1 Cape. Scope and definitions
The scope of the law
section 1 of this Act contains provisions on payment services
provided in Sweden and are carried out within the European
economic area (EEA) in euro or in any other
of the EEA-countries ' currencies.
This law also provides rules for payment institutions and
registered payment service providers.
Definitions
2 § With payment services referred to in this law
1. services which make it possible to put on and take off
cash from a payment account as well as the operations required
for the management of the account,
2. execution of payment transactions, including
transfer of funds which may also be covered by a credit line,
by
(a)) direct debit,
(b)) credit card or other payment instrument, or
c) account-based payments,
3. the issuing of payment instruments;
4. redemption of transaction amounts where a payment instrument
has been used,
5. money transfer, or
6. execution of payment transactions where the
(a)) the payer approves transaction with some form of
equipment for telecommunications, digital technology or
information technology, and
b) payment is made to the system operator, which will only work
as an intermediary between the payment service user and the supplier
of the goods or services.
3 § With payment service providers for the purposes of this law the following
payment service providers:
1. banks and credit market companies under the Act (2004:297) om
banking and finance law,
2. electronic money institutions and undertakings
been exempted from licence under the Act (2011:755) on
electronic money,
3. payment institutions and the natural or legal persons
exempted from the permit requirement referred to in Chapter 2. 3 §,
4. State and municipal authorities, when they are not busy
for the exercise of public authority,
5. foreign physical and legal persons and authorities
within the EEA, analogous to those in 1 – 4 with the exception of such physical
or legal persons who have been excluded from
obtain a permit under the national provisions transposing the
European Parliament and Council Directive 2007/64/EC on
payment services in the internal market and amending
Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and
repeal of Directive 97/5/EC,
6. the European central bank and national central banks in
other EEA-countries, when they are not acting in their capacity as monetary
or public authority,
7. Post Office Giro institutions in the EEA under national law
have the right to provide payment services, and
8. branches of credit institutions from non-EEA countries.
Law (2011:775).
section 4 of this Act means
1. direct debit "means a payment service for debiting a payer's
payment account, where a payment transaction is initiated
by the payee on the basis of the payer's consent
to the recipient, the recipient's payment service provider or
the payer's own payment service provider,
2. banking day "means a day on which a payment service provider
open for business to the extent required for
execution of a payment transaction,
3. "payer" means a natural or legal person who is either
betalkontoinnehavare and allows a payment order
from that payment account, or a natural or legal person
that leaves a payment order,
4. payment account: an account held in one or more
the payment service user's name, and which is intended for
execution of payment transactions,
5. payment institutions: a limited liability company or a financial
compound that has been authorised to provide
payment services according to Chapter 2,
6. payment instruments: a credit card or any other
personal instruments or a personal routine used
in order to initiate a payment order,
7. beneficiary: any natural or legal person who
is the intended recipient of funds at a
payment transaction,
8. payment order "means any instruction by a payer or
payee's payment service provider to a
payment transaction will be carried out,
9. payment systems: a general payment system in accordance with Chapter 1.
3 section Act (2004:297) on banking and
finance law,
10. payment transaction: deposit, withdrawal or transfer
of funds that is initiated by the payer or
the payee, irrespective of any underlying
obligations between the payer and the payee,
11. the payment service user ' means any natural or legal person who
making use of a payment service,
12. charge: that the funds will be deducted from an account,
13. ' branch ' shall mean a branch office with independent
management, and a foreign payment institutions
establishment of several establishments should be considered as a single
Branch,
14. Group: same as in Chapter 1. section 7 of the Act (2006:531) on
special supervision of financial conglomerates,
15. country of origin: the country where an undertaking has been authorised to
pursuit of the activities referred to in this Act,
16. ' consumer ' means any natural person who is acting primarily for
purposes which are outside business activities,
17. credit: the funds are added to an account,
18. qualifying holding: the same as in Chapter 1. 5 § 15 law
on banking and finance law,
19. "funds" means banknotes and coins, scriptural money and
electronic money in accordance with the law (2011:755) on electronic
money,
20. money transfer "means a payment service where funds are received from
a payer, without any payment account is opened in the payer's
or beneficiary name, solely for the purpose of
transfer the equivalent amount to a recipient or another
payment service provider acting on behalf of the recipient, or
where such funds are received on behalf of the recipient, and
to the recipient,
21. framework agreement: a contract on payment services which regulates
implementation of future individual and successive
payment transactions and which may contain obligations
and conditions to open a payment account,
22. reference exchange rate "means the exchange rate which is used as the basis
for the calculation of any currency exchange and made
available by the payment service provider or is derived from a
publicly available source,
23. the reference interest rate: the interest rate which is used as the basis
for the calculation of any applicable interest rate and the resulting
from a publicly available source which can be verified by
both parties to a payment service agreement;
24. registered payment service provider: a
payment service provider exempt from permit requirements
According to Chapter 2. 3 §,
25. initial capital: the same as in Chapter 1. 5 § 18 law on banking
and finance law,
26. "unique identifier" means a combination of letters,
numbers or symbols provided by a
payment service provider, and that the payment service user,
State to unequivocally identify another
the payment service user or his/her payment account,
27. value date: the reference time used by a
payment service provider for the calculation of interest generated by
charged or credited to a payment account. Law (2015:188).
5 § a payment institution and another company will be deemed to have
close links, if
1. one company directly or indirectly through subsidiaries
owns at least 20 per cent of the capital or have at least
20% of the total votes in the other company,
2. one company directly or indirectly accounts for parent company
to the other or there is another similar relationship
between undertakings;
3. both companies are subsidiaries of or have a similar
relationship with the one and the same legal entity or a
the corresponding relative to a single physical person.
Close relations are also a payment institution and a
natural person shall be considered to have, if
1. the individual in question
a) owns at least 20 per cent of the capital of the payment institution;
b) disposes of at least 20% of the total votes in the
payment institution,
c) otherwise have such influence over
payment institution that the person's position is equivalent to anyone who
a parent has in relation to a subsidiary,
or
2. There is another similar link between this person
and the payment institution.
Exemptions from the scope
section 6 of this Act do not apply to services
1. consists of professional, physical transportation of cash,
2. provide for withdrawal of cash purchases
of goods or services,
3. consists of currency exchange through the exchange of cash,
4. provided by suppliers of technical services
payment service provider supports the business of payment services,
without the supplier of technical services at some point
comes in possession of funds,
5. based on payment instruments which can only be used
within a limited network of suppliers, of a supplier
in his place of business or, in the case of a limited supply
or services, or
6. consists of collection of cash by means of automated teller machines,
If the service provider
a) acting on behalf of one or more card authority's behalf,
(b)) is not a party to the framework contract with the customer who takes out funds
from a payment account, and
c) does not provide such other payment services as listed in
2 §.
section 7 of this Act do not apply to payment transactions
1. is done with paper-based instruments such as cheques, bills of Exchange,
vouchers, travellers ' cheques, money orders or
utbetalningsavier,
2. made up of non-commercial collection and delivery
cash under the not-for-profit business or
charity,
3. conducted between participants in a system for the settlement of
payments or securities,
4. carried out between payment service providers, their agents
or branches for their own account,
5. exclusively in cash directly from the payer to the
the payee, without any intermediary,
6. from the payer to the payee through a
Trade Commissioner, or
7. relating to management, redemption or sale of
financial instruments, which are carried out by the persons
participating in a system for settlement according to 3 and of
investment firms, credit institutions, fund management companies,
management company, the aifm with regard to special funds,
providing investment services and other companies
authorized to safe-keep any financial instruments.
This law does not apply to either transactions carried out
between a parent undertaking and its subsidiary or between
subsidiaries of the same parent undertaking, except when a
other payment service provider than a company in the same group
involved as an intermediary. Team (2013:582).
Chapter 2. Obtain a permit for the provision of payment services
Obtain a permit
1 section to provide one or more services required
the permission of the financial supervision authority, unless otherwise shown
of 2 or 3 sections. As regards the Swedish provider of
payment services, the only authorized a Swedish
joint-stock company or a Swedish economic association.
Special provisions concerning foreign companies domiciled in
EEA, see Chapter 3. 26 and 27 §§.
Exemption from permit requirement
section 2 of the State under this Act are not required for
1. banks and credit market companies under the Act (2004:297) om
banking and finance law,
2. electronic money institutions and undertakings
been exempted from licence under the Act (2011:755) on
electronic money,
3. State and municipal authorities, when they are not busy
for the exercise of public authority,
4. foreign physical and legal persons and authorities
within the EEA, similar to those in the 1-3 with the exception of such physical
or legal persons who have been excluded from
obtain a permit under the national provisions transposing the
European Parliament and Council Directive 2007/64/EC,
5. the European central bank and national central banks in
other EEA-countries, when they are not acting in their capacity as monetary
or public authority,
6. Post Office Giro institutions in the EEA under national law
have the right to provide payment services, and
7. branches of credit institutions from non-EEA countries.
