Source: https://www.global-regulation.com/translation/germany/396514/law-on-the-supervision-of-payment-services.html
Timestamp: 2019-11-21 06:06:10
Document Index: 295076033

Matched Legal Cases: ['art. 9', '§ 18', '§ 19', '§ 29', '§ 30', '§ 1', '§ 1', '§ 2', '§ 5', '§ 6', '§ 7', '§ 7', '§ 7', '§ 8', '§ 8', '§ 9', '§ 10', '§ 12', '§ 12', '§ 13', '§ 13', '§ 14', '§ 17', '§ 17', '§ 18', '§ 19', '§ 23', '§ 23', '§ 25', '§ 27', '§ 28', '§ 28', '§ 1', '§ 2', '§ 1', '§ 10', '§ 32', '§ 1', '§ 1', '§ 2', '§ 8', '§ 1', '§ 8', '§ 1', '§ 8', '§ 1', '§ 1', '§ 4', '§ 23', '§ 5', '§ 306', '§ 6', '§ 16', '§ 7', '§ 7', '§ 7', '§ 37', '§ 7', '§ 9', '§ 13', '§ 2', '§ 8', '§ 1', '§ 9', '§ 13', '§ 8', '§ 9', '§ 1', '§ 32', '§ 8', '§ 22', '§ 13', '§ 9', '§ 1', '§ 32', '§ 9', '§ 13', '§ 23', '§ 10', '§ 49', '§ 2', '§ 2', '§ 2', '§ 12', '§ 10', '§ 2', '§ 1', '§ 12', '§ 10', '§ 2', '§ 13', '§ 16', '§ 13', '§ 13', '§ 1', '§ 1', '§ 675', '§ 675', '§ 13', '§ 14', '§ 15', '§ 10', '§ 16', '§ 12', '§ 9', '§ 9', '§ 46', '§ 8', '§ 17', '§ 17', '§ 29', '§ 2', '§ 12', '§ 13', '§ 30', '§ 29', '§ 19', '§ 30', '§ 25', '§ 30', '§ 8', '§ 21', '§ 8', '§ 9', '§ 25', '§ 93', '§ 3', '§ 1', '§ 8', '§ 1', '§ 4', '§ 30', '§ 23', '§ 23', '§ 1', '§ 23', '§ 25', '§ 14', '§ 1', '§ 17', '§ 17', '§ 14', '§ 5', '§ 27', '§ 28', '§ 1', '§ 675', '§ 3', '§ 675', '§ 14', '§ 28', '§ 1', '§ 675', '§ 676', '§ 29', '§ 12', '§ 19', '§ 8', '§ 8', '§ 16', '§ 4', '§ 29', '§ 25', '§ 29', '§ 5', '§ 8', '§ 14', '§ 16', '§ 22', '§ 24', '§ 25', '§ 3', '§ 3', '§ 36', '§ 32', '§ 1', '§ 8', '§ 1', '§ 32', '§ 1', '§ 8', '§ 2', '§ 10', '§ 24', '§ 2', '§ 32', '§ 8', '§ 53', '§ 53', '§ 7']

Machine Translation of "Law On The Supervision Of Payment Services" (Germany)
Law On The Supervision Of Payment Services
Original Language Title: Gesetz über die Beaufsichtigung von Zahlungsdiensten
Law on the supervision of payment services (payment service supervision Act - ZAG) ZAG copy date: 25.06.2009 full quotation: "payment services Oversight Act of June 25, 2009 (BGBl. I p. 1506), most recently by article 16 of the law of 15 July 2014 (BGBl. I p. 934) is changed" stand: last amended by article 16 G v. 15.7.2014 I 934 for details on the stand number you see in the menu see remarks footnote (+++ text detection from) : 31.10.2009 +++) the G was decided as article 1 of the G v. June I in 1506 by the Bundestag. It according art. 9 para. 2 of this G on October 31, 2009 enter into force. Accordance with article 9 paragraph 1 Contact article 11 par. 2, article 12 paragraph 6, § 18 para 3, § 19 para 5, § 29 par. 2, article 29a par. 3 and § 30 para 3 of the June in force.
Table of contents section 1 definitions, scope of application, supervision, payment systems § 1 definitions; Exceptions for certain payment institutions § 1a additional definitions for the E-money business. Exceptions for certain E money institutions § 2 for Institute approved activities and prohibited transactions section 3 supervision; Decision in cases of doubt section 4 action against unauthorised payment services as well as the unauthorized operation of E-money business § 5 tracking illicit payment services as well as the unauthorized operation of the E-money business § 6 confidentiality § 7 access to payment systems § 7a exceptions for new payment procedures in the payments. Authority to issue regulations section 7 (b) conversion services § 7 c use of the electronic direct debit procedure. Authority to issue regulations section 2 authorisation, holders of significant equity investments § 8 permission for payment institutions § 8a permission for electronic money institutions § 9 refusal of permission for payment institutions section 9a refusal of permission for electronic money institutions § 10 termination and cancellation of the permission section 11 holders of significant holdings section 3 equity § 12 equity to payment institutions § 12a equity in E money institutions section 4 regulations on the supervision of institutions, immediate enforceability of § 13 assurance requirements for the receipt of funds in the framework of the provision of payment services § 13a fuse requirements for the receipt of funds for the Issuance of E money § 14 information and tests section 15 dismissal of managers, transferring body powers to special representative section 16 measures in specific cases and bankruptcy petition § 17 presentation of annual financial statements, management report and audit report § 17a obligation for appointment of the external auditor; Order in special cases § 18 special obligations of the auditor § 19 use of agents section 20 paging section 21 store documents section 22 of cashless payment transactions; Special organisational obligations by payment institutions and electronic money institutions, as well as safeguards against money laundering and terrorist financing section 23 immediate enforceability of Section 4a special regulations for the E-money business and distribution and the redeemability of electronic money § 23a ban on the issue of E-money over other persons article 23 b obligations of E-money issuers in the issue and the redemption of E-money § 23 (c) distribution and redemption of E money by E-money agents section 5 cooperation with other authorities , Branch, cross-border trade in services article 24 cooperation with other authorities § 25 building a branch office, cross-border trade in services article 26 companies domiciled in another State of the European economic area of § 27 branch offices of companies based outside the European economic area section 6 out-of-court complaint procedure § 28 complaints about payment service provider § 28a complaints about E-money issuers section 7 ads, payment institution register, E-money institution register, penalties, fines regulations and transitional provisions article 29 ads section 29a monthly returns and other information section 30 payment institution register section 30a, E-money institution register section 30 b advertising article 31 penal provisions article 32 penalty provisions article 33 competent administrative authority section 34 communication in Criminal section 35 transitional provisions article 36 transitional provisions for electronic money institutions section 1 definitions, scope of application, supervision, payment systems § 1 definitions; Exceptions for certain payment institutions are (1) payment: 1 credit institutions within the meaning of article 4 of Regulation (EU) No. 1 No. 575 / 2013 of the European Parliament and of the Council of 26 June 2013 through prudential requirements on credit institutions and investment firms and for amending the Regulation (EU) No. 646 / 2012 (OJ L 176 of the 27.6.2013, p. 1), which are entitled in the country to conduct business, 2. the electronic money institutions within the meaning of article 1 paragraph 1 (b) and article 2 number 1 of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (OJ L 267 of October 10, 2009, p. 7), 3 the Federal, States, municipalities and municipal associations, as well as the holders of federal - or State-indirect administration, as far as they are not operational, 4. the European Central Bank, the German Bundesbank and other central banks in the European Union or the other States of the agreement on the European economic area, when not acting in their capacity as monetary authority or other authority and 5 companies , the professional or in a scope which requires a business operating in a commercial manner, payment services provide, without falling in the numbers 1 to 4 (payment institutions).
(2) payment services are: 1. the services which provide cash deposits on a payment account or cash withdrawals from a payment account, as well as all required for the operation of a payment account operations (one - or payout business), 2nd through the execution of payment transactions, including the transmission of funds on a payment account with the payment service provider of the payment service user or an other payment service provider a) execution of direct debits, including one-off direct debits (direct debit business) , b) the execution of credit transfers, including standing orders (transfer of business), c) execution of payment transactions through a payment card or a similar payment instruments (payment card business) without credit (payment transactions), 3. execution of payment transactions referred to in paragraph 2, with lending in the sense of § 2 para 3 (payment business lending), 4 the issue of instruments of payment authentication or the acceptance and settlement of payment transactions triggered by payment authentication instruments (payment authentication business), 5. the execution of payment transactions , provided that the consent of the payer to execute a payment transaction through a telecommunication, digital or IT device and the payment to the operator of the telecommunication or IT system or IT network provided that the operator only as intermediate body between the payment service user and the supplier of goods or services is working (digital payment transactions) and 6 services, where without setting up a payment account in the name of a payer or a payee a sum of money of the payer only to deliver of an appropriate amount to the payee or to another, in the payment service provider acting name of the recipient of the payment is accepted or accepted in the amount of money in the name of the payee and made this available is (financial transfer business).
(2a) institutions within the meaning of this law are the payment institutions within the meaning of paragraph 1 number 5 and the E money institutions within the meaning of § 1a paragraph 1 number 5 (3) a payment account is a denominated in the name of one or more payment service users and as the execution of payment transactions account that accounts - and in terms of invoice represents the assets and liabilities between the payment service user and the payment service provider within the business relationship and determines its specific claim against the payment service provider for the payment service user.
(4) a direct debit is a payment process that is triggered by the payee to debit to the payment account of the payer which it agrees to the payee, his payment service provider, or its own payment service provider.
(5) a payment authentication instrument is any personalized instrument or procedure will be agreed between the payment service user and the payment service provider for placing payment orders and used by the payment service user to grant a payment order.
(6) a payment system in the meaning of this law is a system for the purpose of processing, clearing, clearing and settlement of transactions on the basis of a formal agreement with common rules, taken between a party that operates the system (operator) and at least three participants to the transmission of funds; While a possible is not included by the operator autonomised supply and settlement agent, central counterparty or clearing house. Participants can be only payment.
(7) an agent within the meaning of this Act is any natural or legal person who runs as an independent trader on behalf of a payment institution or electronic money institution payment services. The actions of the agents are attributed to the PI or E money institution.
(8) directors are those natural persons, who are called according to law, statute or memorandum to the conduct of business and to represent a payment institution or electronic money institution in the form of a legal person or a person trading company within the meaning of this Act. In exceptional cases the Federal Agency for financial services supervision (Bundesanstalt) be called revocably also entrusted with the conduct of business and authorized to represent someone else Managing Director, if it is reliable and has the necessary professional qualifications. The designation of a person as a Director is based on a proposal of the payment institution or E money institution, it is to withdraw at the request of the payment institution or E money institution or of the Managing Director.
(Participation 9) a significant within the meaning of this Act is, if directly or indirectly through one or more subsidiaries or a similar ratio or in cooperation with other persons or companies kept at least 10 per cent of the capital or of the voting rights of a third company in the equity or debt interest or if a significant influence can be exercised over the management of another company. For the calculation of the proportion of voting rights article 22 paragraph 1 up to 3a in conjunction with a legal regulation according to paragraph 5 and article 23 apply of the securities trading act and section 32, subsection 2 and 3 in conjunction with a regulation under paragraph 5 article 21 paragraph 1 in connection with a regulation pursuant to paragraph 3, number 1 of the law on investment. The voting rights or capital shares, the Institute within the framework of the emissions business are discounted according to section 1, paragraph 1, sentence 2 10 of the Banking Act have provided number, these rights are not exercised or otherwise used to intervene in the management of the issuer, and they are sold within one year from the date of purchase. The indirectly held investments are attributable to the people indirectly involved and company to the fullest extent.
