Payment Institutions and E-money Institutions Act

Chapter 1 GENERAL PROVISIONS  

§ 1.  Scope of regulation of Act

 (1) This Act regulates the provision of payment services and e-money services, the activities and liability of payment institutions and e-money institutions and supervision over payment institutions and e-money institutions.

 (2) The provisions of the Administrative Procedure Act apply to administrative proceedings prescribed in this Act, taking account of the specifications provided for in this Act and the Financial Supervision Authority Act.

§ 2.  Application of Act

 (1) This Act applies to payment institutions and e-money institutions founded and operating in Estonia, branches of foreign payment institutions and e-money institutions in Estonia and all other persons providing payment services or e-money services in Estonia.

 (2) This Act also applies to the activities of Estonian payment institutions and e-money institutions and their branches in a foreign state, unless otherwise provided for in the legislation of the foreign state.

§ 3.  Payment services and payment service providers

 (1) For the purposes of this Act, payment services are the following services provided by a person for the purposes of economic or professional activities:
 1) services which enable to make cash payments to payment accounts and all acts required for the holding of payment accounts;
 2) services which enable to withdraw cash from payment accounts and make all acts required for the holding of payment accounts;
 3) execution of payment transactions, including transfer of funds to a payment account opened with a payment service provider;
 4) execution of payment transactions if the funds have been granted as a loan to the client of the payment institution;
 5) issue of payment instruments specified in subsection 709 (8) of the Law of Obligations Act; acceptance of payment transactions;
 6) money remittance;
 7) payment initiation service;
 8) account information service.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) The content of payment services specified in clauses (1) 3) and 4) of this section is:
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 1) execution of direct debit orders, including one-off direct debit orders, the purpose of which is to debit the payment account of the payer if the payment transaction is initiated by the payee on the basis of an authorisation given by the payer directly to the payee, the payment service provider of the payee or the payment service provider of the payer;
 2) execution of payment transactions through a payment instrument;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3) execution of credit transfers with the aim to credit the payment account of the payee with a payment transaction or consecutive payment transactions from the payment account of the payer following the instructions of the latter, including execution of standing orders on a regular basis or on previously set dates on the basis of an instruction given by the payer to the payment service provider.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2¹) The payment service specified in clause (1) 5) of this section shall be at least one of the following services:
 1) service of a payment service provider that has entered into a contract with a payee to accept and process payment transactions, which result in a transfer of funds to the payee;
 2) service of payment service provider contracting to provide a payer with a payment instrument to initiate and process the payer's payment transactions.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) Money remittance specified in clause (1) 6) of this section is a payment service where funds are transferred from the payer to the payee or a payment service provider acting on behalf of the payee without opening a payment account in the name of the payer or payee.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

 (3¹) The service for the initiation of the payment specified in clause (1) 7) of this section is the initiation of a payment transaction following a request by the client on the payment account which has not been opened by the payment initiation service provider, but some other payment service provider. With regard to the provision of the payment initiation service, the payment service provider dies bit hold the funds of the payer at any time.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3²) The account information service specified in clause (8) 1) of this section is the presentation of aggregate information about one or more payment accounts that have not been opened with the provider of the open account service but with another payment service provider.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) Payment system is a system for transfer of funds which operates on the basis of agreed and standardised rules and whereby payment transactions are processed and settled.

 (5) The provisions of § 709 of the Law of Obligations Act shall apply to payers, payees and payment accounts.

 (6) The following persons may provide payment services:
 1) payment institutions within the meaning of this Act;
 2) e-money institutions within the meaning of this Act;
 3) credit institutions and branches thereof within the meaning of Article 4(1)(1) and Article 4(1)(17) of the Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.06.2013, pp. 1-337);
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 4) postal service providers providing financial services within the meaning of § 36 of the Postal Act;
 5) the European Central Bank and central banks of states which are contracting parties to the EEA Agreement (hereinafter Contracting State) when not performing their duties as monetary authorities or other state agencies;
 6) Contracting States or their regional or local governments when not performing their duties as state agencies;
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]
 7) [repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 4.  Transactions excluded from payment services

 (1) The following services and transactions are not deemed to be payment services and the provisions of this Act shall not apply thereto:
 1) payment transactions made exclusively in cash directly from the payer to the payee, without any intermediary intervention;
 2) payment transactions from the payer to the payee through a commercial agent with a contractual right to negotiate the sale or purchase of goods or services or to enter into contracts for the sale or purchase of goods or services on behalf of only the payer or only the payee;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3) transport of banknotes and coins, their collection, processing and delivery;
 4) payment transactions consisting of cash collection and delivery in the course of charity or non-profit activities;
 5) services where cash is paid by the payee to the client as part of a payment transaction following an explicit request by the client before the execution of the payment transaction through a payment for the purchase of goods or services;
 6) cash currency exchange services where the funds are not held on a payment account;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 7) payment transactions carried out within a payment or securities settlement system between settlement agents, central counterparties, clearing houses or central banks and other participants of the system, and payment service providers;
 8) payment transactions related to the administration and safekeeping of securities, including distribution of dividends or other income received therefrom, or redemption, repurchase or sale of securities carried out by persons specified in clause 7) of this subsection or by investment firms, credit institutions, management companies or other persons with the right to provide investment services or the service of safekeeping of securities;
 9) technical support services for the provision of payment services, including services related to the processing and storage of data, trust and privacy protection, services related to data and entity authentication, communications network and information technology, provision and maintenance of terminals and devices used for payment services, without the service providers entering into possession of the funds to be transferred during the services;
 10) services based on payment instruments used only in a restricted manner and which comply with at least one of the conditions provided for in subsection (3) of this section;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 11) payment transactions of a user of electronic communications service that the electronic communications undertaking executes in addition to providing electronic communications services and which comply with the conditions provided for in subsection (4) of this section;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 12) payment transactions carried out between payment service providers, their agents or branches for their own account;
 13) payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without any intermediary intervention by a payment service provider other than an undertaking belonging to the same consolidation group;
 14) services to withdraw cash by means of automated teller machines or self-service payment terminals acting on behalf of one or more card issuers, which are not a party to the payment service contract entered into with the client withdrawing money from an account, on the condition that these providers do not provide other payment services listed in § 3 of this Act.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017]

 (2) In addition to the provisions of subsection (1) of this section, transactions based on any of the following documents by which the provider places the funds at the disposal of the payee shall not be deemed to be payment services within the meaning of this Act:
 1) paper cheques in accordance with the Geneva Convention of 19 March 1931 providing a uniform law for cheques;
 2) cheques similar to those referred to in clause 1) of this subsection and governed by the laws of the Contracting States which are not party to the Geneva Convention of 19 March 1931 providing a uniform law for cheques;
 3) paper-based drafts in accordance with the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes;
 4) drafts similar to those referred to in clause 3) of this subsection and governed by the laws of the Contracting States which are not party to the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes;
 5) paper-based vouchers;
 6) paper-based traveller's cheques;
 7) paper-based postal money orders as defined by the Universal Postal Union.

 (3) Services specified in clause (1) 10) of this section shall not be considered payment services if they are based on a payment instrument:
 1) the possessor of which can acquire goods or services or use services only on the premises of the issuer of the payment instrument or within the limited network of persons who sell goods or services based on contracts entered into directly with the issuer;
 2) which can only be used for the acquisition of a very limited selection of goods or services;
 3) which is only valid in Estonia and issued on the basis of an application of an undertaking or a state or local government authority and regulated either by the state or local authority for social or taxation-related purposes to acquire specific goods or receive services from suppliers who have entered into a contract with the issuer for the sale or purchase of goods or services.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) The execution of payment transactions specified in clause (11) 1) of this section shall not be considered to be payment services if none of the payment services exceed 50 euros and the total amount of transactions does not exceed 300 euros per month per user or 300 euros per calendar month upon a prepaid account with an electronic communications undertaking, and in the event that payment transactions comply with one of the following conditions:
 1) the transaction is made for the purchase of digital content and voice-based services for the user or the person ordering the service, regardless of the device used for purchasing or using content, and the amount of the transaction is added to the invoice for the electronic communications service;
 2) the transaction is made with an electronic device and the amount of the transaction is added to the invoice for electronic communications in relation to charity, the purchase of tickets or the payment of parking fees.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) Digital content specified in clause (4) 1) of this section includes goods or services offered or produced and supplied in digital form and the use or consumption of which is possible only with a technical device and in no way involves the use or consumption of physical goods and services.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 4¹.  Obligation of person providing services excluded from payment services to submit information

 (1) A person providing a service specified in clause 4 (1) 10) or complying with the conditions provided for in clause 4 (3) 1) or 2) of this Act shall inform the Financial Supervision Authority if the total amount of its payment transactions for 12 consecutive months exceed one million euros. The notice shall describe the service under which the payment transactions are made and shall elaborate which condition provided for in subsection 4 (3) of this Act the service complies with.

 (2) If the Financial Supervision Authority finds that there are no grounds for excluding from the scope of application of this Act the payment transactions and services described in the notice specified in subsection (1) of this section, it shall prepare a reasoned opinion on the matter. The opinion shall immediately be forwarded to the person who submitted the notice. The provisions provided for in this section shall not exempt the person who submitted the notice from assessing the compliance of its activity with legislation, including from the obligation provided for in subsection 14 (1) of this Act.

 (3) The electronic communications undertaking executing payment transactions specified in clause 4 (1) 11) of this Act shall inform the Financial Supervision Authority and shall submit to the Financial Supervision Authority annually within two weeks of the approval of its annual report the special report of a sworn auditor which verifies compliance with the limitations provided for in subsection 4 (4).

 (4) The Financial Supervision Authority has the right to receive, without charge, from the managers, auditors and the representatives of the persons specified in subsections (1) and (3) of this section as well as form third parties, if necessary, information, documents and verbal or written explanations regarding the circumstances that are relevant to the submission of the opinion specified in subsection (2) of this section and for verifying the information it has been submitted.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 5.  Payment institution

 (1) A payment institution is a company the permanent activity of which is the provision of payment services. A payment institution may operate only as a public limited company if it provides any of the payment services specified in clauses 3 (1) 1)-5) of this Act. A payment institution is a financial institution within the meaning of § 5 of the Credit Institutions Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) In addition to the provision of payment services listed in § 3 of this Act, a payment institution may engage in the following services and activities:
 1) provision of ancillary services closely related to payment services, such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;
 2) operation of payment systems;
 3) other activities not related to the provision of payment services unless otherwise provided by law.

 (3) Payment institutions may use the payment accounts held by them only for the execution of payment transactions. Funds received from a client of the payment institution for the provision of payment services shall not be deemed to be a deposit or other repayable funds within the meaning of § 4 of the Credit Institutions Act or e-money within the meaning of § 6 of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) Payment institutions may only grant loans related to the provision of payment services specified in clauses 3 (1) 4) and 5) of this Act and in the event that they comply with the following conditions:
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 1) grant of loans is an ancillary service and loans are granted only for the execution of a payment transaction;
 2) loans related to the execution of a payment transaction shall be repaid within twelve months;
 3) loans shall not be granted from the funds received or held for the purpose of executing a payment transaction;
 4) own funds of the payment institution shall be sufficient to cover the risks related to the granted loans;
 5) the activities of the payment institution comply with the provisions of §§ 38, 40 and 43, subsections 44 (2) and (3) and §§ 46–53 of the Creditors and Credit Intermediaries Act.
[RT I, 19.03.2015, 4 - entry into force 29.03.2015]

 (5) The Financial Supervision Authority may determine the level of own funds sufficient to cover the risks related to the loans granted by a payment institution pursuant to the provisions of subsection (4) of this section.

 (6) Payment institutions shall not be engaged in the receipt of deposits or other repayable funds within the meaning of § 4 of the Credit Institutions Act.

 (7) A savings and loan association which provides payment services is a payment service provider within the meaning of this Act and the provisions of this Act and other legislation concerning payment service providers shall apply thereto, with the specifications provided for in this Act and the Savings and Loan Associations Act. The provisions of the second sentence of subsection (1) of this section shall not apply to savings and loan associations.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 6.  E-money and issue thereof

 (1) E-money is monetary value stored on an electronic medium (hereinafter e-money device) which expresses a monetary claim against the issuer and meets all the following conditions:
 1) it is issued at par value of the amount of the monetary payment received;
 2) it is used as a payment instrument to execute payment transactions within the meaning of subsection 709 (6) of the Law of Obligations Act;
 3) it is accepted as a payment instrument by at least one person who is not the issuer of the same e-money.

 (2) Interest or other fees shall not be charged or paid, or other benefits granted for the period of holding e-money.

 (3) The provisions of this Act concerning e-money and e-money institutions shall not apply to payment instruments specified in clause 4 (1) 10) or payment transactions specified in clause 4 (1) 11) of this Act.

 (4) For the purposes of this Act, e-money services include the issue of e-money and ancillary services closely related to the issue or administration of e-money.

 (5) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) E-money shall not be deemed to be a deposit or other repayable funds within the meaning of § 4 of the Credit Institutions Act

 (7) The following persons may issue e-money (hereinafter e-money issuer):

 (1) e-money institutions within the meaning of this Act;
 2) [repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3) credit institutions within the meaning of the Credit Institutions Act;
 4) the European Central Bank and central banks of Contracting States when not performing their duties as monetary authorities or other state agencies;
 5) Contracting States or their regional or local governments when performing their duties;

 (8) E-money may be distributed or redeemed by the e-money issuer or a person acting on behalf of the e-money issuer (hereinafter distributor). Upon use of a distributor, the requirements for transfer of activities provided for in § 62 of this Act shall apply to the e-money institution.

 (9) If an e-money institution provides payment services through a distributor, the provisions of §§ 59–61 of this Act concerning paying agents shall apply to the e-money institution.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 7.  E-money institution

 (1) An e-money institution is a public or private limited company the permanent activity of which is the issue of e-money in its name.

 (2) An e-money institution may, in addition to the issue of e-money, be engaged in the following:
 1) provision of payment services;
 2) grant of loans related to the provision of payment services if the conditions provided for in subsection 5 (4) of this Act are met;
 3) provision of ancillary services closely related to the issue or administration of e-money or payment services;
 4) operation of payment systems;
 5) other activities not related to the issue of e-money unless otherwise provided by law.

 (3) E-money institutions shall not grant loans out of or secured by the funds received in exchange for e-money.

 (4) If an e-money institution provides payment services, the provisions of subsection 5 (3) of this Act apply with regard to such e-money institution.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 8.  Protection of name

 (1) Only payment institutions may use the word makseasutus [payment institution] or derivatives or foreign language equivalents thereof in their business names.

 (2) Only e-money institutions may use the word combination e-raha asutus [electronic money institution] or derivatives or foreign language equivalents thereof in their business names.

§ 9.  Consolidation group, control relationship and close links

 (1) For the purposes of this Act, a consolidation group is formed by:
 1) a parent company with a subsidiary or subsidiaries;
 2) a parent company with a subsidiary or subsidiaries and undertakings related to the parent company or the subsidiaries thereof within the meaning of the holding specified in clause (4) 1) of this section;
 3) companies or other legal persons under a common management pursuant to the contract entered into or the provisions of the memorandum of association or the articles of association or whose majority of the membership of the managing or supervisory bodies is formed by the same persons until the consolidated annual financial report is approved.

 (2) For the purposes of this Act, a parent company is a person who controls at least one company or other legal person (subsidiary) pursuant to § 10 of the Securities Market Act. For the purposes of this Act, subsidiaries of subsidiaries of parent companies are deemed to be subsidiaries of the same parent company.

 (3) For the purposes of this Act, control relationship shall mean the relationship between parent companies and subsidiaries provided for in subsections (1) and (2) of this section.

 (4) For the purposes of this Act, close links shall mean a situation where at least two persons are linked:
 1) by a holding where at least 20 per cent of the share or initial capital or votes determined by shares is held in a company or other legal person;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 2) by a control relationship within the meaning of subsection 3 of this section.

 (5) A situation in which two or more persons are permanently linked to one and the same person by a control relationship shall also be regarded as a close link.

§ 10.  Client

 (1) For the purposes of this Act, a client of a payment institution is any person to whom payment services are provided directly by the payment institution or through an agent, and a person who has addressed a payment institution or an agent in order to receive payment services.

 (2) For the purposes of this Act, a client of an e-money issuer is any person to whom e-money is issued or has been issued directly by the e-money issuer or through a distributor, and a person who has addressed an e-money issuer or a distributor in order to acquire e-money.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 11.  Exemptions for payment service providers upon application of Act

  [RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1) Based on a decision of the Financial Supervision Authority, the provisions provided for in Chapters 3, 4, 6 and 8 of this Act shall not apply to a payment institution which only provides a service specified in clause 3 (1) 6) of this Act, unless the average total amount of its payment transactions exceed one million euros per month during the past 12 months.