Law (2011:775).
section 3 of A natural or legal person may apply to the
The Swedish financial supervisory authority to be exempted from the permit requirement referred to in
1 §. The inspection shall decide on such an exception if
1. the average of the total amount of payment transactions in
the past 12 months does not exceed an amount equal to
3 million euros per month,
2. the that should be part of a company or an Association Board of Directors,
be the Chief Executive Officer or responsible for
payment service operations would not have been convicted of offences relating to
money laundering, terrorist financing or other financial
crime,
3. There is reason to believe that the planned activities
will be operated in accordance with the relevant parts of this law and
regulations governing operations,
4. in the case of legal persons, there is reason to believe that the
have a qualifying holding in the company is suitable to exercise
a significant influence over the management of the company, and
5. the that should be part of a company's Board of Directors, be
Managing Director, head of paid service operations
or replacement for any of them, have sufficient insight
and experience to participate in the management of the company or
be responsible for the payment services business nor otherwise is
suitable for such a task.
In determining whether the condition referred to in the first subparagraph 1 is
fulfilled, should also be taken of the expected total
payment transactions in the company's business plan.
section 4 of the Swedish financial supervisory authority to register those who have been granted
exemption under section 3.
A registered payment service provider shall inform the
The financial supervision authority of any changes which affect its
the ability to satisfy the conditions for exemption provided for in paragraph 3 of the.
Provisions relating to the registry can be found in Chapter 8. 5 §.
5 § a registered payment service provider no longer
satisfies the conditions laid down in paragraph 3 of the first paragraph 1 or 2 shall apply
If an authorization pursuant to § 1. The application must be made within 30 days from
the date on which the conditions are no longer met.
A registered payment service provider should be removed from the register
If the supplier reports that it no longer provides
payment services or if it otherwise appears that
provider's operations with payment services have been discontinued.
Conditions for authorisation
section 6 of the State to provide payment services to be provided, if
1. the articles of association or by-laws not inconsistent with this Act
or any other Constitution,
2. There is reason to believe that the planned activities
will be driven
(a)) with adequate command and control forms for business
with payment services, and
(b)) in accordance with this Act and the regulations
regulating the company's activity,
3. There is reason to believe that those who have a qualifying
holding in the company is suitable to exercise a significant
influence over the management of the company,
4. it must be considered part of the company's Board, to be Executive
Director or Deputy of any of them, is suitable for
such a task, and
5. the person responsible for payment service activities or
replacement of this person is suitable for such a task and
have sufficient insight and experience.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39 to 42 of the Council
Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute
for a European company (SE) or articles 37 to 41 of Council regulation
(EC) No 1435/2003 of 22 July 2003 on the Statute for a European
cooperative society (SCE), the provisions which
the Board refers to in the first subparagraph 4 If the aptitude test
apply to the Supervisory Board.
section 7 of the assessment referred to in paragraph 3(1), 4 and 6 § 3 of the
If a holder is suitable to his reputation and
capital strength is taken into account. It should also be taken into account if there is any reason
to assume that
1. the holder will counter that the payment service activities
operated in a manner consistent with the requirements of this Act and
regulations governing the company's activities,
2. the holding in connection with or may increase the risk of
(a)) money laundering as referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) if
measures against money laundering and the financing of terrorism, or
b) offence under section 2 (2), (3) or section 4 § lagen (2002:444) if
punishment for the financing of particularly serious crime in
some cases, in respect of offences under the Act (SFS 2003:148) if
terrorist offences.
If your company has or likely to get near
relations with anyone, is authorized in accordance with paragraph 1 of the given
only if the links do not prevent the effective exercise of their supervisory functions by
the company.
section 8 provisions concerning ownership in credit institutions in 14 Cape.
Act (2004:297) on banking and finance law should
also apply to payment institutions.
Examination of the application
paragraph 9 of the financial supervision authority shall notify the decision authorising the
to provide payment services or derogating from
obtain a permit within three months from the date on which a
complete receipt of the application and the application fee paid. If
decisions are not communicated in a timely manner, the conditions shall be deemed to have
reporting or exception shall be deemed to have been granted by
The Swedish financial supervisory authority.
Appropriations
section 10 of the Government or the authority, as the Government determines
may provide for what constitutes adequate controls
and control forms of operations with payment services according to
6 paragraph 2.
3 Cape. Special provisions relating to payment institutions and
registered payment service providers ' movement
Initial capital
1 § a payment institution will be when it starts its activities
have initial capital as at the date of the decision in the case of
condition corresponds to
1. at least 20 000 euro, if the authorization includes payment services
According to Chapter 1. 2 § 5,
2. at least 50 000 euro, if the authorization includes payment services
According to Chapter 1. section 2 of 6;
3. at least 125 000 euro, if the State covers any of
payment services according to Chapter 1. 2 § 1 – 4.
Capital requirements
section 2 of a payment institution shall at all times have a
own funds at least equal to the initial capital in accordance with paragraph 1 of the
or a capital requirement calculated in accordance with section 3 or 4.
The payment institution's own funds may not fall below the
the highest of these two amounts.
For the calculation of own funds and its composition
European Parliament and Council Regulation (EU) no
575/2013 of 26 June 2013 on prudential requirements for
credit institutions and investment firms and amending
Regulation (EU) No 648/2012.
A payment institution belonging to the same group as another
payment, or a credit institution, a
investment firm, a fund management company, an insurance company,
an aifm managing special funds or a
electronic money institutions shall not for the purposes of calculating
own funds include the items that are included in the calculation of
some of these companies ' own funds.
A payment institution which operates other activities in accordance
with 5 § shall not for the purposes of the calculation of own funds include
the items included in the calculation of the own funds of such
other activities.
For a payment institution which has changed the accounting currency
in own funds must not be less than the higher of the
amount resulting from 6 and 7 of the Act (2000:35) if change of
accounting currency in financial firms. Law (2014:988).
section 3 of the capital requirement pursuant to section 2 is calculated according to a method
start from
1. a share of the Institute's fixed costs,
2. payment volume in relation to
the nature and extent of the payment, or
3. the amount of interest income, interest expense, received
Commission and received fees as well as other operating income,
in relation to the payment service the nature and
scope.
Decision on the method to a payment institution shall apply the
in each case issued by the Swedish financial supervisory authority.
Article 4 on the basis of an evaluation of the payment institution
risk management processes and internal control mechanisms may
The financial supervision authority may decide that the capital requirements, calculated in accordance with
section 3, should be raised or lowered. The amount of the increase or reduction may
not exceed 20% of this amount.
Nearby services and other activities
5 § in addition to provide payment services, a
payment institution or a registered payment service provider
provide related services and operate different
activity.
The financial supervision authority may prohibit a payment institution or
a registered payment service provider to power other
activity. Such a decision shall be notified of the operation
impairs or could impair the payment institution
or the registered payment service provider's financial
soundness or ability to exercise the Finnish financial supervisory authority
supervision of the Institute or the vendor.
Deposits and loans in the payment service activities
section 6 of a payment institution or a registered
the payment service provider may, in its operations with payment services
not
1. receive deposits or other repayable
funds from the public, or
2. offer other accounts than payment accounts used exclusively
for payment transactions.
A payment institution or a registered
the payment service provider may, in its operations with payment services
grant credit for such payment services referred to in Chapter 1. section 2 of the
2, 3, 4 or 6 If
1. credit will only be used in connection with the implementation of a
payment transaction,
2. the credit is not granted from the funds held for
conduct a payment transaction, and
3. credit via the payment instrument provided under
cross-border activities within the EEA are repaid within 12
months.
Payment institutions may only grant credit in accordance with the second
the paragraph on its own funds is satisfactory with
account of the total amount of credit.
Protection requirements
section 7 a payment institution or a registered
the payment service provider shall take specific measures to
protect the payment service users ' funds received for
execution of payment transactions in excess of a
the equivalent of 300 euros. Such funds shall
1. be kept separate from the payment institution or the
registered payment service provider's own assets and
funds held on behalf of others than the payment service user,
or
2. covered by an insurance policy or guarantee which provides the same protection
for the payment service user as if funds are kept separate according to
1.
Funds for the implementation of the operations referred to in the first subparagraph
1, which is still held by the payment institution or the
registered payment service provider at the end of the business day
After the date on which the funds were received, shall be deposited in a special
account of a Swedish bank, a credit market company
or foreign bank or credit company or be invested in
liquid assets with low risk.
The first and second subparagraphs shall also apply in cases where a
payment institution or a registered payment service provider
receive funds in which a portion will be used for future
payment transactions and the remainder for services other than
payment services. If it is not possible to determine what percentage
by user's funds will be used to
payment transactions, receive a payment institution or a
registered payment service provider, if it is possible to
the basis of historical data and authorised by
The Swedish financial supervisory authority, make an estimate of this proportion.
Retention of data
section 8 a payment institution shall keep all relevant
information relating to the circumstances covered by 2, 3, 7
and Chapter 8. for at least five years.
Rules of procedure and instructions on the Division of labour between
corporate bodies
8 (a) § the obligation under Chapter 8. 46 (a) § companies act
(2005:551) of the Board of Directors of a publicly traded corporation that annually
establish written rules of procedure for its work
also for the Board of Directors of a payment institution or a
registered payment service provider is a private
joint-stock company. However, this does not apply in the case of companies whose
Board has only one member.
Requirement of Chapter 8. 46 (b) § companies act for
the Board of Directors of a publicly traded corporation that in the written
instructions specify the Division of labour between the bodies
also applies to the Board in a payment institution or a
registered payment service provider is a private
joint-stock company.
The Chairman of the Board shall ensure that the Board fulfils the
information listed in this section. Law (2014:553).
