Changes from plenary report to adopted text

(c) by way of derogation from Article 65(1), the payment service provider is not required to notify the payment service user of the refusal of a payment order, if the non-execution is apparent from the context;

(d) by way of derogation from Article 66, the payer shall not revoke the payment order after transmitting the payment order or authorising the payment transaction to the payee;

(e) by way of derogation from Articles 69 and 70, other execution periods apply.

2. Articles 56 and 60 shall apply also to electronic money, except where the payer’s payment service provider does not have the ability to freeze the payment account on which the electronic money is stored or block the payment instrument. Member States may limit that derogation to payment accounts on which the electronic money is stored or to payment instruments of a certain value.

3. Member States shall, by the date of application of this Regulation, notify to the Commission the provisions of their law adopted pursuant to paragraph 2. They shall, without delay, notify any subsequent amendment to such provisions.

Issuance and redeemability of electronic money

1. Issuers of electronic money shall issue electronic money at par value on the receipt of funds.

2. Upon request by the holder of the electronic money, the issuer of the electronic money shall redeem, at any moment and at par value, the monetary value of the electronic money held.

3. The contract between the issuer of the electronic money and the holder of the electronic money shall clearly and prominently state the conditions of redemption, including any applicable fees, and the electronic money holder shall be informed of those conditions before being bound by any contract or offer.

4. Redemption of electronic money may be subject to a fee only if stated in the contract in accordance with paragraph 3 and only in any of the following cases:

(a) where the holder of electronic money requests redemption before the termination of the contract;

(b) where the contract provides for a termination date and the holder of electronic money terminates the contract before that date;

(c) where redemption is requested more than one year after the date of termination of the contract.

Any such fee shall be proportionate to and commensurate with the actual costs incurred by the electronic money issuer.

5. Where the holder of electronic money requests redemption before the termination of the contract, the holder may request redemption of the electronic money in whole or in part.

6. Where redemption is requested by the holder of the electronic money on the date of the termination of the contract, or up to one year after such termination, the issuer of the electronic money shall do either of the following:

(a) Redeem the total monetary value of the electronic money; or

(b) Redeem all funds requested by the electronic money holder where the payment institution carries out one or more of the activities as referred to in Article 10(1)(c) of Directive XXX [PSD3] and it is unknown in advance what proportion of funds is to be used as electronic money by electronic money holders.

7. Notwithstanding paragraphs 4, 5 and 6, redemption rights of a person, other than a consumer, who accepts electronic money shall be subject to the contractual agreement between the electronic money issuer and that person.

8. A payment institution providing electronic money services shall not grant to the holder of electronic money interest or any other benefit related to the length of time during which he or she holds the electronic money.

Access to payment systems

1. Payment system operators shall have in place objective non-discriminatory, transparent and proportionate rules on access to a payment system by authorised or registered payment service providers that are legal persons. Payment system operators shall not inhibit access to a payment system more than is necessary to safeguard against specific risks, including where applicable settlement risk, operational risk, credit risk, liquidity risk and business risk or more than is necessary to protect the financial and operational stability of the payment system.

2. A payment system operator shall make publicly available its rules and procedures for admission to participation to that payment system and the criteria and methodology it uses for risk assessment of applicants for participation.

3. Upon receiving an application for participation by a payment service provider, a payment system operator shall assess the relevant risks of granting the applicant payment service provider access to the system. A payment system operator shall only refuse participation to an applicant payment service provider where the applicant poses risks to the system, as referred to in paragraph 1. The payment system operator shall notify that applicant payment service provider in writing whether the request for participation is granted or refused and shall provide full reasons for any refusal.

4. Paragraphs 1, 2 and 3 shall not apply to payment systems composed exclusively of payment service providers belonging to the same group.

5. Payment system operators shall not have in place any of the following requirements:

(a) restrictive rules on effective membership in other payment systems;

(b) rules which discriminate between authorised payment service providers or between registered payment service providers in relation to the rights, obligations and entitlements of members;

(c) restrictions on the basis of institutional status.

6. A participant of a payment system that allows an authorised or registered payment service provider that is not a participant of the payment system to pass transfer orders through that payment system shall, when requested, give the same possibility to other authorised or registered payment service providers in an objective, proportionate, transparent and non-discriminatory manner. In case of a rejection of such request, the participant of a payment system shall provide any requesting payment service provider with full reasons for such rejection.

7. For payment systems that are not covered by Eurosystem oversight, pursuant to Regulation (EU) No 795/2014, Member States shall designate a competent authority responsible for oversight of payment systems to ensure enforcement of paragraphs 1 2, 3, 5 and 6 by payment systems governed by their national law.

Provision by credit institutions of payment accounts to payment institutions

1. A credit institution shall only refuse to open or shall only close a payment account for a payment institution for its agents or distributors or for an applicant for a license as a payment institution in cases where it is justified on objective, non-discriminatory and proportionate grounds, in particular in the following cases:

(a) The credit institution has serious grounds to suspect defective money laundering or terrorism financing controls by the applicant or that illegal activities are being committed either by the applicant or its customers;

(b) there is or has been a material breach of contract committed by the applicant for an account;

(c) insufficient information and documents pertaining to matters set out in this paragraph have been received from the applicant for an account;

(d) the applicant for an account or its business model presents an excessive risk profile;

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(ea) the competent authority has refused to grant or has withdrawn an authorisation as a payment institution.

Where a credit institution decides to close a payment account in accordance with this paragraph, the account closure shall take effect upon the expiry of a notice period which shall not be less than four months, unless the payment account is closed due to fraud-related reasons or reasons connected to illegal activities.

2. Rights granted under paragraph 1 to agents or distributors shall be granted exclusively for the provision of payment services on behalf of the payment institution.

3. A credit institution shall notify to the payment institution or to its agents or distributors, or to the applicant for a license as a payment institution, any decision to refuse to open or to close a payment account to a payment institution or to its agents or distributors, or to an applicant for a license as a payment institution; it shall duly motivate any such decision. Such motivation must be specific to the risks posed by the activity or planned activity of that payment institution or of its agents or distributors, as assessed by the credit institution, and not be generic in nature.

3a. In addition to the notification referred to in paragraph 3, a credit institution shall also notify the national competent authority of its decision to refuse to open or to close a specific payment account. The competent authorities shall publish aggregate data on payment account refusals and closures.

4. A payment institution or its agents or distributors, or an applicant for a license as a payment institution which is the subject of a negative decision by a credit institution on access or of a decision on closure from payment accounts services may appeal to a competent authority.

5. The EBA shall develop draft regulatory technical standards specifying the harmonised format and information to be contained in the notification and motivation referred to in paragraph 3 of this Article and specifying the objective, non-discriminatory and proportionate grounds and situations when a credit institution is able to refuse to open or is able to close a payment account for a payment institution, its agents, or distributors or for an applicant for a licence as a payment institution. Those draft regulatory technical standards shall also develop the harmonised objectives, powers and procedures to be followed by the competent authorities in respect of appeals referred to them under paragraph 4 of this Article.

The EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [ OP please insert the date= one year after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

Rights of payment service users

1. Payment service providers shall not prevent payment service users from making use of a payment initiation service provider to obtain payment initiation services as referred to in point (6) of Annex I. That obligation shall apply to all the payment accounts held by the payment service user that are accessible online.

1a. Payees shall offer to payment service users at least one payment method without surcharges which does not rely on the use of a payment initiation service provider.

2. Payment service providers shall not prevent payment service users from making use of account information services as referred to in point (7) of Annex I. That obligation shall apply to all the payment accounts held by the payment service user that are accessible online.