 (2) Based on a decision of the Financial Supervision Authority, the provisions provided for in Chapters 3, 4, 6 and 8 of this Act shall not apply to a payment institution which provides any of the services specified in clauses 3 (1) 1)-5) of this Act if all the following conditions are met:
 1) less than half of the income for the financial year is received from payment transactions;
 2) the average total amount of payment transactions made over the course of the preceding 12 months does not exceed three million euros per month.
 1) the payment institution does not provide the payment services specified in clauses 3 (1) 6)-8) of this Act.

 (3) Based on a decision of the Financial Supervision Authority, the provisions provided for in Chapters 4, 6, 8 and 9 of this Act shall not apply to a payment institution which provides only the service specified in clause 3 (1) 8) of this Act.

 (4) The Financial Supervision Authority shall decide the implementation of the exemption specified in subsections (1)-(3) of this section in its decision to grant an activity licence.

 (5) The payment transactions specified in subsection (1) and clauses (2) 1) and 2) of this section include the payment transactions made by agents of payment institutions. Compliance with the limits determined in the said provisions shall be assesses based on the business plan upon application for activity licence.

 (3) A payment institution which is subject to the exemption provided for in subsection (1) or (2) of this section shall not found a branch or provide cross-border services in a Contracting State pursuant to the provisions of Chapter 3 of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 12.  Exemptions for e-money service providers upon application of Act

 (1) Based on a decision of the Financial Supervision Authority, the provisions provided for in Chapters 3, 4, 6 and 8 of this Act shall not apply to an e-money institution which issues e-money which complies with the definition of low value payment instruments specified in subsection 733¹² (1) of the Law of Obligations Act if its average outstanding e-money amount does not exceed 500,000 euros calculated pursuant to subsection (2) of this section. The Financial Supervision Authority shall decide the implementation of the exemption specified in this subsection in its decision to grant an activity licence.

 (2) For the purposes of this Act, average outstanding e-money is deemed to be the average total amount of financial liabilities related to e-money in issue at the end of each calendar day within the preceding six calendar months. Average outstanding e-money shall be calculated on the first calendar day of each calendar month and applied for that calendar month.

 (3) An e-money institution which is subject to the exemption provided for in subsection (1) of this section shall not found a branch or provide cross-border services in a Contracting State or distribute e-money through a distributor in another Contracting State pursuant to the provisions of Chapter 3 of this Act.

 (4) An e-money institution which is subject to the exemption provided for in subsection (1) of this section may provide payment services if it complies with the conditions provided for in subsection 11 (1) or (2) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 13.  Application for exemption

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

Chapter 2 APPLICATION FOR ACTIVITY LICENCE  

§ 14.  Activity licence and identification code

  [RT I, 31.12.2016, 1 - entry into force 10.01.2017]

 (1) In order to operate as a payment institution or e-money institution, a company shall hold a relevant activity licence.

 (2) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) An activity licence for provision of payment services or an activity licence for issuing e-money shall be issued to a company founded in Estonia or revoked by a decision of the Financial Supervision Authority.

 (3¹) The application of the exemption specified in subsections 11 (1)-(3) and subsection 12 (1) of this Act (hereinafter exemption) shall be applied in the application for the activity licence.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3²) If the conditions on the basis of which the exemption was applied are no longer met, the payment institution or e-money institution shall inform the Financial Supervision Authority thereof. Within 30 days of the submission of the notice, the payment institution and the e-money institution shall:
 1) apply for the decision to grant the activity licence to be amended and the application of the exemption to be terminated, or
 2) apply for the activity licence to be revoked and terminate the provision of the payment services and e-money services.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3³) The provisions provided for the activity licence in §§ 15-19 and 23 of this Act shall apply to the application specified in clause 3² (1) of this section and the adjudication thereof. If the payment institution or e-money institution shall confirm in the application for the termination of the application of the exemption that the documents and data submitted according to subsection 15 (1³) or (1⁴) of this Act are still correct, complete and not misleading, the documents and data are to be re-submitted only upon the request of the Financial Supervision Authority.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) Activity licences for provision of payment services and activity licences for issuing e-money are issued for an unspecified term and are not transferable to other persons.

 (5) Persons specified in clauses 3 (6) 2)-6) of this Act are not required to apply for an activity licence for provision of payment services.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) Persons specified in clauses 6 (7) 3)-5) of this Act are not required to apply for an activity licence for issue of e-money.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (7) On the basis of an application by a payment institution or e-money institution the Financial Supervision Authority shall, upon grant of an activity licence, grant the right to use an identification code and grant an identification code which is a unique two-digit identifier in the international payment account number and enables to identify upon execution of a payment order and automatic processing thereof the payment institution or the e-money institution.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 15.  Application for activity licence

 (1) In order to apply for an activity licence for provision of payment services or an activity licence for issuing e-money, the members of the management board entered in the memorandum of association or registry card of the company being founded or operating (hereinafter applicant) shall submit to the Financial Supervision Authority a written application (hereinafter application for activity licence) and the following documents and information:
 1) a copy of the articles of association and, in the case of an operating company, the resolution of the general meeting on amendment of the articles of association, and the amended text of the articles of association;
 2) upon foundation of a company, a notarised transcript of the memorandum of association or foundation resolution;
 3) a document certifying the payment of share capital or the existence of initial capital;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 4) an action plan which shall set out in particular the planned payment services or e-money services;
 5) a business plan which complies with the requirements of § 16 of this Act;
 6) the opening balance of the applicant and an overview of revenue and expenditure or, in the case of an operating company, the balance sheet and income statement as at the end of the month prior to submission of the application for an activity licence and the last three annual reports if they exist;
 7) a description of the application of the general requirements for safekeeping and protection of assets provided for in Chapter 9 of this Act;
 8) the internal rules provided for in § 50 of this Act and the accounting policies and procedures or drafts thereof;
 9) information on IT and other resources and systems required for the provision of the planned services;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 10) a description of the internal control system and measures which would ensure performance of obligations in connection with preventing money laundering and terrorist financing and information on the payer upon transfer of funds;
 11) a description of the organisational structure of the applicant including, if necessary, a description of the procedure for the use of agents and branches or for the transfer of services, and its participation in national or international payment systems;
 12) a list of the shareholders or members of the applicant which sets out the name and the personal identification code or registry code of each shareholder or member, or the date of birth in the absence of a personal identification code or registry code, and information on the number of shares and votes to be acquired or owned by each shareholder or member;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 13) information specified in § 40 of this Act on persons who own qualifying holdings in the applicant;
 14) information on the managers of the applicant, including each person's name and surname, personal identification code or date of birth in the absence of a personal identification code, place of residence, educational background, a complete list of places of employment and positions and, in the case of members of the management board, a description of their areas of responsibility, and documents certifying the managers' trustworthiness and conformity to the requirements of this Act which the applicant deems necessary to submit;
 15) information on companies in which the holding of the applicant or its manager exceeds 20 per cent, which also sets out the amount of share capital, a list of the areas of activity and the size of the holding of the applicant and each manager;
 16) information on the auditor and internal auditor of the applicant, including their name, residence or seat, personal identification code or, in the absence of the identification code, the date of birth or registry code;
 17) in the case of an operating company, documents certifying the amount of own funds together with the sworn auditor’s report;
[RT I 2010, 9, 41 - entry into force 08.03.2010]
 18) the assessment of Eesti Pank on the technical, financial and legal principles of the functioning of the payment system and the draft rules for the functioning of the system if the applicant wishes to engage in the operation of the payment system;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 19) security policy description;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1¹) The description of the security policy specified in clause (1) 19) of this section contains:
 1) a thorough assessment of the risks associated with the payment services provided and a description of the security check and risk mitigation techniques thereof, which have been implemented to provide sufficient protection for clients against identified risks, including fraud and the illegal use of sensitive and personal data;
 2) an explanation on how the security check and risk mitigation techniques, including the security measures specified in subsection 63⁵ (1) of this Act are used to ensure a high level of data protection and technical security, including for information systems used by the applicant or third parties to whom activities or duties related to the provision of payment services are transferred.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1²) An applicant applying for an activity licence for the provision of payment services specified in clause 3 (1) 7) or 8) of this Act shall submit together with the application the liability insurance specified in § 63⁷ of this Act or another document certifying the existence of comparable security. The provisions provided for in clause (1) 7) of this section shall not apply to an applicant applying for an activity licence only for the provision of the payment service specified in clause 3 (1) 7) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1³) An applicant applying for the application of the exemption specified in subsections 11 (1) or (2) or subsection 12 (1) of this Act shall only submit to the Financial Supervision Authority the information and documents specified in clauses (1) 1)-5), 7), 8), 10), 11), 14), 16) and 19) and subsection (3) of this section.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1⁴) An applicant applying for the application of the exemption specified in subsection 11 (3) of this Act shall only submit to the Financial Supervision Authority the information and documents specified in clauses (1) 1)-5), 8), 14), 16) and 19) and subsection (1²) of this section as well as a description of the measures in subsection (3) of this section about internal rules and accounting policies and procedures.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) If, during the processing of an application for an activity licence, there are changes in the information or documents specified in subsections (1²)-(1⁴) of this section, the applicant shall submit the updated information or documents to the Financial Supervision Authority immediately after making or becoming aware of the amendments.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) The applicant shall submit a description of the auditing arrangements and organisational administration concerning the documents provided for in clauses (1) 7), 8), 10) and 11) of this section and the completion of the documents which have been established by the applicant in order to apply all necessary measures to protect the legitimate interests of its clients and ensure continuity and reliability in the performance of payment services.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) The specific requirements for the information and documents specified in subsections (1)-(1⁴) of this section may be established by a regulation of the minister responsible for the area.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 16.  Business plan

 (1) A business plan shall include a description of the character of the planned business activities, organisational structure, internal control system and management structure of the applicant, a description of the rights, obligations and liability related to the provision of planned services and also a description, forecast and analysis of the following factors:
 1) the amount of revenue and expenditure by area of activity;
 2) obligations related to the provision of payment services or e-money services;
 3) the size of the assets and share capital of the applicant;
 4) the level of the technical administration of the activities of the applicant;
 5) strategy and market share in which the applicant proposes to engage in activities;
 6) the planned activities, provided services and offered products, the potential agents or distributors, and clients and competitors;
 7) plans regarding annual balance sheets and financial indicators which, inter alia, set out revenue, expenditure, profit and cash flows, and the presumptions which constitute the basis thereof;
 8) general principles and strategy of risk management;
 9) investment policy.
 10) other relevant circumstances.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) A business plan shall be submitted for at least three years.

 (3) The Financial Supervision Authority has the right to demand amendment of a business plan if in the opinion of the Financial Supervision Authority:

 (1) the financial indicators and other information presented in the business plan are not reliable and the minimum amount of own funds which is calculated taking account of the obligations planned in the business plan does not comply with the requirements established by legislation regarding the payment institution or e-money institution;
 2) it is not possible to ascertain on the basis of the business plan the applicant's ability to implement appropriate and proportionate systems, funds and procedures for reliable operation.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 17.  Review of applications for activity licences

 (1) If an applicant has failed to submit all the information and documents specified in § 15 of this Act, or if such information or documents are inaccurate, misleading or incomplete or have not been prepared in accordance with the requirements, the Financial Supervision Authority has the right to demand elimination of the deficiencies by the applicant.

 (2) The Financial Supervision Authority may demand the submission of additional information and documents if it is not convinced on the basis of the information and documents specified in § 15 of this Act as to whether the applicant for an activity licence has adequate facilities for the provision of payment services or e-money services or whether it meets the requirements for payment institutions or e-money institutions prescribed by this Act or legislation issued on the basis thereof or if other circumstances relating to the applicant need to be verified.

 (3) In order to verify the information submitted by an applicant, the Financial Supervision Authority may perform on-site inspections, order an assessment or special audit, receive information from state agencies and local government authorities, consult state databases, obtain oral explanations from the applicant's managers and auditors, their representatives and, where necessary, third parties concerning the content of documents and facts which are relevant in making a decision on the issue of an activity licence.

 (4) The information and documents specified in subsections (1)–(3) of this section shall be submitted to the Financial Supervision Authority within a reasonable term determined by the Financial Supervision Authority.

 (5) The Financial Supervision Authority may refuse to review an application for activity licence if the applicant has failed to eliminate the deficiencies specified in subsection (1) of this section within the prescribed term or has not submitted the information or documents requested by the Financial Supervision Authority by the end of the term. Upon refusal to review an application, the Financial Supervision Authority shall return the submitted documents.

 (6) Upon processing of an application for an activity licence, the Financial Supervision Authority shall cooperate with the financial supervision authority of the respective Contracting State if:
 1) the applicant is a parent undertaking or subsidiary of a payment institution, e-money institution, management company, investment fund, investment firm, credit institution or insurer founded in a Contracting State or other person subject to financial supervision;
 2) the subsidiary of the parent undertaking of the applicant is a payment institution, e-money institution, management company, investment fund, investment firm, credit institution or insurer founded in the Contracting State or another person subject to financial supervision;
 3) the applicant and a payment institution, e-money institution, management company, investment fund, investment firm, credit institution or insurer founded in the Contracting State or another person subject to financial supervision are companies controlled by one and the same person.

§ 18.  Decisions on issue of activity licence

 (1) The Financial Supervision Authority shall make a decision to issue or refuse to issue an activity licence within three months after receipt of all the necessary documents and information which comply with the requirements, but not later than within six months after receipt of the application for the activity licence.

 (2) Before making the decision to issue or refuse to issue an activity licence, the Financial Supervision Authority shall consult with Eesti Pank if necessary.

 (3) Upon issue of an activity licence, the Financial Supervision Authority may:
 1) establish more favourable secondary conditions to the applicant which, if it is justified, permit the applicant to derogate from the circumstances on the basis of which the activity licence is obtained;
 2) extend the term provided for in subsection (1) of this section in the course of which the applicant shall bring itself into conformity with the requirements on the basis of which the activity licence is issued.

 (4) If it is evident from the submitted documents and information that the provision of services not related to payment services prevent sufficient supervision over the payment institution or e-money institution or that the risks related to the services planned in the business plan of the applicant are not sufficiently covered and the organisational structure and management structure of the applicant are not sufficient for operating as a payment institution or e-money institution with continuity and its internal procedures and internal control do not ensure sufficient risk management, the Financial Supervision Authority may, in addition to the provisions of subsection (3) of this section, set out secondary conditions to the applicant upon issue of an activity licence in order to protect the interests of the clients which:
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 1) restrict the provision of payment services or e-money services or ancillary services related thereto;
 2) require the foundation of a separate subsidiary for the provision of non-payment services which are provided at the same time as payment services.

 (5) A decision regarding an activity licence shall at least set out:
 1) the name and registry code of the person with regard to whom the decision is made;
 2) the type or types of services with regard to which the decision is made;
 2¹) the application of an exemption upon satisfaction of an application for exemption;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3) the date on which the decision is made and the date on which it enters into force.

 (6) The Financial Supervision Authority shall immediately deliver a decision to issue or refuse to issue an activity licence to the applicant.

§ 19.  Bases for refusal to issue activity licence

 (1) The Financial Supervision Authority has the right to refuse to issue an activity licence to an applicant if:
 1) the applicant does not meet the requirements for payment institutions or e-money institutions provided for in this Act or legislation issued on the basis thereof;
 2) the resources for full payment of the share capital of a company being founded are not proved;
 3) the applicant does not have the necessary funds or experience to operate as a payment institution or e-money institution with continuity;
 4) the minimum amount of own funds of the applicant, which is calculated taking account of the obligations planned in the business plan provided for in § 16 of this Act, does not comply with the requirements established by legislation regarding payment institutions or e-money institutions;
 5) the managers, auditor, shareholders or members of the applicant do not meet the requirements provided for in this Act or legislation established on the basis thereof;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 6) close links between the applicant and another person prevent sufficient supervision over the applicant, or the requirements arising from legislation or the implementation of legislation of the other state where the person with whom the applicant has close links is established prevent sufficient supervision over the applicant;
 7) the information submitted by the applicant indicates that the applicant mainly plans to operate in another Contracting State;
 8) the internal rules provided for in § 50 of this Act are not sufficiently accurate or unambiguous for regulation of the activities of the payment institution or e-money institution;
 9) the applicant or its manager has been punished for an economic offence, official misconduct, offence against property or offence against public trust or financing and support of act of terrorism or activities directed at it, or the corresponding information concerning the punishment has not been expunged from the punishment register pursuant to the Punishment Register Act.

