Circular CSSF 22/812 is a CSSF circular, published 18 May 2022. Subject: Adoption of EBA Guidelines on limited network exclusion under Directive 2015/2366 (EBA/GL/2022/02).
\nLegal basis: Law of 10 November 2009 on payment services and electronic money.
\nRelevant for: AISPs, Credit institutions, E-money institutions, Payment institutions, Payment institutions/electronic money institutions/AISPs.
\nKeywords: Authorisation, Consumer protection, Electronic money activity, Payment Service Provider (PSP), Payment services.
\nCircular CSSF 22/812 Adoption of the EBA Guidelines on the limited network exclusion under Directive 2015/2366 (EBA/GL/2022/02)
\nCircular CSSF 22/812 Re: Adoption of the EBA Guidelines on the limited network exclusion under Directive 2015/2366 (EBA/GL/2022/02)
\nLuxembourg, 18 May 2022
\nLadies and Gentlemen, The purpose of this circular is to draw your attention to the fact that the CSSF, in
\nTo all persons concerned
\nits capacity of competent authority, complies with the Guidelines of the European Banking Authority (« EBA ») on the limited network exclusion under Directive 2015/2366 (EBA/GL/2022/02) (the “Guidelines”) and applies them. As a consequence, the CSSF integrates these Guidelines into its administrative practice and regulatory approach with a view to promote supervisory convergence in this field at European level.
\nGuidelines The Guidelines aim at clarifying: •
\nthe scope and limits of the limited network exclusion under article 3(k) of
\nthe criteria and indicators to be taken into account by competent authorities
\nDirective 2015/2366 (“PSD2”); in the assessment of whether the activities should fall or not under the said exclusion; •
\nthe specific provisions applicable to the authorised payment services providers listed in article 1 of PSD2 and electronic money issuers that would like to benefit from the exclusion;
\nthe notification process as per article 37(2) of PSD2, including the calculation of the threshold and information to be included in the notification; and
\nthe description of the activities to be made publicly available on the national registers and central register of the EBA as per article 37(5) of PSD2.
\nThese Guidelines apply from 1 June 2022. These Guidelines are annexed to the present circular and available on the EBA website:
\nhttps://www.eba.europa.eu/regulation-and-policy/payment-services-
\nand-electronic-money/guidelines-limited-network-exclusion-under-psd2
\nScope The present circular applies to all persons providing in Luxembourg services based on specific instruments that can be used only in a limited way as per article 3(k) of the law of 10 November 2009 on payment services (the “Law”).
\nThe Guidelines apply to these persons regardless of the sector (i.e. financial sector or not) and their regulatory status (i.e. regulated or not).
\nNotification of the exclusion It is required for all persons providing in Luxembourg services based on specific payment instrument as per article 3(k)(i) or (ii) of the Law, and for which the total value of payment transactions executed over the preceding 12 months exceeds the amount of EUR 1 million, to address to the CSSF a notification as per article 3-1(1) of the Law. As of the entry into force of this circular, the above-mentioned notification shall take into account all the provisions foreseen in the Guidelines et shall be submitted using the new form available on the CSSF website. Entities benefiting from an exclusion under article 3(k)(i) or (ii) of the Law and that already submitted a notification to the CSSF as per article 3-1(1) of the Law shall as soon as possible and at latest by 1 September 2022 submit a new notification taking into account the provisions of the Guidelines.
\nEntry into force The present circular shall apply as of 1 June 2022.
\nFrançoise KAUTHEN
\nClaude MARX
\nAttachment:
\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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