Audit and accounting
section 9 a payment institution shall have at least one auditor appointed
of the general meeting. Only those who are authorized or approved
accountant may be certified. At least one auditor appointed by the general meeting
to be certified.
A European cooperative shall draw up the annual report and, in
where appropriate, consolidated accounts in accordance with the
provisions in the Act (1995:1559) on the annual accounts of
credit institutions and securities companies which apply to
payment institutions operating in economic association.
Team (2013:234).
section 10 a payment institution which also engages in other activities
than the provision of payment services as defined in Chapter 1. section 2 will
provide separate accounting information of the activities
includes payment services.
The main office and residence
section 11 of a payment institution or a registered
payment service provider who is a legal person must have its
Head Office in Sweden. A natural person who is registered
payment service provider should have their habitual residence in Sweden.
Professional secrecy
12 § anyone who is or has been connected to an
payment institution or a registered payment service provider
as an employee or contractor must not unduly reveal
or take advantage of what he or she is in employment or in
the Mission of the business with payment services has been informed about
the individual circumstances of the institution or provider.
Liability under Chapter 20. paragraph 3 of the criminal code should not follow the
that violate the ban.
In the public activities should apply instead of the provisions
in publicity and secrecy (2009:400).
In Chapter 6. section 9, there are specific provisions on professional secrecy at
the processing of personal data in the register kept by a
payment service provider or the person responsible for a
payment system in accordance with Chapter 6. 1 §.
In 5 a § credit information Act (1973:1173) provides
that what is true of professional secrecy referred to in the first subparagraph
does not prevent the information in some cases are exchanged for
credit reporting purposes.
Measures against money laundering and the financing of terrorism
section 13 provisions concerning the obligation on any natural or legal
persons providing payment services to help
to prevent money laundering and terrorist financing is available
in the law (2009:62) on measures against money laundering and
the financing of terrorism.
Vendor's
section 14 of the payment institution and registered
payment service providers are required to disclose such
information referred to in paragraph 12, if during a
investigation in accordance with the provisions of preliminary investigation in criminal cases
requested by the investigators or whether, in a case concerning the
legal assistance in criminal matters on the production of another State
or an International Court is requested by prosecutors.
Message ban
15 § The investigators or prosecutors requesting
information under section 14 of may decide that the payment institution
or the registered payment service provider as well as its
Directors and employees shall not disclose to the client or
for any outsiders to information submitted under section 14
or that there is a preliminary investigation or a case
legal assistance in criminal matters.
Such a ban may be communicated if required to a
investigation of crimes should not be compromised or in order to comply with
an international agreement binding on Sweden.
The ban should be limited in time, with the possibility of
extension, and may not longer than is
justified by the purpose of the ban. In a case concerning the
legal assistance in criminal matters may, however, be subject to the ban only
If the State or international court applied for
legal assistance agrees to this.
If a ban is no longer justified with regard to the purpose
with the ban should undersökningsledaren or Prosecutor decide
the ban will expire.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39 to 42 of the Council
Regulation (EC) No 2157/2001 or articles 37 to 41 of Council
Regulation (EC) No 1435/2003, as set out on the
Board members in the first subparagraph shall apply to the members of the
the regulatory body.
Liability provision
16 § fined condemned anyone who willfully or through gross
negligently violates a prohibition notice under section 15.
The provision of payment services by proxy
section 17 If a payment institution or a registered
payment service provider wants to provide payment services through
agents, should the payment institution or the registered
the payment service provider shall notify the Attorney for registration with
The Swedish financial supervisory authority.
The notification shall contain
1. the name, address and social security number or equivalent,
2. If the representative is a legal person, in addition, the names,
social security number or equivalent and address for those who are part of the
the delegate's Board of directors or the Managing Director,
3. information demonstrating that the persons referred to in 2 is
suitable for such a task, or, if the officer is a physical
person, he or she is suitable to provide
payment services, and
4. agent's internal rules on how the delegate to respond to
the requirements set out in the Act (2009:62) on measures against
money laundering and the financing of terrorism.
If the notification fulfils the requirements set out in the second paragraph,
The FSA Register agent in the register
inspection in accordance with Chapter 8. 5 §.
The provision of payment services in another country within the EEA
by proxy
section 18 where a payment institution would provide
payment services through an agent in another country within the EEA, the
the payment institution shall inform the financial supervision authority thereof.
The notification shall contain
1. a plan for the intended activities, with an indication of
the delegate's organisation and the services provided by the agent intends to
provide, and
2. details of the agent's name and address as well as its responsible
management.
Before the FSA decides to register the delegate
According to Chapter 8. 5 section, the supervision authority shall inform the competent
authority of the other country. The notification shall contain
the information referred to in the second subparagraph. The financial supervision authority may refuse
to register the agent or revoke a completed registration,
where the competent authority of the other country has reasonable
reason to believe that money laundering or the financing of
terrorism is taking place or has taken place or has tried
implemented in connection to the agent, or if the use of
the Attorney can increase the risk of money laundering or the financing of
terrorism.
Swedish payment institution's branch operations in the EEA
section 19 of a payment institution intends to provide
payment services through a branch in another country within the EEA to
notify the financial supervision authority before operations commence.
The notification shall contain
1. a plan for the intended activities, with an indication of
the branch's organization and the services which it intends to
provide, and
2. information on the country in which the branch is to be set up and if
the address of the branch and responsible management.
Before the FSA decides to register the branch
According to Chapter 8. 5 section, the supervision authority shall inform the competent
authority of the other country. The notification shall contain
the information referred to in the first subparagraph. The Swedish financial supervisory authority may
refuse to register a branch or withdraw a study conducted
registration, if the competent authority of the other country
has reasonable grounds to suspect that money laundering or
the financing of terrorism is taking place or has taken place or has
attempted to be carried out in relation to the branch, or if
use of the branch may increase the risk of money laundering or
the financing of terrorism.
section 20 within one month of the notification according to § 19
was accepted to the Swedish financial supervisory authority hand over it to the
competent authority of the country in which the branch is to be set up.
Cross-border activities of payment institutions in Swedish
The EEA
section 21 a payment institution which intends to from Sweden
provide payment services in another country within the EEA to
notify the financial supervision authority before operations commence.
The notification shall contain
1. a plan for the intended activities, with an indication of the
services that a payment institution intends to provide,
and
2. information on the country in which the business will be conducted.
section 22 Within one month from the date of the notification under section 21
was accepted to the Swedish financial supervisory authority hand over it to the
competent authority of the country in which the business will be conducted.
Swedish payment institution's branch operations outside the EEA
section 23 a payment institution may, where authorized by
The FSA set up a branch in a country outside the EEA.
Application for a permit shall contain
1. a plan for the intended activities with information on
the branch's organization and the services which it intends to
provide, and
2. information on the country in which the branch will be established, if
the address of the branch and responsible management.
Information requirements
section 24 of the payment institution and registered
payment service providers shall ensure that agents acting
on their behalf inform payment service users accordingly
relationship.
A payment institution that conducts payment service activities
through a branch office pursuant to this chapter shall ensure that
the branch informs the payment service users of this
relationship.
Obligation to notify the financial supervision authority of changes in
activities
section 25 where a payment institution or a registered
payment service provider intends to change the activities referred to
in the 17 – 19, 21 or 23 § to institution or provider
notify the financial supervision authority before the change is implemented.
If the change relates to a payment institution's activities in a
other country, to the financial supervision authority shall inform the competent
authority of the other country if the change.
Special provisions concerning foreign companies domiciled in
The EEA
section 26 a foreign company that belongs within the EEA and in
the home Member State is authorised to provide payment services
do not need a licence pursuant to Chapter 2. in order to provide
payment services in Sweden.
A foreign company referred to in the first subparagraph,
provide payment services through an agent or subsidiary in
Sweden, after the financial supervisory authority has received a
notification from the competent authority of the company's
country of origin that contains
1. a plan for the intended activities, with an indication of
the agent's or the branch's organization and the services
officer or branch intends to provide, and
2. details of agent's or the address of the branch and responsible
management.
27 § a foreign company referred to in section 26 of the first subparagraph,
provide payment services in Sweden from their home country so
soon the FSA has received a notification from
the competent authority of the home Member State, indicating the
services payment institution intends to provide in
Sweden.
Commission agreements
paragraph 28 of a payment institution or a registered
payment service provider may instruct anyone to carry out a
particular job or certain operational features included in its
the business of paid services. The payment institution or the
registered payment service provider shall notify such
contract to the Swedish financial supervisory authority.
Assignment for someone else to perform such functions as are of
essential for pay services may only be provided
If the payment institution or the registered
the payment service provider is responsible for ensuring that
1. the business operated by the contractor under controlled
and safely secure forms, and
2. the mission does not significantly impair the quality of the
the payment institution or the registered
payment service provider's internal control and
The Swedish financial supervisory authority's ability to monitor the
the payment institution or the registered
the payment service provider to comply with the rules applicable to
the business.
Appropriations
section 29 the Government or authority the Government determines
may provide for
1. the calculation of capital requirements according to paragraph 2(1),
2. how payment institutions and registered
payment service providers to manage funds under section 6,
3. how payment institutions and registered
payment service providers to manage the funds for the implementation
of payment transactions referred to in paragraph 7 and
the proportion of the funds of the payment institution or
registered payment service providers covered by
protection requirements under section 7, third subparagraph,
4. what data should be considered relevant pursuant to section 8, and
5. what a payment institution or a registered
payment service provider to comply with and the requirements
the payment institution or the registered
the payment service provider shall fulfil in the contract in accordance with
section 28.
4 Cape. Information requirements in the provision of payment services
Charges for information
section 1 of the payment service provider shall not charge any fee for a
the payment service user for providing information according to
This chapter.
A service provider may, however, if the supplier and
the payment service user have agreed on it, charging
for information provided at the request of the user and that are
more extensive or more frequent than in accordance with this chapter
or for information provided by other
means of communication than those laid down in the framework agreement.
Fees referred to in the second subparagraph shall be fair and shall be equivalent to
payment service provider's actual costs.
Information about fees in some cases
Information about extra fees or reduction of fee
section 2 where the payee provides a reduction of a
fee for the use of a given payment instrument, the
the receiver will inform the payer thereof prior
the payment transaction is initiated.
If a provider requesting a fee for the use of
a specific payment instrument, it shall inform the
the payment service user thereof prior to the payment transaction
begins.
Currency and currency exchange
3 § If currency exchange is offered prior to the initiation of
payment transaction and the place of sale or
of the payee, the payer will be offering this
Service payer of any charges for the service and
the exchange rate that will be used.
The payer shall accept the currency exchange service before
payment transaction is carried out.
Information obligation in single payment transactions
Prior information
4 section Before an agreement on a single payment transaction is concluded;
the payment service provider shall inform the payment service user on
1. the information that the user will be prompted for a
payment orders can be carried out correctly,
2. how long it takes at most to implement
transaction, and
3. the total amount of the fee that the user pays
to the vendor for the transaction.
The payment service provider shall provide the payment service user
detailed information on the amount of the fee referred to in the first
paragraph 3, when the different fees can easily be separated and
be accounted for separately.
If the payment transaction involves currency exchange should
provider will provide the user with information about the actual
Exchange rate or reference exchange rate to be applied for
the payment transaction.
The supplier must also make information according to section 10 of
available to the user.
paragraph 5 of the Information referred to in section 4 shall be provided on a
accessible way and be clear and easy to understand. The
should be in Swedish or in another language which the parties
will agree.
At the request of the payment service user information
be supplied on paper or another durable medium.
section 6 If an agreement for a single payment transaction concluded on
distance at the request of the payment service user, and this causes the
the payment service provider is unable to comply with 4 and 5 sections,
should these requirements be met instead by him immediately after
the payment service has been implemented.
Information to the payer
section 7 as soon as possible after a payment order has
received to the payer's payment service provider
provide the payer with the following information:
1. a statement identifying the
the payment transaction and, where appropriate, information
relating to the payee;
2. the transaction amount in the currency of
the payment order,
3. the amount of the levy payer shall pay to
the vendor for the transaction, and
4. the date when the payment order was received.
Provider shall also provide detailed information on the payer
the amount of the fee referred to in the first subparagraph 3 where the various
the fees can easily be separated and accounted for separately.
If the payment transaction involves currency exchange should
the vendor provide the payer information on the actual
Exchange rate or reference exchange rate to be applied for
the transaction.
Information to the beneficiary
section 8 as soon as possible after the
the payment transaction has been carried out to
the payee's payment service provider provide
the recipient of the following information:
1. information that makes it possible for the recipient to
identify the transaction and, where appropriate, an indication of the
the payer and the information attached to the transaction,
2. the transaction amount in the currency of
the payment order,
3. the amount of the levy to be paid by the recipient to
the vendor for the transaction, and
4. the value date of the credit.
Provider shall also provide the payee detail
information on the amount of the fee referred to in the first subparagraph 3, when the
different fees can easily be separated and accounted for separately.
If the payment transaction involves currency exchange should
the vendor provide the payee information if the
Exchange rate used for the transaction and
the transaction amount before the currency exchange.
section 9, the payment service provider is not required to provide or
making information available in accordance with sections 4 to 8, if such
information already given or will be given to
the payment service user on the basis of a framework agreement between
the user and another payment service provider.
Information obligation on framework agreement
Prior information
section 10 of the reasonable period of time before a framework agreement should
the payment service provider provide the payment service user the following
information:
1. the name and address of the supplier and, where applicable,
address of its agent or branch,
2. the information that the provider is authorised to
provide payment services and the supplier, its
branches and agents have been registered with the competent authority,
3. a description of the main content of the
payment service provided,
4. the information that the user will be prompted for a
payment orders can be carried out correctly,
5. how an approval to conduct a payment transaction
is provided and how it may be withdrawn in accordance with Chapter 5. 13-15 sections,
6. when a payment order shall be deemed to be received under Chapter 5. 9 §
the first subparagraph,
7. dates for the receipt of an order in accordance with Chapter 5. 9 §
paragraph 3, if any has been set by the provider,
8. how long it takes at most to conduct a
transaction,
9. the ability to agree on restrictions on the use of
the payment instrument in accordance with section 19,
10. What are the fees that the user should pay to the vendor
and, where applicable, the details of these;
11. interest and exchange rates to be applied or, if
reference rates and reference exchange rates should be used,
the method for calculating the actual interest rate and relevant today,
index or the basis for determining the reference interest rate or
reference exchange rate,
12. the immediate application of changes in interest rates or
Exchange rates can be agreed on in accordance with section 14 and the
information requirements associated with this,
13. where appropriate, the means of communication to be
be used for the transmission of information and intelligence
between the parties, including technical requirements on the user's
equipment,
14. how often and in what way information pursuant to this
law should be submitted to or made available to the user,
15. the language to be used in the framework agreement and the
language communication between the supplier and the user should
take place,
16. user's right to frame its terms and
information pursuant to section 13,
17. the actions that the user should take to protect
payment instrument and how the user should notify a
payment instrument strayed or unauthorized use,
18. where appropriate, the circumstances in which
Provider reserves the right to block a
payment instrument in accordance with Chapter 5. 4 §,
19. the responsibilities of the payer has under the Act (2010:000) if
unauthorized transactions with payment instruments;
20. how and within what time limit a user to
notify the provider if improperly implemented
payment transactions or unauthorized transactions,
21. the supplier's responsibility for the implementation of operations
According to Chapter 5. 25-29 sections,
22. the conditions for refund in accordance with Chapter 5. 6-8 sections,
23. where appropriate, an indication that the user is deemed to
have accepted the amended conditions set out in section 14 if the user does not
before the date of the entry into force of the proposed notification to
provider that the user does not agree to them,
24. the duration of the contract,
25. If the notice periods and fees for termination under 14
paragraph or section 15,
26. any contractual clauses concerning the law to
apply for the framework agreement and about which court has jurisdiction,
and
27. What are the procedures for complaints and redress outside
the Court found for the user.
Access to information and conditions in accordance with the framework agreement
11 § Information according to section 10 of shall be supplied on paper
or another durable medium, be expressed in an easily accessible
and to be clear and easy to understand. It should be on
Swedish or in another language which the parties agree.
12 § on a framework agreement concluded at a distance, at the request of
the payment service user, and this causes the
the payment service provider is unable to comply with 10 and 11
sections, should these requirements be met instead by him immediately
After the framework agreement is concluded.
section 13 of the payment service user has during the contractual relationship always
the right to request the contractual terms of the framework agreement and the
information referred to in section 10 of the Act or in any other
legible and permanent form which is available to the user.
Changes to the conditions laid down in the framework agreement
section 14 of the payment service provider and the payment service user may
agree that a user should be bound by a
conditional amendment proposed by the supplier, if the user does not
before the date on which the amendment is proposed to come into force Announces
the provider that he does not accept the new condition.
The supplier must propose changes, as set out in
section 11, at least two months before they take effect.
Changes in interest rates or exchange rates may be applied
immediately, if the supplier and the user agreed
This and the change is based on the agreed
reference interest rate or foreign exchange reference rate. The user should
However, as soon as possible in accordance with the procedure provided for in section 11 shall be informed
If the supplier applies a new interest rate, unless
the parties have agreed that the information should be submitted or made
available with a certain regularity or on a specific
way.
The user is entitled to with immediate effect and free of charge
terminate the framework agreement prior to the date on which the amendment is proposed to be
applicable. The user shall be informed of this when
the vendor proposing the change.
Termination of the framework agreement
15 § the payment service user may terminate the framework agreement with
effective immediately, unless the parties have agreed
a period of notice. The payment service provider shall not make
for a longer period of notice for the user than a month.
If the supplier terminates a framework contract concluded for an indefinite
time, the period of notice shall be not less than two months.
A framework contract concluded for a fixed period of more than twelve
months or for an indefinite period can be terminated toll free
by the user after 12 months.
When the supplier may charge a fee for the termination, the
the fee shall be equal to the actual costs incurred by the termination
causes for the vendor. Periodic fees for paid services
to be paid only for the time until the contract ends
to apply. If such fees are paid in advance, the
will be refunded accordingly.
Information prior to a payment transaction under a framework contract
implemented
16 § When a payor initiates a
payment transaction covered by a framework agreement should
the payment service provider, at the request of the payer, leave
the following information to the payer before the transaction
carried out:
1. how long it takes at most to implement
transaction, and
2. the amount of the levy payer shall pay to
the vendor for the transaction.