 (2) Among other matters, the following shall be considered upon assessment of that provided for in clause (1) 3) of this section:
 1) the level of the organisational and technical administration of the activities of the applicant;
 2) the educational background of the persons connected with the management of the applicant, their work experience, business connections, trustworthiness and reputation;
 3) the adequacy and sufficiency of the business plan provided for in § 16 of this Act;
 4) the activities, financial situation, reputation and experience of the applicant, its parent company and persons belonging to the same consolidation group as the applicant.

 (3) If an applicant has submitted an application for the application of the exemption specified in subsections 11 (1) or (2) or subsection 12 (1) of this Act, the Financial Supervision Authority shall have the right to refuse to grant an activity licence for the applicant in cases provided for in subsection (1) of this section if the application of the exemption entails material risk for damaging the interests of clients, currency circulation, functioning of the money markets or stability or reliability of the payment system.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 20.  Amendment of decision on issue of activity licence

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 21.  Termination of validity of activity licence

  The validity of an activity licence terminates if:
 1) a decision to dissolve the payment institution or e-money institution is made;
 2) the activity licence is revoked;
 3) payment institutions or e-money institutions are merged, in the case of an institution being acquired;
 4) a new payment institution or e-money institution is founded by merger, in the case of institutions that are merging;
 5) the payment institution or e-money institution is declared bankrupt.

§ 22.  Revocation of activity licence and identification code

  [RT I, 31.12.2016, 1 - entry into force 10.01.2017]

 (1) Revocation of an activity licence means deprivation of a right granted by the activity licence.

 (2) The Financial Supervision Authority may revoke an activity licence if:
 1) the payment institution or e-money institution fails to commence activities within twelve months as of the issue of the activity licence or if an act by the founders of the payment institution or e-money institution indicates that the payment institution or e-money institution will be unable to commence activities within the specified term or the activities of the payment institution or e-money institution are suspended for more than six consecutive months;
 2) the payment institution or e-money institution has submitted false information upon application for the activity licence which was of significant importance in the decision to issue the activity licence, and also in other cases where false information has been submitted to the Financial Supervision Authority by or for the payment institution or e-money institution;
 3) the payment institution or e-money institution does not meet the requirements in force with regard to the issue of activity licences;
 1) the payment institution or e-money institution fails to comply with the secondary conditions provided for in subsection 14 (3²) of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3²) it is refused to amend the decision to grant an activity licence and to terminate the application of an exemption on the basis of an application specified in clause 14 (3²) 1) of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 4) the circumstances provided for in clause 19 (1) 5) of this Act become evident;
 5) the payment institution or e-money institution has repeatedly or significantly violated the provisions of legislation regulating its activities;
 6) the payment institution or e-money institution or its manager has been punished for an economic offence, official misconduct, offence against property or offence against public trust or financing and support of act of terrorism or activities directed at it, or the corresponding information concerning the punishment has not been expunged from the punishment register pursuant to the Punishment Register Act;
 7) the payment institution or e-money institution fails to comply with the secondary conditions specified in subsection 18 (4) of this Act;
 8) the payment institution or e-money institution has published significantly incorrect or misleading information or advertising concerning its activities or managers;
 9) the payment institution or e-money institution is unable to perform the obligations it has assumed or if, for any other reason, its activities significantly damage the interests of clients, currency circulation, functioning of the money markets or stability or reliability of the payment system;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 10) the amount of own funds of the payment institution or e-money institution does not meet the requirements provided for in this Act or legislation established on the basis thereof;
 10¹) the payment institution providing the payment service specified in clauses 3 (1) 7) or 8) of this Act does not have liability insurance or a guarantee contract according to § 63⁷ of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 11) the payment institution or e-money institution belongs to a consolidation group the structure of which prevents the receipt of information necessary for supervision on a consolidated basis, or if a company which belongs to the same consolidation group as the payment institution or e-money institution operates on the basis of legislation of a foreign state, which prevents the exercise of sufficient supervision;
 12) close links between the payment institution or e-money institution and other persons prevent the exercise of sufficient supervision;
 13) the payment institution or e-money institution has committed money laundering or financed or supported an act of terrorism or violates the procedure for preventing money laundering and terrorist financing established by legislation;
 14) it becomes evident that the payment institution or e-money institution has chosen Estonia as the place for application for the activity licence and registration in order to evade compliance with stricter requirements established for payment institutions or e-money institutions in another Contracting State where the payment institution or e-money institution mainly operates;
 15) according to the information submitted to the Financial Supervision Authority by the financial supervision authority of the Contracting State or a third country, the payment institution or e-money institution has violated the conditions provided for in the legislation of the Contracting State or the third country or established by the financial supervision authority of the Contracting State or the third country.
 16) the payment institution or e-money institution has failed to implement a precept of the Financial Supervision Authority within the term or to the extent prescribed.

 (3) Prior to deciding on the revocation of an activity licence on the bases specified in subsection (2) of this section, the Financial Supervision Authority may issue a precept to the payment institution or e-money institution and set a term for elimination of the deficiencies which are the reasons for the revocation.

 (4) An activity licence shall be revoked on the basis of an application of a payment institution or e-money institution if the payment institution or e-money institution no longer wishes to provide the services specified in subsection 3 (1) or clause 6 (3) 1) of this Act.

 (5) The Financial Supervision Authority may refuse to revoke an activity licence on the basis of an application specified in subsection (4) of this section if there is good reason to believe that revocation of the activity licence may damage the legitimate interests of clients or other creditors of the payment institution or e-money institution.

 (6) An application specified in subsection (4) of this section shall be reviewed by the Financial Supervision Authority and a decision to revoke or to refuse the revocation of the activity licence shall be made within two months as of the receipt of the application.

 (7) The decision on revocation of an activity licence shall be immediately delivered to the addressee of the decision.

 (8) The Financial Supervision Authority shall revoke an identification code and the right to use thereof specified in subsection 14 (7) of this Act upon revocation or expiry of the activity licence or for another good reason.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017]

§ 23.  Informing the public

 (1) The Financial Supervision Authority shall publish a decision to issue, amend or revoke an activity licence and to issue and revoke the authorisations provided for in §§ 25 and 32 of this Act on its website not later than on the working day following the day the decision enters into force.

 (2) In addition to the provisions of subsection (1) of this section, the Financial Supervision Authority shall publish a decision to revoke an activity licence which is made pursuant to § 22 of this Act in at least one national daily newspaper.

Chapter 3 OPERATION OF PAYMENT INSTITUTION AND E-MONEY INSTITUTION IN FOREIGN STATE AND OPERATION OF FOREIGN PAYMENT INSTITUTION AND E-MONEY INSTITUTION IN ESTONIA  

§ 24.  Operation of payment institution and e-money institution in foreign state

 (1) A payment institution or e-money institution founded in Estonia and holding an activity licence may provide the service specified in subsection 3 (1) or subsection 6 (4) of this Act in a foreign state by establishing branches or providing cross-border services, including through an agent or distributor (hereinafter jointly in this Chapter agent).
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) The provisions of § 29 of this Act apply to the provision of services by Estonian payment institutions and e-money institutions in another Contracting State.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) The provisions of §§ 25–28, subsections 29 (1), (2), (8) and (10) and subsections 92 (1¹)-(1²) of this Act apply to the provision of services by Estonian payment institutions and e-money institutions in a foreign state not specified in subsection (2) of this section (hereinafter third country).
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) A cross-border service means the service which is provided by a payment institution or e-money institution in a state where the institution or its branch is not registered.

 (5) Upon provision of services in a foreign state, a payment institution or e-money institution shall comply with the requirements provided for in this Act, legislation issued on the basis thereof and legislation of the foreign state.

§ 25.  Branch of payment institution and e-money institution in third country

 (1) A payment institution or e-money institution which wishes to found a branch in a third country shall apply for a respective authorisation (hereinafter in this Chapter authorisation for foundation of a branch) from the Financial Supervision Authority.

 (2) In order to apply for an authorisation for the foundation of a branch in a third country, a payment institution or e-money institution shall submit a written application (hereinafter in this Chapter application) and the following information and documents to the Financial Supervision Authority:
 1) the name of the third country in which the branch is to be founded;
 2) the address of the seat of the branch in the third country;
 3) a business plan for the activities of the branch in the third country, which complies with the requirements provided for in § 16 of this Act;
 4) information specified in clause 15 (1) 14) of this Act concerning the managers of the branch.

 (3) The information and documents specified in subsection (2) of this section shall be submitted in Estonian. At the request of the Financial Supervision Authority, the information and documents shall be submitted together with a translation made by a sworn translator or certified by a notary into the official language or one of the official languages of the third country where the payment institution or e-money institution wishes to found a branch.
[RT I, 23.12.2013, 1 - entry into force 01.01.2014]

§ 26.  Processing of applications for authorisation for foundation of branch and decision on issue of authorisation

 (1) The provisions of § 17 of this Act apply to the processing of applications for an authorisation for the foundation of a branch and verification of the submitted information and the financial situation, organisational structure and technical systems of the applicant and existence of sufficient resources for the foundation of a branch.

 (2) The Financial Supervision Authority shall make a decision to grant or refuse to grant an authorisation for the foundation of a branch within two months after receipt of all the necessary information and documents, but not later than within three months after receipt of the respective application.

 (3) The Financial Supervision Authority shall immediately inform the payment institution or e-money institution of a decision to grant or refuse to grant an authorisation for the foundation of a branch.

§ 27.  Bases for refusal to grant authorisation for foundation of branch

  The Financial Supervision Authority may refuse to issue an authorisation for foundation of a branch if:
 1) the managers of the branch do not meet the requirements for managers of payment institutions or e-money institutions provided for in this Act;
 2) the information or documents submitted upon application for an authorisation for the foundation of a branch do not meet the requirements provided for in this Act or legislation established on the basis thereof, or are inaccurate, misleading or incomplete;
 3) the financial situation, organisational structure and other resources of the payment institution or e-money institution are insufficient for the provision of services specified in the business plan in third countries;
 4) the foundation of the branch in a third country or implementation of the business plan submitted by the payment institution or e-money institution may damage the payment institution or e-money institution, the interests of the shareholders of the payment institution or e-money institution, the financial situation of the payment institution or e-money institution or adversely affect the reliability of its activities in Estonia, in another Contracting State or in a third country;
 5) a financial supervision authority of a third country has no legal basis or possibilities for cooperation with the Financial Supervision Authority due to which the Financial Supervision Authority cannot exercise sufficient supervision over the branch founded in the third country.

§ 28.  Revocation of authorisation for foundation of branch

 (1) The Financial Supervision Authority may revoke an authorisation for the foundation of a branch in a third county if:
 1) the payment institution or e-money institution has submitted false information upon application for the authorisation for foundation of a branch which was of significant importance in the decision to grant the authorisation, and also in other cases where false information has been submitted to the Financial Supervision Authority by or for the payment institution or e-money institution;
 2) the payment institution or e-money institution has significantly violated the requirements of legislation of the relevant third country and it may damage the interests of the clients of the payment institution or e-money institution;
 3) the payment institution or e-money institution or its branch does not comply with the requirements in force with regard to the issue of authorisations for the foundation of a branch;
 4) the payment institution or e-money institution fails to submit reports on its branch as required;
 5) the manager of the payment institution or e-money institution or its branch has been punished for an economic offence, official misconduct, offence against property or offence against public trust or financing and support of act of terrorism or activities directed at it, or the information concerning the punishment has not been expunged from the punishment register pursuant to the Punishment Register Act;
 6) the payment institution or e-money institution has failed to implement a precept of the Financial Supervision Authority within the term or to the extent prescribed.
 7) the risks arising from the activities of the branch are significantly greater than risks arising from the activities of the payment institution or e-money institution;
 8) the activity licence of the payment institution or e-money institution has been revoked;
 9) the circumstances provided for in § 27 of this Act become evident.

 (2) The Financial Supervision Authority shall immediately inform the payment institution or e-money institution and the financial supervision authority of a third country of a decision to revoke an authorisation for the foundation of a branch.

 (3) After becoming aware of revocation of an authorisation for the foundation of a branch, the payment institution or e-money institution shall terminate provision of its services through the branch founded in the third country not later than by the due date specified by the Financial Supervision Authority.

§ 29.  Foundation of branches in other Contracting State and cross-border provision of services

  [RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1) If a payment institution or e-money institution wishes to establish a branch in another Contracting State or provide cross-border services in another Contracting State, the fund manager shall submit an application and the following data and documents to the Financial Supervision Authority:
 1) the name of the state of destination where the branch is intended to be founded or the service is intended to be provided (hereinafter state of destination);
 2) an action plan which contains data on all the services provided in a state of destination and the notice specified in subsection 62 (1) of this Act if the founding of the branch or the cross-border provision of services involves the transfer of activities or duties to third parties;
 3) upon the use of agents, information specified in subsection 59 (2) of this Act;
 4) in the case a branch is founded, the address of the seat thereof in the state of destination, description of the organisational structure of the branch and the names and personal identification codes or in the absence of the latter the dates of birth and place of residence of the persons responsible for the management of the branch;
 5) in the case a branch is founded, a business plan for the activities if the branch in the Contracting State which complies with the requirements provided for in § 16 of this Act, internal rules of the branch and the accounting policies and procedures to be applied in the branch which comply with § 50 of this Act, except for clauses (3) 9)-13).

 (2) The information and documents specified in subsections (1), (10) and (11) of this section shall be submitted in Estonian. At the request of the Financial Supervision Authority, the information and documents shall be submitted together with a translation made by a sworn translator or certified by a notary into the official language or one of the official languages of the Contracting State where the payment institution or e-money institution wishes to found a branch.

 (3) The Financial Supervision Authority is required within one month of the receipt of all requested information and documents:
 1) forward the information and documents specified in subsection (1) of this section to a financial supervision authority of a state of destination pursuant to the procedure provided in the European Commission Implementing Regulation specified in Article 28(5) of Directive 2015/2366/EU of the European Parliament and of the Council on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, pp. 35-127) or
 2) make a decision to refuse to forward information and documents and documents.

 (4) The Financial Supervision Authority shall immediately inform the payment institution or e-money institution of a decision to forward the information and documents or refuse to forward the information and documents.

 (5) The Financial Supervision Authority may make a decision to refuse to forward the information and documents specified in subsection (1) of this section, if at least one of the following circumstances exists:
 1) the financial situation, organisational structure or other resources of the payment institution or e-money institution are insufficient for the provision of services specified in the action plan in a state of destination;
 2) the foundation of the branch or implementation of the action plan submitted by the payment institution or e-money institution may damage the interests of its clients, the financial situation of the payment institution or e-money institution or adversely affect the reliability of its activities;
 3) the information or documents submitted for forwarding are incorrect, misleading or fail to comply with the requirements provided for in this Act or are incomplete;
 4) the founding of a branch, use of an agent or implementation of the action plan submitted by a payment institution or e-money institution may be related to money laundering or terrorist financing or an attempt thereof or increases such risks.

 (6) After the receipt of an assessment by a financial supervision authority of a state of destination regarding the documents and information specified in subsection (1) of this section and no later than three months after the receipt of such documents and information, the Financial Supervision Authority shall:
 1) enter the branch or the agent in the list specified in § 105 of this Act or approve the provision of services in the state of destination in another manner;
 2) make a decision with which it refuses to perform the act specified in subsection (1) of this section or to grant approval if the assessment of the financial supervision authority of the state of destination refers to the existence of some of the circumstances specified in subsection (5) of this section.

 (7) The Financial Supervision Authority shall immediately inform a payment institution or e-money institution and a financial supervision authority of a state of destination of the making of the decision, performing of the act and granting of approval specified in subsection (6) of this section. If the decision of the Financial Supervision Authority deviates from the assessment of a financial supervision authority of a state of destination regarding the documents and information specified in subsection (1) of this section, the Financial Supervision Authority shall submit reasons for the deviation to the financial supervision authority of the state of destination.

 (8) An agent of a branch may provide services in a state of destination after being entered in the list specified in § 105 of this Act. Otherwise, an Estonian payment institution or e-money institution may provide services in a state of destination after the notification of a financial supervision authority of the state of destination of the granting of approval specified in clause (6) 1) of this section.

 (9) Before commencing operation a payment institution or e-money institution shall inform the Financial Supervision Authority of a date on which an agent or a branch shall commence the provision of services in the state of destination. The Financial Supervision Authority shall immediately inform a financial supervision authority of the state of destination of such a date.