(9a) initial capital within the meaning of this Act is the core capital within the meaning of § 10 paragraph 2a sentence 1 number 1, 2, 3 or 6 of the Banking Act in the version applicable up to 31 December 2013.
(9B) secure assets with low risk within the meaning of this law are assets under a category listed in annex I paragraph 14 table 1 of Directive 2006/49/EC of 14 June 2006 on the capital adequacy of investment firms and credit institutions, as amended by article 1, paragraph 1 (b) of Directive 2009/27/EC of the Commission of 7 April 2009 amending certain annexes to Directive 2006/49/EC of the European Parliament and of the Council as regards technical rules for Risk management (OJ L 94 of 4, S. 97) covered, for which the capital requirement for specific risk no higher than 1.6 percent, excluding other qualifying items referred to in paragraph 15 of the annex. Secure assets with low risk within the meaning of this law are also shares in a body for collective investment in transferable securities, which invests exclusively in the assets referred to in sentence 1.
(10) no payment services are: 1 payment processes, which is 2. payment transactions between payer and payee through a commercial agent or centrally coordinating authority which authorised without intermediary bodies solely as direct cash payments from the payer to the payee be, the sale or purchase of goods or services in the name of the payer or the payee to negotiate or to complete, 3. the commercial transport of banknotes and coins, including their acceptance , Processing and delivery, 4 services, where the payee cash in part of a payment operation delivers the payer after the payment service user just before the execution of a payment transaction for the purchase of goods or services is expressly asked him, 5. money exchange business, are cash settled, 6 provides for payment transactions, which one of the following documents is based on which is drawn on the payment service provider and the deployment of a sum of money to a payee : a) a cheque in paper form within the meaning of the check or a similar check in paper form under the law of another Member State of the European Union or another Contracting State to the agreement on the European economic area, b) a change in the paper form within the meaning of the Exchange Act or a comparable change in paper form under the law of another Member State of the European Union or another Contracting State to the agreement on the European economic area , c) a coupon in the paper form, d) a traveller's cheques in hardcopy or e) postal order in paper form within the meaning of the definition of the Universal Postal Union, 7 payment transactions, carried out within a payment or securities settlement system between payment compensating agents, central counterparties, clearing houses or central banks and other participants of the system, and payment service providers are 8 payment transactions in connection with the operation of securities companies covered by point 7 or credit institutions , Financial services institutions and capital management companies in the context of their licence according to the Banking Act or the investment law or the investment code are carried, 9 services which which contribute to the provision of payment services are provided by technical service providers get but at no time in the possession of the funds to be transmitted, such as the processing and storage of data, confidence-building measures and services for the protection of privacy , Message and instance authentication, deploy IT and communication networks as well as the provision and maintenance of the devices used for payment services and facilities, 10 services, based on instruments for the acquisition of goods or services only in the premises of the issuer or in the context of a commercial agreement with the issuer either for the purchase within a limited network of service providers or for the acquisition of a limited range of goods or services used can be , 11 payment processes, which should be used by means of such unless the operator of telecommunication, digital or IT system, or IT network not only as intermediate body between the payment service user and the supplier of goods and services is about a telecommunications, a digital or IT device be run if the goods or services to a telecommunications, a digital or IT device, provided , 12 payment operations, running by payment service providers with one another on their own account or by their agents or branches with each other on their own account are, 13 payment transactions within a group or between members of a banking industry group, 14 services from service providers who have no contract with customers, where money for one or more card issuers at multifunctional ATM is withdrawn, provided that these vendors provide no other payment services, and 15 the non-commercial collection and delivery of cash in the course of a charitable activity or an activity.
(11) on payment institutions, which have a permit within the meaning of § 32 para 1 sentence 1 of the German Banking Act, sections 11, 14, 15, 17, 17a, are not applicable on 20, 21, 29 and 29a, as far as the Banking Act contains an identical provision.
(12) the payment service for reconstruction are not considered the credit institution payment services within the meaning of this Act.
§ 1a additional definitions for the E-money business; Exceptions for certain E money institutions (1) E-money issuers are: 1. in article 1, paragraph 1 number 1 such credit institutions within the meaning of article 4 number 1 of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 on the taking up and pursuit of the business of credit institutions (OJ L 177 of the 30.6.2006, p. 1), domestic business operation entitled are in, 2 the Federal, States, municipalities and municipal associations, as well as the holders of federal - or State-indirect administration, insofar as they act as the authority, 3. the European Central Bank, the German Bundesbank and other central banks in the European Union or the other States of the agreement on the European economic area, when not acting in their capacity as monetary authority or other authority , 4. the Kreditanstalt für Wiederaufbau, 5 companies, which operate the E-money business, without falling (E money institutions) under the numbers 1 to 4.
(2) E-money business is the issuance of E money.
(3) E money is any electronically, including magnetically, stored monetary value as represented by a claim against the issuer, issued against payment of a money amount thus making payment transactions within the meaning of section 675f paragraph 3 sentence 1 of the civil code, and adopted also by natural or legal persons other than the issuer.
(4) average outstanding electronic money is the average total amount at the end of each calendar day on existing calendar over the last six months, resulting from E-money financial liabilities, calculated on the first calendar day of each calendar month and is valid for the calendar month.
(5) no electronic money within the meaning of this law is a monetary value 1 number 10 is stored on instruments within the meaning of article 1, paragraph 10 or 2. number 11 is used for payment transactions according to § 1 paragraph 10.
(6) E-money agent within the meaning of this Act is any natural or legal person who operates as an independent trader on behalf of an E money institution sales and redemption of E-money.
§ 2 for Institute approved activities and prohibited transactions (1) an Institute may outside the boundaries of paragraphs 1a and 2 and its permission in accordance with section 8, subsection 1, sentence 1 or § 8a, paragraph 1, sentence 1 not professional or in a scope that requires a business operating in a commercial manner, receive deposits or other repayable funds from the public.
(1a) funds, which has received an electronic money institution for the purposes of the issuance of E money has in E-money exchange it immediately. Such funds are not considered deposits or other repayable funds from the public in the sense of § 1 paragraph 1 sentence 2 number 1 of the Banking Act, when the output of E money at the same time or immediately after the receipt of the amount of money to be paid in Exchange for the issuance of E money. E-money and the credit balance created by the issuance of E money, may not bear interest and other benefits related to the length of the holding period in context, should not be granted.
(2) where an Institute within the framework of the permit leads to section 8, subsection 1, sentence 1 or § 8a paragraph 1 sentence 1 payment accounts for payment service users, the Institute about this payment accounts may perform only the processing of payment transactions. Payment accounts, carried out at the Institute may not be remunerated. The amounts of money that takes an Institute from the payment service user for the execution of payment transactions, are not considered deposits or other necessarily repayable funds from the public in the sense of § 1 para 1 sentence 2 No. 1 of the Banking Act or E-money.
(3) an institution may within the framework of its permission in accordance with section 8, subsection 1, sentence 1 or § 8a, paragraph 1, sentence 1 payment service users only in connection with payment services within the meaning of § 1 para 2 No. 3 to 5 credits in accordance with article 19 of the Banking Act grant, provided that 1 the granting of the loan as an ancillary and solely in connection with the execution of a payment transaction is carried out, 2 in the credit agreement not agreed upon a term of more than 12 months and the loan period of 12 months full to repay and 3 is granted the credit from the funds for the purpose of the execution of a payment transaction accepted or held.
Sentence 1 applies to electronic money institutions shall accordingly that the credit not from the sums of money received for the issuance of E money and held may be granted. A credit, which meets the requirements of set 1 and 2, not considered no. 2 of the Banking Act credit business in the sense of § 1 para 1 sentence 2, if it is made by an Institute, which has a permit for the operation of the credit business as a credit institution. In this case check the payment institution before completing a consumer loan agreement or a Treaty on the non-gratuitous financial support the creditworthiness of the consumer. Information of the consumer can basis and, if necessary, information spots the businesslike personal data, that the evaluation of the creditworthiness of consumers may be used, levy for the purpose of transfer, store or modify. Change of the net loan amount are to bring the information up to date. The creditworthiness is to reevaluate a significant increase of the net loan amount. This shall not affect the provisions relating to the protection of personal data.
Section 3 supervision; Decision in cases of doubt (1) exercises supervision the Federal Agency over the Institute according to the provisions of this Act.
(2) the Federal agency may make orders the institutes and their business managers within the framework of the statutory tasks assigned to her opposite, that are appropriate and necessary to prevent violations of regulatory provisions or to stop or to prevent abuses in an Institute or to eliminate, which can compromise the security of the assets entrusted to the Institute or interfere with the proper implementation of the payment services or the proper operation of the E-money business.
(3) the Federal Agency and the Deutsche Bundesbank work in accordance with this Act section 7 of the Banking Act shall apply accordingly.
(4) the Federal Agency decides whether a company is subject to the provisions of this Act in cases of doubt. Their decisions bind the other administrative authorities.
§ 4 intervention against unauthorised payment services as well as the unauthorized operation of the E-money business (1) are provided without permission required under article 8, paragraph 1 payment services (unauthorized payment services) or is operated without the permission required under Article 8a, paragraph 1 the E-money business (unauthorized use of the E-money business), the Federal agency may order the immediate cessation of operations and the immediate settlement of these transactions against the company and its shareholders and the members of its organs. She can issue directives for the handling and order a suitable person as processors. She can make their actions known pursuant to sentences 1 and 2 and § 23a; personal data may be published only as far as this is necessary for security. The powers of the Federal Agency have also to the company, which is involved in the initiation, completion or settlement of these transactions, as well as to its shareholders and the members of its organs under the sentences 1 to 3.
(2) the processor shall be entitled to the application for opening of insolvency proceedings against the assets of the company. Article 37, paragraph 3 of the Banking Act shall apply accordingly.
(3) the processor receives a reasonable remuneration and reimbursement of expenses of the Federal Agency. The sums paid shall be separately reimburse the Federal Agency by the undertaking concerned and to advance at the request of the Federal Agency. The Federal Agency can instruct the affected companies to afford the amount fixed by the Federal Agency on behalf of the Federal Agency, if thus no effect on the independence of the Unwinder is to get directly to the processor.
§ 5 tracking illicit payment services as well as unauthorized operation of the E-money business (1) a company which is established or facts justify the adoption of unauthorized payment services that operates the E-money business illegally, or that of in the initiation, completion or the handling of unauthorised payment services or unauthorized operation of the E-money business is or was, as well as the members of the institutions, the shareholders and the employees of such a company have the Federal, as well as the German Bundesbank requested information about all business matters to grant and to submit documents. A member of an organ, a partner or an employee has even after his retirement from the organ or the company to provide information and documents.