Provider shall also provide detailed information on the payer
the amount of the fee referred to in the first subparagraph 2, when the various
the fees can easily be separated and accounted for separately.
Information to the payer of a payment transaction under the
a framework agreement
17 § after the payer's payment account has been debited, or,
If the payer does not use a payment account, after the
the payer submitted a payment order to
the payment service provider to this without undue delay and at
as set out in section 11, provide the following information
to the payer:
1. information identifying the
the payment transaction and, where appropriate, information
relating to the payee;
2. the transaction amount in the currency of
the payment order,
3. the amount of the levy payer shall pay to
the vendor for the transaction, and
4. the value date of debit or date when
the payment order was received.
Provider shall also provide detailed information on the payer
the amount of the fee referred to in the first subparagraph 3 where the various
the fees can easily be separated and accounted for separately.
If the payment transaction involves currency exchange should
the vendor provide the payer information on the actual
Exchange rate or reference exchange rate to be applied for
the transaction.
Framework agreement may stipulate that the information referred to in
the first paragraph should not have to be made available more than a
Once a month. It will be provided or made available on a
agreed manner so that the payer to store and recover
information unchanged.
At the request of the payer shall pay the service provider once in
month free of charge to provide information as referred to in the first
the paragraph on paper.
Information to the beneficiary of a
payment transaction under a framework contract
section 18 When a payment transaction has been carried out to
the payee without undue
delay in the manner set out in section 11, provide
the following information to the payee:
1. a statement identifying the
transaction and, where appropriate, information that
transferred with the payment transaction;
2. the transaction amount in the currency that is credited
the payee's payment account,
3. the amount of the levy to be paid by the recipient to
the vendor for the transaction and the interest
the beneficiary may have to pay, and
4. the value date of the credit.
Provider shall also provide the payee detail
information on the amount of the fee referred to in the first subparagraph 3, when the
different fees can easily be separated and accounted for separately.
If the payment transaction involves currency exchange should
the vendor provide the payee information if the
Exchange rate used for the transaction and
the transaction amount before the currency exchange.
Framework agreement may stipulate that the information referred to in
the first paragraph should not have to be made available more than a
Once a month. It will be provided or made available on a
agreed manner so that the payee can store and
recreate the information unchanged.
At the request of the payee to the payment service provider
Once a month free of charge, provide this
information on paper.
Exemption from the requirements on information
section 19 of A payment service provider is not required to provide
information pursuant to sections 10 and 16 for the purpose of
payment services are carried out with the use of electronic
money or payment instruments which according to the framework agreement only
1. can be used for individual payment transactions with
amount equal to a maximum of 30 euro,
2. can be used for payments up to a total amount
a maximum of 150 euros, or
3. store funds which do not at any time exceed an
amount equal to 150 euros.
A payment service provider is, however, required that, before
payment services referred to in the first subparagraph is provided, leave
information to the payer if
1. how the payment instrument can be used,
2. liability for unauthorised payment transactions,
3. fees, and
4. where the payer easy can find it
information referred to in section 10.
For payment services referred to in the first subparagraph,
the payment service user and the payment service provider to come
agree that the supplier does not have to comply with the provisions
If
1. the terms of the framework agreement are hereby amended in accordance with § 14, or
2. information to payment service users at the individual
payment transactions in accordance with sections 17 and 18.
In the cases referred to in the third paragraph 2 shall
the payment service provider, however, provide or make
available a reference that makes it possible for
the payment service user to identify the payment transaction,
payment amount and transaction fees. If
payment instrument is used anonymously or if the supplier
for other reasons does not have the technical ability to provide
information, the supplier need not provide or
make available such a reference. Provider shall, however, provide
the payer to verify the amount stored
on the payment instrument.
Mandatory provisions
section 20 of the provisions of this chapter shall not be waived for
the disadvantage of a PSU.
The first paragraph does not, however, prevent a payment service provider
get along with a payment service users that are not
consumer if deviations from the regulations.
Chapter 5. Implementation of the payment services
Fees
section 1 of the payment service provider shall not charge any fee for a
the payment service user for fulfilment of its
information obligation and of protection and
corrective action pursuant to this chapter except
as mentioned in 10, 15 and 23 sections. When fees may be applied pursuant to
any of these rules, they should be reasonable and correspond to
payment service provider's actual costs.
Where a payment transaction does not involve any currency exchange,
to the payer and payee pay the fees
their respective payment service provider charges.
The payment service provider shall not prevent the payee
from offering the payer a reduction in the use of
a certain payment instruments.
A payee may not charge the payment
the payer for using a payment instrument.
Electronic money and payment instruments relating to low
amount
2 section For electronic money and payment instruments
referred to in Chapter 4. section 19 of the first subparagraph,
payment service provider and the payment service user of a framework agreement
agree on
1. that the supplier does not have to notify the user that the
the payment order has been rejected, if the context clearly
It appears that it has not been carried out,
2. that the payer may not revoke the payment order after the
have accepted that it is carried out,
3. other time limits for implementation than those referred to in
18 to 22 sections, or
4. it should not be possible to block
payment instrument. Law (2011:775).
Approval of a payment transaction
section 3 a payment transaction shall be considered as approved if
the payer has given consent to its implementation.
Limitation of use of payment instrument
4 of the framework agreement between the payer and the payment service provider
the vendor may reserve the right to block
payment instrument when there are
1. risk of a non-safe use of
the payment instrument,
2. the suspicion that the payment instrument unauthorized
used, or
3. in the case of payment instruments with credit line, a
significantly increased risk that the payer cannot pay.
A payment service provider who blocks a payment instrument
referred to in the first subparagraph shall inform the payer of the block and
the reasons for this.
The payer shall be informed before payment instrument is blocked
or as soon as possible after the block has been put in place.
Any information to the payer should not, however, be provided on the
would be incompatible with other law or if it is justified
for security reasons not to do this.
The payment service provider shall unblock of
the payment instrument or replace it with a new
payment instruments as soon as there are no longer grounds for
Let the block stay.
Payment service provider's obligations in relation to the
payment instruments
section 5 of the payment service provider shall
1. make sure that the personal code to
the payment instrument is not made available by the supplier
for other than the payment service user entitled to use
the payment instrument,
2. do not send payment instruments to someone who has not
ordered it, except where a payment instrument already
held by the user should be replaced,
3. make sure that the user has the option at any time to
notify the appropriate vendor to a
payment instruments has strayed or unauthorized used
or request that a block be lifted pursuant to paragraph 4 of the fourth paragraph, and
4. prevent the use of the payment instrument once a
notification under 3 has been provided.
A payment service provider will be under the age of 18 months after the
the notification or the request referred to in the first subparagraph 3 left
preserve information that makes it possible for
the payment service user to display a notification or request
has been provided. Such information should be provided to the user on the
the user requests it.
Refund of payment transactions initiated by
or through a payee
6 § a payer is entitled to a refund from his
payment service provider of the payment transaction initiated by
or through the payee, and
1. payment transaction's exact amount was not specified in the
When it was approved, and
2. the payment transaction amount exceeds the amount
the payer could reasonably have expected taking into account his
past spending patterns, the conditions laid down in the framework agreement and other
relevant circumstances.
At the request of the payment service provider shall inform the payer
provider if such circumstances referred to in the first
subparagraph 2. The repayment must be the full amount of the
completed transaction.
If the payer and the payment service provider has agreed to a
the reference exchange rate to be applied to the payment transaction,
and the reference exchange rate used, may
the payer does not argue that the conditions in the first subparagraph 2
are met due to the exchange rate applied.
section 7 of The payer and the payment service provider may, in a
framework agreement agree that the payer is not entitled to
refund if he has given his consent, directly to
the vendor, to a payment transaction is carried out and
either the supplier or the beneficiary left
information about the upcoming transaction or made such
information available to the payer at least four weeks prior
the last payment date.
section 8 A payment service provider is not obliged to repay
amount to the payer if the payer did not request
refund within eight weeks of the date on which the funds were debited
account.
Within ten business days of receipt of the request for
refund the payment service provider shall either refund the
the amount of the transaction or the reasons for that
repayment is refused with an indication of where the payer can turn
to have the matter reviewed.
The time of receipt of a payment order
9 the time of receipt of a payment order is the
date on which the order is received by the payer's
payment service provider. If the date of receipt is not a
business day of the service provider, the payment order shall be deemed to have been
during the next business day.
The payment service user initiating a payment order and
a payment service provider may agree that the timing
for receipt of a payment order should be different from the
referred to in the first subparagraph. If the agreed time
is not a business day for the payer's payment service provider, will
the payment order shall be deemed to have been received under the following
business day.
A payment service provider may fix a date near
Bank the end where a payment order is received at the latest. A
payment orders received after that time will be deemed to have
received during the next business day.
Refusal to execute a payment order
section 10 of The payment service provider refuses to execute a
payment orders shall inform the payment service user for this
on the agreed way as soon as possible and at the latest within the time limits
specified in §§ 18 and 19. The notification shall indicate
1. If possible, the reasons for refusal, and
2. the procedure followed to rectify errors
may have led to the refusal.
