EU 2007 11 EU payment institution EU EU SEPA Single Euro Payments Area 1 2 3 4 5 6 SEPA EU E-mail: akihiko.yoshimura@boj.or.jp E-mail: takeshi.shirakami@bis.org / /2009.3 119
1. EU 2007 11 1 EU 2 credit institution 3 electronic money institution payment institution payment service provider 4 credit transfer direct debit EU EU EU EU 5 EU EU SEPA Single Euro Payments Area 2 1 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 L 319, 5.12.2007, pp. 1 36. 2 Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), OJ L 177, 30.6.2006, pp. 1 200. credit institution credit institution 3 Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions, OJ L 275, 27.10.2000, pp. 39 43. 4 6 1 1 a 4 1 a b 1 3 a cpost office giro institutions d e European Central Bank and national central banks f Member States or their regional or local authorities 5 Löber [2008] 120 /2009.3
3 4 payment transaction 6 5 2. EU 1 EU EU 7 1999 Financial Services Action Plan 8 2005 2005 2010 Financial Services Policy 2005 2010 9 EU 10 11 6 payment transaction 4 5 7 European Commission [2005b] p. 4 8 1999 European Commission [1999a] EU a single EU wholesale market open and secure retail markets state-of-art prudential rules and supervision 3 EU 42 5 47 European Commission [1999b] 1 European Commission [1999a] p. 27 9 2005 2010 2005 EU EU better regulation 3 2 EU European Commission [2005b] p. 3. 10 European Commission Staff Working Document [2007] p. 6. 11 European Commission Staff Working Document [2007] p. 17. 121
1999 1 ECB European Central Bank EU RTGS: Real Time Gross Settlement TARGET Trans-European Automated Real-time Gross settlement Express Transfer system 2007 11 TARGET2 12 EU EU 13 2002 1 EU EU EU EU SEPA 2 EU EU 14 1997 15 1997 16 2001 17 3 12 TARGET 1998 TARGET2 2008 54 56 13 European Commission Staff Working Document [2007] pp. 13, 16. 14 EU EU regulation EU EU directive EU EU recommendation Consolidated version of the Treaty establishing the European Community, OJ C 325, 24.12.2002, pp. 33 184 249 2007 12 Consolidated version of the Treaty on the Functioning of the European Union, OJ C 115, 9.5.2008, pp. 47 199 288 15 97/489/EC: Commission Recommendation of 30 July 1997 concerning transactions by electronic payment instruments and in particular the relationship between issuer and holder, OJ L 208, 2.8.1997, pp. 52 58. 16 Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers, OJ L 43, 14.2.1997, pp. 25 30. 17 Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro, OJ L 344, 28.12.2001, pp. 13 16. 122 /2009.3
18 EU EU EU. 1997 1 4 19 20 CD/ATM 1 EU 1987 21 22 4 3 4 18 87/598/EEC: Commission Recommendation of 8 December 1987 on a European Code of Conduct relating to electronic payment (Relations between financial institutions, traders and service establishments, and consumers), OJ L 365, 24.12.1987, pp. 72 76 88/590/EEC: Commission Recommendation of 17 November 1988 concerning payment systems, and in particular the relationship between cardholder and card issuer, OJ L 317, 24.11.1988, pp. 55 58 19 2 a c 2001 payment instrument 78 20 1 1 a 21 18 22 Bollen [2007a] p. 459 123
5 8 23. 1997 1999 EU 1 2 EU 6 EU EU 1 24 5 25 6 3 4 8 4 6 EU EU 10 EU 26 EU 23 Herveg et al. [2001] pp. 87 89 Bollen [2007a] pp. 461 462. 24 EU 5 EU 1 25 7 5 EU 26 EU 1993 1994 4.61 4.79 2001 2.97 Retail Banking Research [2001] p. 52. 124 /2009.3