(2) insofar as this is necessary to determine the nature or scope of the businesses or activities, the Federal agency may make tests in areas of the company, as well as in the rooms of the Istana referred to in paragraph 1 - and subject to the presentation of persons and companies;. It can transmit conducting the tests of the German Federal Bank. The officials of the Federal Agency and the Deutsche Bundesbank may enter these spaces within the usual operating and business hours, and visit. To prevent urgent threats to the public order and security they are entitled, these spaces outside the usual operation and business times and spaces that serve as home to enter and visit; the fundamental rights of laid down in article 13 of the basic law is limited in this respect.
(3) the staff of the Federal Agency and the Deutsche Bundesbank the premises of the company, as well as the may pursuant to paragraph 1 auskunfts - and search submission requiring individuals and companies. Officials may search the kid - and subject to the presentation of persons for the purpose of ensuring goods within the meaning of paragraph 4 in the context of the search. The fundamental rights of laid down in article 13 of the basic law is limited in this respect. Searches of premises and persons are, except for the imminent danger, to order by the Court. Searches of premises used as a dwelling, shall be arranged by the Court. The District Court in whose district the rooms is responsible. Against the judicial decision, the appeal is allowed; the § 306 to 310 and 311a of the code of criminal procedure shall apply accordingly §. Of the search is to make a transcript. It must be the responsible services, reason, time and place of the search and your result and, if no injunction has been rendered even facts which have justified the adoption of a risk in the absence.
(4) the officials of the Federal Agency and the German Bundesbank can ensure items that may be evidence for the determination of the matter of importance.
(5) the parties concerned have taken measures to tolerate the paragraphs 2 and 3 sentence 1 and paragraph 4. The for issuing a report committed the information on such questions, may refuse the answers himself or an expose of the Nos. 1 to 3 of the code of civil procedure referred to members of the danger of criminal prosecution or proceedings would in section 383, paragraph 1 according to the law of administrative offences.
(6) paragraphs 1 to 5 shall apply accordingly for other companies and persons, if facts adopting justify 1 that in the initiation, completion or settlement of payment services or the E-money business involved, which are provided in another State contrary to an existing prohibition, and 2. the competent authority of the other State a request to the Federal Agency provides.
§ 6 obligation of secrecy in the Federal employees and that after people responsible for section 4, paragraph 3, of the Act on financial services supervision, according to § 16 para 2 sentence 2 ordered no. 3 guardians, which according to article 4, paragraph 1, sentence 2 ordered processors as well as the persons in the service of the German Federal Bank, insofar as to the implementation of this law are working, which allowed them in their activities have become known facts , whose secrecy in the interest of the institution or a third party is, especially business and trade secrets, unauthorized disclose or exploit, even if they no longer are in the service or their work is finished. Article 9 paragraph 1 sentence 2 to 8 and paragraph 2 to 4 of the Banking Act shall apply accordingly.
§ 7 payment service providers may access to payment systems (1) the operator of a payment system, payment service user and similar payment systems, neither directly nor indirectly 1 access to the payment system with restrictive conditions or other disproportionate means hinder treat differently 2. in regard to their rights and obligations as a participant of the payment system without any objectively justified reason and on the institutional status of the payment limit 3 in terms of.
(2) the operator of a payment system should set objective conditions for participation in a payment system, as far as these are required for effective protection of the financial and operational stability of the payment system and the prevention of risks associated with participation in a payment system. These risks include operational risk, performance risk and business risk.
(3) any payment service provider and any other payment system must be the operator and the other participants of the payment system set out before accession, and during his participation in a payment system to that his own arrangements meet the objective conditions of the operator of the payment system within the meaning of paragraph 2 to take part in the system.
(4) the provisions of paragraph 1 shall not apply to 1 the systems referred to in section 1, paragraph 16 of the Banking Act, 2. payment systems, which are payment service providers related to, if capital connections exist between this sole proprietorship and any of the affiliates exercising actual control over the other, exclusively among a single group of companies, as well as payment systems that exist within a banking industry group 3 payment systems where a sole payment service provider as a single legal entity or as a group) as payment service provider for both the payer and the payee is or as such can be and is responsible solely for the administration of the system and b) other payment service providers grants the right to participate in the system if the other payment service providers are not entitled to negotiate fees in relation to the payment system among themselves, however, may set their own pricing in relation to payers and payees.
(5) a person who violates paragraph 1, is required the person concerned to eliminate and at risk to the default. Who intentionally or negligently commits a violation pursuant to sentence 1 is committed the person concerned to the compensation for the resulting loss. The ordinary courts is given for these claims.
(6) the roles and responsibilities of the antitrust authorities under the Act against restraints on competition shall remain unaffected. The antitrust authorities work towards a uniform and forming the connection with the Act against restraints on competition interpretation of this Act.
§ 7a exceptions for new payment procedures in the payments. Authority to issue regulations (1) applications referred to in article 4 (4) of Regulation (EU) No. 260 / 2012 for establishing the technical requirements and the business requirements for credit transfers and direct debits in euro and amending Regulation (EC) no 924 / 2009 (OJ L 94 of the 30.3.2012, p. 22) are at the Federal Institute to ask if the applicant domiciled in Germany.
(2) the Federal Ministry of Finance shall be empowered, by legal Ordinance which shall not require the consent of the Federal Council, in consultation with the German Bundesbank more provisions relating to content, type and scope of information, evidence and documentation to meet, the an application referred to in article 4 (4) of Regulation (EU) no 260 / 2012 must contain. The Federal Ministry of finance the empowerment onto Ordinance the Federal agency with the proviso, that the decree in agreement with the Deutsche Bundesbank was made. Prior to the adoption of the Legislative Decree, the associations of institutions can be heard.
Article 7 (b) conversion services a payment service provider may up to 1 February 2016, the consumer is a payment service user, in accordance with the sentences 3 to 5 conversion services for domestic payments offer. Conversion services for domestic payments remain the domestic account ID of BBAN services by the payment service user pursuant to sentence 1 instead of the number 1 (a) of the annex of to Regulation (EU) No. 260 / 2012 of mentioned identifier can use for payment accounts. Conversion services may be provided only under the condition that interoperability is ensured by the domestic account ID of the payer and of the payee technically and safely on the BBAN under number converting 1(a) of the annex of to Regulation (EU) No. 260 / 2012 of mentioned identifier for payment accounts. This payment account number will be communicated to the payment service user grant the order if appropriate, before the payment is executed. A payment service provider may levy any additional charges linked directly or indirectly with the conversion service or other fees by the payment service user.
§ 7c use of the electronic direct debit procedure. Authority to issue regulations (1) the requirements of article 6 paragraphs 1 and 2 of Regulation (EU) No. 260 / 2012 until February 1, 2016 for payments exposed, generated at a point of sale with the help of a payment card and a debit to an or from a lead through a domestic account ID BBAN or international account ID IBAN identified payment account (electronic direct debit procedure).
(2) the Federal Ministry of finance may adopt detailed provisions for the technical implementation of the electronic direct debit procedure by legal Ordinance which shall not require the consent of the Federal Council, insofar as this is necessary for the purposes of paragraph 1 to carry out the tasks of the Federal Agency. The Federal Ministry of finance may determine in particular the identification of the record to guiding further by the payee to the payment service provider in the electronic direct debit procedure.
Section 2 authorisation, holders of significant participating interests section 8 authorization for payment institutions (1) who commercially or in a scope which requires a business operating in a commercial manner, to provide payment services as a payment institution domestically, requires the written permission of the Federal Agency. § 37 para 4 of the administrative procedure act shall apply.
(2) for the provision of payment services, are covered by the permit: 1. the provision of operational and closely related ancillary services; Ancillary services are services for ensuring data protection and the data storage and processing and custody services, 2. ensuring the execution of payment transactions, foreign exchange transactions, insofar as it is not the acceptance of deposits the operation of payment systems in accordance with § 7 and 3 business activities which do not exist in the provision of payment services, where the Community legislation and the respective applicable national law are taken into account.
(3) the permission request must contain the following information and documents: 1. the business model, in particular the nature of the proposed payment services sets out, 2, sets out the business plan with a budget plan for the first three financial years, that the applicant has appropriate and proportionate systems, resources and procedures to properly carry out its activity, 3. proof that the payment institution no. 3 has the initial capital pursuant to § 9 , 4. a description of measures to comply with the safety requirements of § 13, 5. a description of the business management and internal control mechanisms of the applicant including the management, risk management and accounting procedures, stating, that this corporate management, control mechanisms and procedures are proportionate, appropriate, reliable and sufficient are, 6. a description of the internal control mechanisms which the applicant has introduced to the requirements of section 22 paragraph 1 sentence 3 number 1 to 3 and 4 , Paragraph 2 and 3 to meet 7 a representation of the organizational structure of the applicant, including a description of the planned use of agents and branches, as well as a representation of the outsourcing arrangements, and a description of the manner in which its participation in a national or international payment system, 8 the names of the owners of a significant shareholding, the amount of their contribution, as well as the proof that they meet the requirements to be in the interest of ensuring a sound and prudent management of the payment institution; § 2c paragraph 1 sentence 4 of the Banking Act shall apply accordingly, 9 the names of managers, of the persons responsible for the management of the payment institution and insofar as it is companies which pursue other business activities in addition to the provision of payment services, the persons responsible for the management of payment service business of the payment institution. The application shall include evidence that the above-mentioned persons are reliable and have adequate theoretical and practical knowledge and skills to the provision of payment services. The applicant has to be ordered at least two directors; a Managing Director, is sufficient for payment institutions with small size 10 where applicable, the names of the Auditors of the annual financial statements and the consolidated financial statements, 11 the legal form and the articles or the memorandum of Association of the applicant and 12 the address of the head office or registered office of the applicant.
(4) the Federal Agency shall inform the applicant within three months of receipt of the complete application whether permission has been granted or rejected.
(5) the Federal agency may grant permission subject to conditions which must reside within the framework of the purpose of this Act. She can restrict permission within the scope of this purpose single payment services. The payment institution carries on at the same time other business activities, the Federal Agency can him impose, that's to separate these businesses has or has to establish their own businesses for the payment services business, if such transactions could impair the financial soundness of the payment institution or the test possibilities or affect.
(6) the payment institution has to inform the Federal agency without delay any substantial material and structural change the factual or legal circumstances, insofar as they relate to the accuracy of the information submitted pursuant to paragraph 3 and evidence.
(7) the Federal Agency has been known to make the licence in the Federal Gazette.
(8) where a permit is required pursuant to paragraph 1 for the provision of payment services, entries in public registers may also be made only if the permission is assigned to the Court.
§ 8a permission for electronic money institutions (1) who wants to operate the E-money business as an E money institution in Germany, requires the written permission of the Federal Agency. Section 37, paragraph 4, of the administrative procedures Act shall apply.
(2) for the provision of the E-money business are covered by the permit referred to in paragraph 1: 1 the provision of payment services within the meaning of article 1(2), 2. the granting of credits in accordance with article 2, paragraph 3 and of Article 12a (1) sentence 2, 3. the provision of operational services and closely related ancillary services associated with the issuance of electronic money or with the provision of payment services within the meaning of article 1(2) relating , 4. the operation of payment systems within the meaning of § 1 paragraph 6, without prejudice to article 7, 5. business activities other than the issue of E-money within the framework of the applicable Community and national legislation.
