present legal regime is still applicable to the activity of currency institutions

electronics with registered office in Portugal and the respective agents, branches and too

representatives, as well as the issuance, distribution and reimbursement of electronic money

in Portugal by the legally qualified entities.

3-Title III, with the exception of Article 84, is only applicable when both

providers of payment services, or the single provider, are situated at

Portugal or when one of the providers is located in Portugal and the other in another

Member state of the European Union.

4-Title III shall apply to payment services carried out in euro or in the currency of

a member state not belonging to the Eurozone.

Article 4.

Payment services

They constitute payment services the following activities:

a) Services allowing to deposit cash in a payment account, well

like all the operations necessary for the management of that account;

b) Services that allow to raise cash from a payment account, well

like all the operations necessary for the management of that account;

c) Execution of payment transactions, including the transfer of funds

deposited in an open payment account with the provider of services of

payment of the user or other payment service provider, such

how to:

i) The execution of direct debits, including those of a punctual character;

ii) The execution of payment transactions through a card of

payment or a similar device;

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iii) The execution of transfers to credit, including orders of domiciliation.

d) Execution of payment transactions in connection with which the funds are

covered by a line of credit granted to a user of services from

payment, such as:

i) The execution of direct debits, including those of a punctual character;

ii) The execution of payment transactions through a card of

payment or a similar device;

iii) The execution of transfers to credit, including orders of domiciliation.

e) Issuance or acquisition of payment instruments;

f) Sending of funds;

g) Execution of payment transactions in which the consent of the payer

for the execution of the payment transaction is communicated through any

telecommunication, digital or computer devices, and the payment is

carried out to the operator of the network or the telecommunications system or

informatics, acting exclusively as an intermediary between the user of the

payment service and the supplier of the goods and services.

Article 5.

Exclusions

1-The present legal regime shall not apply to the following operations:

a) Payment transactions carried out exclusively in cash directly from the

payer to the beneficiary, without any intermediation;

b) Payment transactions of the payer to the beneficiary through an agent

commercial authorized to trade or to complete the sale or purchase of goods or

services on behalf of the payer or the beneficiary;

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c) Physical transport on a professional title of banknotes and coins, including the

collection, processing and delivery of the same and the recirculation of banknotes and

currencies;

d) Payment transactions consisting of the collection and delivery of cash to

non-professional title, in the frame of a non-profit activity or of

charitable;

e) Cash supply services by the beneficiary to the payer as a part

of a payment transaction, following an express request from the

user of the payment service, immediately prior to the execution of the operation

of payment, through a payment intended for the purchase of goods or

services;

f) Currency exchange services, i.e. cash transactions against cash,

when the funds are not held in a payment account;

g) Payment transactions based on any of the following documents

balcony about a payment service provider, with a view to placing funds

at the disposal of the beneficiary:

i) Cheques on paper support, governed by the Geneva Convention of 19

of March 1931, which institutes the Uniform Law Relating to Cheque;

ii) Cheques on paper support analogous to those referred to in sub-paragraph i) and

governed by the laws of member states that are not parties to the

Geneva Convention of March 19, 1931, which institutes the Law

Uniform Relative to Cheque;

iii) Withdrawals on paper support governed by the Geneva Convention of 7 of

June 1930, which establishes a Uniform Law Concerning the Letters and

Livancers;

iv) Withdrawals on paper support analogous to those referred to in sub-paragraph iii) and

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governed by the laws of member states that are not parties to the

Geneva Convention of June 7, 1930, which establishes a Law

Uniform Relative to Letters and Livrans;

v) Tallies on paper support;

vi) Travel checks on paper support;

vii) Postal orders on payment on paper support, as defined

by the Universal Postal Union.

h) Payment transactions carried out within the framework of a payment system or

of settlement of transactions on securities between settlement agents,

central counterparties, clearing houses or central banks and others

participants in the system, on the one hand, and providers of payment services,

on the other, without prejudice to the provisions of Article 39;

i) Payment transactions relating to services linked to securities, including

the distribution of dividends and income or other distributions, or the

reimbursement or sale of securities made by persons referred to in

point ( h ) or by investment firms, credit institutions, bodies of

collective investment or asset management companies that provide services of

investment and any other entities authorized to proceed to the guard of

financial instruments;

j) Services provided by technical service providers, who support the provision of

payment services without entering into the possession, at time some, of the funds

object of the transfer, which consisted in particular of the processing and

storage of data, in the protection services of trust and privacy,

in the authentication of data and entities, in the provision of communication networks and

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informatics or in the supply and maintenance of terminals and devices

used for payment services;

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

trade agreement concluded with the issuer in the context of a restricted network of

providers of services or in relation to a restricted range of goods and services;

l) Payment operations performed through any devices of

digital or computer telecommunications, if the goods or services purchased

are provided to a telecommunications, digital or informatic device and

if it is intended to be used through that device, provided that the operator of the

telecom, digital or informatic device, does not act exclusively on the

quality of intermediary between the user of the payment service and the

supplier of the goods and services;

m) Payment transactions carried out between payment service providers,

your agents or branches by your own account;

n) Payment transactions between a parent company and its subsidiaries, or between subsidiaries

of the same parent company, without any intermediation of a service provider

of payment that is not a company of the same group; and

o) Cash withdrawal services offered by providers through boxes

payment automatics, which act on behalf of one or several issuers of

cards, and are not party to the framework contract with the customer withdrawing money from the

payment account, on the condition that these providers do not secure others

payment services listed in Article 4 of this Regime.

2-The present scheme is also not applicable to the monetary value stored in the

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instruments referred to in paragraph k ) of the preceding paragraph, nor to the monetary value

used to effect the payment transactions referred to in para. l) of the same

number.

Article 6.

Competent authority

1-Compete to the Bank of Portugal to exercise prudential and behavioural supervision in the

scope of this legal regime, by which it shall be, in particular:

a) Granting permission for the constitution of payment institutions and

electronic money institutions and revoke it in the cases provided for in the law;

b) Scrutinizing the fulfillment of the provisions of this legal regime;

c) Issue the regulatory standards that show necessary for the application of their

provisions;

d) Appreciate the complaints made by users of services of

payment and by electronic money holders;

e) To initiate processes of counterordinance and to apply the respective sanctions.

2-In the exercise of its supervisory powers, can the Bank of Portugal, in

special:

a) Require payment service providers and currency issuers

electronic the submission of any information it deems necessary to the

verification of compliance with the standards of this legal regime;

b) Carry out inspections of the establishments of the service providers of

payment and issuers of electronic money, as well as those of

respective agents and branches and, still, to the establishments of third parties to

who have been committed relevant operational roles concerning the

provision of payment services or the issuance of electronic money;

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c) Issue specific recommendations and determinations in order to be sane the

irregularities detected.

3-Without prejudice to the competences conferred upon it by the General Regime of the

Credit Institutions and Financial Societies (RGICSF), the Bank of Portugal exercises

your prudential supervisory competencies in relation to payment institutions

and electronic money institutions with registered offices in Portugal, including the respective

agents and branches established abroad, as well as in relation to the branches in

Portugal of electronic money institutions with headquarters outside the European Union.

4-The Bank of Portugal oversees compliance with Title III standards in what if

refers to the provision of payment services in Portugal by the entities

legally entitled to exercise such activity, including through agents and branches,

with the exception of services provided in regime of free provision of services by

entities authorized in other Member States.

5-The Bank of Portugal oversees compliance with Title III-A as far as the

issuance, distribution and refund of electronic money in Portugal by the

legally entitled entities to carry out such activity, including through branches and

natural or legal persons enabled to distribute and repay electronic money

in the name and under the responsibility of electronic money institutions, with the exception

of the activities carried out in regime of free provision of services by entities

authorized in other Member States.

6-Article 12 of the RGICSF is applicable, with the necessary adaptations, to the decisions of the

Bank of Portugal approved in the framework of this legal regime.

7-Article 12 of the RGICSF shall apply to the time limits set out in this Schor

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legal.

8-In the application of competition defence legislation to providers of services of

payment and issuers of electronic money and their business associations, well

as to payment systems, articles 87 and 88 are also applicable.

RGICSF, with the necessary adaptations.

9-The rules on advertising provided for in Article 77-C of the RGICSF shall apply to the

payment service providers and electronic money issuers, the

respective agents and branches and to the natural or legal persons empowered to

distribute and reimburse electronic money, as well as to the business associations of the

providers and issuers, by having the Bank of Portugal exercise in relation to such

entities the powers provided for in Article 77-D of the same general scheme.

Title II

Providers of payment services and electronic money issuers

CHAPTER I

Access and general conditions of the activity

Article 7.

Providers of payment services

Principle of exclusivity

1-You can only provide the payment services referred to in Article 4 as follows

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entities:

a) The credit institutions with registered office in Portugal whose object is to understand the

exercise of that activity, in accordance with legal and regulatory standards

applicable;

b) The payment institutions with registered office in Portugal;

c) The electronic money institutions with registered office in Portugal;

d) Credit institutions with registered offices outside of Portugal legally enabled the

exercise activity in Portugal;

e) The electronic money institutions and payment institutions with headquarters

in another member state of the European Union, under the terms of this scheme

legal;

f) The branches of electronic money institutions with headquarters outside the European Union,

under the terms of this legal regime;

g) The concessionary entity of the universal postal service;

h) The State, the Autonomous Regions and the departments and bodies of the administration

direct and indirect of the State, when acting in the exercise of public powers of

authority;

i) The ECB, the Bank of Portugal and the remaining national central banks, when not

act in the quality of monetary authorities or the exercise of powers

public of authority.

2-The entities to which the points are referred d ), e) and f) of the previous number only can

provide the payment services you are authorized to provide in your country of

origin.

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3-The use of the expression "institution of payment" is exclusively reserved to these

entities, which will be able to include it in their firm or denomination or use in the exercise of the

your activity.

4-Payment institutions with registered office in another member state may use the firm or

denomination they use in their home member state, according to provisions

in Art. 46 of the RGICSF, applicable with the necessary adaptations.

5-The provisions of Article 126 of the RGICSF shall apply, with the necessary adaptations, in

suspected case of suspicion founded of provision of payment services by entity no

enabled.

Article 7-The

Issuers of electronic money

1-Can only issue electronic money the following entities:

a) The credit institutions with registered office in Portugal whose object is to understand the

exercise of that activity, in accordance with legal and regulatory standards

applicable;

b) The electronic money institutions with registered office in Portugal;

c) Credit institutions with registered offices outside of Portugal legally enabled the

exercise activity in Portugal;

d) The electronic money institutions with registered office in another member State of the Union

European, under the terms of this legal regime;

e) The branches of electronic money institutions with headquarters outside the European Union,

under the terms of this legal regime;

f) The State, the Autonomous Regions and the departments and bodies of the administration

direct and indirect of the State, when acting in the exercise of public powers of

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authority;

g) The ECB, the Bank of Portugal and the other national central banks,

when they do not act in the quality of monetary authorities or in the exercise

of other public powers of authority.

2-The use of the expression "institution of electronic money" stay exclusively reserved to

these entities, which will be able to include it in your firm or denomination or use in the exercise

of your activity.

3-Electronic money institutions with registered office in another member state may use the

firm or denomination they use in their member state of origin, according to

provisions of Article 46 of the RGICSF, applicable with the necessary adaptations.

4-The provisions of Article 126 of the RGICSF shall apply, with the necessary adaptations, in

suspected case of suspected emitting electronic money by non-enabled entity.

Article 8.

Institutions of payment

1-Payment institutions are providers of payment services, subject to the

present legal regime, which shall have the object of the provision of one or more services of

payment.

2-Payment institutions may still exercise the following activities:

a) Provision of closely related operational and ancillary services with

payment services, in particular provision of guarantees of execution of

payment transactions, foreign exchange services and guard services,

storage and processing of data;

b) Exploitation of payment systems, without prejudice to the provisions of Article 39;

c) Various professional activities of the provision of payment services, in

compliance with the legal provisions applicable to such activities; and

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d) Activities included in the legal object of foreign exchange agencies, in compliance

with the legal provisions applicable to those institutions.

3-The funds received by the payment institutions and from the users of

payment services can only be used for the execution of services of

payment, not constituting receipt of deposits or other reimbursable funds in the

meaning of Article 2 (1) of the RGICSF.

4-Payment accounts held together from payment institutions can only be

used for the provision of payment services.

5-[ Revoked ].

6-It shall apply to the payment institutions with registered office in Portugal the scheme of

corrective and interim administration intervention provided for in articles 139 to 145 of the

RGICSF, with the necessary adaptations.

7-A dissolution and the settlement of payment institutions with registered office in Portugal,

including branches established in other member states, which have by

exclusive object to the provision of payment services, or still the activities

referred to in points a ), b ) and d ) of paragraph 2, shall be subject, with due adaptations, to the

scheme provided for in Chapter II of Decree-Law No 199/2006 of October 25, concerning

to the liquidation of credit institutions and financial corporations.

8-Payment institutions that simultaneously exercise the activities to which if

refers to point c) of paragraph 2 shall be subject to the provisions of the Insolvency Code and

Recovery of Enterprises, with the specialities set out in the following numbers.

9-The Bank of Portugal may apply for the declaration of insolvency if it occurs

any of the facts mentioned in Article 20 (1) of the Code of Insolvency and

Recovery of Companies.

10-Without prejudice to the reporting duties to the Bank of Portugal imposed by the law on

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payment institutions, the court in which the declaration of insolvency is required

informs, immediately, the Bank of Portugal of that fact for the purposes of the possible

revocation of the authorization for the exercise of the activity as an institution of payment.

11-If the authorisation is not revoked by the Bank of Portugal, the declaration of insolvency

implies the expiry of the effects of the permit, by its head to the Bank of Portugal

exercise, in the insolvency proceedings, the skills conferred upon it by the

articles 12 and 14 of the Decree-Law No. 199/2006 of October 25.

Article 8-The

Electronic money institutions

1-Electronic money institutions are legal persons, subject to the present scheme

legal, which have the object of issuing electronic money.

2-Electronic currency institutions may still exercise the following activities:

a) Provision of the payment services referred to in Article 4;

b) Grant of credits related to the payment services referred to in the

points d) , e) and g ) of Article 4, in accordance with the conditions laid down in the article

9.

c) Provision of closely related operational and ancillary services with the

issuance of electronic money or with payment services, specifically the

provision of guarantees of execution of payment transactions, foreign exchange services

and guard services, storage and processing of data;

d) Exploitation of payment systems, without prejudice to the provisions of Article 39; and

e) Various professional activities of the issuance of electronic money, in

compliance with the legal provisions applicable to these activities.

