LAW OF THE REPUBLIC OF MOLDOVA

of May 18, 2012 No. 114

About payment services and electronic money

The parliament adopts this organic law.

This law shifts the Directive 2015/2366/EU of the European Parliament and Council of November 25, 2015 about payment services in the domestic market making changes to directives 2002/65/EC, 2009/110/EC and 2013/36/EC and Regulations (EU) No. 1093/2010 and canceling the Directive 2007/64/EU published in the Official magazine of the European Union by L 337 of December 23, 2015 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 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) Provisions of this law extend to the relations connected with activities for provision of payment services and also to the relations connected with activities for release of electronic money.

(1-1) For enforcement of this law the National Bank of Moldova accepts program documents, regulations and individual acts, and also publishes explanatory and referral notes and documents.

(2) Provisions of Chapters II, III, III-1, IV, V, VI, VII, VIII and IX are 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 introduction at some point 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, except for services in initiation of payment and services in informing on accounts;

11) to the services provided on the basis of certain tools / devices including the monetary values which are stored on pre-paid tools with in advance particular purpose which can be used only in the limited way and which answer one of the following conditions:

a) allow the owner of the corresponding tool / device to receive the goods and/or services sold at retail only in rooms of the issuer of the tool/device or within limited network of sellers and/or service providers based on the direct trade agreement concluded with the professional issuer of the tool/device;

b) can be used only for the receipt of limited range of goods and/or services which are in direct functional interdependence;

c) are valid only in the Republic of Moldova, are provided upon the demand of the private subject or the subject of the public sector and are regulated by body of the public power in the social or fiscal purposes for receipt of special goods or services from the suppliers having the trade agreement with the issuer of the tool/device;

12) to the payment transactions performed by suppliers of networks and service providers of electronic communications, provided in addition to services of electronic communications to the subscriber of network or service if the corresponding payment transactions are performed:

a) for the purpose of purchase of digital content and voice services, irrespective of the electronic device used for purchase or consumption of digital content, at the same time these services are invoiced in invoices on fee of network or electronic communications provided that the cost of any single payment transaction does not exceed 1000 lei, and also:

- if aggregate value of payment transactions for one individual subscriber does not exceed 6000 lei a month; or

- the subscriber pays previously the account opened at the supplier of networks or services of electronic communications, aggregate value of payment transactions does not exceed 6000 lei a month;

b) from the electronic device or with use of that are also invoiced in the invoice on fee of network or electronic communications within the charity performed by the charitable organizations registered according to the Charities act and sponsorship No. 1420/2002, or for acquisition of electronic tickets provided that the cost of any single payment transaction does not exceed 1000 lei and also if:

- aggregate value of payment transactions for one individual subscriber does not exceed 6000 lei a month; or

- the subscriber pays previously the account opened at the supplier of network or service of electronic communications, aggregate value of payment transactions does not exceed 6000 lei a month;

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

14) to the payment transactions and the accompanying services performed between parent entity and its branch or between branches of the same parent entity without intervention as the intermediary of other payment service provider except 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. In that case information on all commission charges for cash withdrawal specified in Articles 35, of 38, 39 and 40, before removal is provided to the client and also in case of receipt of cash upon termination of transaction after removal;

16) ceased to be valid.

(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 2-1. The procedure of the notification prior to activities

(1) Persons intending to perform any of the types of activity falling under provisions of the Items 10)-12) and 15) of part (2) Articles 2, begin activities only after the notification of National Bank of Moldova on initiation of the related activity.

(2) For accomplishment of provisions of part (1) the corresponding persons send to National Bank of Moldova the notification containing information on the name of person, the address of the place of the stay/residence, and also the detailed description of the relevant documents and data which are subject to provision of services with appendix and specifying of the exception provided in subitems of 10)-12) or 15) of part (2) 2, based on which activities are supposed to perform Articles. The procedure of the notification on intention of implementation of any of the types of activity specified in subitems a) and/or b) Item 11) parts (2) Articles 2, and additional requirements to the provided information are established by regulations of National Bank of Moldova.

(3) If from the provided information it is determined that person intends to perform other activities, except specified and subject to licensing, or the activities which are subject to licensing the National Bank of Moldova in reasonable time informs on it person, and in case of need licensing of the related activity informs also the corresponding stating agent.

(4) the List of persons whose activities fall under action of provisions of the Items 10)-12) and 15) parts (2) Articles 2, it is published in the register which conducts National Bank of Moldova. The register includes information on the name of person, the address and exception based on which the related activity is performed.

(5) If persons specified in part (1) this Article, the types of activity specified in the Items 10)-12) and 15) to part perform (2) Articles 2, without prior notice of National Bank of Moldova, those are subject to the tort liability according to part (1) article 293-2 of the Code about offenses No. 218/2008.

Article 2-2. Implementation of activities and the notification in case of the payment services falling under exception

(1) Persons performing any of the types of activity specified in subitems and) and/or b) Item 11) parts (Articles 2, transfer 2) to National Bank of Moldova to 60-day time after completion of the accounting period and according to the requirements and the procedure established in its regulations, the notification containing the documents and data proving that activities fall under action of provisions of subitems and) and/or b) Item 11) of part (2) Articles 2, and also that the total amount of the payment transactions performed for the accounting period does not exceed limit in 20000000 lei.