(3) on the content of the permit application, section 8(3) shall apply number 2, 5, 6, 8 and 10 to 12 according to. The permit application must contain the following additional information and evidence: 1 the business model, in particular the intended issue of E-money as well as stating the nature of the proposed payment services will become evidence that the electronic money institution about the initial capital according to § 9a number 1, 3 a description of measures to comply with the safety requirements of section 13a and, as far as payment services provided 2, also the backup requirements of § 13 , 4. a representation of the organizational structure of the applicant, including a description of the planned receipt of E-money agents, branch offices and, as far as payment services provided are agents, as well as a representation of the outsourcing arrangements and a description of the manner in which its participation in a national or international payment system, as well as 5 the names of the directors, the persons responsible for the management of the electronic money institution and, as far as it's companies , in addition to the issuance of E-money and the provision of payment services other business activities go to the persons responsible for the issuing of electronic money and payment services of the electronic money institution. The application shall include evidence that the above-mentioned persons are reliable and have adequate theoretical and practical knowledge and skills to the issuance of E money and the provision of payment services. The applicant has to be ordered at least two directors; for E money institutions with small size, a business manager is sufficient.
§ 8 paragraph 4 and 7 shall apply accordingly for further proceedings.
(4) the Federal agency may grant permission subject to conditions which must reside within the framework of the purpose of this Act. Provides the electronic money institution at the same time payment services or other business activities go, can the Bundesanstalt him impose, that it has to separate the provision of payment services or the other shops or has to establish their own businesses for the E-money business, if this could impair the financial soundness of the electronic money institution or the testing facilities or interfere with.
(5) the electronic money institution has the Federal Agency to inform immediately any substantial material and structural change, the actual and legal conditions, as far as the accuracy of paragraph 3 set 1 and 2 presented information and evidence relate to.
(6) If a permit is required pursuant to paragraph 1 for the operation of the E-money business, entries in public registers may also be made only if the permission is assigned to the Court.
§ 9 refusal of permission for payment institutions allowing for the provision of payment services shall be refused if 1 the applicant is any legal entity or person trading company;
2. the application violates article 8 par. 3 contains no sufficient data or documents;
3. the resources required to conduct business, in particular sufficient initial capital in the sense of § 1 paragraph 9a, domestically available are; as initial capital must be available: a) for payment institutions, providing only the payment services referred to in no. 6 in section 1, paragraph 2, an amount equivalent to at least EUR 20 000, b) for payment institutions, providing only the payment services referred to in no. 5 in section 1, paragraph 2, an amount equivalent to at least EUR 50 000, c) when payment institutions, which provide that in section 1 paragraph 2 No. 1 to 4 of the aforementioned payment services , an amount the equivalent of at least EUR 125 000.
Where a payment institution has a permit within the meaning of § 32 para 1 sentence 1 of the German Banking Act, the higher value set according to this rule and section 33, paragraph 1 of the Banking Act shall apply to the calculation of necessary resources;
4. facts justify the assumption that the applicant or the holder of a significant shareholding or, if a legal person is also a legal or statutory representatives, or, if he is a person trading company, also a shareholder, is not reliable or for any other reason does not the demands in the interest of the sound and prudent management of the payment institution;
5. facts exist which arises that a Managing Director is not reliable or not, professional competence required for the management of the payment institution, and also another person is called no. 9 according to § 8 section 3 Managing Director; professional competence requires that sufficient theoretical and practical knowledge of the relevant transactions and management experience are available;
6. the payment institution with no effective procedures for the identification, control, monitoring and reporting of risks and appropriate internal control procedures pursuant to § 22 including sound administrative and accounting procedures does or does not meet the assurance requirements according to § 13;
7 justify the adoption of facts, compromise an effective supervision of the payment institution; This is particularly the case if a) the payment institution with other persons or undertakings in a group of companies is involved or in a close connection within the meaning of article 4 paragraph 1 number 38 of the Regulation (EU) No. 575 / 2013 to such stands, which affected by the structure of the braiding of participation or lack of economic transparency, effective supervision of the payment institution b) effective supervision of the payment institution because of such persons or companies existing legislation or administrative provisions of a third country independence or c) the payment institution is subsidiary of an institution based in a third country which is not effectively supervised in the State of his residence or its head office or the competent supervisory authority satisfactory cooperation with the Federal Agency is not ready.
8. the payment institution its head office in Germany has.
§ 9a refusal of permission for electronic money institutions which is permission to operate the E-money business to fail, if 1 the resources required to conduct business, in particular sufficient initial capital in the sense of § 1 paragraph 9a with an amount equivalent to at least EUR 350 000 domestically not available to stand. If an electronic money institution has a permit within the meaning of § 32 paragraph 1 sentence 1 of the German Banking Act, shall apply to the calculation of required resources which set higher value, 2 the application violates Article 8a, paragraph 3 contains no sufficient data or documents, 3. a refusal reason pursuant to § 9 is number 1 or 4 to 8 according to met or 4. the backup requirements of § 13a are not met or will violate the prohibition of § 23a thereof and article 33, paragraph 1 of the Banking Act.
§ 10 termination and suspension of the permit (1) permission is void if use is made of it within one year of its grant, or if explicitly it was dispensed with.
(2) the Federal agency may waive permission except in accordance with the administrative procedure act if 1 operations, the permission applies, since more than six months is no longer been exercised, 2. the permit on the basis of false information or otherwise illegally gained, 3. facts become known, which would justify the refusal of the permit pursuant to section 9 or section 9a or 4. the continuation of provision of payment services or the operation of the E-money business the stability of the powered Payment system would endanger.
(3) section 38 of the Banking Act shall apply accordingly. Section 48 paragraph 4 sentence 1 and § 49 para 2 sentence 2 of the administrative procedure act of the year are not to apply.
(4) the Federal Agency makes known the annulment or the expiry of the licence in the Federal Gazette.
Section 11 must comply with the holders of major holdings (1) the holder of a significant stake in an Institute in the interest of the sound and prudent management of the Institute to be claims. § 2c para 1 is set 1 to 7, par. 1a and 1B set 2 to 7, para 2 and 3 of the Banking Act apply mutatis mutandis. § 2c para 1 sentence 1 of the German Banking Act is with the provision to apply, that the intended acquisition of significant involvement or its increase only on the basis of the numbers 1 and 3 to 5, as well as in the case of article 9 may be forbidden from No. 6.
(2) the Federal Ministry of finance is authorised to make further provisions concerning the essential documents and facts, by Decree without the consent of the Federal Council in consultation with the German Central Bank that the interested purchasers of a significant participation referred to in paragraph 1 sentence 2 in connection with § 2 c to specify paragraph 1 sentence 2 of the Banking Act in the display has, as far as these are required to carry out the tasks of the Federal Agency. The Federal Ministry of finance the empowerment onto by Decree without the consent of the Bundesrat the Federal agency with the proviso, that the decree in agreement with the Deutsche Bundesbank was made. Prior to the adoption of the Legislative Decree, the associations of institutions can be heard.
Section 3 § 12 equity equity to payment institutions must (1) payment institutions in the interests of fulfilling their obligations through adequate equity capital in accordance with § 10 paragraph 2 sentence 2 to 7, paragraph 2a and 2B of the Banking Act in the version applicable up to 31 December 2013. Equity must be at any time in cases of § 2 para 3 according to the Federal Agency in a reasonable proportion to the total amount of credits granted.
(2) the Federal Agency shall take measures that are required in cases where a payment institution belongs to the same group as another payment institution, a credit institution, a financial services institution, an asset management firm or an insurance company, to prevent that components used for the calculation of the equity in question be used several times. This also applies if a payment institution in addition to the provision of payment services to other business activities.
(3) if the conditions for an exemption no. 575 / 2013 are given according to section 2a of the Banking Act in connection with article 7 paragraphs 1 and 2 of Regulation (EU), the Federal agency may refrain from, to apply paragraphs 1, 2, 4 and 5 on payment institutions, which are included in the consolidated supervision of the parent Institute.
(4) payment institutions have to submit the information required for the review of appropriate capital adequacy quarterly of the Federal Agency and the German Bundesbank. The Decree may provide a longer reporting period pursuant to paragraph 6 in special cases. In assessing the adequacy of equity on the basis of an evaluation of the business organization, risk management, the loss database, internal control mechanisms, as well as the actual risks of the payment institution, the Federal agency may require that the capital adequacy of the payment institution must be an amount that differs by up to 20 percent of the Solvabilitätsgrundsätzen.
(5) payment institutions, which have a permit in accordance with article 32, paragraph 1 of the Banking Act, must in addition to the requirements under this Act also the capital adequacy requirements referred to in articles 24 to 386 of Regulation (EU) No. 575 / 2013 or according to § 1a of the Banking Act in connection with articles 24 to 386 of Regulation (EU) No. 575 / 2013 determine, are excluded from the application of this article. Provided that the requirements are higher according to this law, these are equity capital referred to in paragraph 1 to cover.
(6) the Federal Ministry of Finance shall be empowered, by Decree without the consent of the Federal Council in consultation with the German Central Bank provisions relating to the capital adequacy (solvency) of payment institutions, in particular through 1 Please check the calculation methods, scope, 2 content, 3. reporting requirements for non-compliance, form the information required pursuant to paragraph 4 of capital requirements and 4 that for the data transmission allowed disk, transmission and data formats to adopt. The Federal Ministry of finance the empowerment onto by Decree without the consent of the Bundesrat the Federal agency with the proviso, that the decree in agreement with the Deutsche Bundesbank was made. Prior to the adoption of the Legislative Decree, the associations of the payment institutions can be heard.
§ 12a equity for electronic money institutions
(1) electronic money institutions must have adequate equity capital according to § 10 paragraph 2 sentence 2 to 7, paragraph 2a and 2B of the Banking Act in the version applicable up to 31 December 2013 in the interests of fulfilling their obligations. Equity must be at any time in the cases of § 2 paragraph 3 according to the Federal Agency in a reasonable proportion to the total amount of credits granted.
(2) the Federal Agency shall take measures that are required in cases in which an electronic money institution belongs to the same group as another E money institution, a payment institution, a credit institution, a financial services institution, an asset management firm or an insurance company, to prevent that components used for the calculation of the equity in question be used several times. This is true even if an electronic money institution in addition to the operation of the E-money business goes to other business activities.
(3) article 12 paragraph 3 to 5 shall apply accordingly.
(4) the Federal Ministry of finance is authorised to adopt further provisions relating to the capital adequacy (solvency) of the E money institutions, by Decree without the consent of the Federal Council in consultation with the German Bundesbank in particular 1 the calculation methods, scope, 2 content, 3. reporting requirements for non-compliance with capital requirements, form the information required pursuant to paragraph 3 in connection with article 12, paragraph 4 and 4. the disks allowed for the transmission of data , Transmission and data formats.
The Federal Ministry of finance the empowerment onto by Decree without the consent of the Bundesrat the Federal agency with the proviso, that the decree in agreement with the Deutsche Bundesbank was made. Prior to the adoption of the Legislative Decree, the associations of the payment institutions can be heard.