 (10) A payment institution or e-money institution shall immediately inform the Financial Supervision Authority of changes in the information or documents specified in subsection (1) of this section, if possible, at least one month before entry into force of the changes. The Financial Supervision Authority shall inform the financial supervision authority of the state of destination of the changes.

 (11) A payment institution or e-money institution shall submit an application to the Financial Supervision Authority for founding a new branch or introducing a new agent, and shall submit appropriate updates to the documents and information specified in subsection (1) of this section. The provisions provided for in subsections (3)-(9) of this section shall apply to the adjudication of the application and the commencement of services by a new agent or branch.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 30.  Provision of cross-border services

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 31.  Operation of foreign payment institution and e-money institution in Estonia

 (1) A person who, according to the legislation of the home state, may provide the service specified in subsection 3 (1) or clause 6 (3) 1) of this Act, may provide the same service in Estonia on the basis of an activity licence issued in the home state by establishing branches or providing cross-border services in Estonia, including through an agent. For the purposes of this Act, a home state is a state where the corresponding person is founded.

 (2) The provisions of § 35 of this Act shall apply to the person specified in subsection (1) of this section which has been founded in another Contracting State and complies with the requirements established for payment institutions or e-money institutions in Directive 2015/2366/EU of the European Parliament and of the Council or Directive 2009/110/EC of the European Parliament and of the Council on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, pp. 7-17).
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) The provisions of §§ 32–34 of this Act apply to a person specified in subsection (1) of this section which does not comply with the requirements provided for in subsection (2) of this section (hereinafter payment institution or e-money institution of a third country).

 (4) For the purposes of this section, cross-border services are services provided in Estonia by a person who is not or whose branch is not registered in Estonia. The provisions of § 35 of this Act concerning cross-border services apply also if cross-border services are provided through an agent operating in Estonia.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) Upon provision of payment or e-money services in Estonia, a person of a foreign state shall comply with the requirements established with regard to its activities in this Act and on the basis thereof and other requirements for operation in Estonia arising from legislation.

§ 32.  Branch of payment institution and e-money institution of third country in Estonia and provision of cross-border services in Estonia

 (1) In order to found a branch or provide cross-border services in Estonia, a payment institution or e-money institution of a third country is required to apply for an authorisation (hereinafter in this section and §§ 33 and 34 authorisation) from the Financial Supervision Authority.

 (2) Upon application for an authorisation, a written application and the following information and documents shall be submitted to the Financial Supervision Authority:
 1) the name and address of the payment institution or e-money institution;
 2) information provided for in clause 15 (1) 14) of this Act on the managers of the payment institution or e-money institution and, in the case of foundation of a branch, on the managers of the branch;
 3) information and documents provided for in § 40 of this Act relating to shareholders who have qualifying holdings in the payment institution or e-money institution;
 4) the scope of the activity licence issued to the payment institution or e-money institution and information concerning the agency which issued the activity licence;
 5) in the case of foundation of a branch, the business name and address of the branch;
 5) the information and documents specified in clauses 386 (2) 1), 3), 4) and 5) of the Commercial Code;
 7) the last two annual reports, if they exist.
 8) the business plan which meets the requirements provided for in § 16 of this Act and sets out all services provided by the payment institution or e-money institution in Estonia.
 9) the personal data of the agent, if the agent exists.

 (3) In addition to the information specified in subsection (2) of this section, a payment institution or e-money institution of a third country shall submit the following to the Financial Supervision Authority:
 1) the permission of the financial supervision authority of the home state to found a branch or provide cross-border services in Estonia;
 2) the confirmation of the financial supervision authority of the home state to the effect that the payment institution or e-money institution holds a valid activity licence in its home state and that it pursues its activities in a correct manner and in accordance with good practices;
 3) information on the financial situation of the payment institution or e-money institution, including the size of own funds and the description of the consumer protection scheme applied with regard to the clients of the payment institution or e-money institution in the home state.

 (4) The information and documents specified in this section which are in a foreign language shall be submitted together with a translation into Estonian made by a sworn translator or certified by a notary. With the consent of the Financial Supervision Authority, the aforementioned information and documents may be submitted in another language.
[RT I, 23.12.2013, 1 - entry into force 01.01.2014]

§ 33.  Processing of application for authorisation and revocation of authorisation

 (1) The provisions of subsection 14 (7) and §§ 17–19 and 22–23 of this Act apply to the processing of applications for an authorisation and verification of information and to the grant and revocation of authorisations and grant and revocation of identification codes of branches and the right to use thereof unless otherwise provided for in this section.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017]

 (2) In addition to the bases provided for in § 19 of this Act, the Financial Supervision Authority may refuse to grant an authorisation if the financial supervision authority of a third country does not guarantee adequate supervision of the applicant or the financial supervision authority of a third country has no legal basis or possibilities for cooperation with the Financial Supervision Authority.

 (3) The Financial Supervision Authority may revoke an authorisation if circumstances provided for in § 19 of this Act or in subsection (2) of this section become evident.

 (4) The Financial Supervision Authority may refuse to revoke an authorisation if the clients of the payment institution or e-money institution have claims against the branch or the payment institution or e-money institution of a third country or the revocation of the authorisation damages the payment institution or e-money institution or the interests of its shareholder or clients.

§ 34.  Amendment of authorisation

 (1) A payment institution or e-money institution of a third country which wishes to provide services in Estonia which are not specified in the business plan submitted upon application for an authorisation shall submit an application for the amendment of the authorisation to the Financial Supervision Authority.

 (2) In order to amend an authorisation, a payment institution or e-money institution of a third country shall submit to the Financial Supervision Authority the information and documents specified in clauses 32 (2) 1)–5) and 8) of this Act.

 (3) The provisions of §§ 17–19 of this Act apply to the processing of applications for the amendment of authorisations for the foundation of a branch, verification of information and deciding on amendment of the authorisations.

§ 35.  Founding of branch of payment institution and e-money institution of Contracting State in Estonia and provision of cross-border services in Estonia

  [RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1) A payment institution or e-money institution of a Contracting State which wishes to found a branch in Estonia or provide cross-border services shall inform the financial supervision authority of its home state of its wish. According to the law of the home state, the information and documents specified in Article 28(1) of Directive 2015/2366/EU of the European Parliament and of the Council shall be submitted together with the notice.

 (2) The Financial Supervision Authority has the right to demand that a payment institution of a Contracting State submit to it a translation into Estonian made by a sworn translator or certified by a notary of the information and documents specified in subsections (1), (7) and (8) of this section which are in a foreign language.

 (3) If a financial supervision authority of the home state forwards to the Financial Supervision Authority the information and documents specified in subsection (1) of this section, the Financial Supervision Authority shall inform the financial supervision authority of the home state of receipt thereof.

 (4) The Financial Supervision Authority shall submit to a financial supervision authority of the home state its reasoned assessment concerning the following circumstances within one month of the receipt of the documents and information specified in subsection (1) of this section:
 1) whether the founding of a branch, use of an agent or the provision of cross-border services may be related to money laundering or terrorist financing or an attempt thereof or increase such risks;
 2) whether there is any other reason to restrict or prohibit the founding of a branch of or the provision of services by a payment institution or e-money institution of a Contracting State.

 (5) An agent or branch of a payment institution or e-money institution of a Contracting State may provide services in Estonia after being entered in a relevant register of its home state which complies with the requirements provided for in Article 14 of Directive 2015/2366/EU of the European Parliament and of the Council. Otherwise, a payment institution or e-money institution of a Contracting State may provide services in Estonia if a financial supervision authority of its home state informs the Financial Supervision Authority after the receipt of the assessment specified in subsection (4) of this section that cross-border services shall not be prohibited or restricted.

 (6) Before commencing operation, the payment institution or e-money institution of a Contracting State shall inform the Financial Supervision Authority through a financial supervision authority of its home state the date when the agent or branch shall commence providing services in Estonia.

 (7) A payment institution or e-money institution shall immediately inform the Financial Supervision Authority through a financial supervision authority of its home state of changes to the information or documents specified in subsection (1) of this section. If possible, changes shall be communicated at least one month before the implementation thereof.

 (8) In order to start using a new agent in Estonia, a payment institution or e-money institution of a Member State shall submit to a financial supervision authority of its home state the documents and information required under the law of the home state. The provisions provided for in subsections (3)-(6) of this section shall apply to the commencement of the provision of services by a new agent in Estonia and to the preceding acts by the Financial Supervision Authority.

 (9) Under the conditions provided for in the European Commission Implementing Regulation adopted on the basis of Article 29(5) and (7) of Directive 2015/2366/EU of the European Parliament and of the Council the Financial Supervision Authority may issue a precept obliging a payment institution or e-money institution of a Member State using agents to provide services in Estonia, to appoint a contact person in Estonia tasked with providing information on the compliance with requirements of services.

 (10) Based on an application of a payment institution or e-money institution of a Contracting State, the Financial Supervision Authority shall grant an identification code and the right to use thereof specified in subsection 14 (7) of this Act to a branch as of the expiry of the term specified in subsection (6) of this section. If the period between the receipt of the application and the term specified in subsection (6) of this section is less than 30 calendar days, the Financial Supervision Authority may decide on the grant of an identification code and the right to use thereof within 30 calendar days from the receipt of the corresponding application.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 36.  Provision of cross-border services in Estonia by payment institution and e-money institution of Contracting State

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

Chapter 4 QUALIFYING HOLDING 

§ 37.  Qualifying holding

 (1) For the purposes of this Act, a qualifying holding means any direct or indirect holding in the share capital of a payment institution or e-money institution which represents 10 per cent or more of the share capital of the company, of all rights related thereto or of the voting rights in the company or which makes it possible to exercise a significant influence over the managing bodies of the company in which that holding subsists.

 (2) Holding is direct if a person holds or exercises it personally.

 (3) Holding is indirect if:
 1) a person holds or exercises it together with one or several controlled companies;
 2) it is held or exercised by one or several companies controlled by a person;
 3) it is held or exercised by a person or a company controlled by the person upon agreement with a third party;
 4) the voting rights arising therefrom are deemed to belong to a person.

 (4) The provisions of this Chapter concerning share capital and shares of public limited companies also apply to share capital and shares of private limited companies.

§ 38.  Requirements for persons having qualifying holding

  Qualifying holdings in a payment institution or e-money institution may be acquired, held and increased and control over a payment institution or e-money institution may be gained, held and increased by anyone (hereinafter in this Chapter person):
 1) who has impeccable business reputation and whose activities in connection with the acquisition comply with the principles of sound and prudent management of the payment institution or e-money institution;
 2) who after the acquisition or increase of the holding shall elect, appoint or designate only such persons as managers of the payment institution or e-money institution which comply with the requirements provided for in § 47 of this Act;
 3) whose financial situation is sufficiently secure to ensure regular and reliable operation of the payment institution or e-money institution, and in the case of a legal person if such financial statements exist, they allow for a correct assessment to be made of its financial situation;
 4) who is able to ensure that the payment institution or e-money institution is able to meet the prudential requirements provided for in this Act, in the case of a legal person above all the requirement that the consolidation group, which part the payment institution or e-money institution will form, has a structure which enables exercise of efficient supervision, exchange of information and cooperation between the financial supervision authorities;
 5) with regard to whom there is no justified reason to believe that the acquisition is related to money laundering or terrorist financing or an attempt thereof or increases such risks.

§ 39.  Giving notification of acquisition of holding

 (1) A person who intends to acquire a direct or indirect qualifying holding in a payment institution or e-money institution or to increase such holding so that the proportion of the share capital of the payment institution or e-money institution or votes represented by shares exceeds 20, 30 or 50 per cent, or to conclude a transaction as a result of which the payment institution or e-money institution will become a company controlled thereby (hereinafter acquirer) shall notify the Financial Supervision Authority of its intention beforehand and submit the information and documents provided for in subsection 40 (1) of this Act and the regulation established on the basis of subsection 40 (2) of this Act.

 (2) The provisions of this Chapter also apply if a person acquires a qualifying holding in a payment institution or e-money institution or increases such holding so that the proportion of the share capital of the payment institution or e-money institution or votes represented by shares exceeds 20, 30 or 50 per cent due to any other event or as a result of any other transaction or, due to the event or as a result of the transaction, the payment institution or e-money institution becomes a company controlled by the person. In such case, the person is required to give notification to the Financial Supervision Authority immediately after gaining control over the payment institution or e-money institution or becoming aware of the acquisition or increase of a qualifying holding in the payment institution or e-money institution.

 (3) The Financial Supervision Authority shall notify the acquirer in writing within two working days after receipt of the notice specified in subsection (1) or (2) of this section or the additional information and documents specified in subsection 40 (4) and the possible termination date of terms in proceedings provided for in § 41 of this Act.

§ 40.  Information submitted upon giving notification of acquisition of holding

 (1) The Financial Supervision Authority shall be notified of the name of the company in which a qualifying holding is acquired or increased or which becomes controllable by the acquirer and the size of the holding acquired in this company, and the following information and documents shall be submitted:
 1) a description of the company acquired which contains, inter alia, the list of shares and information on the type of shares and number of votes acquired or previously owned by the acquirer and other information if necessary;
 2) a curriculum vitae of the acquirer who is a natural person which contains, inter alia, the name, residence, education, work and service experience and personal identification code of the acquirer or date of birth in the absence of a personal identification code;
 3) a list of the shareholders or members of the acquirer if the acquirer is a legal person and information on the number of shares held by and number of votes of each shareholder or member;
 4) the name, seat, registry code, authenticated copy of a registration certificate and a copy of the articles of association, if they exist, of the acquirer if the acquirer is a legal person or of the (legal) person administering the pool of assets;
 5) the information on the members of the management board and supervisory board of the acquirer if the acquirer is a legal person, including, for each person, the name and surname, personal identification code or date of birth in the absence of a personal identification code, education, work and service experience, and documents which prove the trustworthiness, experience, competence and impeccable reputation of such persons;
 6) a confirmation that the persons becoming the managers of the payment institution or e-money institution as a result of acquiring a holding have not been punished for an economic offence, official misconduct, offence against property or offence against public trust or financing and support of act of terrorism or activities directed at it, or the information concerning the punishment has been expunged from the punishment register pursuant to the Punishment Register Act. In the case of a citizen of a foreign state, a certificate of the punishment register or an equivalent document of a competent court or administrative authority of the country of origin of the person which has been issued less than three months earlier is accepted;
 7) a description of the business activities of the acquirer and a description of the economic and non-economic interests of persons connected with the acquisition;
 8) a confirmation that in the case of a person specified in clause 6) of this subsection no such circumstances have existed or exist which in accordance with law preclude the right of the person to be a manager of a payment institution or e-money institution;
 9) the last three annual reports of the acquirer, if they exist. If more than nine months have passed since the end of the previous financial year, an audited interim report for the first six months of the financial year shall be submitted. The sworn auditor's report shall be added to the reports if preparation of the report is prescribed by legislation;
[RT I 2010, 9, 41 - entry into force 08.03.2010]
 10) if the acquirer is a natural person, ratings required for assessing the financial situation of the acquirer and companies connected with the acquirer and reports intended for the public, if possible; and if the acquirer is a legal person, credit ratings issued to the acquirer and the consolidation group;
 11) if the acquirer is a company belonging to a consolidation group, a description of the structure of the group, data relating to the sizes of the holdings of the companies belonging to the group, and the last three annual reports of the consolidation group together with sworn auditor's reports;
[RT I 2010, 9, 41 - entry into force 08.03.2010]
 12) if the acquirer is a natural person, documents certifying the financial status of the person during the last three years;
 13) information and documents concerning the sources of monetary or non-monetary resources for which it is intended to acquire a qualifying holding or increase it or gain control;
 14) the circumstances relating to the acquisition of holding pursuant to §§ 9, 10 and 72¹ of the Securities Market Act;
 15) the size of the qualifying holding owned by the person after acquisition of the holding and the circumstances relating to the holding pursuant to §§ 9, 10 and 72¹ of the Securities Market Act;
 16) if a payment institution or e-money institution becomes a controlled company, a business plan and other circumstances related to gaining of control and exercising control;
[RT I, 31.12.2016, 3 - entry into force 10.01.2017]
 17) a review of the strategy applied in a payment institution or e-money institution in connection with the acquisition of holdings provided that the payment institution or e-money institution is not turned into a controlled company as a result of the acquisition.

 (2) The minister responsible for the area may establish a regulation which specifies the information and documents to be submitted to the Financial Supervision Authority and specified in subsection (1) of this section.