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3-Electronic money institutions may not receive from the public deposits or other

refundable funds within the meaning of Art. 2 (1) of the RGICSF.

4-The funds received by the electronic money institutions and from the

holders of electronic money must be exchanged without delay by currency

electronic, not constituting receipt of deposits or other reimbursable funds in the

meaning of Article 2 (1) of the RGICSF.

5-Article 8 (3) and (4) shall apply to the funds received by the institutions of

electronic money with a view to the provision of payment services referred to in the article

4. which are not associated with the issuance of electronic money.

6-It shall apply to electronic money institutions with registered office in Portugal the regime of

corrective and interim administration intervention provided for in articles 139 to 145 of the

RGICSF, with the necessary adaptations.

7-A dissolution and the liquidation of electronic money institutions with registered office in Portugal,

including branches established in other member states, which have per object

exclusive the issuance of electronic money, or still the activities referred to in points a ),

b ), c) and d) of paragraph 2, shall be subject, with due adaptations, to the scheme provided for in the

chapter II of the Decree-Law No. 199/2006 of October 25 on the liquidation of

credit institutions and financial corporations.

8-Electronic currency institutions that simultaneously exercise the activities to which

refers to point ( and ) of paragraph 2 shall be subject to the provisions of the Insolvency Code and

Recovery of Enterprises, with the specialties set out in paragraphs 9, 10 and 11 of the

article 8, applicable, where necessary, with due adaptations.

Article 9.

Granting of credit

1-Payment institutions and electronic money institutions can only grant

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credit in the event that this is related to the payment services referred to in the

points d ), and ) and g ) of Article 4 and provided that the following are fulfilled

conditions:

a) The credit shall be ancillary and granted exclusively in the context of the implementation

of the payment transaction;

b) The credit granted in the context of the exercise of the right of establishment and the

freedom to provide services, under Articles 23 and 24, shall be

refunded in a time limit never exceeding 12 months, notwithstanding the provisions

legal in respect of credit granting through credit cards;

c) Credit may not be granted from the funds received or held for

execution of a payment transaction or received in exchange for the issuance of

electronic currency;

d) The institution of payment and the institution of electronic money shall have, the

all the time, from own funds appropriate to the volume of credit granted,

in accordance with the determinations of the Bank of Portugal.

2-The provisions of this legal regime shall be without prejudice to the legal provisions applicable to the

credit to consumers.

3-The payment institutions and the electronic money institutions that grant

credit under this article shall report to the Central of Responsibilities

of Credit, managed by the Bank of Portugal, the elements of information relating to the

operations effecting, in the terms and for the purposes set out in the regulatory legislation

of the centralization of credit responsibilities.

Article 9-The

Duties of abstention, registration and communication of operations with entities seated in

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jurisdiction offshore

The duties of abstention, registration and communication of operations with seated entities

in jurisdiction offshore , provided for in Article 118-A of the RGICSF, they shall apply to the

providers of payment services listed in Article 7 (1).

CHAPTER II

Authorization and registration of payment institutions and currency institutions

electronics

Article 10.

Authorization and general requirements

1-A constitution of payment institutions and electronic money institutions

depends on authorisation to be granted, on a case by case, by the Bank of Portugal.

2-The payment institutions and electronic money institutions based in

Portugal must meet the following conditions:

a) Adopt the form of anonymous society or by quotas;

b) Having the minimum capital corresponding to the services to be provided, in the terms of the article

29.

c) Having the main and effective head office of the administration located in Portugal;

d) Present solid devices in the matter of government of society, including

a clear organizational structure, with well-defined lines of responsibility,

transparent and coherent;

e) Organizing effective processes of identification, management, control and communication of the

risks to which it is or may come to be exposed;

f) Have appropriate mechanisms for internal control, including procedures

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solid administrative and accounting;

g) Having internal control mechanisms to comply with the obligations

in relation to the fight against money laundering and the financing of the

terrorism, including the provisions relating to the information on the payer

that accompany the transfers of funds.

3-It also depends on permission from the Bank of Portugal to extend the cast of the

payment services, from among those listed in Article 4, which institutions of

payment already constituted if they are proposing to provide.

Article 11.

Statement of the order

1-The application for permission is instructed with the following elements:

a) Project of contract of society or amendment to the contract of society, of

where it consists of an express reference to payment services, from among the

listed in Article 4, which the institution of payment or the institution of

electronic money proposes to provide;

b) Programme of activities, geographical deployment, organic structure and means

humans, technicians and materials that will be used, including, being a case of this,

reference to the agents and branches of the institution, as well as to third parties to whom

hajam have been committed operational functions, and the predictive accounts for each

one of the first three years of activity;

c) Declaration of commitment that, in the act of the constitution, and as a condition

of it, if it will show deposited in a credit institution the amount of the capital

minimum required under Rule 29;

d) Identity and the respective supporting elements of the persons who hold,

directly or indirectly, qualified shareholdings within the meaning of Article 7 (7)

13. of the RGICSF, as well as the size of the respective shareholdings and evidence of the

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your suitability, taking into account the need to ensure sound management and

prudent of the payment institution;

e) A description of the procedures designed to ensure the protection of funds

of the users of the payment services and the currency carriers

electronic, pursuant to Article 32;

f) Supporting elements of the existence of solid devices in relation to

government of the society, including a clear organizational structure, with lines of

well-defined, transparent and coherent responsibility, effective processes of

identification, management, control and communication of the risks to which it is or may come

to be exposed, and appropriate mechanisms of internal control, including

solid administrative and accounting procedures, owing to

devices, procedures and mechanisms referred to be complete and

proportional to the nature, the level and the complexity of the institution's activities

of payment;

g) Supporting elements of the existence of internal control mechanisms for

to comply with the obligations in relation to the fight against the bleaching of

capitals and the financing of terrorism, including the provisions relating to

information on the payer accompanying the fund transfers;

h) Description of the way in which the structures of the institution are organised

applicant, specifically, where appropriate, description of the intended use

of the agents and of the branches and a description of the provisions in respect of

provision of services by third parties, as well as the respective participation in

system of national or international payments;

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i) Supporting elements of the identity of directors and responsible persons

by the management of the payment institution or the institution of electronic money and,

where appropriate, of the persons responsible for the management of the service activities

of payment and electronic money issuance of the requesting institution, well

as proof that they are elderly people and possess the knowledge and the

adequate experience to perform payment services or issue currency

electronic in the terms of Article 12;

j) Where appropriate, the identity of the official reviewers of accounts and of the societies of

statutory auditors, within the meaning of Directive No 2006 /43/CE, of the

European Parliament and of the Council of May 17;

k) Address of the central administration of the institution.

2-For the purposes of the and ), f) and h) from the previous number, the applicant institution must

present a description of the mechanisms it created in terms of auditing and

organization with a view to taking all reasonable steps to protect interests

of its users and guarantee the continuity and reliability of the provision of the services

of payment.

3-Applies the provisions of Article 17 (17) (17) of the RGICSF, with the necessary

adaptations, regarding the information to be submitted in relation to the government of the

society and with regard to founding shareholders who are legal persons

holders of qualifying stakes in the institution to constitute.

Article 12.

Suitability and professional experience of the members of the governing bodies,

administration and surveillance

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1-Applies the provisions of articles 30 to 32 of the RGICSF, with the necessary adaptations,

with regard to the suitability and professional experience of the members of the organs of

administration and oversight of payment institutions and institutions of

electronic currency.

2-With respect to payment institutions and electronic money institutions that

simultaneously exercise the activities referred to respectively in paragraph (c) of paragraph 2

of Article 8 and in the e) of Article 8 (2)-A, the requirements concerning the experiment

professional only apply to persons to whom it kayba to ensure the day-to-day management of the

payment activity and electronic money issuance.

Article 13.

Separation of activities

1-The Bank of Portugal may determine, as a condition for granting the authorization, the

constitution of a commercial corporation that has the sole purpose of the provision of

payment services listed in Article 4, should the activities alhedances to services

of payment exercised or to be exercised by the applicant to prejudice or may

harm:

a) The financial soundness of the payment institution; or

b) The appropriate exercise of the supervisory functions by the Bank of Portugal.

2-The provisions of the preceding paragraph shall apply, with the necessary adaptations, to the authorisation

of electronic money institutions, and may in this case the commercial society

previously said to have per exclusive object not only the issuance of electronic money,

as also the provision of the payment services listed in Article 4.

Article 14.

Decision

1-A Decision on the application for authorisation shall be notified to those interested in the time limit

of 3 months from the receipt of the application or, if it is the case, to the receipt of the

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additional information requested from applicants, but never after

decorations 12 months on the date of the initial delivery of the order.

2-Applies to the refusal of authorization the provisions of Article 20 of the RGICSF.

3-A refusal of permission shall be substantiated.

Article 15.

Statutory changes and the elements of the application

1-Are subject to prior authorization from the Bank of Portugal the changes in the contracts of

society concerning the following aspects:

a) Firm or denomination;

b) Object;

c) Location of the head office, save if the change occurs within the same county or to

limitrof concelho;

d) Social capital, when it deals with reduction;

e) Creation of categories of shares or changes to existing categories;

f) Structure of administration or surveillance;

g) Limitation of the powers of the administration or supervisory bodies;

h) Dissolution.

2-Without prejudice to the provisions of Articles 33--E and 33.-G to 33.-I, the remaining amendments

statutorily and, in general, changes to the elements that instruct the application indicated in the

n Article 11 (1), they become subject to immediate communication to the Bank of Portugal.

Article 16.

Expiry and revocation of the authorisation

1-Applies to the expiry of the authorization of payment institutions and institutions

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of electronic money the provisions of Article 21 of the RGICSF, constituting equally

expiry reason the suspension of the activity for a period of more than six months.

2-It shall apply to the revocation of the authorization of the payment institutions and institutions

of electronic money, with the necessary adaptations, the provisions of articles 22 and 23.

of the RGICSF, considering the further ground of revocation of the authorization to

the circumstance of the institution constituting a threat to the stability of the system of

payments for the fact that you continue the activity of providing payment services.

3-Constitui, likewise, grounds for revocation of the authorization, the serious violation of the

duties laid down in Law No. 25/2008 of June 5.

Article 17.

Merger, fission and voluntary dissolution

The provisions of Article 35 and Article 35 (1) of the RGICSF shall apply, with the

necessary adaptations, the merger, the spin-off and the voluntary dissolution of institutions of

payment and electronic money institutions.

Article 18.

Agents

1-Payment institutions and electronic money institutions can provide

payment services through agents, taking responsibility for the

totality of the acts practiced by them.

2-Should they wish to provide payment services through agents, the

payment institutions and electronic money institutions with registered office in Portugal

must notify the Bank of Portugal in advance of the following information:

a) Name and address of the agent;

b) Description of the internal control mechanisms used by the agent to give

compliance with the provisions of Law No 25/2008 of June 5;

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c) Identity of the persons responsible for the management of the activity of agents and evidence

of the respective idoneity and competence.

3-Received the information listed in the preceding paragraph, the Bank of Portugal

proceeds to the registration of the agent in the special register, pursuant to Articles 20 and 21, to

less than you consider that the same are incorrect, in which case you can take action

seeking to verify the information.

4-The Bank of Portugal refuses the registration of the agent on the record if, after taking the

measures referred to in the preceding paragraph, consider that the correction of the information

provided in the terms of paragraph 2 has not been sufficiently demonstrated.

5-Payment institutions and electronic money institutions shall ensure

that the agents who act on their behalf inform the users of services of that fact

of payment.

Article 18-The

Distribution and reimbursement of electronic money by representatives of institutions of

electronic currency

1-Electronic money institutions can distribute and refund electronic money

through natural or legal persons acting on their behalf and under their

responsibility.

2-The agents to whom the electronic money institutions have availed to provide services

of payment under Art. 18 may also distribute and refund currency

electronic in the name and under the responsibility of them.

3-It is prohibited to the representatives mentioned in paragraphs 1 and 2 to issue electronic money.

4-Electronic money institutions must communicate in advance to the Bank of

Portugal the name and address of the entities authorised to distribute and refund currency

electronic on your behalf and will immediately transmit you any change to those

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elements of information.

5-Electronic money institutions assume responsibility for the whole of

acts of the persons authorized to act in their representation pursuant to this article.

Article 19.

Provision of services by third parties

1-Payment institutions and electronic money institutions may commit the

third parties the operational functions relating to payment services or the issuance of

electronic currency.

2-The Bank of Portugal must be previously informed of the intention to commit the

third parties operational functions relating to payment services or issuance of

electronic currency.

3-A institution that commits to third parties the performance of relevant operational functions

must safeguard the quality of internal control and ensure that the Bank of Portugal

has conditions to verify compliance with all applicable legal provisions.

4-A The commission to third parties of relevant operational functions shall comply with the following

conditions:

a) The responsibilities of senior executives may not be committed to third parties;

b) The institution shall be responsible for compliance with the provisions laid down in the

present regime; and

c) The institution is still obliged to comply with the conditions of authorisation.

Article 20.

Subjection to registration

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1-Payment institutions and electronic money institutions may not initiate the

your activity as long as you do not find yourself in special registration at the Bank of

Portugal.

2-The registration covers all institutions enabled to provide payment services and the

issuing electronic currency, as well as the respective 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 with

to be registered in Portugal and the respective agents and branches.

2-The registration of payment institutions shall still include elements relating to the

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 payment institutions and currency institutions

authorised electronics and the respective agents and branches; and

b) The payment services understood in the authorization of the institutions of

payment.

Article 22.

Contentious means

To the resources of the decisions of the Bank of Portugal taken in the framework of this Chapter is

applicable, with the necessary adaptations, the provisions of Article 12 of the RGICSF.

CHAPTER III

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Right of establishment and freedom to provide services of the institutions of

payment or electronic money institutions

Article 23.

General requirements

1-A payment institution or the electronic money institution with registered office in Portugal

wishing to provide services for the first time in another member state, specifically

upon the establishment of a branch office or the hiring of agent, must notify

previously this fact the Bank of Portugal, specifying the following elements:

a) Country where it is proposed to establish branch, hire agent or, in general, provide

payment services or issue electronic money;

b) Name and the address of the institution;

c) Organisational structure of the branch or the agent, when the latter is not a person

singular, and probable address of them in the host member state;

d) Names of persons responsible for the management of the branch or the agent, in the terms

of the preceding paragraph, and evidence of their suitability and competence;

e) Type of payment services to be provided on the territory of the State member of

reception.

2-Within one month of the receipt of the information referred to in the number

previous, the Bank of Portugal shall communicate them to the competent authorities of the State

host member.

