I

The existence of information asymmetries between the two parties in the financial services markets is a common phenomenon that, together with the logical and legitimate counterposition of its interests, can generate significant imbalances in the functioning of these markets.

Usually, as is the case in the payment service market, it is consumers who suffer from the information disadvantage and those who need, therefore, additional protection to their economic interests. the market is protected and for the market to operate in a correct manner. The above justifies in general terms, and without prejudice to the freedom of recruitment, the rules of financial transparency.

The adoption of Directive 2007 /64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market requires the extension of the financial transparency rules to the market for services payment. The objective of the Community standard is the true integration of the single market in payment services, and it recognises as essential for its achievement the proper guarantee of the protection of the payment service user. The provisions contained in Title III of this Regulation are based on this.

Law 16/2009, of 13 November, of payment services, incorporated into the Spanish legal order those provisions of the Directive that required legal status. These include those contained in Title III thereof, which include general transparency obligations and information on the conditions and requirements applicable to payment services, as well as the generic aspects of the resolution and amendment of the framework contracts. However, it refers to the subsequent regulatory development, by the Minister of Economy and Finance, the realization of these general obligations.

This ministerial order aims to develop the same and to complete the transposition into Spanish law of Directive 2007 /64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market.

II

This ministerial order consists of three chapters containing, respectively, the general conditions of transparency and information requirements applicable to payment services, and the specificities that they operate. in respect of individual payment transactions and framework contracts.

Chapter I first lists the applicability of the order to both the individual payment transactions and the framework contracts and to each of the payment transactions that are made subject to those framework contracts. However, in cases where the payment service user is not a consumer, the parties may agree that the order shall not apply, in whole or in part.

This chapter includes the general information obligations of payment service providers and beneficiaries, when they provide currency exchange services or establish surcharges or discounts for using a particular currency. payment instrument. In the latter case, in order to ensure that the payment service user is aware of the transfer, from the beneficiary to him, of the costs incurred by the payment service user, the beneficiaries are obliged to accept a payment instrument. providing consumers with complete information on the amount of that additional expenditure, which in no case has to exceed the differential cost incurred by the beneficiary for the acceptance of that specific payment instrument.

Also included in this chapter are the specialties in the information requirements applicable to the Small Payment Instruments.

Chapter II sets out the requirements for information relating to individual payment transactions, which are understood to be those that are not covered by a framework contract. In such cases, the order requires the payment service provider to provide, on a pre-user basis, general information relating, in particular, to the time limit for the payment service and the set of charges to be paid by the payment service provider. user must pay the provider for that service.

In addition, the supplier is required to provide certain information to the payer and the payee, after receipt of the payment order and their execution respectively, so that they can identify the payment transaction, know their amount or, where appropriate, the exchange rate used.

Finally, Chapter III contains forecasts similar to those of Chapter II but now referred to framework contracts. Also in this case is required in the order certain general information, with character prior to the provision of the service, which is completed with other information requirements to satisfy once the operation has been received and executed payment. It concludes this Chapter with two articles that concretize the regime under which payment service providers can modify or resolve a framework contract.

III

Three additional provisions have been introduced in this Ministerial Order. The first of these provisions, in accordance with Article 8 of Law 22/2007 of 11 July 2007, provides for the application as a special rule of certain articles of this order in place of the corresponding provisions of that Law, in respect of the distance marketing of payment services. For its part, the second clarifies that, to the activity of the provision of payment services to be carried out by those suppliers who are also subject to the Order of 12 December 1989, on interest rates and commissions, rules of action, (i) information for customers and the advertising of credit institutions, the latter will not be applied cumulatively to the transparency provisions contained in this order, but will be exclusively applied to the the latter. The third one collects the accounting information regime of the payment institutions and includes an enabling the Banco de España to implement its application to these entities.

Additionally, it counts the order with a transitional provision, which details the regime of adaptation to this standard of the framework contracts that were in force at the entry into force of it, and with a derogation provision, the first part of which is applicable to all the provisions of equal and lower rank, and the second, specific provisions, repeals part of the order of 16 November 2000, of the order of 16 November 2000, for the development of Law 9/1999 of 12 April 2000, the legal system of transfers between Member States of the European Union and others is regulated provisions for the management of transfers in general and the Order of 12 December 1989, on interest rates and commissions, rules of action, information to clients and the advertising of credit institutions.

