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Text as of 8 Apr 2024 · Consolidated version of 23 December 2015 · Same wording as today’s text.Today’s text

Article 18 — Activities

Financial servicesLevel 1DirectivePSD2In forceVerifiedOfficial source

18(1)

1.Apart from the provision of payment services, payment institutions shall be entitled to engage in the following activities:

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18(1)(a)
(a)the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;
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18(1)(b)
(b)the operation of payment systems, without prejudice to Article 35;
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18(1)(c)
(c)business activities other than the provision of payment services, having regard to applicable Union and national law.
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18(2)

2.Where payment institutions engage in the provision of one or more payment services, they may hold only payment accounts which are used exclusively for payment transactions.

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18(3)

3.Any funds received by payment institutions from payment service users with a view to the provision of payment services shall not constitute a deposit or other repayable funds within the meaning of Article 9 of Directive 2013/36/EU, or electronic money as defined in point (2) of Article 2 of Directive 2009/110/EC.

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18(4)

4.Payment institutions may grant credit relating to payment services as referred to in point (4) or (5) of Annex I only if all of the following conditions are met:

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18(4)(a)
(a)the credit shall be ancillary and granted exclusively in connection with the execution of a payment transaction;
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18(4)(b)
(b)notwithstanding national rules on providing credit by credit cards, the credit granted in connection with a payment and executed in accordance with Article 11(9) and Article 28 shall be repaid within a short period which shall in no case exceed 12 months;
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18(4)(c)
(c)such credit shall not be granted from the funds received or held for the purpose of executing a payment transaction;
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18(4)(d)
(d)the own funds of the payment institution shall at all times and to the satisfaction of the supervisory authorities be appropriate in view of the overall amount of credit granted.
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18(5)

5.Payment institutions shall not conduct the business of taking deposits or other repayable funds within the meaning of Article 9 of Directive 2013/36/EU.

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18(6)

6.This Directive shall be without prejudice to Directive 2008/48/EC, other relevant Union law or national measures regarding conditions for granting credit to consumers not harmonised by this Directive that comply with Union law.

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