The payment service provider may charge a fee for a
notification referred to in the first subparagraph of
1. There are reasonable grounds for refusal, and
2. the supplier may charge such fee according to a framework agreement with
the payment service user.
section 11 of the terms of the framework agreement with the payment service provider
the payer are met, the payer's payment service provider
not refuse to perform an approved payment orders, regardless of whether
It is initiated by the payer or the payee
unless the execution of the payment order would be contrary to
other teams.
for the purposes of section 12 of the 18, 19 and 25 to 29 sections to a
payment orders that the payment service provider refuses to
perform is not considered to have been received by the supplier.
Revocation of payment order
13 § When a payment transaction is initiated by the payer, may
He does not revoke a payment order after it has
received by the payer's payment service provider.
14 § When a payment transaction is initiated by or through the
the payer may revoke the beneficiary not
the payment order after the latter have sent the order or
given their approval to implement the transaction to
the receiver.
By direct debit payer may, by way of derogation from the first subparagraph, and without
It affects the right to repayment, withdrawing
the payment order at the latest by the end of the business day preceding
the date agreed for debiting the funds.
If the payment service user and the payment service provider has
agreed under section 9 If the time at which a
the payment order shall be deemed to be received, the user despite
first paragraph, revoke the payment order at the latest by the end of
the business day preceding the agreed day.
15 § After the dates specified in §§ 13 and 14 may
the payment order may be revoked only if agreed
between the payment service user and his payment service provider.
To the recall after the dates specified in section 14 of
the first and second subparagraphs shall take place, is also necessary for the
the payee agree to recall.
The payment service provider may charge a fee for withdrawal
referred to in the first subparagraph if the ability to charge such a fee
shown by the framework agreement with the payment service users
withdrawal of the payment order.
The amount of transmitted and received
section 16 of the payment service provider may deduct from the amount
to be transferred only under the conditions set out in
the second and third subparagraphs.
The beneficiary and the beneficiary's payment service provider may
agree that the supplier may deduct his own fees from
the amount transferred before crediting it to the recipient.
Payment transaction amount without any deduction of contributions and
fees should be accounted for separately in the information
be provided to the payee.
If other fees other than those referred to in the second subparagraph shall be deducted from
the amount transferred, the payer's payment service provider
ensure that the payee receives the full amount
It was indicated in the payment order. If the payment transaction
initiated by or through the payee, to the recipient's
payment service provider to ensure that your recipient receives the full
amount specified in the payment order.
Execution time and value date
section 17 the provisions of sections 18 to 22 apply to
payment transactions in Sweden carried out in euro or in
Swedish kronor.
The provisions of sections 18 to 22 is also valid for
payment transactions where there is a fluctuation between the euro
and Swedish kronor, about
1. the switching is done in Sweden, and
2. in the case of a transaction to or from another
country, the transfer of funds from one country to another takes place in euro.
The provisions of sections 18 to 22 are also applicable to other
payment transactions other than those referred to in the first and second
paragraphs. Provisions of 18, 19, 21 and 22 sections, however, is not
applicable, if otherwise agreed between
the payment service user and the payment service provider. If
the user and the provider, by way of derogation from section 18 of the first
subparagraph, contracts when crediting the payee's
vendor account no later than should occur, may not be
later than four business days after the payment order
received under section 9.
section 18 If a payment order is received under section 9, shall
the payer's payment service provider shall ensure that
payment transaction amount is credited
the payee's payment service provider's account at the latest at the
the end of the next business day.
For payment transactions initiated on paper may
the payment service provider may extend the time of one business day.
section 19 of a payment order initiated by or through a
payee shall be carried out within the time limits that have
agreed between the payee and his payment
payment service provider.
For direct debit, a payment order shall be made in such
time to payment transaction can be completed at the
agreed due date.
section 20 of the payee's payment service provider to valutera
and make the payment transaction amount available on
recipient's payment account.
The value date of crediting of the payee's
payment account shall be not later than the business day on which the
payment transaction amount is credited to the recipient's
payment service provider's account.
The payee's payment service provider shall ensure
the payment transaction amount to the recipient's
available as soon as possible after the amount
credited to the recipient's vendor account.
The credit value date for the payer's payment account debiting
fall at the earliest, when the amount of the transaction
be charged to this account.
section 21 where the payee does not have a payment account with the
the payment service provider for receiving the funds, it shall make
them available to the receiver within the time specified in the 18
and 19 sections.
section 22 If a consumer deposit cash on a payment account with the
a payment service provider shall ensure that the amount
made available and valuteras as soon as possible after the
date on which the funds were received.
If the deposit cash on a payment account is not
consumer, should the amount be made available and valuteras
no later than the next business day.
Liability and chargebacks
section 23 If a payment order has been carried out with the help of a unique
identifier, the payment order shall be deemed to have been effected
correct with regard to the payee specified
in the identification code.
If the unique identifier specified by the
the payment service user is incorrect, the payment service provider
not be responsible according to §§ 25-29 to
the payment transaction has not taken place or for defects
in the implementation of the transaction.
The payment service provider of the payment service users
left the payment order should, however, take reasonable steps
to get back the money the payment transaction concerned.
The supplier may charge a fee by the user for the measures
taken, on a framework agreement with the user admits it.
24 § even if the payment service user provides information to
the payment service provider in addition to that set out in Chapter 4. 4 §
first subparagraph 1 or 10 § 4 is the supplier only responsible
for the execution of a payment transaction in accordance with
the unique identifier specified by the user.
Payment transactions initiated by the payer
paragraph 25 of the payer's payment service provider is responsible to
the payer to a payment order to the payer has
initiated are carried out correctly.
If the payer's payment service provider can demonstrate that the
provider has received the payment transaction amount
in accordance with section 18, charge the recipient's provider to
the recipient of that transaction is carried out correctly.
section 26 Of the payer's payment service provider is responsible for
the execution of a payment transaction in accordance with paragraph 25 of the first
subparagraph, shall, without undue delay, refund
the amount of a transaction that is not implemented or implemented
inadequate to the payer or restore the debited
betalkontots account status to that which it would have had if
the poorly executed the transaction had not taken place.
If the payee is responsible for
the implementation of a transaction referred to in section 25, second paragraph, the
provider as soon as possible to set the transaction's amount
the recipient of payments or credit
recipient's payment account with the corresponding amount.
If a payer has initiated a payment order, and
payment transaction is not carried out, or is carried out
flawed, the payer's payment service provider on request
of the payer as soon as possible try to track
the payment transaction and notify the payer if
the result.
Payment transactions initiated by or through the
the payee
section 27 of the payee's payment service provider is responsible
vis-à-vis the consignee to pay the amount of the transaction
made available to the recipient under section 20 and to a
payment order initiated by or through a payee
are transferred correctly to the payer's payment service provider in
accordance with section 19.
A payment service provider is liable under the first subparagraph
and have tried to carry out a payment order shall as soon as
possible to transfer the payment order concerned to
the payer's payment service provider.
section 28 of the payer's payment service provider is responsible to
the payer for a not implemented or inadequately implemented
payment transaction initiated by or through the
the payee, but then the recipient's
payment service provider is responsible to the beneficiary according to 27
§.
A payer through a payment service provider is liable under
the first subparagraph shall refund the payment transaction amount
to the payer or restore the debited betalkontots
account status to that which it would have had if the
poorly executed the transaction had not taken place.
For a payment transaction initiated by or through the
the payee, and the transaction is not carried out, or
implemented poorly, to the recipient's payment service provider
at the request of the receiver as soon as possible try to track
the payment transaction and notify the recipient of
the result.
section 29 of the PSPS is responsible vis-à-vis their
respective payment service users for such charges and interest
that users must pay as a result of
payment transaction is not carried out or implemented
flawed.
Message incorrectly executed payment transactions
section 30 of the payment service provider may require that
the payment service user is responsible for payment transactions
amount, if the user does not notify the supplier without
undue delay after having received the knowledge that
the transaction has been carried out incorrectly. The same
If the supplier has provided information about the transaction
to the user or made information available to
This in accordance with the provisions of Chapter 4. and the user does not
notify the supplier within 13 months from the amount
charged to the account.
Right to recovery
section 31 where a payment transaction is not carried out, or
implemented poorly and the fault is attributable to a
payment service provider or intermediary which is not responsible
with regard to payment service users under 25 to 29 sections, the
provider who is responsible to a user under these
provisions the right to compensation by the supplier or
intermediary who caused that the transaction did not take place
or was implemented poorly.
Compensation shall be equal to the amount of losses, including amounts
paid to the payment service user, resulting in
the payment service provider in accordance with paragraphs 25 to 29.
Exemption from liability
32 § liability under this chapter shall arise not in cases of
exceptional or unpredictable circumstances such as the one
invoking circumstances has no influence over and
the consequences of which would have been unavoidable despite all
efforts. Responsibilities under this chapter shall arise not
either as a payment service provider is acting in accordance with
Swedish law or Union law.
Mandatory provisions
section 33 the provisions of this chapter shall not be waived for
the disadvantage of a PSU.
The first paragraph does not, however, prevent a payment service provider
get along with a payment service users that are not
consumer on derogations from the provisions of paragraph 1 of the first
paragraph, paragraphs 6-8, 13-15 sections and sections 25 to 30.
Chapter 6. The processing of personal data, etc.
Scope of the directive
1 § where a payment service provider or the person responsible for a
payments system review payment transactions to
able to detect such transactions as the vendor or the
Head of payment system, suspect or have reasonable
grounds to suspect is part of fraud in connection with
the provision and use of payment services, the
provider or the person responsible for a payment system
process personal data and keep records in accordance with §§ 2-9
which apply in addition to the personal data Act (1998:204).