(2) Persons performing any of the types of activity specified in subitems and) and/or b) Item 11) parts (2) Articles 2, without delay notify National Bank of Moldova according to the requirements and procedures established by its regulations if the total amount of the payment transactions performed before completion of the accounting period exceeds the limiting amount of 20000000 lei.

(The National Bank of Moldova considers 3) according to the requirements and procedures established by its regulations within 30 working days from the date of receipt of the notification provided in parts (1) or (2) this Article whether activities of the subject performing any of the types of activity specified in subitems can and) and/or b) Item 11) parts (2) Articles 2, to proceed only on condition of licensing or to proceed as the activities which are not subject to licensing. The National Bank of Moldova tells the opinion to person, and also if necessary the body responsible for establishment and assignment of punishment for the acts provided by part (1) article 293-2 of the Code about offenses No. 218/2008.

(4) the National Bank of Moldova can request from additional documents and data for check of completeness and reliability of documents and the information provided according to parts (1) or (2) this Article. In case of reclamation by National Bank of Moldova of additional documents and data person transfers required documents and data in time, established by National Bank of Moldova, within which current of term of the consideration provided by part (3) this Article, stops only for the first request. If person does not submit at the scheduled time the documents and data requested by National Bank of Moldova and there are no bases for suspension or recovery of the passed term, the National Bank of Moldova determines that the notification was not transferred, and applies part provisions (2) Article 2-4. In case of determination of conditions for recovery of the passed term and/or suspension of consideration provisions of the Administrative code are considered.

Article 2-3. The notification in case of the payment transactions falling under exception

(1) Persons performing at least one of the types of activity specified in Item 12) to part (2) Articles 2, transfer to National Bank of Moldova within 120-day term from the last day of the accounting period the description of the submitted services and the opinion expressed by the subject of audit or the auditor which confirms compliance of types of activity to the limits specified in Item 12) to part (2) Article 2.

(2) National Bank of Moldova within 30 working days from the date of receipt of the notification with the enclosed documents and data specified in part (1) this Article, estimates whether the criteria specified in Item 12) to part (2) Articles 2, are executed and tells person the decision.

(3) the National Bank of Moldova can request from additional documents and data for check of completeness and reliability of the documents and data provided according to part (1) this Article. Part provisions (3) Article 2-2 mutatis mutandis are applied.

Article 2-4. Responsibility for non-compliance with the requirements falling under exception of types of activity

(1) Persons who are not observing the requirements provided by parts (1) and (2) Article 2-2 and part (1) article 2-3 of this law, are subject to the tort liability according to part provisions (1) article 293-2 of the Code about offenses No. 218/2008.

(2) If the National Bank of Moldova determines that it did not receive the data according to part (1) Article 2-2 and part (1) Article 2-3 in the provided terms, National Bank of Moldova the body responsible for establishment and assignment of punishment for the acts provided by part (1) article 293-2 of the Code about offenses No. 218/2008 notifies on it.

Article 3. Basic concepts

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

acceptance of payment transactions - payment service by means of which the payment service provider based on the agreement signed with the receiver of payment accepts and processes payment transactions for the purpose of transfer of means to the receiver of payment;

the potential acquirer - physical person or legal entity or group of the physical persons and/or legal entities operating in coordination, officially registered or unregistered which intend to receive by any methods directly or indirectly, including as the vygodopriobretayushchy owner of share, qualified participation in the authorized capital of the payment society / society issuing electronic money / the supplier of post services or to increase the share of qualified participation so that the proportion of its voting powers or share of qualified participation in the corresponding authorized capital reached or exceeded level in 20, of 30 or 50 percent or so that the payment society / society issuing electronic money / the supplier of post services became its branch;

the agent - the payment agent or the distribution agent and/or the redemption of electronic money;

the distribution agent and/or the redemption of electronic money - physical person or legal entity which extends and/or redeems electronic money from name and at the expense of the society issuing electronic money;

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

the auditor - person as it is determined in article 2 of the Law on financial records audit No. 271/2017;

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);

it is excluded;

authentication - the procedure by means of which the payment service provider checks identification data of users of payment services or reality of use of payment instruments, including use of the personalized elements of safety of users;

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

the vygodopriobretayushchy owner of shares - physical person which owns or controls in final instance, directly or indirectly, the potential acquirer or the owner, direct or indirect, participations in the authorized capital of the payment society / society issuing electronic money / the supplier of post services or voting power;

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 told 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 - communication between parent entity and its branch or the similar communication between person or the company established de jure or de facto;

digital content - the goods or services made or delivered in digital format, use or consumption of which is performed only by means of the technical device and which do not include use or consumption of physical goods and services at all;

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;

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;

the indirect owner / the indirect acquirer - person, including the vygodopriobretayushchy owner of share which owns/receives shares in the authorized capital of the payment society / society issuing electronic money / the supplier of post services in case of means of other person over which person, including the vygodopriobretayushchy owner of shares, exercises control;

the personalized safety elements - the personalized characteristics provided by the payment service provider to users of payment services for the purposes of authentication;

release of payment instruments - service by means of which the payment service provider based on the agreement signed with the payer provides it the payment instrument by means of which payment transactions of the payer are initiated and processed;

the subject of audit - the subject as it is determined in article 2 of the Law on financial records audit No. 271/2017;

branch - the legal entity who is in relation to parent entity in one of the provisions provided in concept "parent entity". Branches of the company which is initial parent entity are considered as branches of branch;

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

group - group of companies, the relations of control or any of the following types of the relations connected among themselves:

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