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LAW OF THE REPUBLIC OF MOLDOVA

of May 18, 2012 No. 114

About payment services and electronic money

(as amended on 16-12-2020)

The parliament adopts this organic law.

This law transposes the Directive 2007/64/EU of the European Parliament and Council of November 13, 2007 about payment services in the domestic market making changes to Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and canceling the Directive 97/5/EU published in the Official magazine of the European Union by L 319 of December 5, 2007 and also the Directive 2009/110/EC of the European Parliament and Council of September 16, 2009 about the organization, activities and prudential supervision of activities of the societies issuing electronic money making changes to Directives 2005/60/EC and 2006/48/EC and canceling the Directive 2000/46/EC published in the Official magazine of the European Union by L 267 of October 10, 2009.

Chapter I General provisions

Article 1. Subject and purpose of the law

(1) This law regulates activities of payment service providers and issuers of electronic money, conditions and procedure for their licensing, the mode of transparency of conditions of provision of payment services, release and the redemption of electronic money, the rights and obligations of payment service providers and issuers of electronic money in the context of provision on professional basis of services, the rights and obligations of users of services, prudential supervision of payment service providers and issuers of electronic money.

(2) the Purpose of this law is establishment of the unified legal framework for promotion of effective and competitive activities in the market of provision of payment services, release and the redemption of electronic money and for protection of the rights and legitimate interests of users of payment services and holders of electronic money.

Article 2. Law coverage

(1) This law extends to payment service providers in connection with activities for provision of payment services, and also to issuers of electronic money in connection with activities for release of electronic money.

(2) This law is not applied:

1) to payment transactions with use only cash performed directly between the payer and the receiver of payment without participation of the intermediary;

2) to payment transactions between the payer and the receiver of payment performed through the commercial representative or the commercial agent authorized by means of the agreement signed between the commercial representative or the commercial agent and the payer and/or the receiver of payment to conduct negotiations or to perform sale or purchase of goods or services in the following situations:

a) only on behalf of the payer or the receiver of payment irrespective of, is or not in ownership of means of clients; or

b) in case the commercial representative or the authorized commercial agent acts as from name and under responsibility of the payer, so on behalf of the receiver of payment if does not enter ownership of means of clients or does not control them at one of the moments;

3) to professional physical transportation of banknotes and coins, including their collection, processing and delivery;

4) to the payment transactions consisting in collection and delivery of cash on nonprofessional basis within charitable or non-commercial activities;

5) to services within which the cash liquidity is delivered by the receiver of payment to the payer as part of payment transaction, according to obviously expressed user requirement of payment services formulated just before implementation of payment transaction by means of payment for the purpose of purchase of goods or services;

6) to foreign exchange transactions with cash in case of which means are not stored on the payment account;

7) to the payment transactions performed based on one of the following documents by means of which from the payment service provider it is required to make means available to the receiver of payment:

a) paper checks according to the Geneva convention of March 19, 1931 establishing the uniform law about checks;

b) the paper checks similar specified in the subitem and) and regulated by the legislation of the states which are not participants of the convention specified in the subitem and);

c) debt securities on paper according to the Geneva convention of June 7, 1930 establishing the uniform law about translated and promissory notes;

d) debt securities on paper, similar specified in the subitem

c) and regulated by the legislation of the states which are not participants of the convention specified in the subitem c);

e) vouchers on paper;

f) travel checks on paper;

g) postal money transfers on paper according to their determination by the International postal union;

8) to the payment transactions performed in payment system or settlement on transactions with securities between brokers (banks or the central depositaries), between the central partners, Clearing Houses (systems of clearing) and/or National Bank of Moldova and other participants of system, on the one hand, and payment service providers, on the other hand;

9) to the payment transactions connected with asset management and securities including the dividends, the income or other payments, the redemption or sales performed by persons specified in Item 8) or investment societies, banks, funds of collective investments or societies on trust management of the investments rendering investment services or any other organizations authorized on trust management of financial instruments;

10) to the services provided by the suppliers of technical services promoting provision of payment services without entry into any moment in ownership of the transferred means, including storage and data processing, confidential services and personal data protection, authentication of data and persons, delivery of communication networks and information technologies, provision and technical support of the terminals and devices used by provision of payment services;

11) to services on the basis of tools/devices, including the monetary values which are stored on pre-paid tools with in advance particular purpose which can be used for purchase of goods or services only in the rooms used by the supplier of the corresponding services or based on the commercial contract with it within limited network of service providers irrespective of their geographical arrangement or for limited type of goods or services;