3-In the event of modification of the elements set out in points b) a e) of paragraph 1, the institution

shall communicate it, in writing, to the Bank of Portugal and to the competent authority of the State

host member.

4-For monitoring the requirements set out in paragraph 1, the Bank of Portugal may carry out

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inspections in loco in the host member state, as well as delegating to its realization,

in the terms provided for in Article 34 (4).

Article 23-The

Distribution and reimbursement of electronic money in another member state

In the case of an electronic money institution with a registered office in Portugal

distribute or reimburse electronic money in another member state through

representatives in accordance with Article 18, the provisions of Article 23 shall apply, with the

necessary adaptations.

Article 24.

Registration

If there is no ground for refusal to register the branch office or agent in the register of

in accordance with the provisions of Article 21, the Bank of Portugal informs them in advance

competent authorities of the State host member of its intention to register the

branch or the agent and takes into account the opinion of these entities.

Article 25.

Refusal or cancellation of registration

In the case that the competent authorities of the host member state communicate

to the Bank of Portugal that have sufficient grounds to suspect that it was, or that it is

to be, carried out an operation or an attempt to bleaching of capital or of

financing of terrorism within the meaning of Directive No 2005 /60/CE of Parliament

European and Council, of October 26, related to the project of hiring

an agent or opening of a branch office, or that such contracting or opening up may

increase the risk of money laundering or financing operations from the

terrorism, the Bank may refuse the registration of the branch office or agent, or cancel it if it already

has been carried out.

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Article 26.

Activity in Portugal of institutions with registered offices in other member states

1-Payment institutions and electronic money institutions authorized in another

Member state of the European Union, which do not benefit respectively from the

derogation set out in Article 26 of Directive No 2007 /64/CE of the Parliament

European and of the Council of November 13 and of the derogation set out in Article 9.

of Directive 2009 /110/CE, of the European Parliament and of the Council, may provide

services in Portugal, either through the opening of branches or the hiring of

agents, whether in a free provision of services, provided that such services are

covered by the authorization.

2-Should the Bank of Portugal have sufficient grounds to suspect that it was, or that

is being, carried out an operation or an attempt to bleaching of capital or of

financing of terrorism within the meaning of Directive No 2005 /60/CE of Parliament

European and Council, of October 26, related to the project of hiring

an agent or opening of a branch office in Portuguese territory, or that such

hiring or opening up may increase the risk of bleaching operations

capitals or financing of terrorism, the Bank informs the authorities

competent from the member state of origin.

3-Institutions authorized in another member state may start their activity in

Portugal as soon as the Bank of Portugal receives from the competent authority of the State

member of origin the communications provided for in Article 23 (2) and in Article 24,

with the specification of the elements that in the case couberin.

4-In the event of a modification of the elements set out in Article 23 (b) to (e), the

institution shall communicate it, in writing, to the Bank of Portugal and to the competent authority

of the member state of origin.

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5-The agents of the institutions referred to in paragraph 1 shall inform their customers about the

institution in the name of whom they act.

6-In the exercise of its activity in Portugal, the mentioned institutions are subject to the

provisions dictated by reasons of general interest.

Article 27.

Subsidiaries and branches in third countries

To the establishment of branches and to the constitution of subsidiaries in third countries shall apply,

respectively, the Articles 42 and 42 of the RGICSF, with the necessary adaptations.

Article 27-A

Branches of third countries

To the establishment in Portugal of branches of electronic money institutions

authorized in countries that are not members of the European Union is applicable

in articles 57 to 59 of the RGICSF, with the necessary adaptations.

CHAPTER IV

Supervision of payment institutions and electronic money institutions

SECTION I

Prudential standards

SUBSECTION I

Institutions of payment

Article 28.

General principle

Payment institutions must apply the funds they dispose of in such a way

ensure, at all time, adequate levels of liquidity and creditworthiness.

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Article 29.

Minimum capital

1-Portugal-based payment institutions must, at all times, own

capital not less than:

a) € 20000, for the institutions that provide only the payment service

indicated in the paragraph f) of Article 4;

b) € 50000, for the institutions that provide the payment service indicated in the

item (g) of Article 4;

c) € 125000, for the institutions that presage any of the payment services

indicated in the points a ) a and ) of Article 4.

2-The minimum capital referred to in the preceding paragraph shall be made up of the elements

defined in the points a ) and b ) of Article 57 of the Directive No 2006 /48/CE of the Parliament

European and the Council of June 14.

3-Payment institutions shall constitute special reserves designed to strengthen the

net situation or to cover damages that the profit and loss account cannot support.

Article 30.

Own funds

1-The own funds of the payment institution shall not be less than the value of the

minimum capital required under the previous article or to the amount that result from the

Application of the following article, whicheter is higher.

2-The rules on the composition of the own funds of the payment institutions are the

fixed by warning from the Bank of Portugal.

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3-Checking of the decrease in own funds below the limit set out in paragraph 1, the

Bank of Portugal may, whenever the circumstances so warrant, grant the

institution a limited time frame for them to regularize the situation.

4-Should the payment institution belong to the same group as another institution of

payment, credit institution, financial society or insurance company, it is not

allowed the multiple use of eligible elements for own funds.

5-A multiple use of the elements eligible for own funds is also not

permitted in relation to payment institutions that exercise other activities

distinct from the provision of the payment services indicated in Article 4.

6-When a payment institution pursuits other distinct activities of the provision

of the payment services indicated in Article 4, which are also subject to

requirements of own funds, the payment institution must additionally respect

such requirements.

Article 31.

Requirements of own funds

1-The own funds of payment institutions must, in permanence, be equal

or higher than the amount that result from the application of one of the three described methods

in the Annex to this legal regime entitled "Calculation of own funds".

2-For the purposes of the provisions of the preceding paragraph, it is incumbent upon the Bank of Portugal to define the

method to be applied by each payment institution.

3-Based on an evaluation of the risk management procedures, the relative data

to the risks of losses and internal control mechanisms, the Bank of Portugal may

require or permit, respectively, that the payment institution detains an

amount of own funds upper or lower in 20%, at most, upstream

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that would result from the application of the method defined in the terms of the preceding paragraph.

4-Notwithstanding the provisions of the preceding paragraphs and in Articles 29 and 30, the Bank of

Portugal may adopt the procedures laid down in Article 6 in order to ensure that

payment institutions affect the exploitation of their activity of provision of

payment services a sufficient level of own funds, specifically when

the activities referred to in Article 8 (2) undermine or may impair the soundness

financial institution of the payment institution.

Article 32.

Requirements for protection of funds

1-Payment institutions shall ensure the protection of the funds they have been

received from users of payment services, or through another provider of

payment services, for the execution of payment transactions in accordance with a

of the following procedures:

a) Ensuring that the funds:

i) Do not, at any time, be aggregated with the funds of any

natural or legal natural person distinguished from users of the services of

payment on account of which the funds are held; and

ii) They are deposited in a separate account at an institution of credit or

invested in safe, liquid, and low-risk assets, in cases where

these funds find themselves still held by the payment institution, without

have been delivered to the beneficiary or transferred to another provider of

payment services, up to the end of the business day following that in which

have been received; and

iii) Be segregated under the provisions of paragraph 3, in the interests of the

users of the payment service in question, from the credits of others

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creditors, in particular in the event of a settlement of the payment institution.

b) Ensuring that funds are covered by an insurance policy or other

equated warranty, provided by an insurance company or institution of

credit that does not belong to the same group of the payment institution itself,

in an amount at least equivalent to what would be separated in the absence of the

said insurance policy or other warranty equating, payable in the case of the

institution of payment shall not be able to meet its financial obligations.

2-For the purposes of the provisions of the sub-paragraph iii ) of the paragraph a ) of the previous number, in case of

settlement of the payment institution, the amounts delivered by the users of

payment services cannot be apprehended for the mass in liquidation,

watching the respective holders the right to claim their separation or restitution.

3-Should a payment institution receive funds in which a fraction of these are

used in future payment operations, being the remaining amount used

for various services of the payment services, the part of the funds that is used

in future payment operations is also subject to the established requirements

in paragraph 1.

4-In case the fraction provided for in the preceding paragraph is variable, or it cannot be determined

in advance, the payment institution shall ensure compliance with the

protection requirements of funds on the basis of a representative fraction that the

payment institution presuma come to be used for payment services,

provided that such representative fraction can be estimated reasonably on the basis of

historical data.

5-The Bank of Portugal assesses the suitability of the estimates carried out and the procedures

implemented by the payment institution in fulfillment of the provisions of the present

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article, and may determine the changes or adjustments it considers necessary.

6-The Bank of Portugal sets out, by warning, the remaining technical rules and procedures

necessary for the application of this article, specifically what is meant by assets

safe, liquid and low-risk, for the purpose of the sub-paragraph ii ) of the paragraph a ) from the

n. 2, as well as the essential conditions of the insurance policy or the equivalent guarantee

and the terms and procedures of the respective triggering, for the purposes of the provisions of the

point ( b ) of paragraph 2.

Article 33.

Accounting and legal review of accounts

1-With the exception of payment institutions that presage any of the services of

payment listed in Article 4 and, at the same time, exercise other activities to the

shelter from the point c ) of Article 8 (2), shall apply to the payment institutions as

accounting standards set out in Notice No. 1/2005, of the Bank of Portugal, for the

credit institutions and financial corporations.

2-For supervisory purposes, payment institutions shall provide the Bank with

Portugal, in terms to be defined by instruction, separate accounting information for

the payment services listed in Article 4 and for the activities referred to in

n Article 8 (2)

3-Accounting information referred to in the preceding paragraph shall be the subject of

audit or legal certification report to be drawn up by an official auditor or

by society of official reviewer of accounts.

4-To the official reviewers of accounts or company of official reviewer of accounts at the service

of a payment institution and the external auditors who, by legal requirement,

you provide an institution of payment auditing services, the provisions of the

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article 121 of the RGICSF.

5-The Bank of Portugal may require the realization of special audits by entity

independent, by itself assigned, at the expense of the audited payment institution.

SUBSECTION II

Electronic money institutions

Article 33-The

General principle

Electronic money institutions must apply the funds they dispose of in such a way

ensure, at all time, adequate levels of liquidity and creditworthiness.

Article 33-B

Minimum capital

1-The electronic money institutions with a registered office in Portugal must, at all times,

have capital not less than € 350000.

2-The minimum capital referred to in the preceding paragraph shall be made up of the elements

defined in the points a ) and b) of Article 57 of the Directive No 2006 /48/CE of the Parliament

European and the Council of June 14.

3-Electronic money institutions shall constitute special reserves intended for

to strengthen the net situation or to cover damages that the profit and loss account cannot

support.

Article 33-C

Own funds

1-The own funds of the electronic money institution shall not be lower than the

value of the minimum capital required under the previous article or to the amount that

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result from the application of the following article, whicheter is higher.

2-The rules on the composition of the own funds of electronic money institutions

are those fixed by notice of the Bank of Portugal.

3-Checking of the decrease in own funds below the limit set out in paragraph 1, the

Bank of Portugal may, whenever the circumstances so warrant, grant the

institution a limited time frame for them to regularize the situation.

4-In case the institution of electronic money belongs to the same group of another institution

of electronic currency, credit institution, institution of payment, society

financial or insurance company, multiple use of elements is not permitted

eligible for own funds.

5-A multiple use of the elements eligible for own funds is also not

permitted in relation to electronic money institutions that exercise other activities

distinct from the issuance of electronic money or the provision of payment services

indicated in Article 4 para.

6-When an electronic money institution pursuits other distinct activities of the

issuance of electronic money or the provision of the payment services indicated in the

article 4, which are also subject to requirements of own funds, the institution

of payment must additionally respect such requirements.

Article 33-D

Requirements of own funds

1-The own funds of electronic money institutions must, in permanence, be

equal to or higher than the amount that results from the sum of the requirements set out in the

following numbers.

2-With regard to electronic money issuance activity, the requirements of

own funds of electronic money institutions must correspond at least

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at 2% of the average value of the electronic currency in circulation.

3-With regard to the activity of the provision of payment services referred to in the

article 4 not associated with the issuance of electronic money, the requirements of funds

own from the electronic money institutions are those that result from the application of a

of the three methods described in the Annex to this legal regime entitled " Calculation of the

own funds ", applying the provisions of Article 31 (2) and (4) of this scheme.

4-Based on an evaluation of the risk management procedures, the relative data

to the risks of losses and internal control mechanisms, the Bank of Portugal may

require or permit, respectively, that the electronic money institution detains an

amount of own funds upper or lower in 20%, at most, upstream

that would result from the application of paragraph 2 of this article.

5-Notwithstanding the provisions of the preceding paragraphs and in Articles 33-B and 33.-C, the Bank

of Portugal may adopt the procedures laid down in Article 6 in order to ensure

that electronic money institutions affect the exploitation of their activity of

issuance of electronic money and the provision of payment services a level

sufficient funds of its own, specifically when the activities referred to in paragraph 2

of Article 8-prejudging or may prejudice the financial soundness of the institutions.

Article 33-And

Requirements for protection of funds

1-Electronic money institutions shall ensure the protection of funds that

have been received in exchange for electronic money, applying with due

adaptations, the provisions of Article 32, without prejudice to the specialities set out in the

numbers 3 a to 7.

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2-To the activity of the provision of payment services referred to in Article 4 no

associated with the issuance of electronic money applies to the provisions of Article 32.

3-The funds received in the form of payment by a non-payment instrument

have to be protected until they are credited to the payment account of the institution of

electronic currency or by another means made available to the same institution, of

agreement with the provisions on the period of implementation set out in the present

legal regime. In any case, the institutions must ensure the protection of these

funds within five working days, from the date of issuance of the electronic currency.

4-For the purpose of the application of the procedures laid down in the sub-paragraph ii) of the paragraph a ) from the

n Article 32 (1) with regard to funds that have been received in return

of electronic money, consider themselves as safe and low-risk assets the assets that

belong to one of the categories listed in Table 1 of point 14 of Annex I to

Directive 2006 /49/CE, of the European Parliament and of the Council of June 14, 2006,

on the appropriateness of the own funds of investment firms and the

credit institutions, in respect of which the requirement of own funds for risk

specific do not exceed 1.6%, but with the exclusion of other eligible elements

referred to in point 15 of the same Annex.

5-Considered, still, safe and low-risk assets the units of participation in the

capital of collective investment bodies in securities (UCITS) that

only invist in the assets referred to in the preceding number.

6-In exceptional and duly justified circumstances, the Bank of Portugal may,

on the basis of an assessment of safety, 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 and low risk requirements.

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7-For the purposes of paragraphs 1 and 2, the Bank of Portugal may determine which of the

procedures provided for in Article 32 (1) shall be used by the institutions of

electronic money to ensure the protection of the funds received.