Concludes the order with three final provisions that contain, respectively, the regulatory enablement of the Banco de España for its development and execution, the mention of the incorporation of the European Union's right, and, finally, the final third provision sets the date of its entry into force on the twentieth calendar days of its publication in the Official Gazette of the State.

This Order is made in use of the expressly conferred entitlement to the holder of the Ministry of Economy and Finance by Articles 18 and 22.1 of Law 16/2009 of 13 November of payment services.

In its virtue and in agreement with the State Council,

DISPONGO:

CHAPTER I

General provisions

Article 1. Object.

The purpose of this order is to regulate the transparency requirements that are required in the provision of payment services, in accordance with the provisions of Title III of Law 16/2009 of 13 November 2009 on services of payment.

Article 2. Scope.

1. This order shall apply to the individual payment transactions, the framework contracts and the payment transactions subject to those framework contracts.

2. Where the payment service user is not a consumer, the parties to the operations and contracts referred to in the previous paragraph may agree that this order shall not apply, in whole or in part, to this order.

Article 3. Currency of transactions and currency exchange.

1. Payments shall be made in the currency that the parties have agreed to.

2. Where, at the point of sale or by the beneficiary himself, a currency exchange service is offered prior to the commencement of the payment transaction, the party offering the currency exchange service to the payer shall inform the payer of all expenses, as well as the exchange rate to be used for the conversion of the payment transaction.

Once reported, the payer must show his/her consent to the currency exchange service under these conditions.

3. Payment service providers offering the currency exchange services referred to in the previous paragraph shall establish and make public, in the form established by the Bank of Spain, exchange rates, fees and charges, including minima, applicable to operations.

Article 4. Information about additional expenses or reductions.

1. Where, for the purposes of the use of a particular payment instrument, the payee requires payment of an additional expenditure or offers a reduction in its use, the payee shall inform the payer before the payment transaction is initiated.

2. Where, for the purposes of the use of a particular payment instrument, the payment service provider or a third party requires payment of an additional expense, it shall inform the payment service user before the payment transaction is initiated, without prejudice to the provisions of Order PRE/1019/2003 of 24 April on the transparency of the prices of banking services provided by ATMs.

3. The information referred to in the preceding paragraphs shall be provided to the payment service user in the following terms

(a) The information and conditions shall be communicated to the user in easily understandable terms, in a clear and objective manner, immediately before the payment transaction is initiated.

(b) The amount of additional expenditure or reduction linked to the use of the payment instrument shall be expressly specified.

(c) The full final amount of the payment transaction shall be expressly specified with the additional expenditure or the reduction and without them.

4. In addition, the obligation to provide the information referred to in paragraphs 1 and 2 shall be made available to payment service users, in each and every establishment from which the payment transaction can be initiated, in the The following information shall be displayed in such a way as to attract the attention of users and be exposed in such a way as to be easily readable:

a) Payment instruments whose utilization generates additional expense or reduction.

(b) The exact amount of the additional expenditure or the reduction or, where this amount cannot be calculated in advance for objective reasons, the estimated amount or the basis of calculation to enable the user to check that estimate.

c) Any other circumstance that may condition the linkage of an additional expense or a reduction to the use of a payment instrument or that may be relevant to these effects.

Article 5. Specialties with regard to the reporting requirements for low-level payment instruments.

1. For the purposes of this Article, low-level payment instruments are considered to be those that only affect individual payment transactions not exceeding EUR 30, or which have an expenditure limit of EUR 150 or which allow for the storage of funds which do not exceed the amount of EUR 150 at any time.

2. In the cases referred to in the preceding paragraph, the information requirements shall have the following specialties:

(a) The payment service provider shall only provide the payer with information on the main features of the payment service, including the way in which the payment instrument is used, the liability of the payer and supplier in the case of unauthorised operations, not executed or defective, the costs charged and other practical information necessary to make a informed decision, and shall indicate in which place it can easily access the information and conditions contained in Article 12.