Section 4 provisions on the supervision of institutions, immediate enforceability of § 13 backup requirements for the receipt of funds in the framework of the provision of payment services (1) institutions have the sums of money that have accepted it from the payment service users or through an other payment service provider for the execution of payment transactions, to secure one of the methods described in sentence 2. The amounts of money 1 a) may at any time with the funds of other natural or legal persons as the payment user of service, for which they are held, are mixed, b) must, if they are still in the hands of the Institute at the end of the business day following the day of receipt and still pass not the payee or transferred to a different payment , deposited on an open trust account with a credit institution or invested in safe liquid assets with low risk, such as by the Federal Agency defined and c) are to separate, that they fall in the event of insolvency in the bankruptcy estate of the Institute and its creditors on it not in the way of the enforcement of the individual have access from the other assets of the Institute, or 2. have to through an insurance policy or other comparable guarantee when an insurance undertaking authorized in the area of application of this Act to conduct business or credit institution which is not to the same group as the Institute itself, be secured for an amount which corresponds to that which would have to be separately without insurance or other comparable guarantee, and to pay out in the event of the insolvency of the payment institution is.
(2) an institution sums of money referred to in paragraph 1 cover and is a part of this money for future payment transactions to use, while the remaining portion must be used for services that are not payment services, paragraph 1 also for the portion of the amounts of money which can be use for future payment transactions.
(3) the Institute has to present the Federal Agency during normal business operation on request and to prove that it has taken sufficient measures in paragraphs 1 and 2 above requirements. Proof is not provided, or the measures are inadequate, the Federal agency may request the Institute to provide the required documents or to take measures that are appropriate and necessary, to eliminate the existing shortcomings; the Federal Agency can determine a reasonable deadline for this. Will the evidence or arrangements not or not timely submitted or executed, the Federal agency may take measures according to § 16 para 2.
§ 13A fuse requirements for the receipt of funds for the issuance of E money (1) electronic money institutions have the amounts of money that have accepted for the issue of E-money or the provision of payment services for the execution of payment transactions in accordance with § 13 (1) sentence 2 to secure number 1 letter a c or number 2. Article 13, paragraph 1, sentence 2 number 1 (b) is subject to the proviso application, that is to determine the safe assets with low risk according to § 1 paragraph 9 b. The Federal Agency can exclude b acquired assets exceptionally from § 1 paragraph 9 If classified on the basis of the assessment of security, maturity date, value, or other risk factors not as secure assets with low risk.
(2) if amounts of money are accepted for the purpose of the issuance of E money payment by means of a payment authentication instrument, these sums of money are, as soon as have been credited to the payment account of the electronic money institution or in accordance with the § 675 s of the civil code provided the electronic money institution, after issuance of E money, but no later than five business days within the meaning of § 675n paragraph 1 sentence 4 of the German civil code.
(3) paragraph 2 and 3 shall apply accordingly § 13.
(4) the Federal agency may determine after which the method described the accepted sums of money to secure the electronic money institution has in section 13, paragraph 1, sentence 2.
§ 14 information and tests (1) Institute, the members of its organs and its employees and agents working for the Institute as well as E-money agents, its branches and outsourcing company have to supply information about all business matters the Bundesanstalt, the persons and bodies, used by the Federal Agency in the implementation of their tasks, as well as the German Central Bank at the request and documents. The Federal Agency can agents carry out audits and Federal Bank transfer conducting the tests of the German E-money agents and outsourcing company without a special occasion, the institutions, their branches. Staff of Bundesanstalt, the German Central Bank, as well as the other persons, the Federal Agency in the implementation of the checks uses, can do this, enter the premises of the Institute, the branch, the agents, as well as E-money agents or the paging company within the usual operating and business hours and visit. The people concerned have to tolerate measures pursuant to sentences 2 and 3.
(2) the Federal Agency and the Deutsche Bundesbank may send representatives to the General meetings, general meetings or general meetings, as well as to the meetings of the supervisory bodies. They can speak in the meeting or session. The people concerned have to tolerate measures pursuant to sentences 1 and 2.
(3) institutions have at the request of the Federal Agency the draft of paragraph 2 sentence 1 meetings referred to in, to make the timing of meetings of the management and supervisory bodies as well as the announcement of items for decision. The Federal Agency can send representatives to a session scheduled pursuant to sentence 1. This can take the floor in the session. The people concerned have to tolerate measures pursuant to sentences 2 and 3. Paragraph 2 shall remain unaffected.
(4) a person who is obliged to provide information, the information on such questions, may refuse the answer himself or one who would expose Nos. 1 to 3 of the code of civil procedure referred to members of the danger of criminal prosecution or proceedings in section 383, paragraph 1 according to the law of administrative offences.
Prohibit the performance of their duties of institutions § 15 require dismissal of managers, transferring body powers to special representative (1) in the cases of § 10 par. 2 can the Bundesanstalt No. 3 and 4, instead of permission to pick up, the dismissal of the responsible manager and these business leaders.
(2) the Federal agency may delegate powers, which are organs of the Institute, under the conditions of paragraph 1 wholly or partly to a special representative, who would be likely to maintain the powers; section 45c shall apply paragraph 6 and 7 of the Banking Act accordingly.
(3) the Federal agency may also demand the dismissal of a Managing Director and prohibit the exercise of his activity when payment institutions this Director, if this has violation intentionally or recklessly against the provisions of this Act, the money laundering Act and the regulations adopted for the implementation of these laws or orders the Federal Agency and this behavior continues despite warning by the Federal Agency.
§ 16 drops measures in specific cases and bankruptcy petition (1) equity under the higher of the amounts to be determined No. 3 and § 12 pursuant to § 9 payment institutions and electronic money institutions under the amounts to be determined 1 and 12a § 9a number, the Federal 1 can prohibit takings by the owners or shareholders and the distribution of profits or limit or arrange 2. , that the Institute provides for measures to reduce risks, as far as these, resulting from certain kinds of shops and products in particular from the allocation of loans, or the use of certain payment systems.
(2) the obligations of an institution to its creditors is threatened, the assets entrusted in particular security, or there is the reasonable suspicion that an effective supervision of the Institute is not possible, the Federal Agency to avert this danger may take interim measures. She can adopt in particular 1 instructions for the management of the Institute, prohibit its activities 2 owners and business managers or limit and order 3. invigilators.
(3) if the conditions of paragraph 2 sentence 1 are available, can the Federal Agency to avoid insolvency proceedings temporarily accepting funds and the granting of loans prohibit 1, 2. adopt a disposal and payment ban at the Institut, 3rd order the closure of the Institute of traffic with their customers and 4. receiving payments that are intended not to repay debt owed to the Institute that ban.
section 45c paragraph 2 number 8, 6 and 7, § 46 paragraph 1 sentence 3 to 6 and section 46c of the Banking Act shall apply accordingly.
(4) an institution becomes insolvent or enters insolvency, so have the managers immediately to show this the Federal agency with the inclusion of meaningful documents; the directors have to perform such a display, enclosing relevant documents even if the Institute expected to be not in the position will be to meet the existing obligations at the time of maturity (impending inability to pay). As far as these people are obliged under other legislation, to apply for the opening of insolvency proceedings, insolvency or over-indebtedness the duty of disclosure takes the place of request obligation pursuant to sentence 1. The insolvency proceedings over the assets of an Institute will take place in the event of insolvency, the over-indebtedness or under the conditions of the set of 5 in case of imminent insolvency. The application for opening of insolvency proceedings over the assets of the Institute, which has a permit according to § 8 paragraph 1 or Article 8a, paragraph 1, it is possible only by the Federal Agency. In case of imminent insolvency, the Federal agency may request but only with the consent of the Institute and only then put, if not promising measures pursuant to paragraph 3. Before ordering the insolvency administrator, the insolvency court to hear the Federal Agency. The writ is the Federal Agency separately to deliver.
§ 17 presentation of annual financial statements, management report and audit report (1) an Institute has to prepare the financial statements in the first three months of the year for the past financial year and promptly submit the set and later the established annual financial statements and the management report of the Federal Agency and the German Bundesbank. The financial statements must be accompanied by the auditor's report or a notice of the refusal of the confirmation. The statutory auditor has to submit the report on the audit of the annual financial statements (audit report) immediately after the examination of the Federal Agency and the German Bundesbank.
(2) an institution that provides a consolidated financial statements or a group management report, has immediately to submit these documents of the Federal Agency and the German Bundesbank. An audit report is created by a group auditor has to submit the audit report immediately after the examination of the Federal Agency and the German Bundesbank. The provisions of this paragraph apply accordingly for a single degree after section 325 para 2a of the commercial code.
§ 17a obligation for appointment of the external auditor; Order in special cases (1) the institution has to display a statutory auditor or auditor immediately after the order of the Federal Agency and the German Bundesbank. The Federal agency may require the appointment of another auditor within one month after receipt of the notification, if this is necessary to achieve the purpose of the examination.
(2) the Court of the seat of the Institute shall appoint an auditor if 1 the order sentence 1 does not immediately; reported pursuant to paragraph 1 after the expiry of the fiscal year at the request of the Federal Agency
2. the institution of the desire to order a different auditor sentence 2 does not immediately comply with paragraph 1;
3. the selected auditor who refused acceptance of the audit mandate, has been removed or is prevented from the timely conclusion of the audit, and the Institute has not immediately ordered a different Inspector.
The appointment by the Court is final. Article 318, paragraph 5 of the commercial code shall apply mutatis mutandis. The Court can dismiss an inspector appointed pursuant to sentence 1 at the request of the Federal Agency.
Section 18 has special obligations of the Auditor (1) in the examination of the annual accounts, as well as an interim financial statements the auditor to check also the economic situation of the Institute. During the audit of the financial statements, it has in particular to determine whether the Institute fulfilled the reporting obligations according to section 29, in connection with a legal regulation according to § 29 par. 2. The auditor has to consider whether the Institute 1 No. 1781/2006 has fulfilled its obligations under the money laundering Act and Regulation (EC), also 2. his obligations according to § 2 para 3, according to § 12 in conjunction with the Ordinance pursuant to its paragraph 6, according to section 12a, according to the § § 13, 13a, 19 to 22 and has complied with according to § 30 in connection with the legal regulation pursuant to its paragraph 3 and 3. obligations after Regulation (EC) No. 924 / 2009 of the European Parliament Parliament and of the Council of 16 September 2009 on cross-border payments in the community and repealing Regulation (EC) No 2560 / 2001 (OJ L 266 of October 9, 2009, p. 11), by the Regulation (EU) No. 260 / 2012 (OJ L 94 of the 30.3.2012, p. 22) has been changed, and the Regulation (EU) No. 260 / 2012 has complied.
(2) the assessor has immediately to show Federal Bank the Federal Agency and the German, if when assessing facts become known him, which justify the restriction or denial of the confirmation notice, which can endanger the existence of the Institute or substantially affect its development, the significant breach of the rules on the admission requirements of the Institute or the pursuit of an activity represent under this Act or the egregious violations of the Managing Director to act , Ascertain the articles of incorporation or memorandum of Association. At the request of the Federal agency or the Deutsche Bundesbank, the examiner has to explain them the audit report and known facts to inform other when assessing who speak against an orderly operation of the business of the institution. The display, explanations - and reporting obligations pursuant to sentences 1 and 2 are also in relation to a company, that is with the Institute in close connection, if the facts in the context of review of the Institute become known to the auditor. The examiner is not liable for the correctness of the facts which he displays under this paragraph in good faith.