8-Electronic money institutions must inform the Bank of Portugal in advance

of any relevant change they wish to adopt in respect of the protection of the

funds that have been received in exchange for electronic money.

Article 33-F

Accounting and legal review of accounts

The rules on accounting and legal review of accounts provided for in Article 33 apply.

to electronic money institutions, with due adaptations.

Article 33-G

Communication of the qualifying holdings, their increase and decrease

1-A natural or legal person who, directly or indirectly, intends to hold a

qualified participation within the meaning of Article 13 (7) of the RGICSF in a

electronic money institution must communicate in advance to the Bank of Portugal the

your project.

2-They must still be communicated in advance to the Bank of Portugal the acts involving

increase in a qualified participation, whenever they may result, depending on the

cases, a percentage that achieves or exceeds any of the thresholds of 20%, 30% or

50% of the capital or voting rights at the participating institution, or when this one if

turn into a subsidiary of the procuring society.

3-The Bank of Portugal may, under the terms of Article 102 of the RGICSF, declare

officiously the qualified character of any participation in the capital or the rights

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of a vote of an electronic money institution.

4-A celebration of the acts upon which the acquisition projects are realized

or increase in qualified participation, subject to prior communication in the terms of the

Paragraphs 1 and 2, shall be communicated to the Bank of Portugal within 15 days.

5-A natural or legal person who intends to cease to hold a stake

qualified, or decreasing it in such a way that the percentage of the voting rights or the

capital of which it is holder shall be given down to below any of the thresholds referred to in paragraph 2,

or in such a way that the institution cede to be its subsidiary, must inform the

Bank of Portugal and communicate you the new amount of your participation.

6-If you check the reduction of a stake to a level below 10% of the capital or

of the voting rights of the participating institution, the Bank of Portugal will communicate to its

holder, within a maximum of 30 working days, considers that the participation therefrom

resulting in a qualified character.

7-The situation provided for in paragraph 5 shall apply, with due adaptations, to the provisions of paragraph 4.

8-The Bank of Portugal establishes, by notice, the elements and information that they must

follow up with the communication provided for in paragraphs 1 and 2.

9-If the communication carried out pursuant to this article is not properly

instructed, the Bank of Portugal informs the proposed acquirer, in writing, of the

elements or missing information.

Article 33-H

Assessment of the acquisition project or increase in qualified participation

1-The Bank of Portugal may object to the project of acquisition or increase of

qualified participation based on the provisions of paragraphs 1 and 2 of Article 103 of the

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RGICSF, duly adapted.

2-The Bank of Portugal informs the proposed acquirer of its decision within 60 days

useful as of the date of receipt of the communication provided for in paragraphs 1 and 2 of the article

previous or of the date response to the request for additional information to which they relate

the preceding Article 9 (9) and the following number, but never after 4 months have elapsed

after that first date.

3-The Bank of Portugal may request the proposed acquirer, at all time, elements

and supplementary information, as well as carry out the enquiries that you consider

necessary.

4-Should you decide to oppose the project, the Bank of Portugal:

a) Informs the proposed acquirer, in writing, of its decision and of the reasons that

substantiate, within 2 working days from the date of the decision and before the

term of the period provided for in paragraph 2;

b) It may disclose to the public the reasons that substantiate the opposition, by its

initiative or at the request of the proposed acquirer.

5-It is considered that the Bank of Portugal is not opposed to the project if it does not address the

deadline provided for in paragraph 2.

6-Articles 105 and 106 of the RGICSF are applicable, with the necessary adaptations, to

inhibition of voting rights in the institution of participating electronic money or in

entity that detains, directly or indirectly, voting rights in the institution of currency

electronic participates and, still, to the inhibition of voting rights exercised by the institution

participated in other institutions with which to find in domain relation, direct

or indirect.

Article 33-I

Communication by electronic money institutions

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1-Electronic money institutions communicate to the Bank of Portugal, as soon as they

have knowledge, the changes referred to in Article 33.

2-In April of each year, electronic money institutions communicate to the Bank of

Portugal the identity of its shareholders holders of qualified participations and the

amount of the respective shareholdings.

SECTION II

Supervision of the Bank of Portugal

Article 34.

Supervisory procedures

1-The Bank of Portugal sail by the observance of the standards of this Title by exercising the

competencies set out in Article 6 and adopting the measures especially

provided for in other provisions.

2-Checking in some of the circumstances referred to in Article 13, the Bank of

Portugal may still determine, at any time, that the institution subject to its

supervision constitutes a commercial company that has the exclusive object to

provision of the payment services listed in Article 4 or, in the case of

electronic money institutions, the provision of these services and the issuance of currency

electronic, within the time limit for the effect to be fixed.

3-It is secondarily applicable to the supervisory activity of payment institutions and

of electronic money institutions, with the necessary adaptations, the provisions of the

RGICSF, in particular the standards set out in Articles 120, 127 and 128 of that

regime.

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4-The Bank of Portugal can carry out inspections in loco in the territory of the State member of

hosting or delegating such incumbency in the competent authorities of the said

Member state, in one and in another case after notifying such entities.

5-In the exercise of its prudential supervisory functions, the Bank of Portugal cooperates

with the competent authorities of the host member states and exchange with them

all essential and relevant information, in particular in the case of infringements or

suspected infringement on the part of an agent, a branch office or an entity to

who have been committed operational roles, and shall have to this effect communicate,

if this is requested, all relevant information and, on its own initiative,

all essential information.

Article 35.

Institutions authorized in other member states

1-Payment institutions and electronic money institutions authorized in others

Member states and which provide services in Portugal, provided that they are subject to supervision

of the competent authorities of the countries of origin, are not subject to supervision

prudential of the Bank of Portugal.

2-Compete to the Bank of Portugal to collaborate with the competent authorities of the States

members of origin with regard to the supervision of branches, agents and third parties with

operational functions, which prestakes services in Portugal under the responsibility of the

institutions mentioned in the previous number.

3-In view of exercising the functions of prudential supervision that are incumbent upon them, the

competent authorities of the member states of origin, after they have informed of the

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Fact the Bank of Portugal, can carry out inspections in loco in Portuguese territory.

4-A request of the competent authorities of the member states of origin, the realization

of the inspections mentioned 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 essential and relevant information, in particular in the case of infringements

or of suspected infringement by an agent, a branch or a

entity to whom operational functions have been committed, owing to that effect

communicate, if this is requested, all relevant information and, by its own

initiative, all essential information.

6-In the event of a revocation or expiry of the authorisation in the Member State of origin,

the provisions of Article 47 of the RGICSF shall apply, with the necessary adaptations.

7-The provisions of the preceding paragraphs shall be without prejudice to the obligations incumbent upon

Bank of Portugal and the remaining competent Portuguese authorities, by virtue of the Law

n. 25/2008 of June 5 and of the Decree-Law No. 125/2008 of July 21, in what if

refers to the supervision and monitoring of compliance with the standards set out in these

diplomas.

Article 36.

File

1-Without prejudice to other applicable legal provisions, specifically in the context of

prevention of money laundering or the financing of terrorism, the

payment institutions and electronic money institutions must maintain in

file the records of all payment operations and too much documentation

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on the provision of payment services during the minimum term of 5 years.

2-Electronic money institutions must still keep in file, in the terms and

by the time limit set out in paragraph 1, the registrations of all issuance operations, distribution

and refund of electronic money and too much documentation relating to these operations.

Article 37.

Professional secrecy and cooperation

1-The professional secrecy regime provided for in Articles 78 and 79 of the RGICSF shall apply

to payment institutions and electronic money institutions, with due

adaptations.

2-It is applicable to the Bank of Portugal the provisions of Articles 80 to 82 of the RGICSF, with the

specifics of the following numbers.

3-As a competent supervisory authority for the purposes of this scheme

legal, the Bank of Portugal cooperates and exchanges information with the authorities of

supervision of the remaining member states and, where appropriate, with the Central Bank

European and the national central banks, as well as with other authorities

competent persons designated in the terms of the Community or National Law applicable to the

providers of payment services.

4-The Bank of Portugal may also exchange information with the following entities:

a) Public authorities responsible for the supervision of payment systems and

of liquidation;

b) Other relevant authorities designated pursuant to Directive No 95 /46/CE,

of the European Parliament and of the Council, of October 24, of the Directive

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n. 2005 /60/CE, of the European Parliament and of the Council of October 26 and of

other national or community diplomas applicable to providers of

payment services, such as those applicable to the protection of natural persons

with regard to the processing of personal data, as well as the

money laundering and the financing of terrorism.

Article 38.

Violation of the duty of secrecy

Without prejudice to other applicable sanctions, the breach of duty of secrecy is punishable in the

terms of the Criminal Code.

CHAPTER V

Common provision

Article 39.

Rules on access to payment systems

1-The rules regarding access to payment systems by providers of

payment services authorised or registered that are legal persons must

be objective, non-discriminatory and proportionate, and should not hinder access

as it exceeds what is necessary to prevent specific risks, such as the

risk of liquidation, operational risk and commercial risk, and to safeguard the

financial and operational stability of payment systems.

2-The provisions referred to in the preceding paragraph shall not be allowed to impose on the providers of

payment services, users of payment services or other systems

of payment:

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a) Restrictions with regard to effective participation in other payment systems;

b) Discrimination between providers of authorized payment services or between

providers of registered payment services, concerning rights,

obligations or advantages assigned to participants; or

c) Restrictions based on the society-based form adopted.

3-The provisions of the preceding paragraphs shall not apply:

a) To the payment systems designated under the Decree-Law No 221/2000,

of September 9;

b) To payment systems consisting exclusively of providers of

payment services belonging to a group composed of entities that

possess capital links that confirm to one of the entities linked a

effective control over the remaining ones;

c) To payment systems in which a single service provider of

payment, be it a singular entity or a group:

i) Act or you can act on the quality of payment service provider

both for the payer and the beneficiary and detain the

exclusive responsibility for the management of the system; and

ii) Licensees other payment service providers to participate in the

system, not having the latter right to negotiate commissions with each other

relatively to the payment system, although they can establish the

respective prices with respect to payers and beneficiaries.

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4-Compete to the Bank of Portugal, under the assignments conferred on it by the

your Organic Law, ensure the application of the provisions of this Article, without prejudice to the

competences of the Competition Authority.

Title III

Provision and use of payment services

CHAPTER I

Transparency of the conditions and information requirements applicable to the services of

payment

SECTION I

General rules

Article 40.

Scope of application

1-This Chapter applies to the insulated payment transactions, to the

framework contracts and payment transactions by these covered.

2-The provisions of this Chapter apply to microenterprises in the same way as

to consumers.

3-When the user of the payment service is not a consumer, the parties

may deviate, in whole or in part, the provisions of this Chapter.

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4-This Chapter applies without prejudice to the provisions of the Decree-Law No. 133/2009, of

June 2.

5-A other legislation concerning the conditions for granting credit for consumption is

applicable in so far as it contains provisions not provided for in this chapter.

Article 41.

Other provisions in pre-contractual information

1-The provisions of this Title shall be without prejudice to any provisions containing

supplementary requirements on pre-contractual information.

2-In the situations covered by the Decree-Law No. 95/2006 of May 29, Articles 42,

47, 48, 52 and 53 of the present legal regime shall prevail over the provisions of the

articles 9, 11, paragraph 1, 13 and 14, with the exception of points (1) c) a h ), in Article 15, with

exception of points a ), b ) and c ) of paragraph 1 and paragraph 2, and still in Article 16, with the exception of

point ( a ) of the cited decree-law.

Article 42.

Language and transparency of information

All information and conditions to be provided by the payment service provider to the

user of payment services within this legal regime shall:

a) Be transmitted in Portuguese language, except when it is agreed between the

parts the use of another language;

b) Be set out in easily understandable and clear-minded terms and

intelligible; and

c) Allow for easy reading by an average visual acuity reader, in cases where

are provided through paper support or other lasting support.

Article 43.

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Charges of information

1-The provider of the payment service may not charge the user of the service of

payment of the charges with the provision of information provided for in this Chapter.

2-The provider and the user of the payment service may, however, agree on the

charging of charges for the provision of additional or more frequent information, or

by the transmission of information by communication routes other than those specified in the

framework contract, provided that the provision or transmission takes place at the request of the user

of the payment service.

3-In cases provided for in paragraph 2, charges shall be appropriate and correspond to the

costs effectively borne by the provider of the payment service.

Article 44.

Burden of proof with regard to the information requirements

It is up to the payment service provider to prove that it has complied with the requirements of

information set out in this title.

Article 45.

Derogation from information requirements for payment and currency instruments

low value electronics

In the case of payment instruments which, in accordance with the framework contract, say

respect only to individual payment transactions that do not exceed € 30, which have

a cap on expenses of € 150 or allowing to store funds whose amount does not

exceed, in no situation, € 150:

a) By way of derogation from the provisions of Articles 52, 53 and 57, the provider of the service

of payment is only obliged to provide the payer with information about the

main features of the service, including the way the instrument of

payment may be used, the liability, charges invoiced and

other significant information required to make an informed decision,

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as well as the indication of the sources where, in an easily accessible manner,

you may be obtained any other information and conditions specified in the

article 53;

b) It may be agreed that, by way of derogation from the provisions of Article 55, the provider

of payment services does not have to propose any changes of the

conditions of the framework contract under the terms set out in Article 55 (1);

c) It may be agreed that, by way of derogation from the provisions of Articles 58 and 59, after

the execution of a payment transaction:

i) The payment service provider provides or makes available only one

reference that allows the user of the service to identify the operation of

payment, their amount and the respective charges or, in the case of several

payment transactions of the same genus carried out at the same

beneficiary, a unique reference of identification of the set of these

payment transactions, respective amount and total charges;

ii) The provider of the payment service is not obliged to provide or

make available the information referred to in the previous sub-paragraph if the

payment instrument for use in an anonymous form or if, by

any other reason, the provider of the payment service is not

technically in conditions of doing so, with, in any case, the

payment service provider must give the payer the possibility

of checking the amount of the accumulated funds.

SECTION II

Payment transactions of an isolated character

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Article 46.

Scope of application

1-A This section applies to non-payment transactions of an isolated character not

covered by a framework contract.

2-Should a payment order for a payment transaction of an isolated character

is transmitted through a payment instrument covered by a contract

frame, the payment service provider is not obliged to provide or the

make information available that has already been or should come to be communicated to the user

of the payment service pursuant to a framework contract with another provider of

payment services.

Article 47.

Pre-contractual general information relating to payment transactions of character

isolated

1-The payment service provider shall communicate the information and conditions

specified in Article 48 to the user of payment services before this stay

linked by a contract or proposal to provide payment service of

isolated character.

2-The provider of the payment service shall inform the user of the service of

payment of which, at the request of this, the provision of the said information and

conditions must be carried out on paper support or in any other support

lasting.

3-If the secluded payment service contract has been concluded, on request

of the user of the payment service, through a means of distance communication

that do not allow the payment service provider to comply with the provisions of paragraphs 1 and

2, the latter must comply with the obligations established there immediately after the

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execution of the payment transaction.

4-The obligations set out in paragraphs 1 and 2 may be fulfilled upon delivery of

a copy of the draft contract of payment service of character payment

isolated or from the payment order project that includes the information and conditions

specified in Article 48.

Article 48.

Information and conditions relating to insulated payment transactions

1-Payment service providers must provide or make available to the user

of the payment service the following information and conditions:

a) The precise information or the unique identifier to be provided by the user of the

payment service so that a payment order can be executed

in an appropriate manner;

b) The maximum period of implementation applicable to the provision of the payment service;

c) All charges to be paid by the user to the provider of the payment service

and, where appropriate, the discrimination of the respective amounts;

d) Where applicable, the effective exchange rate or the reference exchange rate to

apply to the payment transaction.

2-Where applicable, any other relevant information and conditions specified in the

article 53 shall be made available to the user of the payment service of a

easily accessible form.

Article 49.

Information to be provided to the payer upon receipt of the order of payment

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Immediately upon receipt of the order of payment, the service provider of

payment of the payer must provide to this, or to put at its disposal, in the terms of the article

42. and Article 47 (2), the following information:

a) A reference that allows the payer to identify the payment transaction and,

where appropriate, information relating to the beneficiary;

b) The amount of the payment transaction in the currency used in the order of

payment;

c) The amount of possible charges from the payment transaction that the payer

must pay and, where appropriate, the respective discrimination;

d) Where applicable, the exchange rate applied to the payment transaction by the

payment service provider of the payer, or a reference to the same,

if it is different from the rate resulting from point (d) of Article 48 (1), as well as

the amount of the payment transaction after such monetary conversion; and

e) The date of receipt of the order of payment.

Article 50.

Information to be provided to the beneficiary after the execution of the payment transaction

Immediately after the execution of the payment transaction, the service provider of

payment of the beneficiary must provide to this, or put at its disposal, under the terms of the

article 42 and Article 47 (2), the following information:

a) The reference that allows the beneficiary to identify the payment transaction and,

where appropriate, the payer and any information transmitted in the scope

of the payment transaction;

b) The amount transferred in the currency in which the funds are made available to the

beneficiary;

c) The amount of possible charges from the payment transaction that the beneficiary

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must pay and, where appropriate, the respective discrimination;

d) Where applicable, the exchange rate applied to the payment transaction by the

payment service provider of the beneficiary, as well as the amount of the

payment operation before such monetary conversion; and

e) The date-value of the credit.

SECTION III

Framework contracts

Article 51.

Scope of application

This section shall apply to the payment transactions covered by a contract

frame.

Article 52.

Pre-contractual general information

1-The payment service provider shall communicate the information and conditions

specified in Article 53 to the user of payment services before this stay

bound by a framework contract or by a framework contract proposal.

2-A communication shall be carried out on paper support or in any other support

lasting.

3-If the contract framework contract has been concluded, at the request of the user of the

payment service, through a means of distance communication that does not allow

to the provider of the payment service respect the provisions of paragraph 1, the latter shall

to comply with the obligations set out in paragraph 1 immediately after the conclusion of the

framework contract.

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4-The obligations set out in paragraph 1 may also be fulfilled upon delivery

of a copy of the framework contract project that includes the information and conditions

specified in Article 53.

Article 53.

Information and conditions

They shall be provided to the user of the payment service the following information and

conditions:

a) As for the payment service provider:

i) The name of the provider of the payment service, the geographical address of the

your central administration and, where applicable, the geographical address of your

agent or branch in Portugal, as well as any other addresses,

particularly electronic mail, useful for communication with the

provider of the payment service; and

ii) The elements of information concerning the supervisory authorities

competent and for the registration provided for in Article 20, or any other record

relevant public of authorization of the payment service provider,

as well as the registration number or other form of equivalent identification

in that register;

b) As for the payment service:

i) A description of the main characteristics of the payment service to

provide;

ii) The precise information or the unique identifier to be provided by the user

of the payment service in order that a payment order may be

conveniently executed;

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iii) The form and procedures of communicating consent to

carry out a payment transaction and for the withdrawal of that consent

in the terms of Articles 65 and 77;

iv) The reference to the moment of receipt of a payment order, in the

meaning of Article 75, and, if it exists, at the time limit established by the

payment service provider;

v) The maximum period of implementation applicable to the provision of the services of

payment; and

vi) Whether there is a possibility of entering into an agreement on spending limits for

the use of the payment instrument, in accordance with Article 1 (1)

66.

c) As for charges, interest and exchange rates:

i) All charges to be paid by the user of the payment service to the

respect provider and, where appropriate, the discrimination of the respective

amounts;

ii) Where appropriate, the interest and exchange rates to be applied or, should they be

used interest or reference exchange rates, the method of calculating the

effective interest, as well as the relevant date and index or the basis for

determination of this interest rate or reference exchange rate; and

iii) If this is agreed, the immediate implementation of changes in the interest rate or of

reference exchange and the information requirements for changes

pursuant to paragraph 4, 5 and 6 of Article 55;

d) As for the communication:

a. Where appropriate, the means of communication, including the requirements

technical of the user equipment of the payment service,

agreed between the parties for the transmission of the information

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provided for in this legal regime;

ii) The forms of provision or provision of information in the terms

of the present legal regime and the respective frequency;

iii) The language or languages in which the framework contract should be concluded and in

that should be processed for communications during the contractual relationship; and

iv) The user's right of the payment service to receive the terms of the

framework contract and the information and conditions pursuant to Rule 54.

e) The preventive and rectifying measures:

i) Where appropriate, a description of the measures that the user of the service of

payment must take to preserve the security of the instruments of

payment, as well as how to notify the provider of the service of

payment for the purposes of the ( b ) of Article 67 (1);

ii) If this is agreed upon, the conditions in which the provider of the service of

payment can reserve the right to block an instrument from

payment under Article 66;

iii) The responsibility of the payer pursuant to Art. 72, specifically

the information relating to the amount concerned;

iv) The forms and timeframe of which the user of the payment service has

to notify the provider of the payment service of any transaction

not authorized or improperly executed, pursuant to Rule 69,

as well as the liability of the payment service provider by

unauthorised transactions, pursuant to Article 71;

v) The liability of the payment service provider by the execution

of the payment transactions pursuant to Articles 86 and 87; and

vi) The conditions for reimbursement under Articles 73 and 74.

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f) The changes and denunciation of the framework contract:

i) If this is agreed, the information on which the user is deemed to be

payment service accepted the change of the conditions under the terms of the

article 55, unless you have notified the provider of the service of

payment that you do not accept it prior to the date of entry into force of the

proposal;

ii) The duration of the contract; and

iii) The right that assists the user of the payment service of denouncing the

framework contract and possible agreements relating to the complaint, pursuant to the

n Article 55 (3) and Article 56.

g) As for the repair:

i) Any contractual clause relating to the legislation applicable to the contract

framework and the competent court; and

ii) The procedures for complaint and extrajudicial repair at the disposal

of the user of the payment service, pursuant to Articles 92 and 93.

Article 54.

Access to information and conditions

In the course of the contractual relationship, the user of the payment service shall have the right to

receive, at your request and at any time, the terms of the framework contract, as well as

the information and conditions specified in Article 53, in support of paper or in

any other lasting support.

Article 55.

Change of conditions

1-Any change to the framework contract or the information and conditions specified in the

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article 53 shall be proposed by the provider of the payment service, pursuant

provided for in Article 42 and in Article 52 (2), and no later than two months before the

date proposed for its application.

2-If this is applicable under the sub-paragraph i) of the paragraph f) of Article 53, the provider of the

payment service shall inform the user of the payment service of which

considers that the latter has accepted such changes if he has not notified the provider of the

payment service of which you do not accept them prior to the proposed date for entry into

vigour of the same.

3-In the case referred to in the preceding paragraph, the provider of the payment service shall

also specify that the user of the payment service has the right to report

the framework contract, immediately and without charge, prior to the proposed date for the

application of the amendments.

4-Changes in interest or exchange rates can be applied immediately and without

pre-notice provided that such right has been agreed in the framework contract and that the

changes are based on agreed upon interest rates or reference exchange rates in the

terms of the subparagraphs ii ) and iii ) of the paragraph c ) of Article 53.

5-The user of payment services shall be informed the most quickly

possible of any change in the rate of interest in the terms set out in Article 42 and in the

n Article 52 (2), unless the parties have agreed on a periodicity or in

specific forms for the provision or provision of the information.

6-Changes in interest or exchange rates that are more favourable to users

of the payment service can be applied without notice.

7-Changes in interest or exchange rates used in payment transactions

must be applied and calculated in a neutral manner, in order not to establish

discrimination among users of the payment service.

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Article 56.

Denunciation

1-The user of the payment service may denounce the framework contract in any

moment, save if the parties have agreed in a period of notice, which no

may be more than one month.

2-When the user of payment services is a consumer or a

microenterprise, the complaint of the framework contract is always free of charge for the

user.

3-Out of the cases provided for in the preceding paragraph, the denunciation of framework contracts of

indefinite duration or celebrated for a fixed period of more than 12 months is exempt

of charges for the user of payment services after the end of the period 12

months, being that, in all other cases, the charges of the complaint must be

appropriate and correspond to the supported costs.

4-If this is agreed upon in the framework contract, the payment service provider may

denouncing a framework contract of undetermined duration upon a notice of,

at least two months, in the terms provided for in Article 42 and in Article 52 (2).

5-In cases of changes to the framework contract or the information and conditions

specified in Article 53, the user of the payment service shall have the right to

report the framework contract immediately and without charge prior to the proposed date for

the application of the amendments.

6-The charges regularly invoiced by the provision of payment services are

only due by the user of payment services in the part proportional to the

period that has elapsed to the date of resolution of the contract, and if such charges are

paid in advance, must be restituted in the portion proportional to the period yet

not elapsed.

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Article 57.

Information to be provided prior to the execution of individual payment transactions

In the case of an individual payment transaction, carried out under a contract

framework and initiated by the payer, the payment service provider shall provide, the

order of the payer and in respect of such operation, the following specific information:

a) Maximum period of implementation of the individual payment transaction;

b) Charges that the payer must bear and, where applicable, 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 has been debited in the

account of the payer, or, if the payer does not use an account, upon receipt of the

order of payment, the payment service provider of the payer provides this,

immediately, unless justified delay, and in the terms provided for in Article 42 and paragraph 2

of Article 52, the following information:

a) A reference that allows the payer to identify each operation of

payment and, where applicable, information relating to the beneficiary;

b) The amount of the payment transaction in the currency in which it is debited in the account

of the payer or in the currency used in the order of payment;

c) The amount of possible charges of the payment transaction and, where applicable,

the respective discrimination, or the interest that the payer should pay;

d) Where applicable, the exchange rate applied to the payment transaction by the

payment service provider of the payer, as well as the amount of the

payment operation after such monetary conversion; and

e) The date-value of the debit or the date of receipt of the order of payment.

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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 an agreed form that allows the payer to store and

reproduce information unchanged.

3-The framework contract shall include a stipulation stipulating that, by express request

of the user of payment services, the payment service provider gets

thank you for free of charge the information referred to in paragraph 1, on paper support,

once a month.

Article 59.

Information to be provided to the beneficiary about individual payment transactions

1-After the execution of an individual payment transaction, the service provider of

payment of the beneficiary provides to this, without unwarranted delay and in the terms provided for

in Article 42 and in Article 52 (2), the following information:

a) A reference that allows the beneficiary to identify the payment transaction and,

where appropriate, the payer, and possible information transmitted in the context of

payment operation;

b) The amount of the payment transaction, in the currency in which it is credited to the account

of the beneficiary;

c) The amount of possible charges of the payment transaction and, where applicable, the

respective discrimination, or the interest that the beneficiary should pay;

d) Where applicable, the exchange rate applied to the payment transaction by the

payment service provider of the beneficiary, as well as the amount of the

payment operation before such monetary conversion; and

e) The date-value of the credit.

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

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per month and second an agreed form that allows the beneficiary to store and

reproduce information unchanged.

3-The framework contract shall include a stipulation stipulating that, by express request

of the user of payment services, the payment service provider shall

provide free of charge the information referred to in paragraph 1, on paper support, once

per month.

SECTION IV

Common provisions

Article 60.

Currency and monetary conversion

1-Payments are made in the currency agreed upon between the parties.

2-Should a monetary conversion service be proposed prior to the start of the operation of

payment, through automatic payment terminal or by the beneficiary, the party

which proposes the monetary conversion service to the payer must provide the following

information:

a) Charges that the payer must bear;

b) Exchange rate to be applied for the purposes of the conversion into the payment transaction.

Article 61.

Information on additional charges or reductions

1-Should the beneficiary cover charges or propose a reduction by the use of a

given instrument of payment, it shall inform the payer of that fact, before the

start of the payment operation.

2-Should the provider of the payment service, or a third party, cover charges for

use of a given instrument of payment, shall inform the

user of the payment service before the start of the payment transaction.

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CHAPTER II

Rights and obligations with respect to the provision and use of payment services

SECTION I

Common provisions

Article 62.

Scope of application

1-The provisions of this Chapter apply to microenterprises in the same way as

to consumers.

2-When the user of the payment service is not a consumer, the parties

may deviate from the application, in whole or in part, of the provisions of Article 63 (3) thereof.

n Article 65 (3) and Articles 70, 72, 74, 77, and 87, 86 and 87 and,

agree on a period other than that set out in Article 69.

3-This Chapter applies without prejudice to the provisions of the Decree-Law No. 133/2009, of

June 2.

4-A other legislation concerning the conditions for granting credit for consumption is

applicable in so far as it contains provisions not provided for in this chapter.

Article 63.

Charges applicable

1-The payer and the beneficiary may only be required for charges invoiced by the

respective payment service provider.

2-In the event that the payment transaction involves the realization of conversion operations

monetary, the payer and the beneficiary may agree on a division of charges

different from the one set in the previous number.

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3-The provider of the payment service may not charge the user of the service of

payment of the charges inherent in fulfilling your information obligations

or of the corrective and preventive measures provided for in this Chapter.