(b) It may be agreed that the payment service provider does not have an obligation to propose changes to the terms of the framework contract in the same way as set out in Article 11.1.

(c) It may also be provided that after the execution of a payment transaction the payment service provider provides the user with or makes available only a reference to enable him to identify the payment transaction, the amount of the same, the costs and, in the case of a number of payment transactions of the same nature to the same beneficiary, the information on the total amount and the expenditure relating to those operations.

Such information shall not be provided if the payment instrument is used anonymously or if the payment service provider does not have the necessary technical resources to facilitate it. However, the payment service provider shall provide the payer with the possibility to check the amount of the funds stored.

CHAPTER II

Unique Payment Operations

Article 6. Concept of singular payment operation and scope of application.

1. This Chapter shall apply to individual payment transactions, which are understood as those not covered by a framework contract.

2. Where a payment order corresponding to a single payment transaction is transmitted by means of a payment instrument governed by a framework contract, the payment service provider shall not be obliged to provide or make available the payment service. information that has already been provided to you under the framework contract with another payment service provider, or which is to be provided in the future under that contract.

Article 7. Prior general information regarding singular payment operations.

1. The payment service provider shall provide the payment service user, in a manner easily accessible to him, with the information and conditions set out in Article 8, before the user is bound by any contract or offer.

If the payment service user requests it, the payment service provider will provide you with the information and conditions mentioned on paper or other durable medium.

The information and conditions shall be written in terms easily understandable, in a clear and legible manner, in Spanish or in any of the other official Spanish languages of the respective Autonomous Communities in the the payment service is provided or in any other language agreed between the parties.

2. If the contract relating to a single payment transaction has been concluded at the request of the payment service user through a means of distance communication which does not allow the payment service provider to comply with the provisions of the paragraph 1, that supplier shall comply with the obligations imposed by that paragraph immediately after the execution of the payment transaction.

3. The obligations imposed by paragraph 1 may also be fulfilled by providing a copy of the draft singular payment service contract or the draft payment order including the information and conditions contained in the Article 8.

Article 8. Information and conditions regarding singular payment transactions.

1. The payment service provider shall provide the payment service user with the following information and conditions:

a) The specification of the information or unique identifier that the payment service user must provide for the proper execution of a payment order;

(b) the maximum execution time of the payment service to be provided;

(c) all expenses that the user must pay to the payment service provider and, where applicable, the breakdown of the amounts corresponding to those expenses;

d) in case the payment transaction includes a currency exchange, the effective exchange rate or the reference rate to be applied.

2. The payment service provider shall also make available to the payment service user in an easily accessible way the information relevant to that contained in Article 12.

Article 9. Information for the payer after receipt of the payment order.

Immediately after receipt of the payment order, the payer's payment service provider shall provide or make available to it, in the same manner as that referred to in Article 6, the following information:

(a) A reference to enable the payer to identify the payment transaction and, where available, information relating to the payee;

b) the amount of the payment operation on the currency used in the payment order;

(c) the total amount corresponding to the costs of the payment transaction to be paid by the payer and, where applicable, a breakdown of the amounts corresponding to those expenses;

(d) in the event that the payment transaction includes a currency exchange, the exchange rate used in the payment transaction by the payer's payment service provider, or a reference thereof, where it is different from the type provided in accordance with Article 8.1.d), and the amount of the transaction after currency conversion; and

e) the date of receipt of the payment order.

Article 10. Information for the payee after the execution of a singular payment operation.

Immediately after the execution of the payment transaction, the payment service provider of the payee shall provide or make available to it, in the same way as the information referred to in Article 6, the following information:

(a) A reference to enable the payee to identify the payment transaction and, where available, the payer, as well as any information communicated in conjunction with the payment transaction;

(b) the amount of the payment transaction in the currency in which the funds are paid to the beneficiary;

(c) the total amount corresponding to the costs of the payment transaction to be paid by the beneficiary and, where appropriate, a breakdown of the amounts corresponding to such expenditure;

(d) where applicable, the exchange rate used in the payment transaction by the payment service provider of the payee and the amount of the payment transaction before the currency conversion; and

e) the value date of the credit.

