SEPA : Legal framework Nationale Bank van België Banque nationale de Belgique Jan Vermeulen Axelle Waterkeyn

SEPA presentation "Legal" / 26 "The internal market cannot function properly without cheap, efficient and secure payment services". efficiency security consumer protection competition (fair access) European Commission: objective

SEPA presentation "Legal" / 26 European Commission: legal framework Payment Services Directive 2007/64/EC (PSD) Wet betreffende de betalingsdiensten/Loi relative aux services de paiement Transparency of conditions and information requirements for payment services Rights and obligations to the provision and use of payment services Wet betreffende het statuut van de betalingsinstellingen /Loi relative au statut des établissements de paiement Establishment of "Payment Institutions" Regulation 924/2009 on cross border payments Equal charges for national and cross border payments Regulation 260/2012 establishing technical and business requirements for credit transfers and direct debits in euros End date national payment instruments:

SEPA presentation "Legal" / 26 Directive (PSD) transposed into 2 laws (2009) + Execution time, refund, full amount to be transferred European Commission: role Payment institutions Transparancy and information Rights and obligations

SEPA presentation "Legal" / 26 Regulation 924/2009 on cross-border payments in for all electronically processed payments in euro mandatory use of IBAN (SCT and SDD) Bringing charges of cross-border payments to the same level as national payments European Commission: role

SEPA presentation "Legal" / 26 End date regulation European Commission: role "Credit transfers shall be carried out in accordance with the requirements... by 1 February 2014" "Direct debits shall be carried out in accordance with the requirements... by 1 February 2014"

SEPA presentation "Legal" / 26 EU Forum of national SEPA Coordination Committees European Competition Authorities: in progress European Commission: role multilateral interchange fee card payments acces to bank accounts

SEPA presentation "Legal" / 26 Loi relative aux services de paiement du 10/12/2009 publiée au moniteur le 15/01/ Execution time, refund, full amount to be transferred Payment institutions Transparancy and information Rights and obligations

SEPA presentation "Legal" / 26 Loi relative aux services de paiement art 9 à 14 Transparence des conditions des services de paiement (art 9 => 14) opérations de paiement isolées contrat-cadre description des principales caractéristiques l'identifiant unique délai d'exécution maximal frais

SEPA presentation "Legal" / 26 Loi relative aux services de paiement art 38 & 39 : remboursement (1) Remboursements d'opérations de paiement initiées par ou via le bénéficiaire S'applique aux domiciliations "nationales" DOM80 et SDD Le prestataire de services de paiement du payeur doit rembourser si l'autorisation n'indiquait pas le montant exact et le montant dépassait le montant auquel le payeur pouvait raisonnablement s'attendre Contrat-cadre: le payeur et son prestataire de services de paiement peuvent convenir que le payeur a droit au remboursement même si ces conditions ne sont pas remplies

SEPA presentation "Legal" / 26 Loi relative aux services de paiement art 38 & 39 : remboursement (2) Remboursements d'opérations de paiement initiées par ou via le bénéficiaire Contrat-cadre: le payeur n'a pas droit à un remboursement s'il a donné son consentement directement à son prestataire de services les informations relatives ont été fournies au payeur 4 semaines avant l'échéance 8 semaines le remboursement est effectué dans un délai de 10 jours

SEPA presentation "Legal" / 26 Loi relative aux services de paiement art 38 & 39 - Droit de refund en pratique en Belgique Le droit de refund inconditionnel sapplique durant 8 semaines: aux domiciliations "nationales" DOM80 à partir du 1/4/2010 aux domiciliations européennes SDD – core depuis le 1/11/2009 Au-delà des 8 semaines, Il y a droit de refund durant 13 mois Sil ny a pas de mandat valide. La preuve est à charge : Du créancier pour SDD & DOM70 De la banque du débiteur pour DOM80 Le droit de refund inconditionnel ne sapplique pas : aux SDD – B2B aux SDD – fixed amount (en cours de développement)

SEPA presentation "Legal" / 26 Loi relative aux services de paiement art 29 : autorisation Autorisation des opérations de paiement Le mandat de domiciliation doit répondre aux conditions suivantes: Un consentement exprès du payeur La procuration doit se référer expressément au contrat sous-jacent (lequel précise la nature, léchéance…) La domiciliation ne peut se réaliser valablement que si le payeur a été précédemment informé du contrat sous-jacent

SEPA presentation "Legal" / 26 Loi relative aux services de paiement art 45 & 78 délai d'exécution et date valeur Belgique Virements: D si même banque D+1 si banques différentes papier: +1 jour Domiciliations: D+3 jusqu'au 01/01/2012 D+1 après le 01/01/2012 Transfrontaliers (virements & domiciliations) Jusque 01/01/2012: D+3 D+1 à partir de 01/01/2012