(3) the Federal Ministry of finance can Bundesbank in agreement with the Federal Ministry of Justice and after consulting the German by Decree without the consent of the Federal Council further provisions relating to the object of the audit, the adopted, insofar as this is necessary for the fulfilment of the tasks of the Federal Agency in particular to instances of maladministration, which endanger the safety of the assets entrusted to the Institute or the orderly implementation of the payment services or the proper operation of the E-money business may affect time of their implementation and the content of audit reports , to anticipate and to receive uniform documentation for the assessment of the operations of the institutions. Can transfer this authorization by Decree without the consent of the Federal Council to the Federal Agency.
(4) § 29 of the Banking Act shall remain unaffected. Without prejudice to paragraphs 1 to 3, the Federal Agency against the institution can meet also provisions on the content of the examination, which are taken into account by the examiner in the context of the annual audit. You can set particular priorities for the tests.
§ 19 use of agents (1) an institution intends to provide payment services through an agent, it has to submit the following information of the Federal Agency and the Deutsche Bundesbank: 1. name and address of the agent, 2. a description of the internal control mechanisms which the agent applies to the requirements of the money laundering Act to comply, and 3.
the name of the Managing Director and responsible for the management of an agent who should be used for the provision of payment services and evidence that they are reliable and technically suitable.
(2) an institution of an agent uses it has to ensure that it is reliable and professionally suitable, complies with the legal requirements for the provision of payment services, before or during the recording of the business relationship beyond its status informed the payment service user and sets without delay by the termination of this status in knowledge. The Institute must keep at least until five years after the end of the status of the agent the necessary evidence for the fulfilment of its obligations pursuant to sentence 1.
(3) the Federal agency may prohibit an institution that has not properly performed the selection or monitoring its agents or has breached the obligations conferred on him in connection with the management of the payment institution register according to § 30 paragraph 1 or of the E-money Institute register according to section 30a, to involve agents in the sense of paragraphs 1 and 2 in the Institute. The prohibition may refer to the execution of payment services on the involvement of agents as a whole or by individual agents.
(4) an institution intends by hiring an agent in another Member State of the European Union or another to provide Contracting State of the agreement on the European economic area of payment services, it must follow the procedure according to § 25. The Federal Agency is the competent authorities of the other State of its intention, the agent in the payment institution register according to § 30 para. 1 No. 3 or in the E-money institution register pursuant to section 30a paragraph 2 in conjunction with article 30, paragraph 1 to enter number 3, in knowledge and taking into account the opinion of the other State prior to the entry.
(4a) to change the conditions that have been displayed according to paragraph 1, has the institution of the Federal Agency and the Deutsche Bundesbank to display these changes at least one month before the changes takes effect in writing.
(5) the Federal Ministry of finance may adopt set 2 further provisions on the nature, scope and form of the certificates within the meaning of paragraph 2 in consultation with the German Central Bank by Decree without the consent of the Federal Council, insofar as this is necessary for the fulfilment of the tasks of the Federal Agency. Can this empowerment transmitted by Decree without the consent of the Federal Council on the Federal agency with the proviso that regulations adopted the Federal Agency in consultation with the German Bundesbank. Prior to the adoption of the Legislative Decree, the associations of the Institute are to listen to.
Article 20 paging (1) an institution must depending on the type, scope, complexity and risk level of outsourcing of activities and processes to another company, which are essential for carrying out payment services, E-money transactions, or other services typical according to this Law Institute take appropriate precautions to avoid excessive additional risks. Outsourcing can affect the regularity of these shops and services, nor the business organization. In particular, an appropriate and effective risk management by the Institute must be guaranteed, which refers to the outsourced activities and processes. The outsourcing must not a delegation of responsibility to § 8 section 3 No. 9 lead designated persons in the outsourcing company. The Institute remains responsible in a swap for the compliance with the statutory provisions to be observed by him. By outsourcing the Bundesanstalt to carry out their tasks must not be hindered; their requests for information and audit rights and control shall be ensured by appropriate measures in relation to the outsourced activities and processes in a swap on a company based abroad. The same applies for the performance of duties of the auditor of the Institute. Outsourcing requires a written agreement, which lays down the rights needed to comply with the above requirements of the Institute, including chain of command - and cancellation rights, as well as the corresponding obligations of the outsourcing company.
(2) intends to Institute, key operational tasks of payment services or outsource the E-money business, it has to put the Federal Agency and the Deutsche Bundesbank thereof. An operational task is then essential if their perception of insufficient or omitted would significantly affect lasting compliance with the registration requirements or other obligations of the Institute under this Act, its financial performance, or the soundness or the continuity of its payment services or E money business.
(3) the audit rights and control over the Federal are when paging referred to in paragraph 1, the Federal Agency in a particular case may make orders that are appropriate and necessary, to eliminate these adverse effects. Without prejudice to the powers of the Federal Agency pursuant to section 22 paragraph 4.
§ 21 store documents institutes have to retain all documents of without prejudice to other statutory provisions for regulatory purposes at least five years. Of the commercial code as well as section 147, paragraph 5 and 6 of the tax code shall apply article 257, par. 3 and 5. Article 257 par. 4 of the commercial code shall remain unaffected.
Article 22 of non-cash payment transactions; have special organisational obligations by payment institutions and electronic money institutions as well as (1) an Institute needs safeguards against money laundering and terrorist financing on a proper business organisation. To § 8 section 3 No. 9 designated persons are responsible for the proper business organisation of the Institute. A proper business organization includes an adequate emergency solution for IT systems, 3a especially 1. appropriate management, control mechanisms and procedures which ensure that the Institute fulfilled its obligations 2. ensures a continuous monitoring by the Federal Agency for their area of responsibility running and maintain a loss database, as well as full documentation of business activity, 3.
internal procedures and control systems, the ensure compliance with Regulation (EC) no 924 / 2009 and Regulation (EU) No. 260 / 2012, and 4. without prejudice to the obligations of § 9 para 1 and 2 of the money laundering Act an appropriate risk management and appropriate control mechanisms and procedures and data processing systems, no. 1781/2006 ensuring compliance with the requirements of the money laundering Act and the Regulation (EC). In situations that are doubtful or unusual on the basis of experience knowledge of the methods of money-laundering and the financing of terrorism, the Institute has to investigate against the backdrop of the ongoing business relationship and individual transactions. An institution may collect personal data and use, as far as this is necessary for the fulfilment of this obligation. On the facts of the meaning of sentence 2, the Institute has to record adequate information in accordance with article 8 of the anti-money laundering Act and to be kept. The Federal Agency against is to explain why the assumptions do not have confirmed.
(2) sections 6a, 24 c, 25 h paragraph 1 sentence 3, 4 and 5, the §§ 25i, 25 k, 25 m and 25n of the Banking Act, as well as 93 b of the tax code § 93 par. 7 and 8 in conjunction with § apply to institutions within the meaning of this Act correspondingly.
(3) by way of derogation from section 3, paragraph 2, sentence 1, of the anti-money laundering Act No. 2 are the due diligence pursuant to § 3 para 1 of thresholds according to § 1 section 2 Notwithstanding any in the money laundering Act or this Act is named No. 1 and 3 and § 8 paragraph 1 to 3 of the money laundering Act for institutions within the meaning of this act upon acceptance of cash in the framework of the provision of payment services.
(3a) on agents in the sense of § 1 paragraph 7 shall apply paragraph 3 in accordance with.
(4) the Federal agency may make orders against an institution in an individual case which are suitable and necessary in paragraph 1 sentence 3 No. 1 to 4 measures referred to to take. The Federal Agency can determine criteria may refrain whose occurrence institutes No. 4 sentence 3 of the use of data processing systems referred to in paragraph 1.
(5) the Federal Agency monitoring compliance with the Regulation (EC) No. 1781/2006, in Regulation (EC) no 924 / 2009 and obligations in the Regulation (EU) containing no. 260 / 2012 by the Institute. The Federal agency may make orders to an Institute and its business managers that are appropriate and necessary to prevent violations of the obligations according to the regulations pursuant to sentence 1 or to stop.
Article 23 immediate enforceability contradiction and application for annulment against measures of the Federal Agency, including the threat and imposition of coercion on the basis of §§ 4, 5 and 10 para 2 No. 2 to 4, article 14, paragraph 1, articles 15, 16, 17a (1) sentence 2, article 19, paragraph 3, and § 30 para 2, also in conjunction with section 30a paragraph 2, also in connection with article 26, para. 3 and 4 , have no suspensive effect.
Section 4a special regulations for the E-money business and distribution and the redeemability of electronic money
§ 23a may spend ban on the issue of E-money over other persons E money institutions E-money does not have natural or legal persons, who act in the name of the electronic money institution.
§ 23b obligations of E-money issuer regarding the issue and the redemption of E-money (1) of the E money issuer has to issue E-money always the face value of the accepted amount of money. He is obliged to Exchange E-money at the request of the E money holder at any time at par in legal tender. The redeemability desire of the E-money holder can refer to on a part of the E money prior to termination of the contract.
(2) the E money issuer is obliged to inform the electronic money holder on the conditions for the redemption of E-money including fees as far as possible to be agreed before it is bound by a contract or an offer. The conditions are clear and clearly specify in the contract between the electronic money issuer and the electronic money holder.
(3) the E money issuer may charge a fee only by the electronic money holder for the redemption of E-money, as contractually agreed. Such an agreement is allowed only in the event that 1 the electronic money holder requires the redemption prior to the termination of the contract, 2. the contract for a period was closed and is terminated by a termination of the E-money holder during this period or 3. the electronic money holder requires the redemption after more than one year after termination of the agreement.
The fee must be in proportion to the actual cost of the E-money issuers.
(4) by way of derogation from paragraph 1 sentence 3 is to Exchange back in case of a redeemability request termination of the contract or up to one year after termination of the contract the full amount of the electronic money held by the E-money issuer. An electronic money institution carries on one or more activities according to section 8a, paragraph 2, point 5 and the electronic money holder requires a total, after termination of the E-money contract this is legal tender status to share back, if it is not known in advance, what proportion of the funds to be used as electronic money.
(5) sentence 3 and paragraphs 3 and 4 may be derogated from from the provisions of paragraph 1 only to the disadvantage of the E-money holder, if this is not a consumer.
be operated for distribution or to redeemability of electronic money of E-money agents in the sense § 1a paragraph 6 § 23 c distribution and redemption of E money by E-money agents (1) electronic money institutions can. Article 19, paragraph 1 shall apply mutatis mutandis with the proviso that evidence about the reliability and professional competence to submit not are; Section also applies to 19 paragraph 4a.
(2) the Federal agency may prohibit an electronic money institution that improperly conducted the selection or monitoring its E-money agents to include E-money agents in the electronic money institution. The prohibition may refer to the sales or redemption of E-money or on the integration of E-money agents overall.
(3) If an electronic money institution intends to sell E-money, E money agent in a Member State of the European Union or another Contracting State to the agreement on the European economic area or to share back, is to apply section 19, paragraph 4 in conjunction with article 25 accordingly.
Cut off 5 cooperation with other authorities, branch, cross-border trade in services article 24 cooperation with other authorities the Federal Agency and, as far as she will operate under this Act, the German Bundesbank work in the supervision of institutions providing in another Member State of the European Union or another Contracting State to the agreement on the European economic area payment services or the E-money business, with the competent authorities of those States; sections 8 and 9 of the Banking Act shall apply accordingly.
