Changes from report parliamentary committee draft to plenary report

Added3. If agreed in the framework contract, the payment service provider may terminate a framework contract concluded for an indefinite period by giving at least 3 months’ notice in the same way as provided for in Article 19(1).

Added4. Charges for payment services levied on a regular basis shall be payable by the payment service user only proportionally up to the termination of the contract. If such charges are paid in advance, those charges shall be reimbursed proportionally by the payment service provider.

Added5. The provisions of this Article are without prejudice to the Member States’ laws and regulations governing the rights of the parties to declare the framework contract unenforceable or void.

Added6. Member States may provide for more favourable provisions on termination for payment service users. The objectives of those provisions shall be aligned with this Regulation and shall be communicated to the Commission.

Added7. Member States shall by [ OP please insert the date = data of application of this Regulation] notify to the Commission the provisions of their law adopted pursuant to paragraph 6. They shall, without delay, notify any subsequent amendment to such provisions.

AddedInformation before execution of individual payment transactions

AddedIn the case of an individual payment transaction initiated by the payer under a framework contract, a payment service provider shall, at the payer’s request for this specific payment transaction, provide explicit information on all of the following:

Added(a) the maximum execution time;

Added(b) the charges payable by the payer expressed in the currency of the payment and, if applicable, the percentage mark-up on any applicable exchange rates as compared to a foreign exchange benchmark rate which complies with Regulation (EU) 2016/1011;

Added(c) where applicable, a breakdown of the amounts of any charges before the payer executes the payment.

AddedInformation for the payer on individual payment transactions

Added1. After the amount of an individual payment transaction is debited from the payer’s account or, where the payer does not use a payment account, after receipt of the payment order, the payer’s payment service provider shall provide the payer, without undue delay and in the same way as laid down in Article 19(1), with all of the following information:

Added(a) a reference enabling the payer to identify each the payment transaction and the information needed to unambiguously identify the payee, including the payee’s commercial trade name;

Added(b) the amount of the payment transaction in the currency in which the payer’s payment account is debited or in the currency used for the payment order;

Added(c) the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the payer;

Added(d) where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider, and the amount of the payment transaction after that currency conversion;

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

Added2. A framework contract shall include a condition that the payer may require the information referred to in paragraph 1 to be provided or made available periodically, ▐free of charge and in an agreed manner which allows the payer to store and reproduce information unchanged.

Added3. Member States may require payment service providers to provide information on paper or on another durable medium at least once a month, free of charge.

Added4. Member States shall by [ OP please insert the date = data of application of this Regulation] notify to the Commission the provisions of their law adopted pursuant to paragraph 3. They shall, without delay, notify any subsequent amendment to such provisions.

AddedInformation for the payee on individual payment transactions

Added1. After the execution of an individual payment transaction, the payee’s payment service provider shall provide the payee without undue delay in the same way as laid down in Article 19(1) with all of the following information:

Added(a) a reference enabling the payee to identify the payment transaction and the payer, and any information transferred with the payment transaction;

Added(b) the amount of the payment transaction in the currency in which the payee’s payment account is credited;

Added(c) the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the payee;

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

Added(e) the credit value date.

Added2. A framework contract may include a condition that the information referred to in paragraph 1 is to be provided or made available periodically, at least once a month and in an agreed manner which allows the payee to store and reproduce information unchanged.

Added3. Member States may require payment service providers to provide information on paper or on another durable medium at least once a month, free of charge.

Added4. Member States shall by [ OP please insert the date = data of application of this Regulation] notify to the Commission the provisions of their law adopted pursuant to paragraph 3. They shall, without delay, notify any subsequent amendment to such provisions.

AddedRIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES

AddedCommon provisions

AddedScope

Added1. Where the payment service user is not a consumer, the payment service user and the payment service provider may agree that Article 28(1), Article 49(7), and Articles 55, 60, 62, 63, 66, 75 and 76 do not apply in whole or in part. The payment service user and the payment service provider may also agree on time limits that are different from those laid down in Article 54.

Added2. Member States may provide that Article 95 does not apply where the payment service user is not a consumer.

Added3. Member States may provide that provisions in this Title are applied to microenterprises in the same way as to consumers. Those provisions shall be fully aligned with this Regulation and its objectives and shall be communicated to the Commission.

Added4. Member States shall [ OP please insert the date = data of application of this Regulation] notify to the Commission the provisions of their law adopted pursuant to paragraph 2 and 3. They shall, without delay, notify any subsequent amendment to such provisions.

AddedCharges applicable

Added1. The payment service provider shall not charge the payment service user for fulfilment of its information obligations or corrective and preventive measures under this Title, unless otherwise specified in Article 65(1), Article 66(5) and Article 74(4). Those charges shall be agreed between the payment service user and the payment service provider and shall be reasonable and proportionate to actual costs.

Added2. For payment transactions provided within the Union, where both the payer’s and the payee’s payment service providers are, or the sole payment service provider in the payment transaction is, located in the Union, the payee shall pay the charges levied by his payment service provider, and the payer shall pay the charges levied by his payment service provider.

Added3. The payee shall not request charges for the use of payment▐.

Added3a. When an operator of an automatic teller machine (ATM) is authorised as a credit institution or payment service provider in the Union, and provides cash withdrawal services, that operator shall provide or make available information about any fixed fee applicable at the initiation of the withdrawal process, specifically at or before the moment the user’s card is inserted into, or tapped against, the ATM. Any such fixed fee shall be displayed in monetary value and ensure that the user is informed in a transparent, distinguishable and understandable way of any fixed fees charged by that ATM operator for the cash withdrawal, regardless of the provenance of the ATM card used.

Added3b. The payment service provider shall not prevent the payee from offering the payer a reduction or otherwise steering the payer towards the use of a given payment instrument.

Added▐

AddedDerogation for low value payment instruments and electronic money

Added1. In the case of payment instruments which, according to the framework contract, solely concern individual payment transactions not exceeding EUR 50 or which either have a spending limit of EUR 250, or store funds which do not exceed EUR 250 at any time, payment service providers may agree with their payment service users that:

Added(a) Article 52, point (b), Article 53(1), points (c) and (d) , and Article 60(4) do not apply if the payment instrument does not allow its blocking or prevention of its further use;

Added(b) Articles 55 and 56, and Article 60(1) and (4), do not apply if the payment instrument is used anonymously or the payment service provider is not in a position for other reasons which are intrinsic to the payment instrument to prove that a payment transaction was authorised;

Added(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;

Added(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;

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

Added2. 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.

Added3. 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.

AddedIssuance and redeemability of electronic money

Added1. Issuers of electronic money shall issue electronic money at par value on the receipt of funds.

Added2. 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.

Added3. 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.

Added4. 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:

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

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