EU double charging 27 28. 2001 EU 1 6 11 5 EU 1 2 1 4 5 EU 3 29 30 EU IBAN 31 BIC 32 5 27 European Commission [2002] 28 100 EU 1993 1994 23.93 25.41 2001 24.09 Retail Banking Research [2001] p. 54. 29 30 2002 7 1 12,500 2003 7 1 12,500 12,500 5 2006 1 1 3 31 IBAN International Bank Account Number ISO International Organization for Standardization EU ECBS European Committee for Banking Standards ISO 13616 32 BIC Bank Identifier Code ISO 9362 125
IBAN BIC 33 EU 34 EU 35 EU 36 37. EU SEPA EU 38 39 EU EU 40 33 European Commission [2001] p. 5. 34 Bolkestein [2001] 35 100 EU 2001 23.6 2005 2.46 European Commission Staff Working Document [2006b] p. 9. 36 European Commission Staff Working Document [2006b] p. 15. 37 EU EU 40 2 3 European Commission [2008a] pp. 9 10, 13 38 EU EU 39 European Commission [2003] pp. 8 9, 60 61 Bollen [2007a] p. 465 40 European Commission [2003] p. 2. EU EU EU 126 /2009.3
EU 3 SEPA EU SEPA Single Euro Payments Area SEPA 41 SEPA 42 EPC European Payments Council EPC 2001 2 2 EU self-regulation SEPA 43 44 SEPA EPC EPC 45 2008 1 SEPA Credit Transfer 2010 critical mass 46 SEPA European Commission EU EU European Commission [2003] p. 60. 41 European Commission and ECB [2006]. 42 European Commission [2006] p. 6. 43 EPC [2007] pp. 20, 22. 44 EPC EU EPC [2007] p. 10 45 Bollen [2007b] p. 536. 46 EPC [2007] pp. 54 55 127
ECB SEPA 47 SEPA 1 3. 1 EU EU EU SEPA EU 2003 12 48 2005 12 49 European Parliament Council of the European Union 4 2007 11 50 EU 2009 11 1 94 51 52 47 European Commission and ECB [2006] ECB SEPA EPC ECB European Commission [2006] pp. 13 21 EPC EPC 48 European Commission [2003]. 49 European Commission [2005a]. 50 PreLex: Monitoring of the decisionmaking process between institutions, available at http://ec.europa.eu/prelex/detail_dossier_real.cfm?cl=en&dosid=193603 [as of 17 November 2008] EU 2003 23 63 51 3 4 52 EU 2007 12 2008 3 2008 7 Draft Payment Services Regulations HM Treasury [2008b] 128 /2009.3
2 better regulation 2005 2010 53 EU 54 55 2008 9 Code monétaire et financier Ministère de l Économie, de l Industrie et de l Emploi [2008] 2008 6 Referentenentwurf eines Gesetzes zur Umsetzung der aufsichtsrechtlichen Vorschriften der Zahlungsdiensterichtlinie Kreditwesengesetz Zahlungsdiensteaufsichtsgesetz 675 2008 6 Referentenentwurf eines Gesetzes zur Umsetzung der Verbraucherkreditrichtlinie, des zivilrechtlichen Teils der Zahlungsdiensterichtlinie sowie zur Neuordnung der Vorschriften über das Widerrufs- und Rückgaberecht Bundesministerium der Finanzen [2008] Bundesministerium der Justiz [2008] 53 9 54 European Commission [2005b] pp. 4 5. 2005 2010 EU EU European Commission [2005b] pp. 4 8 2012 11 87 EU 23 EU 55 2000 2002 1 2 7 EU 2003 12 EU 21 European Commission [2003] p. 2 EU 21 2004 2005 EU 2005 European Commission Staff Working Document [2005] p. 12. 129
56 EU EU 57 58 3 EU EU Single Payment Market 59 3 1 level-playing field 60 EU 61 56 European Commission Staff Working Document [2005]. 57 EU 500 European Commission Staff Working Document [2005] pp. 10, 18 58 4 5 European Commission Staff Working Document [2005] pp. 85 99 59 European Commission Staff Working Document [2005] p. 7. 60 1 EU EU European Commission Staff Working Document [2005] p. 26. 61 6 4 130 /2009.3
EU 62 EU 63 2 64 65 3 66 EU EU EU 67 68 4 96 2 3 62 European Commission [2007] 4 63 same activity, same risk, same rule European Commission [2003] p. 23. 64 2 European Commission Staff Working Document [2005] p. 27. 65 European Commission Staff Working Document [2005] p. 27 European Commission [2007] 4 66 3 EU EU European Commission Staff Working Document [2005] p. 27. 67 European Commission Staff Working Document [2005] p. 27 40 68 European Commission Staff Working Document [2005] p. 27 131
