- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
35.—(1) This regulation applies in respect of payment instruments which, under the framework contract governing their use—
(a)can be used only to execute individual payment transactions of 30 euro or less, or in relation to payment transactions executed wholly within the United Kingdom, 60 euro or less;
(b)have a spending limit of 150 euro, or where payment transactions must be executed wholly within the United Kingdom, 300 euro; or
(c)store funds that do not exceed 500 euro at any time.
(2) Where this regulation applies—
(a)regulations 40 and 44 do not apply and the payment service provider is only required to provide the payer with information about the main characteristics of the payment service, including—
(i)the way in which the payment instrument can be used;
(ii)the liability of the payer, as set out in regulation 62;
(iii)charges levied;
(iv)any other material information the payer might need to take an informed decision; and
(v)an indication of where the information specified in Schedule 4 is made available in an easily accessible manner;
(b)the parties may agree that regulations 45 and 46 do not apply and instead—
(i)the payment service provider must provide or make available a reference enabling the payment service user to identify—
(aa)the payment transaction;
(bb)the amount of the payment transaction;
(cc)any charges payable in respect of the payment transaction;
(ii)in the case of several payment transactions of the same kind made to the same payee, the payment service provider must provide or make available to the payment service user information about the total amount of the payment transactions and any charges for those payment transactions; or
(iii)where the payment instrument is used anonymously or the payment service provider is not otherwise technically able to provide or make available the information specified in paragraph (i) or (ii), the payment service provider must enable the payer to verify the amount of funds stored; and
(c)the parties may agree that regulation 47(1) does not apply to information provided or made available in accordance with regulation 42.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: