Changes from plenary report to adopted text

(ii) instruments which can be used only to acquire a very limited range of goods or services, including, but not limited to, instruments restricted to use in business-to-business transactions;

(iii) instruments valid only in a single Member State, which are provided at the request of an undertaking or a public sector entity and regulated by a national or regional public authority for specific social or tax purposes to acquire specific goods or services from suppliers having a commercial agreement with the issuer, and which cannot be converted into cash;

(k) payment transactions by a provider of electronic communications networks as defined in Article 2, point (1), of Directive (EU) 2018/1972 of the European Parliament and of the Council, or services provided in addition to electronic communications services as defined in Article 2, point (4), of that Directive to a subscriber to the network or service:

(i) to purchase digital content and voice-based services, regardless of the device used for the purchase or consumption of the digital content and charged to the related bill; or

(ii) performed from or via an electronic device and charged to the related bill within the framework of a charitable activity or for the purchase of tickets;

provided that the value of any single payment transaction does not exceed EUR 60 and:

– the cumulative value of payment transactions for an individual subscriber does not exceed EUR 360 per month, or

– where a subscriber pre-funds its account with the provider of the electronic communications network or service, the cumulative value of payment transactions does not exceed EUR 360 per month;

(l) payment transactions carried out between payment service providers, their agents or branches for their own account;

(m) payment transactions and related services between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, including the collection of funds as well as the execution of payments by entities belonging to the same group on behalf of a group by a parent undertaking or its subsidiary▐.

3. Titles II and III apply to payment transactions in the currency of a Member State where both the payer’s payment service provider and the payee’s payment service provider are, or the sole payment service provider in the payment transaction is, located within the Union.

4. Title II, except for Article 13(1), point (b) , Article 20, point (2)(e) and Article 24, point (a), and Title III, except for Articles 67 to 72, apply to payment transactions in a currency that is not the currency of a Member State, where both the payer’s payment service provider and the payee’s payment service provider are, or the sole payment service provider in the payment transaction is, located within the Union, in respect to those parts of the payments transaction which are carried out in the Union.

5. Title II, except for Article 13(1), point (b), Article 20, point (2)(e) and point (5)(h) and Article 24, point (a), and Title III, except for Article 28(2) and (3), Articles 62, 63 and 67, Article 69(1), and Articles 75 and 78, apply to payment transactions in all currencies where only one of the payment service providers is located within the Union, in respect to those parts of the payments transaction which are carried out in the Union.

6. Member States may exempt institutions referred to in Article 2(5), points (4) to (23), of Directive 2013/36/EU from the application of all or part of the provisions of this Regulation.

7. By [ OP please insert the date= one year after the date of entry into force of this Regulation], the EBA shall develop guidelines specifying the criteria for the exclusion for payment transactions from the payer to the payee through a commercial agent referred to in paragraph 2, point (b) of this Article.

8. The EBA shall develop draft Regulatory Technical Standards to specify the conditions of the exclusions referred to in paragraph 2, point (j). The EBA shall take into account the experience acquired in the application of the EBA guidelines of 24 February 2022 on the limited network exclusion under Directive (EU) 2015/2366.

The EBA shall submit the 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 on 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.

9. Member States shall notify to the Commission the provisions of its law which it adopts pursuant to paragraph 6, by the date of application of this Regulation, and, without delay, any subsequent amendment affecting them.

9a. The provisions of Article 59 shall also apply to electronic communications service providers and online platforms.