4 1 1 4 1 Title 1 subject matter 1 2 3 4 Annex 2 5 29 2 1 Chapter 1 1 Section 1 2 3 EU 69 4 1 EU 2 payment system 3 30 50 3 1 3 2 2 1 1 single payment transaction 3 1 framework contract 70 4 2 69 102 70 152 132 /2009.3
4 51 83 4 1 4 2 3 1 2 3 4 5 71 5 84 85 6 86 96 5 72 Payments Committee 73 6 full harmonisation EU 4. 1 2 3 4 5 6 71 80 72 81 73 EU 85 Council Decision of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (1999/468/EC) Art. 5 133
1. 74 75 76 74 BEUC [2004] p. 6. European Commission Staff Working Document [2005] p. 85 75 Annex 1. 2. 3. 1 4. 5. issuing acquiring 6. money remittance 7. intermediary 76 IBAN European Commission Staff Working Document [2005] pp. 85 86 134 /2009.3
77 78 79 3 80 77 4 15 78 payment instrument personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used by the payment user in order to initiate a payment order 4 23 79 85 Bundesministerium der Finanzen [2008] p. 57 European Commission Staff Working Document [2005] p. 94 80 3 a b c d e f g i 1931 the Geneva Convention of 19 March 1931 providing a uniform law for cheques ii i 1931 EU iii 1930 the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes iv iii 1930 EU v vouchers vi vii Universal Postal Union h settlement agents central counterparties clearing houses 28 135
81 3 7 3 a c d e 82 f g 83 i h investment firms collective investment undertakings j k l m n o ATM 81 84 82 European Commission [2008c] 3 e 83 European Commission [2008c] 3 k 3 k HM Treasury [2008a] p. 17. 50 136 /2009.3
k h i 84 m n b j o l 85. 3 4 EU 2 1 86 EU EU 87 3 4 EU 2 Ministère de l Économie, de l Industrie et de l Emploi [2008] p. 20. 84 CMS cash management service 1 European Commission [2008c] 3 n 85 6 European Commission Staff Working Document [2005] p. 94 86 2 1 EU 3 4 73 EU 2 3 4 EU 3 2006/48/EC 2 1 2 87 73 EU 137
. 88 89 30 3 4 34 1 53 1. EU 1 1 90 EU 2 EU 91 EU 2 3. 5 EU 2005 12 5 92 88 1 5 24 89 30 150 150 34 1 53 1 90 4 91 National Savings Bank Commonwealth Development Finance Company Ltd. Agricultural Mortgage Corporation Caisse des dépôts et consignation Kreditanstalt für Wiederaufbau 92 2 1 5 3 transparency of conditions for payment services 4 rights and obligations in relation to the provision and use of payment services 138 /2009.3
5 93 EU EU 94 95 3 4 96 30 1 51 1 97 20 EU 93 Bollen [2007b] p. 540. 94 Gauzès [2006] p. 19 Amendment 34 95 4 11 96 4 52 1 54 2 58 59 61 62 63 66 75 97 EU micro enterprise 30 2 51 3 10 200 4 26 Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises, OJ L 124, 20.5.2003, pp. 36 41, Annex Art. 2 (3) 139
98 EU EU EU 87 99 100 2 EU 101 EU 102 EU EU 103 98 Gauzès [2006] p. 109. 99 87 2012 11 1 European Economic and Social Committee ECB 89 100 Charlie McCreevy 2007 4 EU EU EU 3 EU EU EU European Parliament [2007]. 101 EU 2003 EU European Commission Internal Market DG [2003a] HM Revenue and Customs European Commission Internal Market DG [2003a] p. 17. établissement de crédit European Commission Internal Market DG [2003a] p. 16. Finanzdienstleistungsinstitut 1 1a European Commission Internal Market DG [2003a] p. 16. 102 EU EU EU EU 103 European Commission Staff Working Document [2005] p. 40 49 56 EU ipso facto EU 140 /2009.3
104 EU EU 10 1 105 ECB 106 107 108. EU 104 European Commission [2003] p. 22. 105 EPFSF [2006] p. 3 Bollen [2007b] p. 547 EPC [2004] pp. 7 8 106 ECB [2006] pp. 11 14 107 Gauzès [2006] pp. 109 110 Committee on the Internal Market and Consumer Protection Gauzès [2006] p. 114. 108 2012 11 1 87 99 141
29 109 110 authorisation 10 1 111 programme of operations 5 10 2 EU EU EU 10 9 25 1. 112 16 1 a b 113 16 3 114 a 12 109 29 110 2 2 2 4 1 13 3 12 55 2 97 2009 1 2009 7 111 26 124 112 75 113 7 75 4 5 7 3 16 3 114 European Commission [2007] 23 142 /2009.3
b 115 116 c 117 d 16 2 deposit or other repayable funds 16 4 118 119 115 EU European Commission [2007] 24 116 12 3 Bowles [2007] 117 118 ECB ECB ECB [2006] pp. 11 12. 119 propriété du remettant Ministère de l Économie, de l Industrie et de l Emploi [2008] pp. 24 25. 2 1 25 6 12,500 Bundesministerium der Finanzen [2008] p. 66. 2 2 Bundesministerium der Finanzen [2008] p. 67. 143
1 c 120 121 122 4 2. 11 11 123 120 ECB EU EU ECB [2006] p. 14 121 separate entity 10 5 separate legal entity 10 diese Geschäfte abzuspalten ein eigenes Unternehmen für das Zahlungsdienstgeschäft zu gründen 8 6 122 1 123 123 European Commission Staff Working Document [2006a] 2008 10 European Commission [2008b] 6 8 9 4 2 1 2 3 144 /2009.3
300 EU 26 124 10 4 initial capital 125 2 5 12 5 6 Method A B C 3 1 EU 124 26 EU EU 26 3 EU 13 26 Anning [2006] p. 349 3 4 EU HM Treasury [2008a] pp. 31 32. Ministère de l Économie, de l Industrie et de l Emploi [2008] p. 28, Annexe 3 p. 70. Bundesministerium der Finanzen [2008] p. 44. EU 63 EU 125 75 145
1 500 9 II EU 1 100 4 2 6 2% 4 3 2 5 12 5 6 3 7 8 A 10% B 12 1 4% 0.5% 0.5 0.8 1 C 10% 1.5% 1 Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast), OJ L 177, 30.6.2006, pp. 201 255. 2 12 5 6 3 3 Method A, B, C 12 12 5% 1% Method D 7 European Commission [2007] 18 126 7 8 20% 8 3 126 7 2 146 /2009.3
11 127 1 2005 12 128 129 130 safeguarding requirement 9 131 132 EU 3 133 9 127 Method A Method C II EU EU 1 1 128 Bowles [2007] 129 ECB ECB [2006] pp. 12 13. 130 2007 4 Group of the European People s Party (Christian Democrats) and European Democrats : Piia-Noora Kauppi Alliance of Liberals and Democrats for Europe : SharonBowles European Parliament [2007] 131 10 2 132 4 2 133 Bowles [2007] 147
16 3 4 2 6 8 134 9 135 9 1 commingle a 136 EU b 137 134 European Commission [2007] 30 135 9 EU EU 136 Bundesministerium der Finanzen [2008] p. 81. 137 ECB earmark 148 /2009.3
insurance policy or some other comparable guarantee c 138 EU 600 9 4 139 EU EU 20 1 EU ECB EU ECB EU ECB [2006] p. 14. 138 HM Treasury [2007] p. 34. 139 HM Treasury [2008a] pp. 29 30 9 4 600 50 22 2 22 7 600 Ministère de l Économie, de l Industrie et de l Emploi [2008] pp. 27 28, Annexe 3 pp. 47, 68. 600 EU Bundesministerium der Finanzen [2008] pp. 43 44. 149
EU 140 2 21 1 administrative provision 141. 142 1 16 16 EU 28 1 four-party card scheme 143 16 EU 140 Margerit [2007] p. 72. 141 12 142 143 SEPA Credit Transfer SEPA Credit Transfer 150 /2009.3
144 EU systemically important payment system 145 146 28 2 a b 3 147 EU harmonise 148 EU EU EU 149 EU EU Euro Banking Association EBA Clearing ACH Automated Clearing House STEP2 144 Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, OJ L 166, 11.6.1998, pp. 45 50. 145 ECB TARGET2 BACS Designated Payment & Security Settlement Systems (Article 10 of Settlement Finality Directive 98/26/EC), available at http://ec.europa.eu/internal_market/financial-markets/settlement/index_en.htm [as of 17 November 2008] 146 CPSS [2001] IX 147 EU EU EU EU European Commission Internal Market DG [2002a] pp. 24 25. 2 2 148 European Commission [2003] p. 26. 149 European Commission [2003] p. 26. 151