SEPA presentation "Legal" / 26 Regulation of the European Parliament and of the Council NL= FR= "Credit transfers shall be carried out in accordance with the requirements... by 1 February 2014" "Direct debits shall be carried out in accordance with the requirements... by 1 February 2014"

SEPA presentation "Legal" / 26 Regulation of the European Parliament and of the Council Regulation establishing technical and business requirements for credit transfers and direct debits in euros Règlement établissant des exigences techniques et commerciales pour les virements et les prélèvements en euros Verordening tot vaststelling van technische en bedrijfsmatige vereisten voor overmakingen en automatische afschrijvingen in euro Proposal from the Commission -16 December 2010 Adoption on 14/03/2012 Published in Official Journal on 30/03/2012

SEPA presentation "Legal" / 26 Regulation, article 1 Article 1: Scope credit transfers and direct debit in within the EU both legs in the EU out of scope: cards mobile payments money remittance e-money

SEPA presentation "Legal" / 26 Regulation, article 6 Article 6: End dates "Credit transfers shall be carried out in accordance with the requirements... by 1 February 2014" "Direct debits shall be carried out in accordance with the requirements... by 1 February 2014" Technical requirements in Annex

SEPA presentation "Legal" / 26 Regulation, article 5 Article 5: Requirements for credit transfer and direct debit transactions Technical requirements in Annex more or less in line with European Payment Council (EPC) Rulebooks Use ISO20022 Data fields...

SEPA presentation "Legal" / 26 Regulation, article 5 Article 5: Requirements for credit transfer and direct debit transactions more or less in line with European Payment Council (EPC) Rulebooks Credit transfers IBAN only (BIC not mandatory) ! from 01/02/2014 for national payments »but possibility to postpone per country from 01/02/2016 for cross border payments Direct debits "... payers shall have the possibility to: instruct their PSP to limit a direct debit collection to a certain amount or periodicity, or both; request their PSP, where there is no refund right according to the PSD, to verify each direct debit transaction and to check whether the amount and periodicity of the submitted direct debit transaction is equal to the amount agtreed in the mandate; instruct their PSP to block any direct debits to their account or to block any direct debits coming from one or more specified payees or to autorise direct debits only coming from one or more specified payees." but not applicable for B2B!

SEPA presentation "Legal" / 26 Regulation, article 5, continued "The PSP shall ensure that a Payment Service User (PSU) that is not a customer or a micro-enterprise, and initiates or receives individual credit transfers or direct debits which are bundled together for transmission, uses message formats ISO20022." Option to postpone until 01/02/2016.

SEPA presentation "Legal" / 26 Regulation, articles 3 & 9 Article 3: Reachability "... the payment service provider (PSP) of the payee... shall be reachable... for credit transfers... initiated... in any member state... " "... the payment service provider (PSP) of the payer... shall be reachable... for direct debit transactions... initiated by a payee... in any member state... " only for "consumers", not for B2B Article 9: Payment accessibility "A payer making a credit transfer up to to a payee with a payment account located within the Union shall not specify in which member state the that payment account should be located..." " A payee using a direct debit to collect funds up to from a payer with a payment account located within the Union shall not specify in which member state that payment account should be located.. " Conclusion: Credit transfers have to be credited on an account regardless where the account is held Direct debit can be made regardless where the payee/payer hold their account

SEPA presentation "Legal" / 26 Regulation, article 8 Article 8: Interchange fees for direct debit transactions "the aim of the European Commission is to create neutral conditions for competition between PSP's" "... no multilateral interchange fees per direct debit transaction or other agreed remuneration with an equivalent object or effect shall apply to direct debit transactions." Exception for "R-transactions", if they are cost-based end date cross-borders transactions: end date national transactions :

SEPA presentation "Legal" / 26 Regulation, article 16 Transitional provisions Credit transfer niche products (less than 10%, 01/02/2016) Direct Debit niche products (less than 10%, 01/02/2016) Allow PSPs to provide conversion services for national payment transactions to consumers tot 01/02/2016 Non-euro area countries

SEPA presentation "Legal" / 26 Regulation, overview per item SEPA End DateCT and DD1 Feb 2014 Non-euro area MS31 Oct 2016 DD MIF End DateCross-border1 Nov 2012 Domestic1 Feb 2017 Phase-out of BICDomestic1 Feb 2014 (could be deferred by MS until 1 Feb 2016) Cross-border1 Feb 2016 Conversion facilities ISO XML National account numbers Payment service users 1 Feb 2016 (if opted in by MS) Phase-out niche productsCT and DD1 Feb 2016 InteroperabilityEuro area MS1 Feb 2014 Non-euro area MS31 Oct 2016 Payment card at POS resulting in a direct debit e.g. the German ELV1 Feb 2016 source: ECB

SEPA presentation "Legal" / 26 Regulation, overview of the dates