 (3) The information and documents submitted to the Financial Supervision Authority shall be in Estonian. With the consent of the Financial Supervision Authority, the aforementioned information and documents may be submitted in another language.

 (4) The Financial Supervision Authority may request in writing additional information and documents in order to specify or verify the information and documents specified in subsection (1) of this section by specifying which additional information is required.

§ 41.  Legislative proceeding and term in proceedings

 (1) The Financial Supervision Authority shall assess the compliance of the acquirer with the requirements provided for in § 38 of this Act and shall resolve on prohibition on acquisition of holding or granting authorisation for acquisition of holding within sixty working days (hereinafter term in a proceeding) as of submission of the notice provided for in subsection 39 (3) of this Act concerning receipt of the information and documents required for the assessment.

 (2) The Financial Supervision Authority has the right to demand the additional information and documents specified in subsections 40 (4) of this Act within fifty working days as of the beginning of the term in the proceeding.

 (3) The term in the proceeding shall suspend for the period between the first submission of the demand by the Financial Supervision Authority for additional information and documents specified in subsection (2) of this section and receipt from the acquirer of the demanded additional information and documents, but the suspension shall not exceed 20 working days. The term in the proceeding shall not suspend if additional information and documents are demanded.

 (4) If no financial supervision is exercised over an acquirer or a financial supervision authority of a third country exercises supervision over the acquirer, the Financial Supervision Authority may extend the time limit of proceedings specified in subsection (3) of this section to up to 30 working days.

 (5) Upon assessment of acquisition and increase of the qualifying holding or upon turning a payment institution or e-money institution into a controlled company, the Financial Supervision Authority shall cooperate with the financial supervision authority of the Contracting State if the acquirer is:
 1) an insurer, credit institution, management company, investment fund, investment firm, payment institution, e-money institution or another person subject to financial supervision having obtained an activity licence in a Contracting State;
 2) a parent company of an insurer, credit institution, management company, investment fund, investment firm, payment institution, e-money institution or another person subject to financial supervision having obtained an activity licence in a Contracting State;
 3) a person controlling an insurer, credit institution, management company, investment fund, investment firm, payment institution, e-money institution or another person subject to financial supervision having obtained an activity licence in a Contracting State.

 (6) The Financial Supervisory Authority shall consult with other financial supervision authorities in the framework of the co-operation specified in subsection (5) of this section. The Financial Supervision Authority and corresponding financial supervision authorities shall immediately inform each other of all the information that is essential upon assessment of acquisition and increase of the qualifying holding or upon turning a payment institution or e-money institution into a controlled company.

 (7) If more than one person wish to acquire a qualifying holding simultaneously, the Financial Supervision Authority shall treat them equally under equal circumstances.

§ 42.  Requirements for acquisition of holding

 (1) The Financial Supervision Authority has the right to specify a term for the acquirer during which the acquirer has the right to acquire or increase the qualifying holding or turn a payment institution or e-money institution into a controlled company. The Financial Supervision Authority may extend the term prescribed but the term shall not exceed 12 months in total. The acquirer is required, within the specified term, to give notification to the Financial Supervision Authority immediately of making a decision on conclusion of a transaction or failure to conclude a transaction by which the qualifying holding is acquired or increased or a payment institution or e-money institution is turned into a controlled company.

 (2) A qualifying holding may be acquired or increased or the payment institution or e-money institution may be turned into a controlled company if the Financial Supervision Authority does not prohibit, by a precept, acquisition or increase of a qualifying holding or turning of the payment institution or e-money institution into a controlled company based on the provisions of § 41 and subsection 43 (1) of this Act.

§ 43.  Bases for prohibition on acquisition of holding and decision on acquisition

 (1) The Financial Supervision Authority may prohibit, by a precept, acquisition and increase of the qualifying holding and upon turning a payment institution or e-money institution into a controlled company if:
 1) the acquirer does not comply with the requirements provided for in § 38 of this Act;
 2) the acquirer fails to submit the information or documents provided for in this Act or requested pursuant to this Act to the Financial Supervision Authority;
 3) The information or documents submitted to the Financial Supervision Authority do not comply with the requirements provided by legislation or are incorrect, misleading or incomplete or based on the information and documents submitted the Financial Supervision Authority cannot exclude reasonable doubt with respect to unsuitability of the acquisition and with respect to that the acquisition does not comply with the requirements provided for in this Act;
 4) the payment institution or e-money institution would become a company controlled by a person residing or located in a third country and sufficient supervision is not exercised over the person in the country of residence or location of the person or the financial supervision authority of the third country has no legal basis or possibility to cooperate with the Financial Supervision Authority.

 (2) The Financial Supervision Authority shall forward a decision to the acquirer concerning the authorisation to acquire the qualifying holding or a prohibiting precept within two working days after adoption of the decision but prior to the expiry of the term in the proceeding. If financial supervision over the acquirer is exercised by the financial supervision authority of another Contracting State, its assessment of the acquisition or increase of the qualifying holding or upon turning a payment institution or e-money institution into a controlled company must be also indicated in the decision.

 (3) If the circumstances specified in subsection (1) of this section become evident after acquisition or increase of qualifying holding or turning a payment institution or e-money institution into a controlled company, the Financial Supervision Authority may issue a precept according to which the acquisition of qualified holding or turning of a payment institution or e-money institution into a controlled company is deemed to be contrary to this Act.

 (4) The Financial Supervision Authority, by its precept, has the right to prohibit or restrict in each specific case the exercise of voting rights or other rights enabling control in a payment institution or e-money institution by the acquirer or a person who has a qualifying holding in the payment institution or e-money institution or who controls the payment institution or e-money institution if any of the circumstances provided for in subsections (1) or (3) of this section exist. The Financial Supervision Authority may issue a precept regardless of whether a precept provided for in subsection (1) or (3) of this section is issued. The Financial Supervision Authority shall publish the precept on its website at the request of the acquirer or, if necessary, on its own initiative.

 (5) If an acquirer or a person who has a qualifying holding in a payment institution or e-money institution or who controls a payment institution or e-money institution is a credit institution, management company, investment fund, investment firm, insurer, payment institution or e-money institution registered in another Contracting State, another person subject to financial supervision or a person belonging to the same consolidation group with an aforementioned person, the Financial Supervision Authority shall inform the competent financial supervision authority of that Contracting State of issue of a precept specified in subsection (3) or (4) of this section.

 (6) Compliance with the precepts of the Financial Supervision Authority provided for in subsections (1), (3) and (4) of this section is also mandatory for the payment institution or e-money institution, the person maintaining the share register thereof or another person who organises the exercise of voting rights.

§ 44.  Consequences of illegal acquisition of holding

 (1) As a result of a transaction by which a qualifying holding is acquired or increased, the person shall not acquire the voting rights determined by the shares, and the votes represented by the shares shall not be included in the quorum of the general meeting if:
 1) the transaction is contrary to a precept issued by the Financial Supervision Authority;
 2) the Financial Supervision Authority has issued a precept specified in subsection 43 (3) or (4) of this Act;
 3) the Financial Supervision Authority has not been informed of the transaction pursuant to the procedure provided for in § 54 of this Act;
 4) the transaction is concluded after the expiry of the term specified in subsection 43 (1) of this Act or before the expiry of the term specified in § 41 or before acquisition of a qualifying holding is permitted pursuant to this Act.

 (2) If any of the circumstances specified in subsection (1) of this section exist as a result of a transaction, the person who concluded the transaction does not have any rights arising from the transaction which would entitle the person to turn the payment institution or e-money institution into a company controlled thereby.

 (3) If voting rights representing a qualifying holding acquired or increased by such a transaction, in the case of which any of the circumstances specified in subsection (1) of this section exist, are included in the quorum of the general meeting and influence the adoption of a resolution of the general meeting, the resolution of the general meeting shall be void. A court may declare the resolution of the general meeting void on the basis of a petition of the Financial Supervision Authority, a shareholder or a manager of the company, if the petition is submitted within three months as of the adoption of the resolution of the general meeting.

 (4) If, arising from a transaction by which a payment institution or e-money institution is turned into a company controlled by a person and in the case of which any of the circumstances specified in subsection (1) of this section exists, rights enabling control are exercised, a court may declare the exercise of the rights void on the basis of a petition of the Financial Supervision Authority, a shareholder or a manager of the company, if the petition is submitted within three months as of the exercise of the rights.

§ 45.  Giving notification of changes in qualifying holding

 (1) If a person intends to transfer shares in an amount which would result in the person losing a qualifying holding in a payment institution or e-money institution or if the person reduces the holding thereof such that it falls below one of the limits specified in subsection 39 (1) of this Act or foregoes control over the payment institution or e-money institution, the person is required to inform the Financial Supervision Authority immediately of the intention and indicate the number of shares which the person owns and transfers and holds after the transaction.

 (2) The provisions of subsection (1) of this section also apply if a person loses control over a payment institution or e-money institution or qualifying holding in a payment institution or e-money institution due to any other event or as a result of any other transaction or if the holding of the person is reduced such that it falls below one of the limits specified in subsection 39 (1) of this Act. In such case, the person is required to inform the Financial Supervision Authority immediately after becoming aware of the loss of qualifying holding or control or the reduction of holding.

 (3) Upon becoming aware of transactions specified in subsections 39 (1) and (2) of this Act or subsections (1) and (2) of this section, a payment institution or e-money institution is required to immediately inform the Financial Supervision Authority thereof.

 (4) A payment institution or e-money institution shall, together with its annual report, submit to the Financial Supervision Authority information concerning persons who, as at the end of the financial year, have a qualifying holding in the payment institution or e-money institution and shall set out the size of holding owned by the person and related circumstances pursuant to §§ 37 and 39 of this Act and §§ 9, 10 and 72¹ of the Securities Market Act.

Chapter 5 CONTROL, MANAGEMENT AND ORGANISATIONAL STRUCTURE  

§ 46.  Seat and head office of payment institutions and e-money institutions
[RT I, 20.04.2017, 1 - entry into force 15.01.2018]

 (1) The registered seat and head office of a payment institution and e-money institution which has been entered in the commercial register in Estonia and granted an activity licence by the Financial Supervision Authority shall be in Estonia.

 (2) The partnership agreement or articles of association of a payment institution or e-money institution shall determine that the registered seat and head office of the payment institution and e-money institution is Estonia.
[RT I, 20.04.2017, 1 - entry into force 15.01.2018]

§ 47.  Requirements for managers and employees

 (1) Only persons who have the education, experience and professional qualifications necessary to manage a payment institution or e-money institution and who have an impeccable business reputation may be elected or appointed managers of payment institutions and e-money institutions.

 (2) The management board of a payment institution or e-money institution shall consist of at least two members.

 (3) [Repealed - RT I 2010, 34, 182 - entry into force 02.07.2010]

 (4) The following shall not be elected or appointed managers of payment institutions or e-money institutions:
 1) persons whose earlier activities have resulted in the bankruptcy, compulsory liquidation or revocation of the activity licence of a company;
 2) bankrupts or persons who are subject to a prohibition on business or from whom the right to engage in economic activity has been taken away pursuant to law;
 3) persons whose earlier activities as a manager of a company have shown that they are not capable of organising the management of a company such that the interests of the shareholders, members, creditors and clients of the company are sufficiently protected;
 4) persons who have been punished for an economic offence, official misconduct, offence against property or offence against public trust or financing and support of act of terrorism or activities directed at it, and whose corresponding information concerning the punishment has not been expunged from the punishment register pursuant to the Punishment Register Act;
 5) persons whose earlier activities have shown that they are not suitable to manage a company for other good reasons.

 (5) The managers and employees of a payment institution or e-money institution are required to act with the prudence and competence expected of them and according to the requirements for their positions and the interests of the payment institution or e-money institution and its clients.

 (6) The managers and employees of a payment institution or e-money institution are required to give priority to the economic interests of the payment institution or e-money institution and the clients thereof over their own personal economic interests. In addition to the above, the managers and employees of a payment institution or e-money institution are required to ensure the continuous existence of financial resources necessary for the economic activities, provide services lawfully with due professionalism, precision and care and provide clients with necessary information on payment services.

 (7) The managers of a payment institution or e-money institution shall guarantee that the organisational structure of the payment institution or e-money institution is transparent, the areas of responsibility are clearly delineated and procedures for the establishment, measurement, management, constant monitoring and reporting of risks have been established and that such procedures are sufficient and proportional taking into account the nature, extent and level of complexity of the operation of the payment institution or e-money institution.

 (8) The managers of a payment institution or e-money institution are required to regularly review the regulations and other rules of procedure established on the basis of this Act, evaluate their efficiency and take appropriate measures to eliminate any deficiencies.

§ 48.  Giving notification of managers and auditor

 (1) Upon the election or appointment of a manager of a payment institution or e-money institution, the person to be elected or appointed shall present the following to the payment institution or e-money institution:
 1) the information specified in clauses 15 (1) 14) and 15) of this Act;
 2) a confirmation that no circumstances exist which, according to this Act, would preclude the management of a payment institution or e-money institution.

 (2) A payment institution or e-money institution shall submit the information and confirmation specified in subsection (1) of this section to the Financial Supervision Authority.

 (3) Upon the election or appointment of an auditor, a payment institution or e-money institution shall submit to the Financial Supervision Authority the name of the auditor together with a confirmation that no circumstances exist which would preclude the right to be an auditor of a payment institution or e-money institution.

 (4) A payment institution or e-money institution is required to inform the Financial Supervision Authority of the intention to elect or appoint managers or an auditor, and of their resignation or the initiation of their removal before the expiry of their term of office at least ten days before making the corresponding decision or immediately after the receipt of the corresponding application.

§ 49.  Removal of manager of payment institution and e-money institution

 (1) The Financial Supervision Authority has the right to issue a precept to demand the removal of a manager of a payment institution or e-money institution if:
 1) the person does not conform to the requirements prescribed for managers by this Act;
 2) the person has submitted misleading or inaccurate information or falsified documents in connection with his or her election or appointment;
 3) the activities of the person in managing the payment institution or e-money institution have shown that he or she is not capable of sound and prudent management of the payment institution or e-money institution or he or she is not capable of organising the management of the payment institution or e-money institution such that the interests of the clients and creditors are sufficiently protected.

 (2) If a payment institution or e-money institution fails to comply with a precept specified in subsection (1) of this section in full or within the prescribed term, the Financial Supervision Authority has the right to demand the removal of the manager of the payment institution or e-money institution by a court or revoke the activity licence of the payment institution or e-money institution.

 (3) A court may, at the request of the Financial Supervision Authority or the management board, the supervisory board or a shareholder of the payment institution or e-money institution, appoint a new member to replace a member removed from the supervisory board. The authority of a court-appointed member of the supervisory board shall continue until the election of a new member of the supervisory board by the general meeting.

§ 50.  Internal rules of payment institution and e-money institution

 (1) A payment institution and e-money institution shall establish and apply rules of procedure regulating the activities of the payment institution or e-money institution and its managers and employees (hereinafter in this Chapter internal rules), which ensure that legislation regulating the activities of the payment institution or e-money institution and that decisions taken by the managing bodies are complied with.

 (2) The internal rules established and applied by a payment institution or e-money institution shall ensure legitimate and regular provision of services. A payment institution or e-money institution shall regularly evaluate the efficacy of its internal rules and the correspondence thereof to the actual situation, and shall update the internal rules in order to guarantee the protection of the interests of the clients.

 (3) Among other matters, the internal rules shall set out the following:
 1) the procedure for the movement of the internal information and documents, including the requirements for submission and forwarding of information;
 2) the procedure for the provision of payment services or e-money services, including a plan for determination of a risk of interruption of business, for managing or prevention of the risk thereof;
 3) the procedure for conclusion of transactions and performance of acts in the name and for the account of the payment institution or e-money institution or in the name and for the account of clients;
 4) duties and functions of employees, relationships of subordination, reporting chains, the procedure for reporting and the delegation of rights, and shall provide the separation of functions upon assumption of obligations in the name of the payment institution or e-money institution, the recording of services for accounting and reporting purposes and the assessment of risks;
 5) the procedure for maintaining databases and processing of data;
 6) internal rules of procedure which set out the safety and regular monitoring of information technology systems used and systems used for the safekeeping of assets of clients;
 7) the procedure for the functioning of the internal control system;
 8) internal rules of procedure for imposing international sanctions established on the basis of the International Sanctions Act and application of the Money Laundering and Terrorist Financing Prevention Act, and the code of conduct for verification of compliance therewith;
 9) the procedure for the establishment and solution of security-related client complaints and security incidents and for the implementation of corresponding measures, including the procedure for notification of incidents according to § 63⁶ of this Act and proceedings for the discovery and categorisation of material operational and security incidents;
 10) the procedure for the registration, monitoring, following and restriction of access to sensitive payment data;
 11) the procedure for ensuring business continuity, including a list of important acts, efficient plans for solving emergencies and proceedings for keeping such plans up-to-date and regularly testing and reviewing the efficiency thereof;
 12) the procedure for collecting statistical information on efficiency, transactions and fraud;
 13) upon the existence of branches or agents, the procedure for the verification of compliance with requirements of activities according to subsection 51 (5¹) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) The internal rules of a payment institution providing the payment service specified in clause 3 (1) 8) of this Act are not required to contain the procedure specified in clause (3) 12) of this section.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) The minister responsible for the area may establish by a regulation more specific requirements for internal rules.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 51.  Internal control and preservation of information

 (1) A payment institution or e-money institution shall apply sufficient internal control measures which cover all levels of management and operations of the payment or e-money institution.