150 information overload 151 1 1 152 2 1 25 153 1 24 154 150 European Commission [2003] p. 26. 151 European Commission Staff Working Document [2005] p. 56. 152 4 12 Margerit [2007] p. 73. 153 1 36 1 37 38 39 154 41 1 42 1 41 1 43 46 47 47 48 152 /2009.3
2 1 12 12 44 45 29 30 1 155 34 1 4 EU 156 1997 157 158 155 89 156 European Commission [2003] p. 53. 157 European Commission [2003] p. 53. 158 EPC [2004] p. 30. European Commission Staff Working Document [2005] p. 101. 153
60 1 159 59 1 160 161 misappropriation 32 61 162 4 150 159 60 1 58 2 160 59 1 2 56 161 33 162 61 1 60 personalised security features 150 2 56 1 3 56 EU 1 2 4 56 1 b 5 57 c 154 /2009.3
150 61 1 56 163 150 61 2 164 61 2 4 165 57 1 c 166 61 5 163 56 1 a b 2 1 a 164 EU 61 3 61 1 162 150 50 64 165 ATM 18 8 10 94 166 57 1 a 56 b c 56 1 b 55 4 18 d 56 1 b 2 155
13 58 57 1 c 5 EU EU 5 6 1 6 2 64 1 69 1 167 168 167 64 1 cut-off time 2 156 /2009.3
69 2 73 1 169 170 69 3 171 64 1 69 1 2 73 1 EU EU 69 168 69 1 64 2012 1 1 3 1 2 73 3 169 73 1 2 170 96 EU 171 167 169 157
172 SEPA 173 SEPA SEPA EU 174 EU EU 175 1 2010 1 1 3 2 1 2012 1 1 2 176 177 6. money-back guarantee 178 172 European Commission [2007] 26 173 45 46 174 European Commission [2007] 26 175 EPC [2004] p. 36 176 Bowles [2007]. 177 1 2012 1 1 4 2 69 1 178 1989 UCC: Uniform Commercial Code 4A 1992 UNCITRAL: United Nations Commission on International Trade Law Model Law on International Credit Transfer 2003 45 UCC 4A 158 /2009.3
12,500 EU 8 179 180 181 75 1 78 182 183 58 IBAN BIC unique identifier 74 184 179 25 180 96 181 182 78 EU 8 9 Bollen [2007a] pp. 461, 465 183 75 1 184 IBAN EU 159
77 1 185 186 75 1 75 2 187 188 189 74 2 185 77 1 75 75 2 186 47 187 75 2 188 EPC [2004] p. 28 EAPB [2002] p. 10 189 European Commission Staff Working Document [2005] pp. 107 108. 160 /2009.3
. 190 4 6 EU 76 191 EU 192 190 191 EU 2003 EU European Commission Internal Market DG [2003b] European Commission Internal Market DG [2003b] p. 8. 1151 European Commission Internal Market DG [2003b] pp. 2 3. 676c 1 12,500 European Commission Internal Market DG [2003b] pp. 3 4. 675z 192 European Commission Internal Market DG [2002b] p. 31. 161
193 76 194 5. EU 193 European Commission Internal Market DG [2002b] p. 31. EU European Commission Staff Working Document [2005] p. 86. 194 UCC 4A UNCITRAL EU EU 2003 391 162 /2009.3
EU EU EU EU 1 163
1 63 1 SUBJECT MATTER, SCOPE AND DEF- INITIONS 1 subject matter 2 scope 3 negative scope 4 definitions 2 PAYMENT SERVICES PROVIDERS 1 payment institutions 1 general rules 5 applications for authorisation 6 initial capital 7 own funds 8 calculation of own funds 9 safeguarding requirements 10 granting of authorisation 11 communication of the decision 12 withdrawal of authorisation 13 registration 14 maintenance of authorisation 15 accounting and statutory audit 16 activities 2 other requirements 17 use of agents, branches or entities to which activities are outsourced 18 liability 19 record-keeping 3 competent authorities and supervision 20 designation of competent authorities 21 supervision 22 professional secrecy 23 right to apply to the courts 24 exchange of information 164 /2009.3