§ 25 a building a branch office, cross-border trade in services (1) according to article 8, paragraph 1 or Article 8a, paragraph 1 has approved institution that intends to establish a branch in another Member State of the European Union or another Contracting State to the agreement on the European economic area, according to the sentence of 2 notified to the Federal Agency and the German Bundesbank. The display must be included 1 the indication of the State in which the branch office is to be established, 2. a business plan, arising from the nature of the planned transactions, the organisational structure of the branch, and an intention to the use of agents, 3rd the address at the documents of the Institute in the State in which it maintains a branch office, requested and documents , and 4. the specification of the head of the branch.
(2) paragraph 1 sentence 1 accordingly applies to the intention to provide in the way of cross-border services in another Member State of the European Union or another Contracting State to the agreement on the European economic area payment services or to operate the E-money business. The display has the indication of the country in which the cross-border service is to be provided, a business plan showing the intended activities and providing, whether in that State agents or E-money agents are to be used, to contain.
(3) the Federal Agency informs the competent authorities of the State in which the Institute maintains a branch or provide cross-border services, within one month after receipt of the indicators pursuant to paragraph 1 or paragraph 2 relevant information pursuant to paragraph 1 sentence 2 or paragraph 2 sentence 2 with.
(4) the rights of the Federal Agency and the German Central Bank also directly against the foreign branch and agent, E-money agents and outsourcing company according to § 14, used a domestic institution in other countries of the European economic area. During on spot checks, the Federal agency or the Deutsche Bundesbank about the Federal Agency has beforehand to obtain the consent of the competent authorities of the host Member State.
(5) the conditions set 2 or paragraph 2 sentence 2 identified pursuant to paragraph 1, change the Institute of the Federal Agency has at least one month before the effect of the changes in writing to show these changes of the Deutsche Bundesbank and the competent authorities of the host Member State.
Section 26 companies domiciled in another State of the European economic area (1) a bank with headquarters in another Member State of the European Union or another Contracting State to the agreement on the European economic area may provide without permission by the Federal agency through a branch or by way of cross-border services in the domestic payment services if the company by the competent authorities of the other State has been approved , the transactions through the approval are covered and the company by the competent authorities according to regulations, the Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ EU no. L 319, p. 1) and directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267 of October 10, 2009, p. 7) correspond to, will be supervised. section 14 of the industrial code shall remain unaffected.
(2) is the Federal Agency in the case of paragraph 1 actual evidence that in connection with the planned appointment of an agent or establishing a branch office money laundering within the meaning of section 261 of the criminal code terrorist financing within the meaning of § 1 para 2 of the money laundering Act take place, have taken place or attempted, or that the assignment of agents or the establishment of the Branch Office increases the risk , that money laundering or terrorist financing to occur, the Federal Agency shall inform the competent authority of the country of origin. Competent authority of the country of origin is the authority which reject the registration of the agent or of the branch in the local payment institution register or E-money institution register or, if an entry has already occurred, it can delete.
(3) on branches within the meaning of paragraph 1 § 17 of the Act on financial services supervision, as well as the sections 4, 5, 14 para 1 and 4, article 22, paragraph 1 apply sentence 1 No. 4, par. 2 and 3, article 28 and article 29, paragraph 1 number 6 and 7 with the proviso, that one or more branches of the same company are considered an institution. Changes of the business plan, in particular the way of the proposed transactions and of the organizational structure of the branch, the address and the head, are at least one month before the effect of the changes in writing to show Federal Bank of the Federal Agency and the German. The activities in the way of cross-border services referred to in paragraph 1 set 1 apply to section 17 of the Act on financial services supervision, as well as the sections 4, 5 and 14 (1) and 4 according to.
(4) on agents or E-money agents of an institution within the meaning of paragraph 1 § 17 of the Act on financial services supervision, as well as the sections 4 are set 1 to apply 5 and 14 according to paragraph 1 and 4.
(5) the Federal agency determines that a company within the meaning of paragraph 1 sentence 1 does not fulfil its regulatory obligations, she urges it to remedy the defect within a specified period. It does not fulfil the request, she informed the competent authorities of the other State. The other State shall take no measures or the measures prove to be insufficient, she can take the necessary measures after informing the competent authorities of the other State; If necessary, she may prohibit the implementation of new business in Germany. In urgent cases, the Federal agency before the commencement of the proceedings may take the necessary measures.
(6) the competent authorities of the other State information required for regulatory monitoring of the branch in the Branch Office can check after prior notification of the Federal Agency itself or by their authorized representative. At the request of the competent authorities of the other State staff of Bundesanstalt, and Deutsche Bundesbank may pursuant to sentence 1 support them when assessing or perform the examination on their behalf; the rights are to according to § 14, or if the facts justify the adoption or it is clear that the foreign company unauthorized payment services or unauthorized operates the E-money business, or that this illicit business operates according to the banking law, according to the insurance supervision law, or after the investment code, or violate comparable provisions of the country of origin of the Federal Agency and the German Bundesbank also according to § 5.
§ 27 a company domiciled outside the Member States of the European Union maintains branch offices of companies based outside the European economic area (1) or of the other Contracting States of the agreement on the European economic area provides a branch office in Germany, the payment services or operates the E-money business, apply the branch as an institution within the meaning of this Act. The company maintains several branches in Germany, these are considered an institution.
(2) the institutions referred to in paragraph 1 is this law with the following conditions apply: 1. the company has to purchase at least two natural persons residing in the national territory, who are authorized for the Division of the Institute for the management and the representation of the company. Such a person classed as Managing Director. You have to login to the registration in the commercial register. For institutions with small size with small business volume, a Managing Director is sufficient.
2. the Institute is obliged to lead book separately about the shops operated by him and serving its business assets of the company and to account to the Federal Agency and the Deutsche Bundesbank. The provisions of the commercial code on trading books of banks and financial services institutions are extent apply. On the liabilities side of the annual balance sheet the amount of working capital provided to the Institute by the company and the amount is of the Institute to strengthen own funds separately left operating surpluses. The excess of liabilities over the asset or the surplus of assets over the liabilities is to deport undivided and separately at the end of the balance sheet.
3. to be number 2 to the end of each financial year balance sheet with an income and income statement and an appendix is considered annual accounts (article 17). The section applies to the audit of the financial statements 340 k of the commercial code according to with the proviso that the examiner of the managers is chosen and ordered. The financial statements of the company for the same fiscal year must be submitted with the annual financial statements of the Institute.
4 the sum of the amounts which left operating surpluses is section 12 paragraph 4 as working capital available provided the Institute by the company and him the quarterly message after the reinforcement of its own funds, minus the amount of any active clearing balance is considered equity of Institute.
Section 6 out-of-court complaint procedure § 28 complaints about payment service provider (1) payment service user and the bodies pursuant to sentence 2 can at any time due to alleged violations of a payment in the sense of § 1 para 1 No. 1 to 5 this law and the § 675 to 676 c of the civil code and article 248 of the introductory act to the civil law book complaint at the Federal appeal. Beschwerdebefugte are 1 qualified facilities according to § 3 para 1 No. 1 of the injunctions Act, 2. unincorporated associations to promote commercial interests, a) which are capable in particular for their personal, technical and financial facilities actually perform their statutory duties the pursuit of commercial interests and b) where a significant number of companies belongs to, offer the payment services on the same market, if the violation affects the interests of the members and is suitable , not insignificantly to distort competition or 3. Chambers of Commerce and industry.
(2) complaints shall be in writing or to the transcript at the Federal Institute and to set out the facts of the case as well as the complaint. Complaints from payment service users for alleged violations by payment service providers the § § 675 to 676 c of the civil code and article 248 of the introductory act to the civil law book also points out the Federal Agency in reply the out-of-court procedure according to § 14 of the injunctions Act.
(3) if the alleged violations concerning a cross-border matter, article 24 shall apply mutatis mutandis.
Complaints about E-money issuers (1) holders of electronic money and the authorities pursuant to sentence 2 to § 28a at any time due to alleged violations of an E money issuer in the sense of § 1a paragraph 1 number 1 to 5 against this law and the § 675 to § 676 c of the civil code and article 248 of the introductory act to the civil law book complaint with the German Federal insert section. Appeal by authorized bodies are the bodies referred to in article 28, paragraph 1, sentence 2, associations and Chambers.
(2) complaints shall be in writing or to the transcript at the Federal Institute and to set out the facts and the complaint. Article 28, paragraph 2, sentence 2 and paragraph 3 shall apply mutatis mutandis.
Section 7 ads, ads (1) an institution has payment institution register, E-money institution register, penalties, penalty provisions and transitional provisions article 29 immediately to show 1 of the Federal Agency and the Deutsche Bundesbank the intention of ordering a Managing Director and the authorization of a person to the single representation of the Institute in its entire Division stating the facts that are material to the assessment of reliability and professional competence, and the enforcement of such nature , 2. the leaving of a Managing Director as well as the removal of the power to the individual representation of the Institute in its entire Division, 3. the change of the legal form, unless already a permission in accordance with section 8 or section 8a is required, and the change of the company, 4. the acquisition or the task of a significant participation in the own Institute, reaching, the parent - or falling below the threshold of participation by 20 percent , 30 per cent and 50 per cent of the voting rights or of the capital as well as the fact that the Institute is a subsidiary of another company or is no longer, as soon as the Institute of the forthcoming change of this ownership structure becomes aware, 5. a loss amounting to 25 percent of the equity, 6 the transfer of the branch or of the seat, 7 the cessation of business operations, 8 the emergence , the modification or termination of a close connection within the meaning of article 4 paragraph 1 number 38 of the Regulation (EU) No. 575 / 2013 to another person or another company, 9 intention of dealing with another institution in the sense of this law or of the Banking Act to unite and 10 the intention of outsourcing, as well as the enforcement of removal from storage.
(1a) an electronic money institution has of securing funds section 13a, paragraph 1 and 2 measures taken to show by the Federal Agency and the Deutsche Bundesbank in advance any substantial change.
(1B) leader, those responsible for the management of the Institute and to the extent it is institutions engaged in other business activities in addition to the provision of payment services and the issuance of E money, which have persons responsible for the management of payment service business and the E-money business of the Institute notified to the Federal Agency and the Deutsche Bundesbank: 1 the origination and termination of activity as Managing Director or supervisory board or Board of Directors member of another company and 2.
the acquisition and the task of a direct shareholding in a company, as well as changes in the level of participation.
(2) the Federal Ministry of finance may by Decree without the consent of the Federal Council adopt further provisions concerning the type, scope, time, and form the indicators provided for in this Act and templates of documents and the permitted data carriers, transmission and data formats in consultation with the German Bundesbank and the obligation to refund by collecting ads and the submission of collective installations complement the existing reporting obligations , as far as is necessary to carry out the tasks of the Federal Agency. Can this empowerment transmitted by Decree without the consent of the Federal Council on the Federal agency with the proviso that regulations adopted the Federal Agency in consultation with the German Bundesbank. Prior to the adoption of the Legislative Decree, the associations of the Institute are to listen to.
An institution has § 29a monthly returns and other information (1) to submit a monthly statement immediately after the end of each month of the German Central Bank. The German Federal Bank forwards these messages to the Federal agency with its opinion; These do without forward certain messages.