 (2) The supervisory board of a payment institution or e-money institution shall appoint the head of the internal audit for the performance of the duties of the internal audit unit (hereinafter internal auditor). An internal auditor shall be governed by the requirements and the legal bases for the activities established for a certified internal auditor in the Auditors Activities Act. An internal auditor shall not perform duties which create or may create a conflict of interests.
[RT I, 09.05.2014, 2 - entry into force 19.05.2014]

 (3) The duty of an internal auditor is to monitor whether the activities of a payment institution or e-money institution and its managers and employees comply with legislation, the precepts of the Financial Supervision Authority, the resolutions of managing bodies, the internal rules, agreements entered into with the payment institution or e-money institution and good practice.

 (4) A payment institution or e-money institution shall ensure that the internal auditor has the rights and working conditions necessary to perform his or her duties, including the right to obtain explanations and information from the managers and employees of the payment institution or e-money institution and to observe the elimination of any deficiencies discovered and compliance with any precepts issued.

 (5) An internal auditor is required to forward any information concerning a payment institution or e-money institution which becomes known to him or her and which indicates a violation of law or damage to the interests of clients to the managers of the payment institution or e-money institution and the Financial Supervision Authority immediately in writing.

 (5¹) A payment institution and e-money institution shall verify compliance with requirements of their agents and branches and shall carry out on-site inspections in the place of business of the agent or the branch at least once a year.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) A payment institution and e-money institution and their branches in a foreign state shall preserve the information provided for in this Act unaltered and available to the Financial Supervision Authority for a period of at least five years unless the Financial Supervision Authority has established a different term or a longer term is provided by law.

 (7) A payment institution and e-money institution and their branches in a foreign state shall preserve the records which set out the respective rights and obligations of the payment institution or e-money institution and the client under a contract to provide services, or the terms on which the payment institution or e-money institution provides the services to the client for at least the duration of the legal relationship related to the provision of payment services or e-money services with the client unless a longer term is provided by this Act or other legislation.

 (8) Following the termination of the activity licence of a payment institution or e-money institution, the Financial Supervision Authority has the right to require the payment institution or e-money institution to preserve information for the five-year term provided for in subsection (6) of this section.

Chapter 6 TRANSFORMATION, DIVISION AND MERGER  

§ 52.  Transformation and division

 (1) Transformation of a payment institution or e-money institution is prohibited.

 (2) Division of a payment institution or e-money institution is prohibited.

§ 53.  Merger

 (1) The merger of a payment institution or e-money institution shall be performed pursuant to the procedure provided for in the Commercial Code, unless otherwise provided by this Act.

 (2) A payment institution may merge only with another payment institution and an e-money institution may merge only with another e-money institution.

 (3) If payment institutions or e-money institutions merge by founding a new payment institution or e-money institution, the payment institution or e-money institution being founded as a result of merger shall apply for an activity licence pursuant to the procedure provided for in Chapter 2 of this Act.

 (4) A payment institution or e-money institution being founded and an acquiring payment institution or e-money institution shall comply with the prudential requirements provided for in this Act and legislation established on the basis thereof.

 (5) An authorisation from the Financial Supervision Authority is required for the merger of payment institutions and the merger of e-money institutions (hereinafter authorisation for merger).

§ 54.  Merger agreement and merger report

 (1) The merger agreement of a payment institution or e-money institution shall not be entered into with a suspensive or resolutive condition. A merger agreement may only provide for a condition according to which the merger agreement enters into force after the Financial Supervision Authority grants an authorisation for merger.

 (2) The Financial Supervision Authority shall be informed of entry into a merger agreement between payment institutions or e-money institutions within ten days after the entry into the merger agreement.

 (3) Upon the merger of payment institutions or e-money institutions, a merger report shall be prepared and the report shall be audited by an auditor.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

 (4) An auditor’s report shall set out the assessment methods which have been used upon determination of the exchange ratio of shares, and provide an opinion on whether the acquiring payment institution or e-money institution meets the prudential requirements provided for in this Act.

§ 55.  Authorisation for merger

 (1) In order to be granted an authorisation for merger, the acquiring payment institution or e-money institution or merging payment institutions or e-money institutions jointly shall submit an application (hereinafter in this Chapter application for authorisation for merger) to the Financial Supervision Authority to which the following information and documents are appended:
 1) the merger agreement or a notarised transcript thereof;
 2) the merger report;
 3) merger resolutions if the adoption thereof is required;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
 4) the auditor’s report;
 5) the information and documents specified in clauses 15 (1) 13) and 14) of this Act concerning the acquiring payment institution or acquiring e-money institution;
 6) the business plan provided for in § 16 of this Act for the three years following the merger;
 7) the draft of the internal rules specified in § 50 of this Act.

 (2) In order to be granted an authorisation for merger upon the merger of payment institutions or merger of e-money institutions by founding a new payment institution or e-money institution, the merging payment institutions or e-money institutions shall jointly submit an application for authorisation for merger to the Financial Supervision Authority to which the following information and documents are appended:
 1) the merger agreement or a notarised transcript thereof;
 2) the merger report;
 3) merger resolutions if the adoption thereof is required;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
 4) the auditor’s report;
 5) an application for an activity licence provided for in § 15 of this Act.

§ 56.  Processing of application for authorisation for merger and decision on grant of authorisation for merger

 (1) The provisions of § 17 of this Act apply to the processing of applications for authorisations for merger, verification of the submitted information and documents and verification whether the applicant for the authorisation for merger has adequate facilities for the provision of payment services or e-money services and whether the acquiring payment institution or acquiring e-money institution complies with the requirements arising from this Act or legislation issued on the basis thereof.

 (2) The Financial Supervision Authority shall make a decision to grant or refuse to grant an authorisation for merger within one month after receipt of all the necessary information and documents, but not later than within three months after receipt of the application.

 (3) The Financial Supervision Authority shall immediately deliver a decision to grant or refuse to grant an authorisation for merger to the acquiring payment institution or acquiring e-money institution or merging payment institutions or merging e-money institutions.

 (4) The Financial Supervision Authority shall decide to terminate the activity licences of the merging payment institutions or merging e-money institutions upon merger of payment institutions or e-money institutions by founding a new payment institution or e-money institution together with the decision to issue an activity licence to a payment institution or e-money institution being founded as a result of a merger, and the decision does not enter into force before the date of entry of the new payment institution or e-money institution in the commercial register.

 (5) The Financial Supervision Authority shall decide to terminate the activity licence of a payment institution or e-money institution being acquired upon merger of payment institutions or e-money institutions together with the decision to grant an authorisation for merger to the acquiring payment institution or acquiring e-money institution.

 (6) The Financial Supervision Authority shall publish a decision to grant an authorisation for merger on its website not later than on the working day following the day the decision is made.

§ 57.  Bases for refusal to grant authorisation for merger

  The Financial Supervision Authority may refuse to issue an authorisation for merger if:
 1) the managers of the acquiring or a new payment institution or the acquiring or a new e-money institution do not comply with the requirements arising from this Act and legislation issued on the basis thereof;
 2) the merger would violate the limitations on investment provided for in this Act or legislation issued on the basis thereof;
 3) the financial situation of the acquiring or a new payment institution or the acquiring or a new e-money institution does not comply with the requirements provided for in this Act;
 4) the merger agreement does not comply with the requirements provided for in this Act or other legislation;
 5) close links between the acquiring or a new payment institution or the acquiring or a new e-money institution and another person prevent sufficient supervision over the payment institution or e-money institution;
 6) the merger may damage the interests of the clients or other creditors of the payment institution or e-money institution for other reasons.

§ 58.  Merger notification

 (1) Merging payment institutions and merging e-money institutions shall immediately publish a merger notification concerning the fact of being granted an authorisation for merger in at least one national daily newspaper and on their website if it exists.

 (2) A payment institution or e-money institution shall submit an application for entry of a merger in the commercial register immediately after publication of the merger notice specified in subsection (1) of this section.

Chapter 7 REQUIREMENTS FOR ACTIVITIES  

§ 59.  Use of paying agents

 (1) A paying agent is a natural or a legal person who is a representative of a payment institution acting on the basis of an authorisation and who may provide payment services specified in subsection 3 (1) of this Act. Such activity may be an ancillary activity of a paying agent.

 (2) A payment institution which intends to provide its services through a paying agent shall submit the following information and documents to the Financial Supervision Authority:
 1) the name of the paying agent or names of the persons connected with the management of the paying agent;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 2) the address of the paying agent;
 3) a description of the internal control measures applied by the paying agent in order to comply with the requirements arising from the Money Laundering and Terrorist Financing Prevention Act;
 4) information certifying the trustworthiness of the paying agent or the persons connected with the management of the paying agent if the agent is not a payment service provider specified in subsection 3 (6) of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 5) payment services provided through a paying agent;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 6) the commercial registry code or personal identification code of the paying agent.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) The Financial Supervision Authority shall demand the submission of additional information and documents in order to protect the interests and rights of the clients of the payment institution if it is not convinced on the basis of the information and documents specified in subsection (2) of this section as to whether the paying agent has adequate facilities for the provision of services or whether it meets the requirements for paying agents prescribed by this Act or if other circumstances relating to the paying agent need to be verified.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) A payment institution shall immediately inform the Financial Supervision Authority of changes in the information specified in subsection (2) of this section and of termination of use of a paying agent.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) A payment institution is required to ensure that its paying agent informs clients regarding on whose behalf he or she is acting.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 60.  List of paying agents

 (1) Only a paying agent included in the list of paying agents (hereinafter list) is permitted to operate as a paying agent, and a payment institution is permitted to use only the services provided by a paying agent entered in such list.

 (2) The list shall be published on the website of the Financial Supervision Authority.

 (3) A paying agent shall be entered in the list and deleted from the list by the Financial Supervision Authority.

 (4) The Financial Supervision Authority shall decide to include or refuse to include a paying agent in the list within two months after the receipt of the documents and information specified in subsection 59 (2) of this Act. The decision to refuse to include an agent in the list shall immediately be made known to the payment institution.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 61.  Requirements for paying agents

 (1) Paying agents who are natural persons and members of the management board of paying agents who are companies shall have impeccable professional and business reputation.

 (2) The following shall not operate in the capacity of the persons specified in subsection (1):
 1) persons whose activities have resulted in the bankruptcy or compulsory liquidation of a company or the revocation of the activity licence of a company;
 2) persons who are subjected to a prohibition on business;
 3) persons whose activities have shown that they are not capable of organising the management of a company such that the interests of the shareholders, members, creditors and clients of the company are sufficiently protected;
 4) persons who have been punished for an economic offence, official misconduct, offence against property or offence against public trust or financing and support of act of terrorism or activities directed at it, and whose corresponding information concerning the punishment has not been expunged from the punishment register pursuant to the Punishment Register Act;

§ 62.  Requirements for transfer of activities related to payment services or e-money services

 (1) For the better performance of its duties, a payment institution or e-money institution has the right to transfer the activities or duties related to the provision of payment services or e-money services to third parties (hereinafter in this section transfer). In such event the payment institution or e-money institution shall give prior notice thereof to the Financial Supervision Authority.

 (2) Important duties, activities and information systems shall not be transferred in such manner which may damage or decrease the capability of the payment institution or e-money institution to conduct effective internal control or the exercise of sufficient supervision over the payment institution or e-money institution.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) Important duties or activities are activities the failure to perform or inadequate performance of which would significantly impair the compliance of the payment institution or e-money institution with the requirements of this Act, the requirements of legislation issued on the basis thereof or with the conditions and obligations of its activity licence, or its financial performance, reliability, or the soundness or the continuity of its services.

 (4) A payment institution or e-money institution shall establish transfer procedure by internal rules and the transfer of important duties shall meet at least the following conditions:
 1) the transfer shall not result in the delegation by the managers of the payment institution or e-money institution of its responsibility;
 2) it shall not damage the interests of the clients of the payment institution or e-money institution and the relationships with the clients and obligations to the clients must not be altered due to such transfer;
 3) the transfer shall not be contrary to the conditions which the payment institution or e-money institution must meet in order to be granted an activity licence in accordance with this Act and to remain in conformity with the activity licence;
 4) the transfer shall not remove or modify any other conditions based on which the activity licence was granted to the payment institution or e-money institution;

 (5) Upon transfer of important duties or any other activities related to the services provided by a payment institution or e-money institution, including upon use of agents or distributors, the payment institution or e-money institution shall remain fully responsible for the due performance of the transferred duties and the compliance of the activities with the requirements arising from this Act.

 (6) A payment institution or e-money institution shall exercise due skill, care and diligence when entering into, performing or terminating any contracts for transfer of important duties and activities related to services.

 (7) If a payment institution or e-money institution has not performed its obligations to a third party provided for in subsection (1) of this section, the third party cannot make its respective claims against the clients of the payment institution or e-money institution.

 (8) A payment institution or e-money institution shall have the right to terminate the contract for transfer where necessary giving reasonable advance notice, without damaging the continuity and quality of the provision of services to the clients or the legitimate interests thereof.

 (8¹) A payment institution and e-money institution shall immediately inform the Financial Supervision Authority of the termination of or changes to the circumstances relating to the transfer of activities and duties.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (9) The Financial Supervision Authority may issue to a payment institution or e-money institution a percept requiring withdrawal of the right to provide services granted to a paying agent or distributor if the legitimate interests of clients of the payment institution or e-money institution are violated or there is a danger of such violation.

 (10) The Financial Supervision Authority may issue a precept requiring termination of the transfer of activities or duties related to services to a certain person or termination of all contracts for the transfer of activities or duties entered into by the payment institution or e-money institution with third parties if:
 1) the third party lacks the qualifications needed for the performance of the activities or duties of the payment institution or e-money institution;
 2) the legitimate interests of clients of the payment institution or e-money institution are violated or there is a danger of such violation;
 3) the financial supervision authority of a third country which exercises supervision over a person of a third country has no legal basis or possibilities for cooperation with the Financial Supervision Authority;
 4) a third party to which the activities or duties of the payment institution or e-money institution are transferred does not comply with the requirements for the performance of the activities or duties transferred thereto;
 5) other conditions specified in this section are violated.

§ 63.  Requirements for provision of payment services and e-money services

 (1) The provisions of Chapter 40 of the Law of Obligations Act and other legislation concerning payment order and payment services shall apply to the provision of payment services and payment service contracts.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) An e-money issuer is required to issue e-money in exchange for the money of the client at par value of the money received.

 (3) At the request of the e-money holder, an e-money issuer is required to redeem the e-money issued by the e-money issuer at par value for cash or by a transfer to a payment account.

 (4) An e-money issuer or a distributor acting on behalf of the e-money issuer shall submit the following information to the client at the request thereof:
 1) the business name of the e-money issuer, the address of its place of business and other relevant address important in the relations between the client and the e-money issuer and, if necessary, the address of its distributor, agent or branch and a reference to the list specified in § 105 of this Act, where the e-money issuer is entered;
 2) information on the risks related to e-money services, taking into account the type and volume of the offered services;
 3) the balance of e-money on the e-money device.

 (5) A contract entered into between an e-money issuer and e-money holder, including a person who receives e-money as means of payment, shall clearly state the conditions of redemption of e-money, including conditions of payment of fees. Before entry into a contract, an e-money issuer is required to inform the client of the conditions of redemption of e-money and the fees related thereto.

 (6) A fee for redemption of e-money shall be proportional to and comply with the actual costs incurred by the e-money issuer and redemption may be subject to a fee only if charging a fee is prescribed by the contract pursuant to subsection (5) of this section and at least one of the following conditions is met:
 1) the e-money holder requests redemption of e-money before termination of the contract;
 2) the e-money holder cancels the contract before the date of redemption of e-money provided by the contract;
 3) the e-money holder shall request redemption of funds related to the unused e-money more than one year after the date of termination of the contract.