CHAPTER III

Frame Contracts

Article 11. General information prior to the conclusion of a framework contract.

1. The payment service provider shall provide the payment service user, on paper or other durable medium, with the information and the conditions set out in Article 12, in good time before the date on which the user is bound by the payment service. any framework contract or offer. The information and the conditions shall be drawn up in terms easily understandable, in a clear and legible manner, in Spanish or in any of the other official Spanish languages of the respective Autonomous Communities in which the payment service or in any other language agreed between the parties.

2. If the framework contract has been concluded at the request of the payment service user through a means of distance communication which does not allow the payment service provider to comply with paragraph 1, the supplier shall comply with the requirements set out in paragraph 1. obligations imposed on it by that paragraph immediately after the conclusion of the framework contract.

3. The obligations referred to in paragraph 1 may also be fulfilled by providing a copy of the draft framework contract including the information and conditions contained in Article 12.

Article 12. Information and conditions.

The payment service provider will provide the payment service user with the following information and conditions:

1. On the payment service provider:

(a) The name of the payment service provider, the address of its central administration and, where applicable, that of its branch or agent established in Spain, together with any other address, including that of electronic mail, that is useful for communication with the payment service provider, and

(b) the data of the authorities responsible for their supervision and those of the public register in which the authorised payment institutions, their branches and their agents are registered, or of any other relevant public register which authorize the payment service provider, including the registration number, or an equivalent means of identification in such records.

2. On the use of the payment service:

a) A description of the main features of the payment service to be provided,

b) the specification of the information or unique identifier that the payment service user must provide for the correct execution of a payment order,

(c) the form and procedure by which consent is to be communicated for the execution of a payment transaction and the withdrawal of such consent, in accordance with Articles 25 and 37 of Law 16/2009, of 13 November,

(d) a reference to the time of receipt of a payment order, in accordance with the definition of Article 35 of Law 16/2009 of 13 November, and, where applicable, the time limit set by the payment service provider,

e) the maximum execution time for the payment services to be provided, and

(f) if limits have been established for payment transactions to be executed through a payment instrument in accordance with Article 26.1 of Law 16/2009 of 13 November.

3) On expenses and interest rates and exchange rates:

(a) All expenses that the user must pay to the payment service provider and, where applicable, the breakdown of the amounts corresponding to the expenses,

(b) where applicable, the interest and exchange rates to be applied or, if the interest rates and the reference exchange rates are to be used, the method of calculation of the exchange rate or interest rate to be applied to the transaction, as well as the the corresponding date and the index or reference used in that calculation method, and

(c) if agreed, the immediate application of changes in interest rates or reference exchange rates, and the reporting requirements for such variations, in accordance with Article 22.2 of the Law 16/2009 of 13 November.

4) About communication:

(a) Where appropriate, the means of communication, including the technical requirements applicable to the payment service user's equipment, agreed between the parties for the transmission of information or notifications under the present ministerial order,

(b) the manner in which the information provided for in this Ministerial Order and the frequency of such information should be provided or made available,

(c) the language (s) for the conclusion of the framework contract and communication during this contractual relationship, and

(d) the right of the payment service user to receive at any time the contractual terms of the framework contract and the information and conditions in accordance with Article 13.

5) About the responsibilities and requirements required for return:

(a) Where appropriate, a description of the measures to be taken by the payment service user to preserve the security of a payment instrument and the way in which the notification to the service provider is to be made. payment for the purposes of Article 27. (b) of Law 16/2009, of 13 November,

(b) if agreed, the conditions under which the payment service provider reserves the right to block a payment instrument in accordance with Article 26 of Law 16/2009, of 13 November,

(c) the liability of the payer in accordance with Article 32 of Law 16/2009 of 13 November, with information on the corresponding amount,

(d) the form and time within which the payment service user is required to notify the payment service provider of any unauthorised payment transaction or executed incorrectly in accordance with Article 29 of the Law 16/2009 of 13 November, as well as the liability of the payment service provider in the case of non-authorised payment transactions in accordance with Article 31 of Law 16/2009 of 13 November 2011,

e) the liability of the payment service provider for the execution of payment transactions in accordance with Article 45 of Law 16/2009 of 13 November, and

(f) the requirements for the return, pursuant to Articles 33 and 34 of Law 16/2009, of 13 November.