Personal data treatment
§ 2 if it is necessary for the examination of
payment transactions in accordance with section 1, the following
personal data is processed:
1. data concerning the identity of the payment service user's passport or
other identity document, and
2. unique names to identify a particular person
payment service users.
Purpose of the registry
paragraph 3 of the Registry may be proved by a payment service provider or the
responsible for a payment system, if necessary
for review of payment transactions in accordance with section 1.
Content
4 § The register referred to in section 1 may only contain
1. name and person, coordination or corporate,
2. payment account identifier or equivalent,
3. such unique names referred to in paragraph 2 of 2, and
4. the other information revealed by examination of the
payment transactions in accordance with section 1.
Disclosure of data
5 § On suspicion of fraud persists after in-depth analysis,
get details of all circumstances that may indicate fraud
in connection with the provision or use of
payment services are provided to the police authorities or
The public prosecutor's Office.
Information in a registry referred to in article 1 may be disclosed to
payment service providers and those who have responsibility for a
payment systems where this information has been provided to the
The police or the public prosecutor's Office.
Disclosure in accordance with the second subparagraph may be made despite
3 Cape. section 12 of this Act, Chapter 1. section 10 of the Act (2004:297) on banking
and finance law or 3 Cape. section 12 of the Act (2011:755) on
electronic money. Law (2014:664).
section 6 of the Data from the register referred to in paragraph 1 of which has been provided
to the police or the public prosecutor's Office in accordance with
paragraph 5 shall not be disclosed to the data subject.
Law (2014:664).
Thinning
section 7 of an entry in a register referred to in section 1 to screen
1. If the police or the public prosecutor's Office decides to
not to open or to close an investigation into fraud in the
connection with the provision or use of
payment services,
2. If a preliminary investigation has been closed without criminal charges brought
in the light of the information provided,
3. If a court has informed judgment or a decision having reason
of the information provided and the judgment or decision has become final
power,
4. no later than three years after the information provided to the
The police or the public prosecutor's Office on the basis of paragraph 5 of the first
subparagraph, or
5. no later than three years after the information was collected, if the
data not previously submitted to the police
or the public prosecutor's Office on the basis of paragraph 5.
A payment service provider or a responsible for a
payment system becomes aware of a circumstance which
means that a task for screening as referred to in the first subparagraph 1, 2
or 3 to inform them that the vendor or the
Head of payment system has left out the task to
in accordance with paragraph 5. Law (2014:664).
Rectification and indemnity
§ 8 the provisions of 28 and 48 of the Act
(1998:204) for correction and compensation terms for the treatment of
personal information under this Act.
Professional secrecy
9 § The operating of a payment service provider or with
the charge for a payment system shall not
unauthorized disclosure of information in a registry referred to in article 1 or
information disclosed pursuant to paragraph 5.
Liability under Chapter 20. paragraph 3 of the criminal code should not follow the
that violate the ban.
Chapter 7. Access to payment systems
section 1 of the charge for a payment system to
ensure that the rules on access to the payments system is
objective, non-discriminatory and proportionate. Policies
must not prevent access to a greater extent than what is
necessary to protect against the risks of the business and for
to protect payment system's financial and operational
stability.
Policies on access to payment systems should not restrict
in fact, participation in other payment systems or
discriminate against payment service providers because of the legal
form in which their activities are carried out.
section 2 of A payment service provider in accordance with Chapter 1. section 3 which is a
legal person may not be denied access to a
payment, if the payment service provider complies with such
conditions for access to the payment system imposed in
accordance with section 1.
section 3 of the provisions of paragraphs 1 and 2 shall not apply to
1. payment according to law (1999:1309) on deposit
settlement of obligations in the financial market, or
2. payment systems in which a payment service provider seems to
or can act as both the payer and the payee's
payment service provider and is solely responsible for
payment system management, and his payment service provider
allow other payment service providers to participate in
the payment system without these can negotiate fees
between themselves in respect of the payment system.
Chapter 8. Supervision and intervention
Scope of supervision
paragraph 1 of the financial supervision authority oversees the application of the provisions of
This Act is being complied with, as well as the provisions of the European Parliament's
and Council Regulation (EC) no 924/2009 of 16 september
2009 on cross-border payments in the community and
repealing Regulation (EC) No 2560/2001 and in
European Parliament and Council Regulation (EU) no 260/2012 of
on 14 March 2012 concerning the adoption of technical and business
requirements for credit transfers and direct debits in euros and amending
by Regulation (EC) no 924/2009.
For payment institutions and registered
payment service providers include supervision even to their
payment service business is conducted according to regulations
regulates their activities, articles of incorporation, by-laws and
internal instructions based on a Constitution which
governing its operations. In the case of supervision of other
payment service providers referred to in Chapter 1. paragraph 3 of the terms of
the provisions of the laws governing its operations,
subject to the provisions of this law.
The financial supervision authority shall consult the competition authority
before an enforcement measure or action taken against any
responsible for payment systems for infringement of
Chapter 7. 1 and 2 sections. Law (2014:220)
section 2 payment institutions, registered payment service providers
and the charge for a payment system to
provide the financial supervision authority the information on their activities and
related circumstances that the inspection request.
2 a § Government or authority the Government determines
announces that certain tasks according to section 2 of the
must be submitted to the financial supervision authority instead to be given to
The central statistical office. Law (2014:493).
Site survey
section 3 of the financial supervision authority may, where necessary, implement a
survey of
1. a payment institution,
2. a registered payment service provider, and
3. foreign companies that provide payment services in
Sweden under Chapter 3. 26 and 27 §§.
If necessary for the supervision of a payment institution or a
registered payment service provider, the financial supervisory authority
conduct a survey of
1. a branch of the Institute;
2. a representative of the institution or provider, and
3. a company has been commissioned to carry out certain work
or some functions to the institution or provider.
A study of a registered payment service provider may
only include the activities relating to the provision of
payment services.
Cooperation between competent authorities
paragraph 4 of the financial supervision authority shall in its supervisory activities work together
and exchange information with the competent authorities in the EEA.
The inspection will also cooperate and exchange information with
The European central bank, national central banks and other
the competent authorities designated in accordance with Union law
applicable to payment service providers.
A competent authority within the EEA may attend a control
performed by the Swedish financial supervisory authority.
The financial supervision authority may delegate the task of carrying out a
on-the-spot inspection by a branch or agent of a
payment institutions under its supervision to a competent
authority in another country within the European economic area.
Register of payment institutions and registered
payment service providers
paragraph 5 of the financial supervision authority shall maintain a register of
payment institutions, registered payment service providers,
their agents and affiliates. The register shall contain information on the
What payment services as payment institutions, registered
payment service providers, their agents and branches have the right to
provide. The register shall be accessible at
The Swedish financial supervisory authority.
Audit
section 6 of The auditor or auditors shall immediately
report to the Swedish financial supervisory authority if he or she at
the performance of their mission in a payment institution shall
knowledge of facts which
1. can constitute a material violation of any Constitution
governing the activities of the Institute,
2. could affect the institution's continuing drift negative, or
3. can lead to the auditor objects to the balance sheet
or the profit and loss account fixed or to note
According to Chapter 9. 33 or 34 § the Swedish companies Act (2005:551) or
Chapter 8. section 13 of the Act (1987:667) about cooperative entities.
Auditor and Inspector has a corresponding
reporting requirements if he or she becomes aware of
conditions referred to in the first subparagraph in relation to
Mission of the Institute's parent or
subsidiaries or a company that has a similar
connected with the payment institution.
Contributions to the financial supervision authority
section 7 of the payment institution and registered
payment service providers should pay fees
The financial supervision authority and statistics
activities according to the law (2014:484) on a database for
monitoring and supervision of the financial markets.
Law (2014:493).
Action against the payment institution
section 8 where a payment institution has failed to fulfil its obligations
under this law, the European Parliament and of the Council
Regulation (EC) no 924/2009 of the European Parliament and
Council Regulation (EU) no 260/2012, administrative provisions
regulates the activities of the Institute, the Institute's articles of Association,
statutes, regulations or internal instructions have their
based on a Constitution that regulates the activities of the Institute,
to the financial supervision authority Act.
The financial supervision authority shall issue an order to
within some time limit operations in any respect,
reduce risk in it or take any other action to
coming to terms with the situation, a ban that the effect
decision or a note. If the infringement is serious
should the payment institution's authorisation is withdrawn or, if it is
sufficient warning is announced. Law (2014:220).
9 § financial supervisory authority may refrain from intervention under section 8,
If a breach is insignificant or pardoned, if
payment institution make the correction or if any other
Authority has taken action against the institution that are judged to be
sufficient.
paragraph 10 of the financial supervision authority shall revoke a payment institution
permit, if a person who is part of the institution's Board of directors or
is the Executive Director no longer fulfils the conditions
specified in Chapter 2. 6 § 4 or if a person who is responsible for
payment service business no longer fulfils the conditions
specified in Chapter 2. 6 § 5. This should be done only if the inspection
first have decided to object of the Institute that the person
and if he or she still remains in the
the Board of Directors, Executive Director, or as the person responsible for
payment service business after one of the inspection
fixed period not exceeding three months have expired.