 (7) If an e-money holder requests redemption of e-money on the date of termination of the contract or within one year after the date of termination of the contract:
 1) the total monetary value of e-money held shall be redeemed;
 2) all funds requested by the e-money holder shall be redeemed in the case the e-money institution is engaged in one or more of the activities specified in clause 7 (2) 5) of this Act and it is unknown in advance which proportion of funds is to be used as e-money.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 63¹.  Settlement of client complaints

 (1) A payment service provider is required to reply to a client's complaint in writing or in a format which can be reproduced in writing and to provide information concerning satisfying the consumer's complaint or a potential solution to the complaint within reasonable time, but no later than within 15 working days after receipt of the complaint.

 (2) In the event that reasons not attributable to the payment service provider make it impossible to reply to a complaint or to perform all the necessary act for the adjudication of a complaint within the term specified in subsection (1) of this section, the payment service provider is obligated to provide the client with reasons for the delay and determine an expected term for the conclusion of necessary acts that shall not exceed 35 working days.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63².  Processing of personal data

 (1) A payment initiation service provider shall not ask from the clients or try to obtain or store other data than those necessary for the provision of the payment initiation service. A payment initiation service provider may forward to the payee other information about the payer than that which is necessary for the execution of the payment transaction which becomes known to it in relation to the service only with the consent of the payer.

 (2) An account information service provider shall not use, try to obtain or store the client's data for other purposes than for providing the account information service explicitly requested by the client in accordance with data protection standards. An account information service provider may only receive data from a determined payment account and about payment transactions related to that payment account.

 (3) It is not permitted to store sensitive payment data for the provision of payment initiation service.

 (4) Payment service providers providing payment initiation service and account information service must ensure that third parties do not have access to clients' personalised safeguards.

 (5) Upon applying for confirmation of availability of a necessary amount of money on the payment account of the payer, a payment service provider may process information forwarded as an attachment only for the execution of the card-based payment transaction for which the application was submitted.

 (6) Within the meaning of this Act, sensitive payment data shall primarily mean personalised safeguards and other data the unjustified use of which enables a fraud or an act which comprises the necessary elements of both a misdemeanour and a criminal offence to be committed. The payment account number or information about the person in whose name a payment account has been opened with the payment service provider shall not be considered sensitive data in the event of payment initiation service and account information service.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63³.  Processing of personal data without consent of data subject

  The payment service provider is permitted to process personal data, except for sensitive personal data, without the consent of the data subject in the cases provided for in the Personal Data Protection Act as well as for the discovery, establishment and prevention of payment frauds.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63⁴.  Term for storing personal data

  A payment service provider shall be entitled to store personal data until the expiry of the limitation period for claims arising from the payment service contract or law unless otherwise provided by law.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63⁵.  Operational risk management

 (1) A payment service provider shall implement security measures and control mechanisms to manage operational risks, including security risks related to the payment services they provide.

 (2) A payment service provider shall submit to the Financial Supervision Authority every year by 1 March at the latest or after a shorter period of time upon the request of the Financial Supervision Authority an up-to-date assessment on the operational risks, including security risks related to the payment services it provides and the sufficiency of the security measures and control mechanisms implemented to react to the said risks.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63⁶.  Notification of incidents

 (1) Payment service providers shall immediately inform the Financial Supervision Authority of a significant operational or security incident related to the payment services they provide.

 (2) If the incident specified in subsection (1) of this section has or may have an impact on the financial interests of the clients, the payment service provider shall immediately inform the clients of the incident and of all measures that could be taken to mitigate the negative effect of the incident.

 (3) A payment service provider shall submit regularly to the Financial Supervision Authority statistical information on frauds related to various payment methods.

 (4) The specific composition and the form, frequency and deadlines of the data specified in subsection (3) of this section may be established by a regulation of the minister responsible for the area.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63⁷.  Liability insurance when providing account information service and payment initiation service

 (1) A payment institution providing the payment service specified in clause 3 (1) 7) or 8) of this Act must have a valid liability insurance for the entire period of its operation to ensure the compensation of damage that may arise from its activities under the following conditions:
 1) upon provision of the payment service specified in clause 3 (1) 7) of this Act, insured events shall include all events that require the payment institution to compensate for damage according to §§ 733², 733³ and 733⁵ of the Law of Obligations Act;
 2) upon provision of the payment service specified in clause 3 (1) 8) of this Act, insured events shall include all events that require the payment institution to compensate for damage due to unauthorised access or access obtained by fraud to payment account information or the unauthorised use or use by means of fraud of such information;
 3) the sum insured is equal to or exceeds the minimum value calculated in the basis of the regulation specified in subsection (4) of this section;
 4) insurance cover shall be valid throughout the territory where the payment institution is providing the payment service specified in clause 3 (1) 7) or 8) of this Act;
 5) the insurance cover shall apply to damage which is caused by an event or act which took place during the period of insurance or the claim for which is filed during the period of insurance if an insurance contract covers the proprietary liability of an intermediary until the expiry of the limitation period of a claim arising from the contract.

 (2) A liability insurance contract entered into on the basis of this Act need not cover the damage, which:
 1) occurs due to intentional violation of obligations of a payment institution;
 2) is usually precluded pursuant to the policy conditions of insurance undertakings entering into liability insurance contracts of a payment institution based on international insurance or reinsurance practice.

 (3) Instead of a liability insurance contract a payment institution providing the payment service specified in clause 3 (1) 7) or 8) of this Act may enter into a guarantee contract with a credit or financial institution to ensure the compensation of damage that may arise from its activities and the said contract must be equivalent to the provisions provided for in subsections (1) and (2) of this section.

 (4) The procedure and method for the calculation of the minimum value of the sum insured of the liability insurance specified in subsection (1) of this section and the conditions for the implementation of the security specified in subsection (3) shall be established by a regulation of the minister responsible for the area.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 63⁸.  Access to payment accounts in credit institutions

 (1) A credit institution must ensure that payment institutions have access to payment account services in compliance with legislation and under conditions which must be objective and proportionate in relation to the payment institutions and ensure the equal treatment thereof. This kind of access must be sufficiently extensive for payment institutions to be able to provide payment services to their clients without hindrance and effectively.

 (2) A credit institution shall submit to the Financial Supervision Authority reasons for denying access right.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

Chapter 8 PRUDENTIAL REQUIREMENTS  

§ 64.  Share and initial capital

  [RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1) The share or initial capital of a payment institution shall be:
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 1) at least 20,000 euros if the payment institution provides only the payment service specified in clause 3 (1) 6) of this Act;
 2) at least 50,000 euros if the payment institution provides the payment service specified in clause 3 (1) 7) of this Act;
 3) at least 125,000 euros if the payment institution provides one or several payment services specified in clauses 3 (1) 1)–5) of this Act.

 (2) The share or initial capital of an e-money institution shall be at least 350,000 euros.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) Upon founding a payment institution or e-money institution as a new company only amounts actually paid in may be indicated as the share capital.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) In the event of an active company, the initial capital of a payment institution or e-money institution shall consist of the capital and reserves specified in points (a) to (e) of Article 26(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 65.  Own funds

 (1) The own funds of a payment institution and the own funds of an e-money institution shall be treated in the meaning of Articles 26-88 of Regulation (EU) No 575/2013 of the European Parliament and of the Council and the provisions of these Articles apply to them.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3¹) At least 75 per cent of Tier 1 own funds must consist of Tier 1 basic own funds according to Article 50 of Regulation (EU) No 575/2013 of the European Parliament and of the Council.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) The amount of Tier 2 own funds must not exceed one third of Tier 1 own funds.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) Tier 2 own funds in excess of limitations prescribed in subsection (4) of this section shall not be taken into account for the purposes of calculating own funds.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (7) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (8) The reporting procedure for own funds and the principles for the calculation of the minimum amount of own funds shall be established by a regulation of the minister responsible for the area.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (9) A payment institution and e-money institution shall immediately inform the Financial Supervision Authority and provide their explanation if their own funds have decreased by more than 5 per cent or dropped below the required own funds amount required of a payment institution and e-money institution.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (10) The Financial Supervision Authority may determine a term during which a payment institution or e-money institution must bring its own funds into compliance with the requirements provided for in this Act and legislation issued on the basis thereof.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 66.  Subordinated liability

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 67.  Tier 1 own funds

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 68.  Tier 2 own funds

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 69.  Inclusion of subordinated liabilities in own funds

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 70.  Conditions for inclusion of securities and other instruments of indeterminate duration in Tier 2 own funds

  [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 71.  Minimum amount of own funds of e-money institutions and calculation thereof

 (1) The own funds of an e-money institution shall at all times be equal to or exceed the following indicators:
 1) the amount of the share or initial capital specified in subsection 64 (2) of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 2) the sum of the requirements calculated pursuant to the methods provided for in subsections (2) and (5) of this section.

 (2) The own funds requirement of an e-money institution related to the issue of e-money shall equal to 2 per cent of the average outstanding e-money issued by the e-money institution pursuant to the provisions of subsection 12 (2) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) If an e-money institution provides payment services which are not related to the issue of e-money or the provision of other services or activities specified in subsection 7 (2) of this Act and the amount of outstanding e-money is unknown in advance, the estimated amount of e-money to be issued may be taken as the basis for calculating the own funds requirements. Such estimated amount must be based on historical data. At the request of the Financial Supervision Authority, the e-money institution shall provide justification and relevant information concerning the calculation of the estimated amount.

 (4) An e-money institution which commences activities or has operated for less than six months shall calculate the own funds requirement on the basis of the amount of e-money presented in the business plan. The Financial Supervision Authority has the right to demand adjustment of the business plan if in the opinion of the Financial Supervision Authority the amount of e-money planned to be issued in the business plan does not correspond to the needs of the e-money institution.

 (5) If an e-money institution provides payment services which are not related to the issue of e-money, the provisions of §§ 73–76 of this Act concerning the calculation of the amounts of own funds of payment institutions shall apply to the calculation of the own funds requirement of the e-money institution related to payment services. The Financial Supervision Authority shall determine which of the methods provided for in §§ 73–75 of this Act shall be used by the e-money institution to calculate the own funds requirement. Upon determining the appropriate method, the Financial Supervision Authority shall take into account the nature of the payment services provided by the e-money institution and the nature, extent and level of complexity of the operation on the basis of the financial data presented in the business plan of the e-money institution.

 (6) Based on the evaluations given to the risk management processes, database of loss events, and internal procedures and control, the Financial Supervision Authority has the right to:
 1) demand an e-money institution to increase the result received from the application of clause (1) 2) of this section up to 20 per cent;
 2) permit an e-money institution to decrease the result received from the application of clause (1) 2) of this section up to 20 per cent.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 72.  Minimum amount of own funds of payment institution

 (1) The Financial Supervision Authority determines which of the methods provided for in §§ 73, 74 or 75 of this Act shall be used by a payment institution to calculate own funds, taking into account the nature of the services provided by the payment institution and the nature, extent and level of complexity of the operation. The Financial Supervision Authority may determine the appropriate method on the basis of financial data presented in the business plan of the payment institution.

 (2) The own funds of a payment institution shall at all times be equal to or exceed the following indicators:
 1) the amount of the share or initial capital specified in subsection 64 (1) of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 2) the amount of own funds calculated pursuant to one of the three calculation methods provided for in §§ 73–75.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

 (2¹) The provisions provided for in subsection (1) and clause (2) 2) of this section shall not apply to a payment institution that only provides the payment service specified in clause 3 (1) 7) or clauses 3 (1) 7) and 8) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) Based on the evaluations given to the risk management processes, database of loss events, and internal control mechanisms, the Financial Supervision Authority has the right to:
 1) demand a payment institution to increase the result received from the application of clause (2) 2) of this section up to 20 per cent;
 2) permit a payment institution to decrease the result received from the application of clause (2) 2) of this section up to 20 per cent.

§ 73.  Fixed overheads method

 (1) The amount of own funds of a payment institution shall not be less than 10 per cent of the fixed overheads of the previous financial year after deductions.

 (2) The amount of own funds of a payment institution which commences activities or has operated for less than six months shall not be less than 10 per cent of the fixed overheads planned in the business plan after deductions.

 (3) The Financial Supervision Authority has the right to demand that the amount of fixed overheads which was taken as the basis for calculating the minimum amount of own funds be adjusted after approval of the annual report if significant changes have occurred in the business activities of the payment institution.

 (4) The Financial Supervision Authority has the right to demand adjustment of the business plan specified in subsection (2) of this section if in the opinion of the Financial Supervision Authority the amount of fixed overheads planned in the business plan does not correspond to the needs of the payment institution.

 (5) The amount of fixed overheads of a payment institution shall be calculated in accordance with Article 34b of Commission Delegated Regulation (EU) No 241/2014, supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for Own Funds requirements for institutions (OJ L 74, 14.03.2014, pp. 8-26).
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 74.  Payment volume method

 (1) In the case of the payment volume method, the own funds of a payment institution shall be at least equal to the sum of the following shares multiplied by the scaling factor provided for in § 76 of this Act:
 1) 4 per cent of the share of payment volume which is up to or equal to 5 million euros;
 2) 2.5 per cent of the share of payment volume which is over 5 million euros but not more than 10 million euros;
 3) 1 per cent of the share of payment volume which is over 10 million euros but not more than 100 million euros;
 4) 0.5 per cent of the share of payment volume which is over 100 million euros but not more than 250 million euros;
 5) 0.25 per cent of the share of payment volume which is over 250 million euros.

 (2) The shares of payment volume specified in subsection (1) of this section are calculated on the basis of one twelfth of the total amount of payment transactions executed by the payment institution during the preceding year. A payment institution which has operated for less than 12 months during the preceding year shall divide the amount of payment volume executed during the preceding year with the number of months of being in operation in the preceding year in order to obtain the corresponding factor.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 75.  Indicator-based method

 (1) In the case of the indicator-based method, the own funds of a payment institution shall be at least equal to the sum of the following indicators multiplied by the multiplication factor provided for in subsection (6) of this section and the scaling factor provided for in § 76 of this Act:
 1) interest income;
 2) interest expenses;
 3) received commissions and fees;
 4) other operating income.

 (2) All the indicators specified in subsection (1) of this section shall be added up before multiplying, calculating the income with its positive sign and expenses with its negative sign. The indicator shall be calculated on the basis of the previous annual report approved by the general meeting or meeting of shareholders. A payment institution which commences activities or has operated for less than six months shall calculate the amount of own funds on the basis of the income and expenses planned in the business plan.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

 (3) If the audited data on the basis of which the indicator specified in subsection (1) of this section is calculated are not available, the estimated values reflected in the business plan may be used.

 (4) Income from extraordinary or irregular items may not be used in the calculation of the indicator specified in subsection (1) of this section.

 (5) The expenses related to the transfer of services to third parties may reduce the indicators specified in subsection (1) of this section if the third party is another payment institution within the meaning of this Act.

 (6) The multiplication factor specified in subsection (1) of this section shall be:
 1) 10 per cent of the share of the indicator which is up to or equal to 2.5 million euros;
 2) 8 per cent of the share of the indicator which is over 2.5 million euros but not more than 5 million euros;
 3) 6 per cent of the share of the indicator which is over 5 million euros but not more than 25 million euros;
 4) 3 per cent of the share of the indicator which is over 25 million euros but not more than 50 million euros;
 5) 1.5 per cent of the share of the indicator which is over 50 million euros.

 (7) The own funds calculated pursuant to the indicator-based method shall not fall below 80 per cent of the average amount of the indicators specified in subsection (1) of this section of the previous three financial years.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 76.  Scaling factor

  The scaling factors used in payment volume method and indicator-based method shall be:
 1) 0.5 if the payment institution provides only the money remittance service specified in clause 3 (1) 6) of this Act;
 2) [repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3) 1 if the payment institution provides at least one of the payment services specified in clauses 3 (1) 1)–5) of this Act.

§ 77.  Prudential requirements for consolidation groups

 (1) If at least one credit institution belongs to the consolidation group of a payment institution or e-money institution, the consolidation group is deemed to be the consolidation group of the credit institution and the provisions of the Credit Institutions Act and legislation established on the basis thereof shall apply with respect to the group.

