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SEPA : Legal framework

SEPA : Legal framework. Nationale Bank van België Banque nationale de Belgique. Jan Vermeulen Axelle Waterkeyn. European Commission: objective. "The internal market cannot function properly without cheap, efficient and secure payment services" . efficiency security consumer protection

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SEPA : Legal framework

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

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

  3. 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: 01-02-2014

  4. European Commission: role • Directive (PSD) transposed into 2 laws (2009) • + Execution time, refund, full amount to be transferred Payment institutions Transparancy and information Rights and obligations

  5. European Commission: role • 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

  6. European Commission: role • End date regulation • "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"

  7. European Commission: role • EU Forum of national SEPA Coordination Committees • European Competition Authorities: in progress multilateral interchange fee card payments acces to bank accounts

  8. Loi relative aux services de paiement du 10/12/2009 publiée au moniteur le 15/01/2010 • Execution time, refund, full amount to be transferred Payment institutions Transparancy and information Rights and obligations

  9. 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

  10. Loi relative aux services de paiementart 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

  11. Loi relative aux services de paiementart 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

  12. Loi relative aux services de paiementart 38 & 39 - Droit de refund en pratique en Belgique Le droit de refund inconditionnel s’applique 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 S’il n’y 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 s’applique pas : aux SDD – B2B aux SDD – fixed amount (en cours de développement)

  13. Loi relative aux services de paiementart 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, l’échéance…) • La domiciliation ne peut se réaliser valablement que si le payeur a été précédemment informé du contrat sous-jacent

  14. Loi relative aux services de paiementart 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

  15. Regulation of the European Parliament and of the Council • NL= http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:094:0022:0037:NL:PDF • FR= http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:094:0022:0037:FR:PDF • "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"

  16. 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

  17. 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

  18. 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

  19. 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 • ...

  20. 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!

  21. 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.

  22. 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 transferup to 50 000 € 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 50 000 € 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

  23. 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: 01-02-2017 • end date national transactions : 01-11-2012

  24. 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

  25. Regulation, overview per item source: ECB

  26. Regulation, overview of the dates

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