Definitions

For the purposes of this Regulation, the following definitions apply:

(1) ‘home Member State’ means either of the following:

(a) the Member State in which the payment service provider has its registered office; or

(b) if the payment service provider has, under its national law, no registered office, the Member State in which the payment service provider has its head office;

(2) ‘host Member State’ means the Member State other than the home Member State in which a payment service provider has an agent, a distributor or a branch or provides payment services;

(3) ‘payment service’ means any business activity set out in Annex I;

(4) ‘payment institution’ means a legal person that has been granted authorisation in accordance with Article 13 of Directive (EU) [PSD3] to provide payment services or electronic money services throughout the Union;

(5) ‘payment transaction’ means an act of placing, transferring or withdrawing funds, based on a payment order placed by the payer, or on his behalf, or by the payee, or on his behalf, irrespective of any underlying obligations between the payer and the payee;

(6) ‘initiation of a payment transaction’ means the steps necessary to prepare the execution of a payment transaction, including the placement of a payment order and the completion of the authentication process;

(7) ‘remote initiation of a payment transaction’ means a payment transaction for which a payment order is placed via the internet;

(8) ‘execution of a payment transaction’ means the process starting once the initiation of a payment transaction is completed and ending once the funds placed, withdrawn, or transferred are available to the payee;

(9) ‘payment system’ means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing or settlement of payment transactions;

(10) ‘payment system operator’ means the legal entity legally responsible for operating a payment system;

(11) ‘payer’ means a natural or legal person who holds a payment account and places a payment order from that payment account, or, where there is no payment account, a natural or legal person who places a payment order;

(12) ‘payee’ means a natural or legal person who is the intended recipient of funds which are the subject of a payment transaction;

(13) ‘payment service user’ means a natural or legal person making use of a payment service or of an electronic money service in the capacity of payer, payee, or both;

(14) ‘payment service provider’ means a body as referred to in Article 2(1) or a natural or legal person benefiting from an exemption pursuant to Articles 34, 36 and 38 of Directive (EU) [PSD3];

(15) ‘payment account’ means an account held by a payment service provider in the name of one or more payment service users which is used for the execution of one or more payment transactions and allows for sending and receiving funds to and from third parties;

(16) ‘payment order’ means an instruction by a payer or payee to its payment service provider requesting the execution of a payment transaction;

(17) ‘mandate’ means the expression of authorisation given by the payer to the payee and (directly or indirectly via the payee) to the payer’s payment service provider allowing the payee to initiate a payment transaction for debiting the payer’s specified payment account and to allow the payer’s payment service provider to comply with such instructions;

(18) ‘payment instrument’ means an individualised device or devices and/or set of procedures agreed between the payment service user and the payment service provider which enables the initiation of a payment transaction;

(19) ‘account servicing payment service provider’ means a payment service provider providing and maintaining a payment account for a payer;

(20) ‘payment initiation service’ means a service to place a payment order at the request of the payer or of the payee with respect to a payment account held at another payment service provider;

(21) ‘account information service’ means an online service of collecting, either directly or through a technical service provider, and consolidating information held on one or more payment accounts of a payment service user with one or several account servicing payment service providers;

(22) ‘payment initiation service provider’ means a payment service provider providing payment initiation services;

(23) ‘account information service provider’ means a payment service provider providing account information services;

(24) ‘consumer’ means a natural person who, in payment service contracts covered by this Regulation, is acting for purposes other than his or her trade, business or profession;

(25) ‘framework contract’ means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account;

(26) ‘money remittance’ means a payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, or where such funds are received on behalf of and made available to the payee;

(27) ‘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 a mandate given by the payer to the payee, to the payee’s payment service provider or to the payer’s own payment service provider;

(28) ‘credit transfer’ means a payment service, including instant credit transfers, for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, or by the payment service provider which holds the payee’s payment account, based on an instruction given by the payer;

(29) ‘instant credit transfer’ means a credit transfer which is immediately executed, regardless of the day or hour;

(30) ‘funds’ means central bank money issued for retail use, scriptural money and electronic money;

(31) ‘value date’ means a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account;

(32) ‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency conversion cost and which is disclosed by the payment service provider or comes from a publicly available source;

(33) ‘reference interest rate’ means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract;

(34) ‘authentication’ means a procedure which allows the payment service provider to verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user’s personalised security credentials;

(34a) ‘authorisation’ means a permission granted in a procedure where the payment service user authenticates a given transaction freely and with full knowledge of all relevant facts;

(35) ‘strong customer authentication’ means an authentication which is based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data;