(2) in the cases of § 12 para 2 and section 12a paragraph 2 can set the Federal Agency, whether and how an institution immediately after the end of each month of the German Central Bank to submit a combined monthly pass has.
(3) the Federal Ministry of finance may issue further provisions on content, type, scope, and time and the permitted data carriers, transmission and data formats of monthly returns by Decree without the consent of the Federal Council in consultation with the German Bundesbank, in particular to insight into the development of the assets and earnings of the Institute to receive, as well as about further details, as far as this is necessary for the fulfilment of the tasks of the Federal Agency. The Federal Ministry of finance the empowerment onto Ordinance the Federal agency with the proviso, that the decree in agreement with the Deutsche Bundesbank was made.
Article 30 payment institution register (1) leading federal agency on its Internet site a constantly to update payment institution register, in which she wears a 1 each domestic payment Institute, it has granted a permit according to article 8, paragraph 1, with the date of issue and the scope of the licence and, where appropriate, the date of the lapse or cancellation of permit 2. domestic payment institutions built branches under indication of the State of , in which the branch built is, the scope and the timing of recording of business activity and 3. the agents who are working for a payment institution pursuant to section 19 para 2, as well as the date of the beginning and end of the activities of the respective agents.
(2) evidence of facts, which suggest that the data according to § 19 para 1 of a payment institution sent the Federal agency about an agent are not true, the Federal agency may refuse the entry of the agent in the register of payment institution.
(3) the Federal Ministry of finance may further provisions on the content and the management of the payment institution register, as well as the cooperation obligations of payment institutions, their branches and agents in the management of the payment institution register issued by Decree without the consent of the Federal Council. It can allow the payment institution, in particular a write access to the set up for the payment institution page of the payment institution register and conferred responsibility for the accuracy and timeliness of this page. The Federal Ministry of finance may transfer by Decree without the consent of the Federal Council to the Federal this authorization.
section 30a, E-money institution register (1) the Bundesanstalt manages on its Internet site a separate, to be continually updated E-money Institute register, in which she wears a each domestic electronic money institution which it has granted a permit pursuant to section 8a, paragraph 1 with the date of issue and the scope of the licence and, where appropriate, the date of expiry or the cancellation of the permit.
(2) branch offices and agents of the electronic money institution are registered according to article 30 paragraph 1 number 2 and 3 and paragraph 2.
(3) the Federal Ministry of finance may further provisions on the content and the leadership of the E-money institution register, as well as the cooperation obligations of the electronic money institutions, their branches and agents in the management of the E-money institution register issued by Decree without the consent of the Federal Council. It can grant write access to the set up of the electronic money institution page of the register in particular the electronic money institution and transferred the responsibility for the accuracy and topicality of this site to him. The Federal Ministry of finance may transfer by Decree without the consent of the Federal Council to the Federal this authorization.
section 30 to meet b advertising (1) to maladministration in the advertising of the Institute, the Federal agency may prohibit certain types of advertising.
(2) before the General measures referred to in paragraph 1, the associations of institutions and of consumer protection can be heard.
Article 31 penal provisions (1) who 1 takes contrary to article 2, paragraph 1 or paragraph 3 sentence 1 deposits or other repayable funds or credit granted, payment services provides 2 without permission according to § 8, subsection 1, sentence 1, 2a.
without permission according to § 8a, paragraph 1, sentence 1 operates the E-money business, 3. contrary to § 16 para 4 sentence 1 does not, not properly or not timely charges a half-sentence 1 or E-money spends 4. contrary to Section 23a, is in the cases of the numbers 3 and 4 with imprisonment up to three years or with fine and in the cases of the numbers 1, 2 and 2a punishable up to five years or a fine imprisonment.
(2) the perpetrators are acting with negligence, the penalty in the cases of the numbers 3 and 4 term of imprisonment is 1, 2, and 2a imprisonment up to one year or a fine, and in the cases of the numbers up to three years or fined.
Section 32 (1) rude is fine rules, if an enforceable order according to § 4, paragraph 1, sentence 2, also in connection with sentence 4, about a directive for the processing or an enforceable order according to article 15, paragraph 1 or paragraph 3 is contrary to.
(2) any person who intentionally or recklessly 1 is, contrary to section 17, subsection 1, sentence 1 or 3, para 2 sentence 1 or 2 or § 29a para 1, sentence 1, this also in connection with paragraph 2, as well as according to para 3 sentence 1 not, incorrectly, incompletely or not timely submit annual accounts, a report, an audit report, consolidated financial statements, a group management report or a monthly pass a decree or 2. opposed § 25 para 1 sentence 1 or § 29 para. 1 No. 4 to 9, or no. 10 a complaint be made not, incorrectly, incompletely or not in time.
(3) any person who intentionally or negligently 1 contrary to § 5 paragraph 1 not, incorrectly, incompletely or not timely provide you with an information or a document not, incorrectly, incompletely or not in time, submit 2. contrary to article 5, paragraph 5, sentence 1, also in conjunction with paragraph 6, a measure does not condone, 3. an executable Edition according to § 8, paragraph 5, sentence 1 is is, , 4. contrary to article 14, paragraph 1, sentence 1 an information provided not, incorrectly, incompletely or not in time or submits a document not, incorrectly, incompletely or not in time, 5. contrary to article 14, paragraph 1, sentence 4 does not tolerate a measure, 6 contrary to § 14 para 3 sentence 1 not or not timely makes a there called action, 7 an enforceable order according to § 16 para 3 sentence 1 or § 22 para 4 sentence 1 is contrary to , 8. an enforceable order pursuant to section 22 paragraph 2 in conjunction with Article 6a, paragraph 1 of the Banking Act 9 contrary to section 22 par. 2 contravenes, in conjunction with § clause 1 of the Banking Act does not, not timely or not fully leads a file 24 c paragraph 1, 10 contrary to section 22 par. 2 in conjunction with § 24 c paragraph 1 sentence 5 of the Banking Act does not guarantee that the Federal agency may at any time automatically retrieve data , 10a.
an enforceable order is contrary to article 22 paragraph 2 in conjunction with § 25n paragraph 4 of the Banking Act, 11 contrary to section 22 paragraph 3 in conjunction with § 3 paragraph 1 No. 1, also in conjunction with article 4, paragraph 3 or 4 sentence 1, of the anti-money laundering Act identification of the contracting partner not or not fully makes, 12 contrary to section 22 paragraph 3 in conjunction with § 3 paragraph 1 number 3 of the money laundering Act that not clear presence of a beneficial owner or 13 contrary to section 22 paragraph 3 in Connection with article 8, paragraph 1, of the anti-money laundering Act levied and collected information, incorrectly or not completely recorded.
(4) the offence can be up to five hundred thousand euros, in cases of paragraph 3 Nos. 1 and 2 with a fine in cases of paragraph 1 with a fine up to one hundred and fifty thousand euro and in other cases a fine punishable up to fifty thousand euro.
Section 33 authority management
No. 1 of the code of administrative offences is the Federal Agency in the sense of § 36 para 1 the administration.
Article 34 notification in criminal cases the Court, the prosecution or the enforcement authority has in criminal proceedings against the owners or managers of institutions, as well as against owners of significant investments in institutions or their legal representatives breach their professional duties or other crimes during or in connection with the exercise of a profession or the operation of other economic enterprise, in the case of bringing the public action of the Federal 1 the indictment or a claim its place , 2. application for order to transmit the decision concluding the procedure ground; a Strafbefehls, and 3. is against the decision an appeal been lodged, is to transmit the decision having regard to the appeal. section 60a paragraph 1a to 3 of the Banking Act shall apply accordingly.
Section 35 (1) transitional provisions for institutions that have a permit according to § 32 para 1 of the Banking Act for the checking account business in the sense of § 1 para 1 sentence 2 No. 9 of the Banking Act in force prior to October 31, 2009, on October 31, 2009 is considered permission according to § 8 paragraph 1 for all payment services within the meaning of § 1 paragraph 2 at the time of entry into force of this Act granted. If the credit institution within two months without this after October 31, 2009, by written declaration to the Federal agency with reference to this provision, the permission is considered from the outset not given.
(2) with a permit according to § 32 para 1 of the Banking Act prior to December 25, 2007 1 take care of payment orders according to § 1 paragraph 1a sentence 2 No. 6 of the Banking Act in the before applied as in force October 31, 2009, or 2 that unless issue or management of credit cards, unless the card issuer was also the provider of the underlying the payment process , pursuant to section 1 paragraph 1a sentence 2 No. 8 of the Banking Act have recorded as amended prior to October 31, 2009, may its activities continue to section 8 April 30, 2011 without a permit after. Up to the effective date of the permit pursuant to § 8 are for companies, the transactions pursuant to sentence 1 No. 1 or no. 2 operate continue to apply the provisions of the Banking Act with the exception of § 2 para 2, §§ 10, 11 to 18, 24 para 1 No. 9, §§ 24a, 33 para 1 sentence 1 No. 1, article 35, paragraph 2 No. 5 and of sections 46a-46 c of the Banking Act. For companies pursuant to sentence 1, exempted according to § 2 para 4 of the Banking Act, the provisions of the Banking Act with the exception of sections 2 are c, 10 to 18, 24, 24a, further apply paragraph 1 of the Banking Act to 25 to 38, 45, 46 to 46 c and 51.
(3) activities, which have been recorded without violation of the reservation of permission according to § 32 para 1 of the Banking Act prior to December 25, 2007, may continue without a permit according to § 8 until April 30, 2011. para 1 sentence 3 No. 4, insofar as they are necessary to ensure compliance with the obligations under the money laundering Act, as well as the fulfilment of the obligations of the company from the money laundering Act remain unaffected sections 14 and 22.
(4) company within the meaning of § 53 b para 7 of the Banking Act, which added that activities referred to in no. 4 of Directive 2006/48/EC in accordance with national law before 25 December 2007 in annex I and which meet the requirements of § 53 paragraph 7 sentence 1 No. 7 of the Banking Act, can exert these activities in Germany by way of derogation from section 8 without the permission of the Federal Agency , if they show these activities the competent authorities of the country of origin up to December 25, 2009.
(5) § remain § 7 and 28 in the cases of paragraphs 1 to 4 intact.
Section 36 transitional provisions for electronic money institutions (1) for electronic money institutions which have a permit according to article 32 paragraph 1 of the Banking Act for the E-money business, on April 30, 2011 applies the permission in accordance with section 8a paragraph 1 to the extent where the permission in accordance with article 32, paragraph 1 of the Banking Act has been granted as of April 30, 2011, as granted. At the same time, this E money institutions in the E-money institution register are registered under section 30a. If the E money institution within two months waived after April 30, 2011, by written declaration to the Federal agency with respect to this provision then, permission is considered from the outset not given.
(2) electronic money institutions, which have an exemption according to article 2, paragraph 5 of the Banking Act in force until April 29, 2011 amended for the E-money business on April 30, 2011, may continue up to section 8a of the issuance of E money April 30, 2012 without a permit after.
2011 About The Performance Of Activities Of Payment Institutions
2010 E-Money Law 2010, As Well As Amendments Of The Banking Act, The Payment Services Act, The Insurance Supervisory Act, Of The Financial Market Authority Act, The Gewo 1994, Of Consumer...