25 exercise of the right of establishment and freedom to provide services 4 waiver 26 conditions 27 notification and information 2 common provisions 28 access to payment systems 29 prohibition for persons other than payment service providers to provide payment services 3 TRANSPARENCY OF CONDITIONS AND INFORMATION REQUIREMENTS FOR PAY- MENT SERVICES 1 general rules 30 scope 31 other provisions in Community legislation 32 charges for information 33 burden of proof on information requirements 34 derogation from information requirements for low-value payment instruments and electronic money 2 1 single payment transactions 35 scope 36 prior general information 37 information and conditions 38 information for the payer after receipt of the payment order 39 information for the payee after execution 3 framework contracts 40 scope 41 prior general information 42 information and conditions 43 accessibility of information and conditions of the framework contract 165
44 changes in conditions of the framework contract 45 termination 46 information before execution of individual payment transactions 47 information for the payer on individual payment transactions 48 information for the payee on individual payment transactions 4 common provisions 49 currency and currency conversion 50 information on additional charges or reductions 4 RIGHTS AND OBLIGA- TIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES 1 common provisions 51 scope 52 charges applicable 53 derogation for low value payment instruments and electronic money 2 authorisation of payment transactions 54 consent and withdrawal of consent 55 limits of the use of the payment instrument 56 obligations of the payment service user in relation to payment instruments 57 obligations of the payment services provider in relation to payment instruments 58 notification of unauthorised or incorrectly executed payment transactions 59 evidence on authentication and execution of payment transactions 60 payment service provider s liability for unauthorised payment transactions 61 payer s liability for unauthorised payment transactions 62 refunds for payment transactions initiated by or through a payee 166 /2009.3
63 requests for refunds for payment transactions initiated by or through a payee 3 execution of payment transactions 1 payment orders and amounts transferred 64 receipt of payment orders 65 refusal of payment orders 66 irrevocability of a payment order 67 amounts transferred and amounts received 2 execution time and value date 68 scope 69 payment transactions to a payment account 70 absence of payee s payment account with the payment service provider 71 cash placed on a payment account 72 national payment transactions 73 value date and availability of funds 3 liability 74 incorrect unique identifiers 75 non-execution or defective execution 76 additional financial compensation 77 right of recourse 78 no liability 4 data protection 79 data protection 5 out-of-court complaint and redress procedures for the settlement of disputes 1 complaint procedures 80 complaints 81 penalties 82 competent authorities 2 out-of-court redress procedures 83 out-of-court redress 5 IMPLEMENTING MEASURES AND PAYMENTS COMMITTEE 84 implementing measures 167
85 committee 6 FINAL PROVISIONS 86 full harmonisation 87 review 88 transitional provision 89 97/7/EC amendment of Directive 97/7/EC 90 2002/65/EC amendments of Directive 2002/65/EC 91 2005/60/EC amendments of Directive 2005/60/EC 92 2006/48/EC amendments of Directive 2006/48/EC 93 repeal 94 transposition 95 entry into force 96 addressees 4 3 PAYMENT SERVICES (DEFINI- TION 3 IN ARTICLE 4) 168 /2009.3
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