On December 26, 2015, the Banking Regulation and Supervision
Agency (the "BRSA") amended the Regulation on Payment
Services, Electronic Money Issuance, Payment Institutions and
Electronic Money Institutions, relaxing certain requirements
foreseen for companies providing payment services and e-money
What the BRSA did
Institutions are no longer obligated
to appoint a deputy general manager.
Non-recurring payment transactions
are no longer required to be realized through an agreement, receipt
or similar document that includes the payment service user's
confirmation would be sufficient for non-recurring transactions.
This document (in the form of an agreement, receipt or similar
document) must be generated for a specific payment transaction and
a copy must be provided to the payment service user.
The items which were required to be
included in customer agreements for non-recurring transactions must
still be included in the document to be provided to the customers,
as set out above. Additionally, they must now be announced at the
workplace where the payment services are rendered.
Intermediary services for invoice
payments are exempted from payment service providers'
obligation to inform payment service users of the conditions of the
Institutions are no longer required
to execute a framework agreement for payment relationships which
are not periodic.
Institutions and payment service
users may freely decide on the type of the fees payable by the
payment service user to the payment service provider for
transactions where the payment service user is not a consumer.
Providing intermediary services for
invoice payments is subject to licensing under the payment services
legislation. With the amended regulation, the scope of invoice
payments has been narrowed to payments pertaining to services
rendered to meet needs such as electricity, telephone, water, and
natural gas. As a consequence, now Institutions which provide
intermediary services for payment of taxes, levies, duties, social
security premiums and associated penalties are not subject to
The BRSA has amended the regulation to relax certain provisions,
especially those regarding invoice collections, non-recurring
transactions and periodic transactions, in consideration of the
practical inconveniences the Institutions have been facing. With
these amendments, we see that the BRSA follows the market and has
taken the necessary actions to address the difficulties experienced
in implementing some of the previous requirements.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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