6. On modifications and termination of the framework contract:

(a) If agreed, the warning that the payment service user will be deemed to accept amendments to the conditions laid down in accordance with Article 22 of Law 16/2009 of 13 November, notify the payment service provider to the contrary before the proposed date for the entry into force of the amendments,

b) the duration of the contract, and

(c) the right of the payment service user to terminate a framework contract and any agreements relating to termination pursuant to Article 22.1 and Article 21 of Law 16/2009 of 13 November.

7. On the applicable law, jurisdiction and procedures for complaints:

(a) The contractual clauses under which the law applicable to the framework contract and the competent court has been defined, and

(b) the procedures for complaint and out-of-court redress at the disposal of the payment service user pursuant to Article 50 of Law 16/2009 of 13 November.

Article 13. Accessibility of information and conditions of the framework contract.

At any time in the contractual relationship, the payment service user who so requests shall be entitled to receive on paper or on another durable medium the contractual terms of the framework contract as well as the information and the conditions referred to in Article 12.

Article 14. Information prior to the execution of payment transactions subject to a framework contract.

When a payment transaction is made subject to a framework contract initiated by the payer, at the request of the payer, the payment service provider shall provide it with explicit information on the maximum execution period and on the costs to be paid by the payer by adding, where appropriate, the breakdown of the amounts corresponding to the possible expenditure.

Article 15. Information for the payer on payment transactions that are subject to a framework contract.

1. Once the amount of a payment transaction subject to a framework contract has been loaded into the payer's account, or when the payer does not use a payment account after receiving the payment order, the payer's payment service provider provide, without undue delay, in the same way as the information provided for in Article 11.1, the following information:

a) A reference that allows the payer to identify each payment transaction and, when available, the information relating to the payee;

(b) the amount of the payment transaction in the currency in which it was loaded into the payer's payment account or the currency used for the payment order;

(c) the amount of any costs of the payment transaction and, where applicable, the corresponding breakdown of expenses or interest payable by the payer;

(d) in the event that the payment transaction includes a currency exchange, the exchange rate used in the payment transaction by the payer's payment service provider, and the amount of the payment transaction after that conversion of the currency. currency, and

e) the date value of the debit or the date of receipt of the payment order.

2. The payment service provider shall also provide the information referred to in the previous paragraph free of charge, on a regular basis, at least once a month, and in the form agreed by the parties, provided that it allows the payer to store the information and play it unchanged.

Article 16. Information for the payee on payment transactions subject to a framework contract.

1. After the execution of each payment transaction subject to a framework contract, the payment service provider of the beneficiary shall provide it without undue delay, in the same way as that provided for in Article 11.1, the following information:

(a) A reference to enable the payee to identify the payment transaction and, where possible, the payer, as well as any information communicated in conjunction with the payment transaction;

(b) the amount of the payment transaction in the currency in which the payment account has been paid to the payee;

(c) the amount of any costs of the payment transaction and, where applicable, the corresponding breakdown of expenditure or interest to be paid by the beneficiary;

d) in case the payment transaction includes a currency exchange, the exchange rate used in the payment transaction by the payee's payment service provider and the amount of the payment transaction before the conversion of currency, and

e) the value date of the credit.

2. The payment service provider shall also provide the information referred to in the previous paragraph free of charge, on a regular basis, at least once a month, and in the form agreed by the parties, provided that it allows the beneficiary to store the information and play it unchanged.

Article 17. Modification of the conditions of the framework contract.

The payment service provider shall propose any modification of those referred to in Article 22 of Law 16/2009 of 13 November, in a manner identical to that stipulated in Article 11.1.

Article 18. Resolution of the framework contract.

As provided for in Article 21 (3) of Law 16/2009 of 13 November, to be agreed in the framework contract, the payment service provider may terminate the framework contract concluded for an indefinite period if it notifies the identical terms as provided for in Article 11.1 and at least two months in advance.