Instead of withdrawing the State financial supervisory authority may
decide that a Board Member, Executive Director or
responsible for pay services may no longer be there.
The inspection will then appoint a replacement. Long mission
valid until the company has appointed a new Member of the Board,
Managing Director or responsible for
payment service business.
It provides for the Chief Executive Officer of first and
second subparagraphs shall apply by analogy to a Deputy to the
Executive Director.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39 to 42 of the Council
Regulation (EC) No 2157/2001 or articles 37 to 41 of Council
Regulation (EC) No 1435/2003, the provisions relating to
the Board of Directors in the first paragraph of withdrawal of authorization
apply to the Supervisory Board.
section 11 of the financial supervision authority shall revoke the payment institution
State if
1. the institution has obtained the authorisation by making false
information, or by any other wrongful means,
2. it is not within one year of the authorization
granted have begun to pursue such activities as the condition
regards,
3. Institute for a continuous period of six months
has driven activities which the State intends,
4. it would pose a threat to the payment system
stability of the Institute continued to conduct its
payment service operations,
5. the Institute has declared that they refrain from the State,
6. the Institute has transferred all its activities relating to
payment services, or
7. the Institute been declared bankrupt or decision is made to
the Institute shall enter into compulsory liquidation.
In the cases referred to in the first subparagraph 1 – 4, instead warning
be notified if it is enough.
section 12 Of the authorization be revoked should the FSA decide
If the liquidation of the operation is to occur.
A withdrawal decision may be subject to prohibition
stay in business.
section 13 if a competent authority in another Member State has informed the
The financial supervision authority that a payment institution violated
regulations in the country, will the inspection take the measures
specified in sections 8-11 against the Institute, if there is any
circumstance referred to therein. The inspection shall inform the
competent authority of the measures taken.
Penalty
14 § where a payment institution has received note or
warning in accordance with section 8 or warning according to section 11, shall
The financial supervision authority may decide that the Institute should pay a
penalty.
Levy belongs to the State.
section 15 Penalty fee must amount to not less than 5 000 kroons and
not more than SEK 50 million.
The fee may not exceed 10% of the
the payment institution's turnover immediately preceding
fiscal year. If the infringement has taken place in the Institute's
first year of operation or if the data on the turnover otherwise
is missing or is inadequate, it may be estimated.
For a payment institution which also engages in other activities
than the provision of payment services as defined in Chapter 1. section 2 will
the turnover referred to in the second subparagraph shall refer to only the business with
payment services.
The fee must not be so large that the Institute not
comply with the requirements of Chapter 3. 2 §.
16 § when the penalty fee is determined, the Special
taking into account the gravity of the infringement, which has
led note or warning and how long
infringement has been going on.
Late fee
section 17 If a payment institution or a registered
payment service provider does not supply the information
prescribed pursuant to section 27 of the time, the financial supervisory authority
decide that the Institute should pay a late fee with
a maximum of 100 000 SEK.
Levy belongs to the State.
Enforcement of the decision on the penalty fee and late fee
18 § a penalty or late fee is to be paid to
The financial supervision authority within thirty days from the date of the decision
It has the force of res judicata or the length of time specified in
the decision.
section 19 of the financial supervision authority decision on the penalty or
late charge may be enforced under the enforcement of the beam
provisions, if the fee has not been paid within the time limit set by
set out in section 18.
If such penalty or late fee is not paid within
the period referred to in section 18, the Inspectorate leave it unpaid
the fee for the recovery. Provisions for recovery of
public debts Act (1993:891) for the recovery of
public debts, etc.
section 20 of a penalty or late fee has been decided
fall away to the extent that enforcement has not been
within five years from the date of the decision won the final.
Intervention against foreign companies
section 21 financial supervisory authority may submit to a foreign company
providing payment services in accordance with Chapter 3. 26
or 27 § making correction, if its activities with
payment services in Sweden are not carried out in accordance with the applicable
provisions on measures against money laundering and the financing of
terrorism or in accordance with European Parliament and Council
Regulation (EC) No 1781/2006 of 15 november 2006 on
information on the payer accompanying transfers of
funds and such a law that supplements the regulation.
The financial supervision authority may submit to a foreign company as
provide payment services from a branch or a
representative in accordance with Chapter 3. section 26 to make correction on its activities
with payment services in Sweden are not carried out in accordance with 4 and
Chapter 5.
If a company fails to comply with an order under the first
or the second paragraph, the financial supervision authority shall inform the
competent authority of the home Member State.
If correction is not done, the financial supervision authority may prohibit the
company to launch new payment transactions here in
the country. Before the ban is announced to the inspection, notify the
competent authority of the home Member State. In urgent cases
the inspection may notify prohibition without prior notice
to the authority of the home Member State. This will, however,
be notified as soon as it can be.
section 22 If a foreign company operating under 3
Cape. 26 or 27 § takes its business license revoked
of the home Member State, the financial supervision authority immediately prohibit the company
to initiate new transactions in this country.
Action against registered payment service providers and others.
section 23 for a registered payment service provider or
responsible for a payment system has failed to fulfil its
obligations under this law, the European Parliament and of the Council
Regulation (EC) no 924/2009 of the European Parliament and the Council
Regulation (EU) no 260/2012 or administrative provisions
governing its activities, the financial supervision authority shall submit to the
registered payment service provider or the person responsible for
a payment system that within certain period of time to take action to
to correct the situation or to cease
the business.
If a registered payment service provider as described in Chapter 2. 5 §
do not submit the application for authorisation, the financial supervisory authority
submit to the payment service provider to submit an application.
If the payment service provider does not comply with the order
should the inspection order him to cease operations.
If it is uncertain if the licence is in respect of
some payment service activities, the financial supervision authority shall submit to the
that drive business to provide information on the activities
needed to assess whether that is the case. Law (2014:220).
Intervention against the which does not have a permit or registration
section 24 If any driver from activities covered by this
law without being entitled to it, the financial supervisory authority
order him to cease operations.
If it is uncertain whether the law applicable to a given
activities, the supervision authority shall submit to the
activities that provide information on business
the inspection needs to assess if this is the case.
An injunction under the first or second paragraph relating to
a foreign company may be directed against the company as well as the
as in Sweden and works for the company's behalf.
VITE
section 25 Of the financial supervision authority notifies the injunction or prohibition
under this Act, the supervision authority shall submit to the penalty.
Appeal
section 26 of the Financial Supervisory Authority's decision under section 23, third subparagraph, and
24 section may not be appealed.
Other decisions by the Swedish financial supervisory authority under this Act may
be appealed to a general administrative court. However, this does
No decision in the cases referred to in paragraph 5
Administrative Procedure Act (1986:223).
Leave to appeal is required in the case of appeal to the administrative court.
The financial supervision authority may provide that a decision on the ban,
injunction or withdrawal to take effect immediately.
Appropriations
section 27 of Government or authority the Government determines
may provide for
1. what information a payment institution, a registered
payment service provider or with responsibility for
a payment system shall submit to the financial supervision authority for
its supervisory activities, and
2. the fees referred to in section 7.
Transitional provisions
2010:751
1. This law shall enter into force on 1 August 2010.
2. By the Act repeals Act (1999:268) if
payment transfers in the European economic
area.
3. Legal persons engaged in the business of payment services
before 25 december 2007 may continue to
end of april 2011, without authorisation under this
team. If the FSA deems that the conditions for
authorisation in accordance with Chapter 2. 6 and 7 sections are met for such a
legal person shall inform the financial supervision authority permits
whether the entity has applied for authorization
or not. The financial supervision authority shall inform the
legal entity before granting the permit.
4. Financial institutions engaged in the business of
remittance before 25 december 2007 and which is
a subsidiary of a parent undertaking governed by
supervision on a consolidated basis in accordance with Chapter 9. Act (2006:1371) if
capital adequacy and large exposures, and has informed the
The financial supervision authority thereof not later than september 25, 2010, will
not covered by the requirement for a licence pursuant to Chapter 2.
5. any natural or legal person engaged in the business of
payment services before 25 december 2007 and meet the requirements
for exemptions from the permit requirement in Chapter 2. 3 § may continue
with the business until the end of april 2011 without having
derogation in accordance with this law.
6. any natural or legal person engaged in the business of
payment services on 25 december 2007 or later that at
the entry into force of the Act operates requiring permits
or exemption from licence under this Act may
continue to run the business on a permit application
or exemption from licence under this Act has been given
before August 1, 2010, until the application tested
final, until 1 november 2010.
7. Until the end of december 2011, crediting
a payment recipient's payment service provider's account, with
way of derogation from Chapter 5. section 18, take place within a maximum period of three
business days after the payment order received in
accordance with Chapter 5. section 9. For payment transactions
initiated on paper gets credit for the same
conditions, by way of derogation from Chapter 5. section 18, take place within a
period of up to four business days.
8. Such changes in the framework contract relating to the conditions under
Cape. 10-19 sections in order to impose conditions in
accordance with the requirements of the said paragraphs shall,
No matter what is provided for in the agreement, to be implemented by
the payment service provider notifies the payment service user on
the changes at least one month before the date on which the proposed start
apply. Changes for the benefit of the payment service user may
be carried out without him will be notified in advance. If
payment service user does not accept the proposed changes
the user should inform the supplier thereof before the date
the amendment is proposed to come into force.