4-Without prejudice to the provisions of the preceding paragraph, the provider and the user of the service of

payment may agree on the charging of charges in the following situations:

a) Notification of justified refusal to carry out a payment order, in the

terms provided for in Article 76 (2);

b) Revocation of a payment order, pursuant to Article 7 (7)

77.

c) Recovery of funds, in the terms provided for in Article 85 (3).

5-In cases provided for in the preceding paragraph, charges shall be appropriate and

match the costs effectively borne by the provider of the service of

payment.

6-The payment service provider shall not prevent the beneficiary from, relatively

to the use of a particular payment instrument:

a) Offer a reduction by its use; or,

b) Require a charge for their use, save where the beneficiary

impose on the payer the use of a specific payment instrument

or when there is a legal provision that limits this right to encourage the

competition or to promote the use of effective payment instruments.

Article 64.

Derogation for low-value payment instruments and electronic currency

1-In the case of payment instruments which, in accordance with the framework contract, say

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respect only to individual payment transactions that do not exceed € 30, which

have a limit of expenditure of € 150, or that allow to store funds whose

amount not to exceed, in any situation, € 150, the service providers of

payment may agree with the respective users who:

a) Do not apply to ( b) of Article 67 (1), the points c ), d ) and and ) of paragraph 1

of Article 68 and paragraphs 4 and 5 of Article 72, should the instrument of payment

do not allow to block such operations nor prevent their subsequent use;

b) Do not apply Articles 70 and 71 and paragraphs 1 and 2 of Article 72, should the

payment instrument is used in an anonymous form or the provider of the

payment service cannot, for other intrinsic reasons to the instrument

of payment, provide proof that the payment transaction has been authorized;

c) By way of derogation from the provisions of paragraphs 2 a to 4 of Article 76, the provider of the service of

payment is not obliged to notify the user of that service of the refusal to

a payment order, if the non-execution if it can deprehend from the context;

d) By way of derogation from the provisions of Article 77, the payer shall not be able to revoke the

order of payment after you have communicated this order, or your

consent, to the beneficiary to carry out the payment transaction;

e) By way of derogation from the provisions of Articles 80 and 81, other time limits apply

execution.

2-Articles 71 and 72 shall also apply to electronic money within the meaning of paragraph

d) of Article 2, unless the payer of the payer of the payer does not have the

possibility to block the payment instrument that only allows to store

funds the amount of which never exceeds € 150.

SECÇAO II

Authorization of payment transactions

Article 65.

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Consent and withdrawal of consent

1-A payment transaction or a set of payment transactions only if

consider it to be authorized if the payer consents to its execution.

2-The consent must be given in advance to the implementation of the transaction, unless it is

agreed between the payer and the respective provider of the payment service that the

even be provided at a later time.

3-The consent referred to in the preceding paragraphs shall be given in the agreed form

between the payer and the respective provider of the payment service, being that, in

case of failure to comply with the agreed manner, if it considers that the payment transaction

has not been authorized.

4-Consent may be withdrawn by the payer at any time, but never

after the moment of irrevocability established pursuant to Rule 77.

5-The consent given to the execution of a set of payment transactions may

also be withdrawn, hence resulting that any payment transaction

subsequent should be considered unauthorized.

6-The procedures for communication and withdrawal of consent are agreed upon between

the payer and the provider of the payment service.

Article 66.

Limits on the use of the payment instrument

1-In cases where a specific payment instrument is used, for the purpose of

communication of the consent, the payer and the respective provider of the service of

payment may agree on expense limits for the payment transactions

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performed through the payment instrument in question.

2-Mediating stipulation expressed in the framework contract, the provider of services of

payment may reserve the right to block an instrument of payment by

objectively substantiated grounds, which relate to:

a) The security of the payment instrument;

b) The suspicion of unauthorized or fraudulent use of that instrument; or

c) The significant increase in the risk of the payer not being able to comply with its

payment responsibilities, if it deals with a payment instrument

with an associated line of credit.

3-In cases referred to in the preceding paragraph, the payment service provider shall

inform the payer of the blocking of the payment instrument and the respective

justification for the agreed form, if possible before blocking the instrument from

payment or, at the latest, immediately after the blockage, unless such information

it cannot be provided for objectively substantiated security reasons or if

is prohibited by other applicable legal provisions.

4-As soon as they cease to check the grounds that led to the blockade, the provider of the

payment service shall unlock the payment instrument or replace it with

a new one.

Article 67.

Obligations of the user of payment services associated with the instruments of

payment

1-The user of payment services with a right to use an instrument of

payment has the following obligations:

a) Use the payment instrument in accordance with the conditions governing the

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its emission and use; and

b) Communicate, without unwarranted delays, to the payment service provider

or to the entity designated by the latter, as soon as they have knowledge, the

loss, theft, abusive appropriation or any unauthorized use of the

instrument of payment.

2-For the purposes of the a ) of the previous number, the user of payment services shall

take all reasonable steps, in particular when receiving an instrument of

payment, to preserve the effectiveness of your personalized security devices.

Article 68.

Obligations of the payment service provider associated with the instruments of

payment

1-The payment service provider that issues a payment instrument has the

following obligations:

a) Ensure that the personalized security devices of the instrument of

payment shall only be accessible to the user of payment services which has

right to use the said instrument, without prejudice to the obligations of the

user of the payment service established in the previous article;

b) Refrain from sending unsolicited payment instruments, save when

an instrument of this type already delivered to the user of payment services

should be replaced;

c) Ensure the availability, at all times, of appropriate means for

enable the user of payment services to proceed to the notification provided

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in the paragraph b) of paragraph 1 of the preceding article or request the unlock in the terms of the

n Article 66 (4);

d) The provider of the payment service shall provide the user with the service of

payment, at the request of this, the means necessary to make proof, during 18

months after the notification provided for in paragraph b ) of paragraph 1 of the previous article, of which

has made such notification; and

e) Prevent any use of the instrument of payment as soon as the notification

provided for in paragraph b ) of paragraph 1 of the preceding Article has been carried out.

2-The risk of sending to the payer of a payment instrument or the respective

personalized security devices runs on the account of the service provider of

payment.

Article 69.

Communication of payment operations not authorized or incorrectly

executed and right of rectification

1-The user of the payment service shall have the right to obtain rectification, on the part of the

payment service provider, if, after having become aware of an operation

of unauthorized or incorrectly executed payment likely to originate a

complaint, in particular under Articles 86 and 87, communicate the fact to the

respective provider of the payment service without unjustified delay and within a

term no longer than 13 months from the date of the debit,

2-Where, in respect of the payment transaction in question, the service provider

of payment has not provided or made available the information to which it is

thanks in the terms of Chapter i of this Title iii, the limitation of

term referred to in the preceding paragraph.

Article 70.

Proof of authentication and execution of payment transactions

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1-Should a user of negue payment services have authorized an operation of

payment executed, or alegue that the operation was not correctly carried out,

it is incumbent upon the respective provider of the payment service to provide proof that the

payment transaction has been authenticated, duly registered and accounted for and that no

has been affected by technical failure or any other deficiency.

2-Should a user of negue payment services have authorized an operation of

payment executed, the use of the payment instrument registered by the

payment service provider, on its own, is not necessarily sufficient for

prove that the payment transaction was authorised by the payer, that the latter acted

in a fraudulent manner or which has failed to comply, deliberately or by gross negligence,

one or more of its obligations arising from Article 67.

Article 71.

Liability of the payment service provider by payment transactions

unauthorized

1-Without prejudice to the provisions of Article 69, in relation to a payment transaction not

authorized, the payer's payment service provider shall reimburse it

immediately from the amount of the unauthorised payment transaction and, if applicable

of this, repose of the debited payment account in the situation where it would be if the operation of

unauthorized payment had not been executed.

2-Where the payer is not immediately reimbursed by the respective provider

of payment services pursuant to the previous number, are due moratory interest,

numbered day by day from the date on which the payment service user there is

denied having authorized the payment transaction executed, up to the date of the refund

effective, calculated at the statutory rate, fixed pursuant to the Civil Code, increased by 10

percentage points, without prejudice to the right to the supplementary compensation to which there is

place.

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Article 72.

Liability of the payer for unauthorized payment transactions

1-In the case of unauthorized payment transactions resulting from loss, theft or

of the abusive appropriation of payment instrument, with breach of confidentiality

of the personalized security devices attributable to the payer, this supports the

losses relating to such operations within the limit of the available balance or the line of

credit associated with the account or the payment instrument, up to the maximum of € 150.

2-The payer supports all losses resulting from payment operations not

authorized, if those are due to fraudulent acting or default

deliberated by one or more of the obligations laid down in Article 67, in which case they are not

applicable the limits referred to in paragraph 1.

3-Havendo gross negligence of the payer, this bears the losses resulting from

payment operations not authorized up to the limit of the available balance or the line

of credit associated with the account or the payment instrument, albeit higher than €

150, depending on the nature of the personalized security devices of the

instrument of payment and the circumstances of its loss, theft or appropriation

abusive.

4-After having proceeded with the notification referred to in point (a) b ) of Article 67 (1), the

payer does not bear any financial consequences resulting from the use of

a lost, stolen or abusively appropriate payment instrument, saved in

case of fraudulent acting.

5-If the payment service provider does not provide appropriate means that allow

the notification, at any time, of the loss, theft or abusive appropriation of

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a payment instrument, as required by the point c ) of Article 68 (1),

the payer is not obliged to bear the financial consequences resulting from the

use of that payment instrument, save in cases where it has acted out of

fraudulent mode.

Article 73.

Reimbursement of payment transactions initiated by the beneficiary or through this

1-The payer is entitled to the refund, on the part of the respective provider of the service of

payment, of an authorised payment transaction, initiated by the beneficiary or

through this, which has already been performed, if the following conditions are met:

a) The authorization does not specify the exact amount of the payment transaction in the

moment in which permission has been granted; and

b) The amount of the payment transaction exceeds the amount that the payer

could reasonably be expected on the basis of your previous expense profile, in the

terms of your framework contract and in the specific circumstances of the case.

2-A The request of the payment service provider, the payer provides the elements

factuals regarding the conditions specified in the preceding paragraph.

3-The reimbursement referred to in paragraph 1 corresponds to the full amount of the operation of

payment executed.

4-In relation to the direct debits, the payer and the respective service provider of

payment may agree, in the framework contract, that the payer is entitled to the

reimbursement by the respective payment service provider even if not

if they find the conditions for redemption set out in paragraph 1.

5-However, for the purposes of the b) of paragraph 1, the payer shall not be based on reasons

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related to the exchange rate if the reference exchange rate has been applied

agreed with the respective payment service provider, pursuant to point (d)

of Article 48 (1) and sub-paragraph ii) of the paragraph c) of Article 53.

6-It may be agreed, in the framework contract, between the payer and the respective provider of

payment services, that the payer is not entitled to refund if it has

communicated directly to the provider of the payment service your consent to the

execution of the payment transaction and, where applicable, that the said provider or the

beneficiary have provided or made available to the payer information about the

future payment transaction, by the agreed form at least four weeks before

of the date of execution.

Article 74.

Applications for reimbursement of payment transactions initiated by the beneficiary or through

of this

1-The payer is entitled to submit the request for reimbursement, referred to in Article 73, of

an authorised payment transaction, initiated by the beneficiary or through this,

for a period of eight weeks from the date on which the funds have been

debited.

2-Within 10 working days from the date of receipt of a request for a refund, the

payment service provider reimburses the full amount of the operation of

payment, or present a justification for refusing the refund, indicating the

organisms for which the payer may refer the matter, under the Articles 92 para.

and 93, if it does not accept the justification presented.

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3-The right of the payment service provider to refuse the refund pursuant to the

previous paragraph shall not apply in the case referred to in Article 73 (4).

SECTION III

Execution of payment transactions

SUBSECTION I

Orders for payment and amounts transferred

Article 75.

Receipt of payment orders

1-The time of receipt of the payment order must coincide with the moment at

that the order of payment transmitted directly by the payer or indirectly

by the beneficiary or through this is received by the payment service provider

of the payer.

2-If the time of receipt is not a business day for the service provider of

payment of the payer, it is deemed that the payment order has been received on the day

next useful.

3-The payment service provider may set a time limit at the end of the

business day in addition to which incoming payment orders are considered to

having been received on the following business day.

4-The user of the payment service issuing the order of payment and the respective

payment service provider may agree that the order is by

received:

a) On a specified date;

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b) Elapsed a certain period; or

c) On the date on which the payer places funds at the disposal of the respective provider

of payment services.

5-If the date agreed upon in the terms of the preceding paragraph is not a working day for the provider

of the payment service, it is considered that the payment order has been received on the day

next useful.

Article 76.

Refusal of payment orders

1-In the event that all the conditions laid down in the framework contract concluded are met

with the payer, the payer's payment service provider cannot refuse

the execution of an authorized order of payment, regardless of whether it was

issued by the payer, by the beneficiary, or through it, unless lawful provision in

contrary.

2-Not being met all the conditions laid down in the framework contract concluded with the

payer, the eventual refusal of a payment order and, if possible, the reasons

inherent in the same and the procedure to be followed to rectify any factual errors that

have led to such refusal must be notified, unless legal provision in

contrary, to the user of the payment service.

3-The payment service provider shall provide or make available the notification by the

agreed form and as soon as possible within the time limits set out in Article 80.

4-Mediant express clause of the framework contract, the provider of the payment service

you will be able to charge the charges inherent in the notification in the case of refusal to be

objectively justified.

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5-For the purposes of Articles 80, 86 and 87, a payment order whose implementation has

been refused is deemed not received.

Article 77.

Irrevocable character of a payment order

1-Unless the provisions of the following numbers, a payment order cannot be

revoked by the user of payment services after receipt by the provider

of payer payment services.

2-Should a payment transaction be initiated by the beneficiary or through this, the

payer cannot revoke the payment order after having communicated to the

beneficiary this 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

can revoke the payment order by the end of the business day prior to the agreed day

for the debit of the funds.

4-In the case referred to in Article 75 (4) and (5), the user of payment services

may revoke a payment order by the end of the business day prior to the agreed date.

5-Decorrified the time limits specified in paragraphs 1 a to 4, the order of payment may only be

repealed if this has been agreed upon between the user and the respective provider of

payment services.

6-In cases of the payment transactions indicated in paragraphs 2 and 3, in addition to the agreement

referred to in paragraph 5, the agreement of the beneficiary is also necessary.

7-In the situations provided for in the two preceding paragraphs, and upon express clause of the

framework contract, the payment service provider may charge charges for the

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repeal.

Article 78.

