1. Member States shall allow payment institutions
that have taken up activities in accordance with the national law
transposing Directive 2007/64/EC by 13 January 2018, to continue those
activities in accordance with the requirements provided for in Directive
2007/64/EC without being required to seek authorisation in accordance
with Article 5 of this Directive or to comply with the other provisions
laid down or referred to in Title II of this Directive until 13 July
2018.
Member States shall require such payment
institutions to submit all relevant information to the competent
authorities in order to allow the latter to assess, by 13 July 2018,
whether those payment institutions comply with the requirements laid
down in Title II and, if not, which measures need to be taken in order
to ensure compliance or whether a withdrawal of authorisation is
appropriate.
Payment institutions which upon verification by the
competent authorities comply with the requirements laid down in Title
II shall be granted authorisation and shall be entered in the registers
referred to in Articles 14 and 15. Where those payment institutions do
not comply with the requirements laid down in Title II by 13 July 2018,
they shall be prohibited from providing payment services in accordance
with Article 37.
2. Member States may provide for payment
institutions referred to in paragraph 1 of this Article to be
automatically granted authorisation and entered in the registers
referred to in Articles 14 and 15 if the competent authorities already
have evidence that the requirements laid down in Articles 5 and 11 are
complied with. The competent authorities shall inform the payment
institutions concerned before the authorisation is granted.
3. This paragraph applies to natural or legal
persons who benefited under Article 26 of Directive 2007/64/EC before 13
January 2018, and pursued payment services activities within the
meaning of Directive 2007/64/EC.
Member States shall allow those persons to continue
those activities within the Member State concerned in accordance with
Directive 2007/64/EC, until 13 January 2019 without being required to
seek authorisation under Article 5 of this Directive or, to obtain an
exemption pursuant to Article 32 of this Directive, or to comply with
the other provisions laid down or referred to in Title II of this
Directive.
Any person referred to in the first subparagraph
who has not, by 13 January 2019, been authorised or exempted under this
Directive shall be prohibited from providing payment services in
accordance with Article 37 of this Directive.
4. Member States may allow natural and legal
persons benefiting from an exemption as referred to in paragraph 3 of
this Article to be deemed to benefit from an exemption and automatically
entered in the registers referred to in Articles 14 and 15 where the
competent authorities have evidence that the requirements laid down in
Article 32 are complied with. The competent authorities shall inform the
payment institutions concerned.
5. Notwithstanding paragraph 1 of this Article,
payment institutions that have been granted authorisation to provide
payment services as referred to in point (7) of the Annex to Directive
2007/64/EC shall retain that authorisation for the provision of those
payment services which are considered to be payment services as referred
to in point (3) of the Annex I to this Directive where, by 13 January
2020, the competent authorities have the evidence that the requirements
laid down in point (c) of Article 7 and in Article 9 of this Directive
are complied with.