12) to the payment transactions performed by means of any telecommunication, digital or information devices in case of which acquired goods or services are delivered and used by means of the telecommunication, digital or information device (electronic newspapers music, challenge melodies etc.) where the operator can add to these goods and services internal cost in the form of systems of access, distribution and search provided that the operator of telecommunication, digital or information services acts not only as the intermediary between the user of payment services and the supplier of goods and services;

13) to the payment transactions performed between payment service providers, including their agents or departments for own purposes;

14) to the payment transactions performed between the prevailing company and dependent enterprise or between dependent enterprises of one prevailing company without intervention as the intermediary of the payment service provider, other than the company belonging to the same group;

15) to the services in cash withdrawal in ATMs provided by the suppliers acting on behalf of one or several card issuers and not being the party of the framework agreement with the client withdrawing money from the payment account provided that these suppliers do not perform other payment services listed in part (1) Article 4;

16) to transactions on payment processing by means of electronic systems (platforms) of management made by the customer of taxi motor transportation transportations for payment of fare to the transport operator.

(3) In case of execution of the powers of National Bank provided by this law, provisions of the Law on regulation of business activity by permission No. 160/2011 are not applied.

Article 3. Basic concepts

For the purposes of this law the following basic concepts are used:

the agent - physical person or legal entity which provides payment services from name and at the expense of payment society (the payment agent);

the legal entity who extends or redeems electronic money from name and at the expense of the society issuing electronic money (the agent of the society issuing electronic money);

the managing director - the member of council, executive body, audit committee of the payment society / society issuing electronic money, the head of department or the agent, and also person whose position according to internal structure of this society includes implementation, independently or together with other persons, representative offices of society in case of the conclusion of the transactions which are directly connected with the main activities of society;

authentication - the procedure by means of which the payment service provider can check use of certain payment instrument, including its personalized safety elements;

the receiver of payment - person - the expected receiver of the means which are subject of payment transaction;

the regulated capital - indicator by means of which the minimum size of equity which shall be supported by the payment society / society issuing electronic money, / the supplier of post services when implementing the activities according to this law and regulations of National Bank published for its execution is established;

unique identification code - the combination of letters, figures or symbols determined by the payment service provider to the user of payment services (the IBAN code, the BIC code, number of the card, etc.) which the user of payment services shall show for ensuring reliable identification of other user of payment services and/or the payment account for the purpose of implementation of payment transaction;

the consumer - physical person which within contracts for provision of payment services is effective for the purpose of, others than connected with business or professional activity;

the payment account - the account opened addressed to one or several users of payment services for the purpose of implementation of payment transactions; the framework agreement - the contract for provision of payment services which regulates implementation of separate and consecutive payment transactions and may contain obligations and conditions of opening and use of the payment account or the specific payment instrument;

control - one of provisions, in case of which person:

a) has the majority of voting powers in the legal entity (dependent enterprise);

b) has the right to appoint or exempt most of members of council, executive or regulatory authority of the legal entity (dependent enterprise);

c) has the right to perform the determining influence on the legal entity (dependent enterprise), being or not being shareholder/participant or the member of this company, owing to the agreement signed with this legal entity (dependent enterprise) or provisions of its foundation agreement or charter in case the legislation applicable to the legal entity (dependent enterprise) allows it to fall under such agreements or provisions;

d) is shareholder/member of the legal entity (dependent enterprise) and most of the members of council, executive or regulatory authority of this legal entity (dependent enterprise) consisting in the corresponding positions in prior financial year and about day of creation of annual consolidated financial statements are appointed only as a result of implementation of voting power by it. This provision is not applied in situation when other legal entity has concerning dependent enterprise of the right, provided by Items and), b) or c);

e) is shareholder/member of the legal entity (dependent enterprise) who independently, owing to the agreement with other shareholders / participants of this legal entity (dependent enterprise), controls the majority of voting powers in this legal entity (dependent enterprise);

f) can otherwise, perform according to competent supervisory authority or actually performs the determining influence on the decisions connected with activities of the legal entity (dependent enterprise);

the help exchange rate - the exchange rate forming basis for calculation of foreign exchange transactions which is provided by the payment service provider or comes from public sources (the official rate of Moldovan leu or the currency rate of bank if it comes from public source);

value date - the reference date used by the payment service provider for write-off or transfer of funds from the payment account / into the payment account in case into the payment account percent are not charged;

vulnerable data on payments - data, including the personalized safety elements which can be used in the fraudulent purposes;

reference date for calculation of percent on the means charged off payment account or enlisted into the payment account;

in case of money transfers - date with which means are available to the receiver of payment;

direct debiting - payment service (payment instrument) on debiting of the payment account of the payer in conditions when payment transaction is initiated by the receiver of payment on the basis of consent this by the payer to the receiver of payment, the payment service provider of the receiver or the payment service provider of the payer;

branch - determination according to the Law on activities of banks No. 202/2017;

means - banknotes and coins, non-cash and electronic money;

group - the group of companies consisting of the prevailing company and dependent enterprises and also legal entities in whom the prevailing company or dependent enterprises have shares, and also:

a) the companies which are controlled together based on the agreement signed with one of the companies or based on provision of the foundation agreement or the charter of each company; or

b) the companies in which their councils, executive or regulatory authorities are created in most of the persons of the same social standing occupying the post within financial year and about day of creation of annual consolidated financial statements;

the payment instrument - the personalized means (payment card, the mobile phone, etc.) and/or set of the procedures (technical - PIN codes, TAN codes, other types of codes, the login/password, etc. or functional - the credit translation, direct debiting) approved between the user of payment services and the payment service provider and used by the user of payment services for initiation of the payment order; close ties - provision, in which two or more persons:

a) ownerships, directly or by means of control, at least than 20 percent of voting powers or the capital of the company or the legal entity are connected by the participation relations, that is;

b) are connected by the control relations; or

c) are constantly connected with the same third party the control relations;

means of remote communication - means which can be used for the conclusion of the contract for provision of payment services without simultaneous physical presence of the payment service provider and their user;

electronic money - stored in electronic form, including on the magnetic carrier, the money presented in the form of the requirement to the issuer which is emitted in case of receipt of the means other than electronic money, for implementation of payment transactions and which is accepted by person other than the issuer of electronic money; the operator of payment system (the managing director of payment system) - the legal entity or legal entities legally responsible for functioning of payment system; payment transaction - the action for placement, the translation or money withdrawal initiated by the payer or the receiver of payment, irrespective of other available obligations between the payer and the receiver of payment;

separate payment transaction - any payment transaction, excellent from single and falling under action of the framework agreement;

single payment transaction - the payment transaction performed out of the framework agreement or execution of which does not fall under action of the framework agreement;

the payment order - specifying of the payer or receiver of payment to the payment service provider about execution of payment transaction;

participation (or share) - the property right in the capital or voting power in the company or the legal entity;

qualified participation - direct or indirect participation in the company or the legal entity who constitutes at least 10 percent of the capital or voting powers or which allows to have significant effect on management of the relevant company or the legal entity;

person - physical person or legal entity, consolidation or group of persons, acting in coordination, registered or not registered as those;

persons acting in coordination - persons who are in provision when each of them decides to perform the rights connected with the acquired or acquired participation according to the express or implied agreement concluded between these persons. Criteria of determination of the approved activities in sense of this law are established by regulations of National Bank of Moldova;

the payer - the person owning the payment account and able to give the payment order (initiating or resolving execution of the payment order) on this payment account, or - in the absence of the payment account - person giving the payment order;

the help interest rate - the interest rate used as calculation base in case of determination of the applied interest payments which comes from public sources and can be checked by both agreement parties about provision of payment services;

money transfer - payment service within which means arrive from the payer without opening of the payment account addressed to the payer or the receiver of payment, for the only purpose the translation of the corresponding amount and are provided to the receiver of payment or other payment service provider acting on behalf of the receiver of payment and/or within which means are received addressed to the receiver of payment in its order;

the kind reputation - set of the information about person confirming professionalism, conscientiousness, honesty and availability of other qualities, giving confidence that person as the shareholder/participant or the managing director will act according to the law and will not be effective in threat of reliability and to trust to the payment society / society issuing electronic money. Requirements to kind reputation, knowledge and experience are established by regulations of National Bank of Moldova;

payment system - the money transfer system acting on the basis of formal standard general regulations (rules, procedures, agreements, etc.) in the field of processing, clearing and/or calculation for payment transactions;

information system - set of client information control system within one payment service provider and such associated organizational resources, as information resources, human resources, organizational structures;

payment society - the economic society other than the bank, the supplier of post services or society issuing electronic money, the license for the provision of payment services having according to this law;

the society issuing electronic money - the economic society other than bank having according to this law the license for release of electronic money;

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