Additional disposition first. Arrangements applicable to certain transactions and contracts.

In accordance with the last paragraph of Article 8 of Law 22/2007 of 11 July 2007 on the distance marketing of financial services for consumers, Articles 6, 7, 11 and 12 of this Regulation shall apply. (a) order, in respect of the provision of payment services, instead of the provisions on information set out in Article 7.1 of that law. However, the provisions of Article 7.1.2 (c) and (g) of Article 7.1.2 (a), (b) and (e) of Article 7.1.3, and (b) of Law 22/2007 of 11 July 2007 shall apply.

Additional provision second. Exclusive application of this order to certain activities of certain payment service providers.

The activity of the provision of payment services by credit institutions will be exclusively subject to this order, not resulting from the application of the provisions of the Order of 12 December 1989, on the interest and commissions, rules of action, information to clients and advertising of the Credit Entities.

Additional provision third. Accounting information and enabling the Banco de España.

In the terms of Article 14 of Law 16/2009 of 13 November, payment institutions shall adjust their accounting information to the principles contained in the General Accounting Plan, with the adjustments that are establish by the Banco de España's Circular, which will require, as far as public states are concerned, prior report of the Accounting and Audit Institute of Accounts. In any event, the accounting rules that are specifically established for payment institutions shall take into account the criteria and terminology set out in the accounting rules applicable to credit institutions.

Single transient arrangement. Transitional arrangements for framework contracts.

1. Without prejudice to the provisions of the third transitional provision of Law 16/2009 of 13 November 2009 on payment services, the provisions relating to the transparency of contracts framework contracts which the payment service providers operate in Spain have subscribed to their customers at the date of entry into force of this ministerial order, will remain valid once it enters into force the same without prejudice to the application, from that moment on, and in the case that the counterparty is a natural person, of the most favourable conditions for the client that may be derived from his/her rules.

2. Irrespective of the provisions of the previous paragraph, the provisions referred to in that paragraph shall be adapted as provided for in this Ministerial Order by 5 December 2010 or 5 June 2011 for the purposes of this paragraph. credit or debit card contracts. To this end, institutions shall forward to their clients, through the agreed means of communication, the contractual changes resulting from the application of this ministerial order, so that they can give their consent to the changes introduced. This consent shall be deemed tacitly granted if, after three months from the date of receipt of the communication, the customer has not expressed his opposition to such changes. The same presumption shall apply if the customer has, after one month since that receipt, made a new payment transaction initiated by him and subject to the framework contract; such circumstances, together with the circumstances referred to in the following subparagraph, shall be: Preferred and outstanding way, in the custom communication that the entity makes to reach the client.

When the customer shows his/her disagreement with the new conditions set, he/she will be able to resolve, at no cost, the contracts up to then in force.

Single repeal provision. Regulatory repeal.

As many rules of equal or lower rank are repealed, they oppose the provisions of this ministerial order.

In particular, they are repealed:

(a) The Order of 16 November 2000 for the development of Law 9/1999 of 12 April 2000 on the legal system of transfers between Member States of the European Union and other provisions relating to transfers of capital for the management of transfers in general, except as provided for in Article 3 (4), (5) and (6), which shall remain in force until 30 April 2011, and Article 7

(b) all the provisions relating to the activity of the provision of payment services for credit institutions contained in the Order of 12 December 1989, on interest rates and commissions, rules for action, information to clients and advertising of the Credit Entities, and expressly the fourth and the letter (c) of the first disposition.

Final disposition first. Regulatory enablement.

The Bank of Spain is enabled to dictate the precise rules for the development and execution of this order.

Final disposition second. Incorporation of European Union law.

By this order, Directive 2007 /64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market, amending the Directives, is incorporated into Spanish law. 97 /7/EC, 2002 /65/EC, 2005 /60/EC and 2006 /48/EC repealing Directive 97 /5/EC.

Final disposition third. Entry into force.

This order shall enter into force on the twentieth day of its publication in the "Official State Gazette".

Madrid, June 14, 2010. -Vice President Segunda del Government and Minister of Economy and Finance, Elena Salgado Méndez.