Circular CSSF 18/700 is a CSSF circular, published 19 October 2018. Subject: Law of 13 June 2017 on payment accounts and (1) transposing Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, and (2) amending the Law of 15 December 2000 on postal financial services, as amended.
\nLegal basis: Loi du 13 juin 2017 ayant pour objet la sécurité du tramway et, Law of 15 December 2000 on postal services and postal financial services.
\nRelevant for: Consumer protection, Credit institutions.
\nKeywords: Postal financial services.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nLuxembourg, 19 October 2018
\nTo all payment service providers offering payment accounts in Luxembourg which are subject to the supervision of the CSSF
\nRe: Law of 13 June 2017 on payment accounts and 1. transposing Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features; and 2. amending the Law of 15 December 2000 on postal financial services, as amended, (hereinafter: “Law”) 1
\nLadies and Gentlemen, The purpose of this circular is to outline the specific provisions of the Law that will enter into force on 1 November 2018. The other provisions of the Law entered into force on 19 June 2017. As a reminder, Article 37 of the Law reads as follows: “Subparagraph 1 of Article 5(1), Article 5(2) to (7) and Articles 6, 7 and 9 shall enter into force nine months after the entry into force of the delegated act referred to in Article 3(4) of Directive 2014/92/EU 2”.
\nhttp://legilux.public.lu/eli/etat/leg/loi/2017/06/13/a559/jo Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (hereinafter: “Directive 2014/92/EU”): https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0092&from=en
\nBy mentioning the delegated act referred to in Article 3(4) of Directive 2014/92/EU, Article 37 of the Law refers to Commission Delegated Regulation (EU) 2018/32 of 28 September 2017 supplementing Directive 2014/92/EU of the European Parliament and of the Council with regard to regulatory technical standards for the Union standardised terminology for most representative services linked to a payment account (hereinafter: “Delegated Regulation (EU) 2018/32”) 3. Delegated Regulation (EU) 2018/32 establishes the Union standardised terminology for the eight services linked to a payment account (cf. below for the definition of payment account) that are common to at least a majority of the Member States. Grand-ducal Regulation of 6 June 2018 on the establishment of the standardised list of the most representative services linked to a payment account within the meaning of the Law of 13 June 2017 on payment accounts (hereinafter: “Grand-ducal Regulation of 6 June 2018”) 4 entered into force on 15 June 2018. Grand-ducal Regulation of 6 June 2018 introduced into Luxembourg legislation the “standardised list” which is the (national) list of the most representative services linked to a payment account (the standardised list counts ten services, including the eight Union standardised services). As Article 37 of the Law provides that the articles mentioned therein enter into force nine months after the entry into force of Delegated Regulation (EU) 2018/32, which entered into force on 1 February 2018, the articles referred to in Article 37 of the Law will enter into force on 1 November 2018. In this regard, it should be noted that the articles and paragraphs referred to in Article 37 of the Law are all part of Chapter 2 of the Law titled “ Fees related to payment accounts” and that the payment account is defined in point 7 of Article 1 of the Law as follows: “an account held in the name of one or more consumers which is used for the execution of, at least, the following payment transactions: a) placing funds in another payment account; b) withdrawing cash; and c) executing and receiving payment transactions, including credit transfers, to and from a third party.” The consumer is defined in point 4 of Article 1 of the Law as: “any natural person who is acting for purposes which are outside his trade, business, craft or profession”.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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