Amounts transferred and received

1-The payer's payment service provider, the provider of services of

payment of the beneficiary, and the possible intermediaries of both providers of

payment services, are required to transfer the full amount of the transaction

of payment and to refrain from deducting any charges from the transferred amount.

2-However, the beneficiary and the respective payment service provider may

agree that the latter deducts its own charges from the subject amount of

transfer before crediting it to the beneficiary.

3-In the case referred to in the preceding paragraph, the full amount of the payment transaction

and charges must be indicated separately in the information to be given to the

beneficiary.

4-If the transferred amount is deducted any charges not agreed upon in the

terms of paragraph 2:

a) The payer of the payer of the payer shall ensure that the

beneficiary receives the full amount of the payment transaction initiated by the

ordering;

b) The payee's payment service provider shall ensure that this

receives the full amount of the transaction, in the operations initiated by the beneficiary

or through it.

SUBSECTION II

Term of execution and date-value

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Article 79.

Scope of application

1-A present subsection applies to payment transactions in euro.

2-A present subsection is still applicable to the payment transactions carried out in the

currencies of member states not belonging to the Eurozone, unless otherwise agreed

between the user and the respective payment service provider, being that the

parties may not, however, turn away from the application of the provisions of Article 84.

3-When the user and the respective payment service provider acorders num

longer term than those set out in Article 80 for payment transactions

intra-Community, that time limit may not be more than four working days from the

moment of receipt pursuant to Rule 75.

Article 80.

Payment transactions for a payment account

1-The payer's payment service provider shall ensure that, after the

moment of receipt of the payment order pursuant to Art. 75, the amount

object of the transaction is credited to the account of the payment service provider of the

beneficiary by the end of the following 1 working day.

2-In the case of cross-border payment transactions, until January 1, 2012, the

payer and the respective payment service provider may convene a

longer term, which may not exceed three working days.

3-The time limits referred to in the preceding paragraphs may be extended by one more day

useful in the case of the payment transactions issued on paper support.

4-The payee's payment service provider shall set the date-value and

make available the amount of the payment transaction in the payment account of the

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beneficiary after receiving the funds pursuant to Rule 84.

5-The payee's payment service provider shall transmit the orders of

payment issued by the beneficiary or through this to the provider of services of

payment of the payer within the time limits agreed between the beneficiary and the

their respective payment service provider, so as to allow settlement, in

relation to the direct debits, on the agreed execution date.

Article 81.

Non-payment account payment of the beneficiary to the service provider of

payment

In case the beneficiary does not have a payment account with the provider of

payment services, the funds are placed at the disposal of the beneficiary by the

payment service provider who receives the funds on account of the beneficiary in the

deadline set out in Article 80.

Article 82.

Cash deposits in a payment account

1-Should a consumer be made a cash deposit in a payment account

along with the provider of that payment service and in the currency of that payment account,

the payment service provider shall ensure that the amount is

made available immediately after the time of receipt of the funds and with date-

coincident value with that moment.

2-Should the user of the payment service not be a consumer, the amount shall

be made available and be assigned date-value at the latest on the subsequent working day

to the receipt of the funds.

Article 83.

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National payment transactions

1-In internal transfers, and in the absence of stipulation to the contrary, the amounts in

money must be credited to the beneficiary's account on the day itself, if the transfer

whether to perform between accounts based on the same payment service provider, the

date-value and the date of making available that of the moment of credit.

2-At internal transfers between payment accounts based on providers of

different payment services is not applicable to the provisions of Article 80 (2).

Article 84.

Date-value and availability of funds

1-A date-value attributed to the credit in the payee's payment account shall be, in the

maximum, the working day in which the amount of the payment transaction is credited to the account

of the payment service provider of the beneficiary.

2-The payee's payment service provider shall ensure that the amount of the

payment operation stay at the disposal of the beneficiary immediately after it has been

credited to the payment account of the payment service provider of the

beneficiary.

3-A date-value of the debit in the payer's payment account may not be prior to the

moment in which the amount of the payment transaction is debited in that account of

payment.

SUBSECTION III

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Responsibility

Article 85.

Incorrect single identifiers

1-If a payment order is executed in accordance with the identifier

single, it is considered that it was executed correctly with regard to the beneficiary

specified in the single identifier.

2-If the unique identifier provided by the user of payment services is

incorrect, the payment service provider is not responsible, in the terms of the

article 86 and 87, by the failure to implement or by the poor execution of the operation of

payment.

3-However, the payer's payment service provider shall make efforts

reasonable to recover the funds involved in the payment transaction, and may

charge to the user of the service of payment charges for such recovery, if such

be agreed in the framework contract.

4-Notwithstanding the user of payment services can provide information

additional to those specified in point (a) of Article 48 (1) or (ii) (ii) (ii)

b) of Article 53, the payment service provider is only responsible for the

execution of the payment operations in accordance with the unique identifier

provided by the user of payment services.

Article 86.

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Failure to perform or deficient execution of payment orders issued by the payer

1-Should a payment order be issued by the payer, the responsibility for the

correct execution of the payment transaction before the payer is up to the respective

payment service provider, without prejudice to Art. 69, of paragraphs 2, 3 and 4 of the

article 85 and Article 90.

2-If the payer's payment service provider can prove to the payer and, if

Where appropriate, to the payment service provider of the beneficiary that the latter

received the amount of the payment transaction pursuant to Rule 80 (1), the

liability for the correct execution of the payment transaction before the

beneficiary will be fit to the payee's payment service provider.

3-Should the liability fall to the payer's payment service provider in the

terms of paragraph 1, this shall reimburse the payer, without unwarranted delays, of the

amount of payment operation not executed or incorrectly performed and, if

for the case of this, repose of the debited payment account in the situation where it would be if not

it had occurred the incorrect execution of the payment transaction.

4-Should the liability fall to the provider of the payee's payment service in the

terms of paragraph 2, this shall immediately accredit the corresponding amount in the account

of payment of the beneficiary or to put at the disposal of the beneficiary the amount of the

payment operation.

5-In the case of an unexecuted or incorrectly executed payment operation

where the order of payment is issued by the payer, the respective provider of

payment services must, regardless of the liability incurred by

force of paragraphs 1 and 2, and if this is requested, immediately make efforts to

track the payment transaction and notify the payer of the obtained results.

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6-In addition to the liability provided for in the preceding paragraphs, the providers of

payment services are accountable to the users of the respective services

of payment for any charges whose liability falls to them and by any

interest to which they are subject to users of the payment service in consequence

of the non-execution or incorrect execution of the payment transaction.

Article 87.

Failure to perform or deficient execution of payment orders issued by the

beneficiary or through this

1-Should a payment order be issued by the beneficiary or through this, it is up to the

their respective payment service provider, without prejudice to the provisions of Article 69,

in paragraphs 2, 3 and 4 of Article 85 and in Article 90, the liability to the beneficiary

by the correct transmission of the payment order to the payment service provider

of the payer, in accordance with Article 80 (5).

2-In cases of the previous number, the payment service provider of the beneficiary

must immediately relay the order of payment in question to the provider of

ordering services of the payer.

3-Notwithstanding the provisions of the preceding paragraph, it shall be up to the provider of

payment of the beneficiary, without prejudice to the provisions of Article 69, paragraphs 2, 3 and 4 of the

article 85 and in Article 90, the liability to the beneficiary for the processing of the

payment transaction pursuant to its obligations arising from Article 84.

4-Should the payment service provider of the beneficiary be responsible in the terms

of the previous number, shall ensure that the amount of the payment transaction is to the

disposition of the beneficiary immediately after having been credited to the provider's account

of payment services of the beneficiary.

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5-In the case of an unexecuted or incorrectly executed payment operation

whose responsibility does not fall to the payee's payment service provider

in the terms of the previous figures, it is up to the payment service provider of the

payer the responsibility to the payer.

6-In the case referred to in the preceding paragraph, the payment service provider of the

payer shall, where appropriate and without unwarranted delay, reimburse the payer of the

amount of payment operation not executed or incorrectly executed and

repose of the debited payment account in the situation where the same would be if it did not

occurred the incorrect execution of the payment operation.

7-In the case of an unexecuted or incorrectly executed payment operation

where the order of payment is issued by the beneficiary or through this, the

respective payment service provider shall, regardless of the

liability incurred by virtue of this article and if so requested, to make

immediately efforts to track the payment transaction and notify the beneficiary

of the results obtained.

8-In addition to the liability provided for in the preceding paragraphs, the providers of

payment services are accountable to the users of the respective services

of payment for any charges whose liability falls to them and by any

interest to which they are subject to users of the payment service in consequence

of the non-execution or incorrect execution of the payment transaction.

Article 88.

Supplementary compensation

The provisions of Articles 86 and 87 shall be without prejudice to the right to supplementary compensation in the

terms of the legislation applicable to the contract.

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Article 89.

Right of return

1-In case the liability of a payment service provider pursuant to the

articles 86 and 87 is attributable to another payment service provider, or to a

intermediate, such a payment service provider or that intermediary shall

indemnify the first payment service provider for any losses

suffered from or amounts paid by virtue of articles 86 and 87.

2-Additional compensation may be fixed, in the terms of agreements concluded between

providers of payment services, or between these and eventual intermediaries, well

as of the legislation applicable to such agreements.

Article 90.

Force major

The liability laid down in Articles 65 to 89 shall not apply in the event of circumstances

abnormal and unpredictable alheys at the will of the part that invokes them, if the respective

consequences had not been able to be avoided in spite of all the efforts made,

or in case the payment service provider is bound by other legal obligations,

particularly those related to the prevention of money laundering and

financing of terrorism.

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SECTION IV

Protection of data

Article 91.

Protection of data

1-Without prejudice to other legitimate causes of treatment enshrined in law, it is permitted the

processing of personal data by payment systems and by providers of

payment services in so far as it is shown to be necessary for the safeguard of

prevention, research and detection of fraud in respect of payments.

2-The processing of personal data referred to in the preceding paragraph shall be carried out

in the terms of Law No. 67/98 of October 26.

Title III-A

Issuance and refundable character of electronic currency

Article 91-The

Issue

The electronic currency shall be issued by the nominal value at the receipt of the funds.

Article 91-B

Refundable character

1-A The bearer's request, the issuer of electronic money shall refund, in any

moment and by the nominal value, the monetary value of the e-money held.

2-The contract between the issuer of electronic money and the respective holder shall state

clearly and highlighted the conditions for reimbursement, including any commissions

related to the same, owing the holder to be informed of these conditions before

of linking to any contract or offer.

3-The refund may only be subject to a commission if this is stated in the contract,

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in the terms of paragraph 2, and in one of the following cases:

a) The refund is requested before the term fixed for the contract;

b) The contract shall fix a term and the holder denouncing the contract before that date;

or

c) The refund is asked for more than one year after the term fixed for the contract.

4-A the commission referred to in the preceding paragraph shall be proportionate and cost-based

effectively borne by the issuer of electronic money.

5-Case ask for the refund before the term fixed for the contract, the currency holder

electronic may ask you to be reimbursed a part or the totality of the value

money corresponding to the detained electronic currency.

6-In case the refund is requested by the electronic money holder on the date of the term of the

contract or within one year after that date:

a) Is refunded the totality of the monetary value of the e-money held; or

b) If the institution of electronic money exercises one or more of the activities referred to

in the paragraph and ) of Article 8 (2) and is not known in advance the part

of the funds to be used as an electronic currency, shall be repaid in full

of the funds requested by the holder.

7-Notwithstanding the provisions of paragraphs 3, 4, 5 and 6, the right to reimbursement on the part of

people who, not being consumers, accept electronic money in payments gets

subject to the discipline of the contract concluded between electronic money issuers and the

people in question.

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Article 91-C

Prohibition of interest

The allocation of interest or of any other benefit related to the

period of time during which the holder holds electronic currency.

Article 91-D

Change in the conditions and denunciation of the contract between the issuer and the holder of

electronic currency

The provisions of Articles 55 and 56 shall apply, with the necessary adaptations, to the contract

between the issuer of electronic money and the respective holder, without prejudice to the

provisions relating to conditions for repayment and payment instruments and

low value electronic currency.

Title IV

Out-of-court settlement of disputes and complaint procedure

Article 92.

Provision of means of out-of-court settlement of disputes

1-Without prejudice to access, by users of payment services and by the

electronic currency holders, the competent judicial means, the providers of

payment services and electronic money issuers should offer the

respective users of payment services and electronic money carriers

access to effective and appropriate extrajudicial means of complaint and redress

disputes of value equal to or lower than the remit of the courts of 1 th instance relating to the

rights and obligations set out in the headings III and III-A of this legal regime.

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2-A offer referred to in the preceding paragraph is effective through the accession of the providers of

payment services and e-money issuers to at least two

entities authorized to carry out arbitrations under the Decree-Law No. 425/86 of 27

of December, or to two entities registered in the voluntary registration system of

procedures for extrajudicial resolution of consumption conflicts, instituted by the

Decree-Law No. 146/99 of May 4.

3-The entities chosen by providers of payment services and issuers

of electronic money shall observe the principles applicable to the bodies

responsible for the extrajudicial resolution of consumption conflicts established in the

Recommendation No. 98 to /257/CE of the Commission of the European Communities of 30 of

March.

4-Payment service providers and electronic money issuers can,

in addition to the offer of the means previously referred to, submit the disputes

mentioned in paragraph 1 to the intervention of a provider of the client or entity

analogous, designated in accordance with the principles formulated in the Recommendation

n. 98 /257/CE of the Commission of the European Communities of March 30.

5-Payment service providers and electronic money issuers must

still ensure that the resolution of cross-border disputes is forwarded to

signatory entity of the protocol of accession to the FIN-NET network of cooperation in the

out-of-court resolution of cross-border disputes in the financial sector, and may

choose to recair on one of the entities mentioned in the previous figures.

6-Payment service providers and issuers of electronic money

communicate to the Bank of Portugal the entities to which hajam adhered to in the terms of the

n. 2, within 15 days after accession.

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7-The provisions of this Article shall not apply to providers of payment services and

to electronic money issuers indicated, respectively, in points (h) and (i) of the

n Article 7 (1) and in paragraphs 1 f) and g) of paragraph 1 of Article 7.º-A.

Article 93.

Complaint to the Bank of Portugal

1-Without prejudice to access to the competent judicial means, users of services of

payment and holders of electronic money, or their representative associations,

as well as the others interested, may present, directly to the Bank of

Portugal, claims founded on non-compliance with standards of securities III and III-A of the

present legal regime by the payment service providers and the

issuers of electronic money.

2-In its reply, the Bank of Portugal informs the complainants of the existence of means of

out-of-court settlement of disputes, whenever the complaints cannot be resolved

through the measures that it is legally able to adopt or that the respective matter does not

kayba in your legal competencies.

3-The claims provided for in this article shall apply, with the necessary adaptations, the

regime of the complaints of the customers of the credit institutions established in the article

77.-The one of the RGICSF.

Title V

Regime against ordinance

Article 94.

Offences

1-Are punishable with fine of € 3000 a € 1500000 or € 1000 a € 500000, consonant

it is applied to the collective ente or the natural person, the following offences:

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a) The provision of payment services through agents without which

has been given compliance with the provisions of Article 18 (2);

b) The distribution and reimbursement of electronic money by means of

representatives, in accordance with paragraphs 1 and 2 of Article 18, without which it was

given compliance with the provisions of paragraph 4 of the same article;

c) The default on the part of the agents of the institutions authorized in another

Member State of the European Union, of the duty of information 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 relief operational functions;

e) The non-constitution of commercial society which has as its exclusive object to

provision of payment services or, in the case of currency institutions

electronics, the provision of these services and the issuance of electronic money,

when determined by the Bank of Portugal under Rule 2 (2)

34.

f) The failure to comply with the file duty provided for in Article 36;

g) The violation of the rules on amendment and denunciation of revised framework contracts

in paragraphs 4, 6 and 7 of Article 55 and in paragraphs 1 and 4 of Article 56;

h) The making of payments in fun currency from that which was agreed between

the parties, in violation of the provisions of Article 60 (1);

i) The absence of unlocking or replacement of an instrument of

payment, in violation of the provisions of Article 66 (4);

j) The refusal to carry out payment orders, in violation of the provisions of the n.

1 of Article 76;

k) The failure to meet the deadlines for implementation, dates-value and dates of

provision provided for in Articles 79 to 84;

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l) Failure to comply with the duties on the provision of extrajudicial means

effective and appropriate complaints and redress of disputes, in the terms

provided for in Article 92;

m) The ducts provided for and punished in the sub- a ), b ), d ), and ), f ), i ) and l ) of Article 210 para.

of the RGICSF, when practiced in the framework of the activity of the institutions of

payment and electronic money institutions;

n) The violations of mandatory precepts contained in regulations issued by the

Bank of Portugal under the paragraph c ) of Article 6 (1), not provided for in the

this article or in the following article;

o) The violations of the imperative precepts of this diploma and the specific legislation

which governs the activity of the payment institutions and currency institutions

electronic, not provided for in the previous paragraphs and in the following article, as well as

of the regulations issued by the Bank of Portugal in compliance or for

implementation of the said precepts .

2-A breach of duty of information on additional charges or reductions, provided for in the

article 61, when such duty falls on the beneficiary or third party that is not the

provider of the payment service, is punishable under Article 21 of the Decree-Law

n. 57/2008 of March 26, competing with the Food Safety Authority and

Economic (ASAE) the instruction of the corresponding counterordinate proceedings.

Article 95.

Especially serious offences

They are punishable with fine of € 10000 a € 5000000 or € 4000 a € 2000000, consonant

it is applied to the collective ente or the natural person, the offences referred to below:

a) The unauthorized practice, by any individuals or entities, of the activity

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of provision of payment services or electronic money issuance;

b) The exercise, by the payment institutions and the currency institutions

electronics, of activities not included in its legal object, or the provision of

payment services not included in the respective authorisation;

c) The use of the funds from the users of the services of

payment for distinct purposes of the execution of these services, in violation of the

provisions of Article 8 (3);

d) The breach of duty, provided for in Article 8 (4), of using the accounts of

payment that they are the holders of the payment institutions or the

electronic money institutions exclusively for the realization of

payment operations;

e) The breach of duty, provided for in Article 8 (4), of exchanging without delay the

funds received by electronic money;

f) The granting of credit outside of the conditions and limits established under the shelter

of Article 9;

g) The realization of statutory amendments provided for in Article 15 (1), when

not preceded by permission of the Bank of Portugal;

h) The issuance of electronic money by the representatives of the institutions

of electronic money mentioned in paragraphs 1 and 2 of Article 18, in

disrespect of the constant prohibition of paragraph 3 of the same Article 18;

i) The failure to comply with the prudential standards set out in Articles 29, 30, without

Injury 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

injury to paragraph 4 of the same article, when it results in or may result in serious injury

injury to the financial balance of the entity concerned;

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j) The failure to comply with the protection requirements of the funds set out in Article 32.

and 33.-And, including non-compliance with determinations issued by the Bank of

Portugal under Article 32 (6) and paragraphs 6 and 7 of Article 33-And;

k) The provision of accounting information to the Bank of Portugal with

failure to comply with the provisions of Article 33;

l) The violation of the rules on information requirements and planned communications

in Articles 42, 45, 47 to 50, 57 to 61, in Article 66 (3), 66,

in paragraphs 2 and 3 of Article 76 (3), Article 86 (5), para.

n Article 87 (7) and Article 91 (2)-B;

m) The violation of the rules on the collection of charges laid down in Article 43, in the

article 56, 3, 5 and 6 of Article 56, Article 76 (4), paragraph 7 of the Article

article 77, in paragraphs 1 and 2 of Article 78, paragraph 3 of Article 85 and paragraphs 3 and 4

of Article 91-B;

n) The carrying out of payment transactions not authorized by the payer, by

non-existence or by withdrawal of your consent for the implementation of the

Same, in violation of the provisions of Article 65;

o) The default of obligations associated with the payment instruments

provided for in Article 68;

p) The failure to meet the obligations of repayment and payment provided for in paragraph 1

of Article 71 (1) of Article 73, paragraphs 2 and 3 of Article 74, paragraphs 3 and 4

of Article 86, in paragraphs 4 and 6 of Article 87 and in paragraphs 1, 5, and 6 of Article 91-B;

q) The violation of the limiting standards of the liability of the intended payer

in Article 72;

r) The default of the obligation to pay the full amount to the

beneficiary provided for in Article 78 (4);

s) The failure to meet the recovery obligations of the funds and

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tracking of the payment transactions provided for in Article 85 (3), in the

n Article 86 (5) and in Article 87 (7);

t) The issuance of electronic money in violation of the duty of issuance by the value

nominal upon receipt of the funds provided for in Article 91;

u) The granting of interest or of any other benefit related to the period

of time during which the holder holds electronic currency, in violation of the

provisions of Article 91-C;

v) The ducts provided for and punished in the sub- c ), and ), f ), g ), l ), m ), the ), p ), q ), r ) and t ) from the

article 211 of the RGICSF, when practiced in the framework of the activity of the

payment institutions and electronic money institutions

Article 96.

Ancillary sanctions

1-Contract with the fines, they can be applied to the responsible for any of the

against ordinances provided for in Articles 94 and 95 the following ancillary sanctions, in

function of the seriousness of the offence and the fault of the agent:

a) Publication of the condemnatory decision;

b) Seizure and loss of the object of the offence, including the economic product of this,

with observance of the provisions of Articles 22 to 26 of the Decree-Law No 433/82,

of October 27;

c) Suspension of the exercise of the right to vote allotted to the partners of the institutions of

payment or electronic money institutions, for a period of 1 a to 10

years;

d) Inhibition of the exercise of social positions and of functions of administration, direction,

management or managerial in credit institutions, financial societies, institutions

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of payment and electronic money institutions, for a period of six

months to three years, in the case of offences set out in Article 94, or 1 a to 10

years, in the case of offences provided for in Article 95;

e) Interdiction, in whole or in part, for a period up to three years, of the exercise of

performance activity of the payment services listed in Article 4 or

of issuance of electronic money.

2-A publication as referred to in point a ) of the preceding paragraph is carried out:

a) In the case of decisions of the Bank of Portugal that have become already

outright, on the page on the Internet of the Bank of Portugal and, at the expense of the

infractor, in a broad-based newspaper in the locality of the registered office or of the

permanent establishment of the same or, if this is a natural person, in the

locality of your residence;

b) In the case of decisions of the Bank of Portugal that have been the subject of

judicial challenge, on the page on the Internet of the Bank of Portugal, with mention

express of the non-definitive character of the sentencing decision by interposition

of appeal of the same.

Article 97.

Aggravation of the fine

Without prejudice to the provisions of the paragraph b ) of paragraph 1 of the preceding Article, if double the benefit

economic exceeds the maximum limit of the applicable fine, this is high to that value.

Article 98.

Attempt and neglect

The attempt and neglect are always punishable, in that case being reduced to half the

minimum and maximum limits of the fines provided for in Articles 94 and 95.

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Article 99.

Applicable regime

In everything that is not provided for in the preceding Articles, the scheme shall apply

relating to the illicit of mere social ordering established in Articles 201 and following of the

RGICSF, with the necessary adaptations.

Title VI

Supplementary, transitional and final provisions

Article 100.

Direct debits

The scheme established by this legal regime shall not affect the validity of authorisations

of debit in existing account at the date of its entry into force, worth the same as

express consent of the payer for the execution of direct debits.

Article 101.

Adaptation of contracts in force

1-The constant regime of the present legal regime shall be without prejudice to the validity of the

contracts in force relating to the payment services regulated therein, sensing them

as soon as the provisions of the present legal regime that show more

favorable to users of payment services.

2-Without prejudice to the provisions of the preceding paragraph, the service providers of

payment must tailor the current contracts before the entry into force of the

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present legal regime, relating to the payment services providing to the

users of payment services that are their customers, to the provisions

constants of the present regime, as of the date of its entry into force and on the deadline

maximum of 6 months.

3-Payment service providers must refer to users of services

of payment that are your customers a full copy of the contractual conditions

that result from the adaptations made pursuant to paragraph 1, by the way that there is

agreed upon with them or, in case there is no agreement, by letter, in which is evidenced the

essential of the adaptations made, inform themselves under what conditions the said

adaptations if they have for tacitly accepted by the users, in the terms defined in the

article 102, and identify the form that the user should use to communicate his / her

possible non-acceptance of the adaptations made.

Article 102.

Consent

The contractual conditions proposed by the payment service providers in the

terms of Article 101 are deemed to be tacitly accepted by users of services

of payment if:

a) These do not manifest their opposition in the two months following the reception

of the alludited conditions; or

b) These request the payment service provider any new

services under the adapted contracts, condone the make elapsed by the

less one month after the communication of these adaptations.

Article 103.

Charges

Payment service providers may not debit to users of

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payment services any amounts:

a) By the adjustment of contracts in accordance with the provisions of Article 101;

b) By the communication carried out in accordance with paragraph 3 of the same article; and

c) By the termination of the contracts arising from the express opposition of the customers, without

injury of other obligations constituted under the rescinded contract.

ANNEX

Calculation of own funds

(referred to in Articles 31 and 33-D)

The calculation of the requirements of own funds referred to in Articles 31 and 33-D of the

legal regime of payment services and electronic money takes place in

compliance with one of the methods described in this Annex.

I-Method of fixed general expenses:

1-Payment institutions must own upstream own funds by the

less equivalent to 10% of the value of your fixed general expenses of the previous year.

2-The Bank of Portugal may adjust this requirement in cases where a

significant change in the activity of the payment institution since the previous year.

3-As long as the payment institution has not completed one year of activity (in the

date of calculation), and from the day on which this has started, the requirement of funds

own must be 10% of the value of the fixed general expenses forecast for the first

year in your plan of forecasting activities.

4-The Bank of Portugal may require an adjustment of that plan, particularly in the

cases in which significant divergence in the face of predictions has occurred.

II-Method of the volume of payments:

1-Payment institutions must own upstream own funds by the

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less equivalent to the sum of the following elements, multiplied by a factor of

scale k defined below:

i) 4% of the share of the volume of payments up to € 5 million; more

ii) 2.5% of the share of payment volume above € 5 million and up to € 10

million; more

iii) 1% of the share of payment volume above € 10 million and up to € 100

million; more

iv) 0.5% of the share of payment volume above € 100 million and up to € 250

million; more

v) 0.25% of the share of the volume of payments above € 250 million.

The k-scale factor is from:

a) 0.5 case the payment institution only pay the payment service

indicated in the paragraph f) of Article 4 of this legal regime;

b) 0.8 case the payment institution shall pay the payment service indicated in the

point ( g) of Article 4 of this legal regime;

c) 1.0 case the payment institution will pay any of the payment services

listed in the paragraphs a) a and ) of Article 4 of this legal regime.

2-The "volume of payments" corresponds to one twelfth of the total amount of the

payment transactions executed by the payment institution in the previous year.

As long as the payment institution has not completed one year of activity (on the date

of the calculation), and from the day on which this commencement, the volume of payments shall have

on the basis of the amount of payment volume forecast for the first year in your plan of

predictional activities. The Bank of Portugal may require an adjustment of that plan,

particularly in cases where there has been a significant divergence in the face of

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predictions.

III-Method of the relevant indicator:

1-Payment institutions must own upstream own funds by the

less equivalent to the sum of the following elements, multiplied by a factor of

scale k defined below:

i) 10% of the relevant indicator part up to € 2.5 million;

ii) 8% of the relevant indicator portion above € 2.5 million and up to € 5 million;

iii) 6% of the relevant indicator portion above € 5 million and up to € 25 million;

iv) 3% of the relevant indicator part above € 25 million and up to (euro) 50

million;

v) 1.5% of the relevant indicator portion above € 50 million.

The k-scale factor is from:

a) 0.5 case the payment institution only pay the payment service

indicated in the paragraph f) of Article 4 of this legal regime;

b) 0.8 case the payment institution shall pay the payment service indicated in the

(g) of Article 4 of this legal regime;

c) 1.0 case the payment institution will pay any of the payment services

listed in the paragraphs a) a e) of Article 4 of this legal regime.

2-The "relevant indicator" consists of the sum of the following elements:

Revenue from interest;

Charges with interest;

Commissions received; and

Other operating income.

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The defined elements are based on the accounting categories relating to the account

of gains and losses of the payment institutions. Each of the elements must be

included in the sum with the respective positive or negative sign.

Extraordinary or irregular recipes should not be considered in the calculation of the

relevant indicator. Commissions paid for services provided by third parties ( outsourcing )

can contribute to reducing the relevant indicator if they are incurred by a

institution subject to the supervision of the Bank of Portugal by virtue of the provisions of the scheme

legal constant in Annex I.

The relevant indicator is calculated on the basis of the annual observations reported at the end

of the financial year immediately preceding.

When no audited data is available, they can be used

estimates.

3-Without prejudice to the provisions of paragraph 1, for the payment institutions subject to the

relevant indicator method your own funds may not be less than 80

% of the average of the relevant indicator for the last three financial years.

Seen and approved in Council of Ministers of

The Prime Minister

The Minister of State and Finance