 (2) If a payment institution or e-money institution and a credit institution who is the parent company of the payment institution or e-money institution are subject to consolidated supervision by the Financial Supervision Authority, the payment institution or e-money institution need not follow the provisions provided in clause 71 (1) 2) and clause 72 (2) 2) of this Act upon calculation of own funds with the consent of the Financial Supervision Authority.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) The Financial Supervision Authority shall grant the consent specified in subsection (2) of this section if the following conditions are met:
 1) the parent company has no practical or legal impediments at the moment of requesting the consent specified in subsection (2) of this section or in the future as far as it is known for the immediate transfer of own funds or performance of obligations;
 2) either the parent company proves to the Financial Supervision Authority the sufficient management of prudential requirements of the subsidiary and guarantees the performance of all the obligations assumed by the subsidiary or the risks related to the subsidiary are insignificant;
 3) the procedures for the establishment, measurement, management, constant monitoring and reporting of risks of the parent company also apply to the subsidiary.

 (4) In order to prevent multiple application of own funds requirements, the Financial Supervision Authority may decide which obligations related to own funds and calculation thereof provided for in this Chapter an e-money institution shall perform if:
 1) the e-money institution belongs to the same consolidation group as a credit institution, payment institution, investment firm, management company, insurer or reinsurer or another e-money institution;
 2) the e-money institution provides services other than issue of e-money.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

Chapter 9 SAFEKEEPING OF ASSETS  

§ 78.  General requirements for safekeeping of assets

 (1) A payment institution providing one or more of the payment services specified in clauses 3 (1) 1)-6) of this Act and an e-money institution shall establish the principles for the safekeeping and protection of the assets of clients by internal rules.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) A payment institution or e-money institution shall invest its assets in liquid assets such that execution of the payment orders or satisfaction of other justified claims of clients is ensured at all times pursuant to the procedure provided by law.

 (3) [Repealed - RT I, 08.07.2011, 6 - entry into force 18.07.2011]

 (4) A payment institution or e-money institution is required to apply measures which ensure the possibility to calculate own funds and limitations on investment at all times with sufficient precision.

 (5) The minister responsible for the area establish by a regulation more specific requirements for the safekeeping of assets, limitations on investments, procedure for and specifications of reporting.

§ 79.  Requirements for payment institutions for safekeeping of assets

 (1) A payment institution providing one or more of the payment services specified in clauses 3 (1) 1)-6) of this Act is required to:
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 1) keep the assets of the client entrusted to the payment institution in connection with the provision of payment services separate from its own assets and the assets related to the areas of activity which are not related to the provision of payment services.
 2) deposit the funds of the client in a separate account with a credit institution or invest the funds in liquid low-risk instruments if the payment institution has not transferred the funds related to the provision of payment services to the payee or another provider of payment services by the end of the working day following the date of receipt of the funds.

 (2) The assets of the client entrusted to a payment institution in connection with the provision of payment services as well as assets acquired on account of such assets belong to the client related to the payment services and shall not be included in the bankruptcy estate of the payment institution and the claims of other creditors of the payment institution shall not be satisfied on account of such assets.

 (3) Instead of the obligation provided for in subsection (1) of this section, the assets of the client entrusted to a payment institution in connection with the provision of payment services may be covered by an insurance contract or an equivalent guarantee contract by an insurer or credit institution, which does not belong to the same consolidation group as the payment institution, to the extent equal to the amount which would have been segregated in the absence of the insurance contract or equivalent guarantee contract if the payment institution is unable to meet its financial liabilities to the clients related to the provision of payment services.

 (4) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) The requirements for the safekeeping of assets provided for in subsections (1) and (2) or subsection (3) of this section shall apply to the amount known or estimated on the basis of historical data for the cover and execution of future payment transactions. At the request of the Financial Supervision Authority, a payment institution is required to be able to justify the amount estimated of the basis of historical data.

 (6) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (7) The Financial Supervision Authority may publish instructions which explain the principles for safekeeping and investment of the client funds provided for in clause (1) 2) of this section.

 (8) The provisions provided for in this section shall not apply to payment institutions which only provide payment services specified in clauses 3 (1) 7) and 8) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 80.  Requirements for e-money institutions for investment and safekeeping of assets

 (1) An e-money institution is required to keep the funds which have been received upon issue of e-money and which are equal to the amount of financial liabilities related to the e-money held by the e-money holder:
 1) separate from its own assets and assets related to the areas of activity which are not related to the provision of e-money services;
 2) in a separate account with a credit institution or invest the funds in liquid low-risk instruments.

 (2) The client funds transferred to the possession of an e-money institution upon issue of e-money as well as assets acquired on account of such assets belong to the client and shall not be included in the bankruptcy estate of the e-money institution and the claims of other creditors of the e-money institution shall not be satisfied on account of such assets.

 (3) Instead of the obligation provided for in subsection (1) of this section, the client funds transferred to the possession of an e-money institution may be covered by an insurance contract or an equivalent guarantee contract by an insurer or credit institution, which does not belong to the same consolidation group as the e-money institution, to the extent equal to the amount which would have been segregated in the absence of the insurance contract or equivalent guarantee contract if the e-money institution is unable to meet its financial liabilities to the clients related to the issue of e-money.

 (4) The liquid low-risk instruments specified in clause (1) 2) of this section shall be:
 1) the debt securities specified in point 14 of Annex I to the Directive 2006/49/EC of the European Parliament and of the Council on the capital adequacy of investment firms and credit institutions (OJ L 177, 30.6.2006, pp. 201-255) for which the specific risk capital charge shall not be higher than 1.6 per cent.
 2) the units or shares of UCITS the assets of which are invested only in the debt instruments specified in clause 1) of this subsection.

 (5) The Financial Supervision Authority has the right to decide on the basis of an evaluation of security, maturity, value or other risk element of the assets which instruments shall not be deemed to be liquid low-risk assets specified in subsection (4) of this section.

 (6) If an e-money institution provides payment services which are not related to the issue of e-money, the requirements for the safekeeping of assets by payment institutions provided for in § 79 of this Act shall apply to the e-money institution in connection with such activities.

 (7) The requirements for the safekeeping of assets provided for in this section shall be applied not later than as of the fifth working day after the date of issue of e-money unless otherwise provided by law.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

Chapter 10 ACCOUNTING AND REPORTING  

§ 81.  Organisation of accounting

 (1) Accounting and reporting shall be organised pursuant to the requirements and relevant rules provided for in this Act, the Accounting Act and other legislation and the articles of association and accounting policies and procedures of the payment institution or e-money institution.

 (2) Accounting shall provide truthful information relating to the business activities and the financial situation of the payment institution or e-money institution.

§ 82.  Reports and their submission

 (1) A payment institution or e-money institution shall prepare reports and submit them to the Financial Supervision Authority pursuant to the procedure provided for in this Act or legislation issued on the basis thereof.

 (2) A payment institution or e-money institution shall submit to the Financial Supervision Authority the annual report, a copy of the sworn auditor’s report, the proposal for and the resolution on the distribution of profits for the financial year and an extract of the minutes of the general meeting concerning the approval or refusal to approve the annual report within two weeks after the general meeting of shareholders.
[RT I 2010, 9, 41 - entry into force 08.03.2010]

 (3) A payment institution or e-money institution subject to the exemption provided for in subsection 11 (1) or (2) or subsection 12 (1) of this Act shall submit to the Financial Supervision Authority an overview on the number and total amount of payment transactions concluded or the volume of e-money services and liabilities related to the e-money services during a financial year within two weeks after the approval of the annual financial report.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3¹) A payment institution subject to the exemption provided for in subsection 11 (3) of this Act shall submit to the Financial Supervision Authority the annual financial report and the sworn auditor's report within two weeks after the approval thereof.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) The formats of reports of payment institutions to be submitted to the Financial Supervision Authority and the methods of preparation and the procedure for submission thereof shall be established by a regulation of the minister responsible for the area.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (5) The formats of reports of e-money institutions to be submitted to the Financial Supervision Authority and the methods of preparation and the procedure for submission thereof shall be established by a regulation of the minister responsible for the area.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) The formats of reports, methods of preparation and the procedure for submission of reports of branches of foreign payment institutions to be submitted to the Financial Supervision Authority may be established by a regulation of the minister responsible for the area.

 (7) The formats of reports, methods of preparation and the procedure for submission of reports of branches of foreign e-money institutions to be submitted to the Financial Supervision Authority may be established by a regulation of the minister responsible for the area.

 (8) The period for the regular reports to be submitted to the Financial Supervision Authority for supervision purposes is one quarter. A payment institution or e-money institution shall submit the regular report to the Financial Supervision Authority within twenty days after the end of the reporting period. If the last date of submission of the report falls on a day off, the report may be submitted not later than on the working day following the day off.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

 (8¹) The minister responsible for the area; may establish by a regulation a reporting period exceeding that which has been provided for in subsection (8) of this section for a payment institution subject to the exemption specified in subsections 11 (1)-(3) of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (9) Based on the reports provided for in this section to be submitted to the Financial Supervision Authority, information may also be submitted as appropriate to the Ministry of Finance for the performance of duties arising from the Government of the Republic Act, and to Eesti Pank for the performance of duties arising from the Official Statistics Act.

 (10) In addition to the provisions of this section, the Financial Supervision Authority has the right to request specific or regular reports and information necessary for the exercise of supervision to the extent provided by this Act.

 (11) Eesti Pank has the right to request additional specific or regular reports from the persons specified in this section for the performance of duties arising from Eesti Pank Act. The formats of reports, methods of preparation and the procedure for submission of reports shall be established by Eesti Pank.

§ 82¹.  Verification of reports submitted for supervision purposes and elimination of deficiencies

 (1) The Financial Supervision Authority shall verify the compliance of the reports submitted for supervision purposes with the requirements immediately after the receipt of the reports.

 (2) If the Financial Supervision Authority discovers deficiencies in a report submitted for supervision purposes, the Financial Supervision Authority shall immediately notify the person who submitted the report thereof.

 (3) In the case provided for in subsection (2) of this section, the person who submitted the report for supervision purposes is required to eliminate the deficiencies and submit the adjusted report to the Financial Supervision Authority. The adjusted report shall be submitted to the Financial Supervision Authority also if the person who submitted the report discovers an error in the information submitted earlier or the accounting policies of the previous accounting periods have changed.

 (4) The person who submitted the report for supervision purposes is required to preserve the documents which are the source of information used in the preparation of the report for at least five years.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 83.  Disclosure of reports

 (1) The annual report shall be available at the seat of the payment institution or e-money institution, in all the branches of the payment institution or e-money institution and on the website of the payment institution or e-money institution. If the payment institution or e-money institution does not have its own website, the payment institution or e-money institution shall submit the report subject to disclosure to the Financial Supervision Authority for its disclosure on the website of the Financial Supervision Authority.

 (2) A branch of a foreign payment institution or foreign e-money institution shall disclose the annual report which has been prepared according to the legislation of the country of the seat of the payment institution or e-money institution and translated into Estonian.

 (3) The annual report shall be disclosed within six months after the end of the financial year.

 (4) The list of information subject to additional disclosure, the formats of reports, methods of preparation and the terms for the disclosure of reports of payment institutions and e-money institutions may be established by a regulation of the minister responsible for the area.

§ 84.  Audit

 (1) The annual accounts of a payment institution and e-money institution shall be audited.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) In the course of auditing a payment institution or e-money institution, an auditor shall audit the following areas and submit to the payment institution or e-money institution and the Financial Supervision Authority an opinion on these areas:
 1) the compliance of the results of valuation of assets with the actual value of the assets;
 2) the compliance with the requirements established with regard to own funds and liability insurance;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 3) the sufficiency and efficiency of the internal control measures;
 4) the security of the information systems.

 (3) In addition to the provisions of subsection (2) of this section, the payment institution shall submit to the Financial Supervision Authority the special report of the auditor concerning the payment services and the provision of the services specified in subsection 5 (2) of this Act, in particular the payment volume, amount and fees. The report shall be submitted to the Financial Supervision Authority together with the annual report.

§ 85.  Appointment of auditor

 (1) A trustworthy person with adequate expertise and experience to audit payment institutions or e-money institutions may be appointed auditor.

 (2) The auditor of a payment institution or e-money institution may be appointed to conduct a single audit or for a specific term which shall not exceed five years. It is prohibited to appoint an auditor appointed for five years for an immediately subsequent period.

 (3) An auditor shall be appointed by a court of the seat of the payment institution or e-money institution on the basis of a petition of the Financial Supervision Authority if:
 1) the general meeting has not appointed an auditor;
 2) the auditor appointed by the general meeting refuses to conduct an audit;
 3) in the opinion of the Financial Supervision Authority, the auditor is no longer trustworthy.

 (4) The authority of a court-appointed auditor shall continue until appointment of a new auditor by the general meeting.

§ 86.  Notification obligation of auditor

 (1) An auditor is required to notify the Financial Supervision Authority immediately in writing of any circumstances of which he or she becomes aware in the course of conducting an audit of a payment institution or e-money institution and which result or may result in:
 1) material violation of legislation regulating the activities of payment institutions or e-money institutions;
 2) interruption of the activities of the payment institution or e-money institution or a subsidiary thereof;
 3) an adverse report by the auditor or a qualified report by the sworn auditor concerning the annual accounts;
[RT I 2010, 9, 41 - entry into force 08.03.2010]
 4) a situation or the risk of a situation arising, in which the payment institution or e-money institution is unable to perform its obligations;
 5) an act by a manager or employee of the payment institution or e-money institution causing significant proprietary damage to the payment institution or e-money institution or to a client thereof.

 (2) An auditor is required to notify the Financial Supervision Authority immediately in writing of any circumstances of which he or she becomes aware in the course of conducting an audit of a person which has a close link with a payment institution or e-money institution and which result or may result in the circumstances provided for in subsection (1) of this section.

 (3) Communication of information to the Financial Supervision Authority according to subsection (1) of this section shall not violate the confidentiality requirement which is imposed on the auditor by legislation or a contract.

Chapter 11 DISSOLUTION OF PAYMENT INSTITUTION AND E-MONEY INSTITUTION  

§ 87.  Dissolution

 (1) A payment institution and e-money institution shall be dissolved pursuant to the procedure provided for in the Commercial Code, unless otherwise provided by this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) A payment institution or e-money institution may be compulsorily dissolved on the basis of a petition of the Financial Supervision Authority by a court ruling if the Financial Supervision Authority has revoked an activity licence or authorisation issued to the payment institution or e-money institution pursuant to § 22 of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) Evidence concerning circumstances provided for in § 22 of this Act shall be submitted to the court together with a petition.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (4) A court shall decide on the compulsory liquidation of a payment institution or e-money institution within three working days after submission of the corresponding petition.

 (5) A ruling on compulsory dissolution is subject to immediate execution, and the filing of and proceedings regarding an appeal do not suspend the activities of liquidators.

 (6) The provisions of subsection 366 (3) of the Commercial Code do not apply in the case specified in subsection (2) of this section.

§ 88.  Bankruptcy

 (1) A bankruptcy petition against a payment institution or e-money institution may be filed by:
 1) the Financial Supervision Authority;
 2) the liquidators;
 3) the creditors.

 (2) An operating payment institution or e-money institution which is a debtor may file a bankruptcy petition only with the written consent of the Financial Supervision Authority.

 (3) A payment institution or e-money institution shall immediately notify the Financial Supervision Authority of a bankruptcy petition filed against the payment institution or e-money institution.

 (4) In the bankruptcy proceedings of a payment institution or e-money institution, claims shall be satisfied according to the rankings provided for in the Bankruptcy Act, unless otherwise provided for in this section.

 (5) In the event of the bankruptcy of a payment institution to which the provisions of subsection 79 (3) of this Act apply or in the event of the bankruptcy of an e-money institution, the claims of the creditors shall be satisfied in the following rankings:
 1) accepted claims secured by a pledge which were filed within the specified term, to the extent provided for in subsection 153 (2) of the Bankruptcy Act;
 2) accepted claims from clients which were filed within the specified term;
 3) other accepted claims which were filed within the specified term;
 4) claims which were not filed within the specified term but were accepted.

 (6) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

Chapter 12 SUPERVISION  

§ 89.  Bases and exercise of supervision

 (1) The Financial Supervision Authority exercises supervision over compliance of the activities of a payment institution or e-money institution and persons who have a qualifying holding in the payment institution or e-money institution with the requirements provided for in this Act and other Acts and legislation established on the basis thereof. The Financial Supervision Authority shall not exercise supervision over the services and activities of a payment institution which are not provided for in subsection 3 (1) and clause 5 (2) 1).

 (2) The purpose of supervision is to ensure that the foundation, activities, including the provision of payment services and e-money services, and dissolution of payment institutions and e-money institutions comply with Acts and other legislation, with particular attention to protection of the interests and rights of the clients of payment institutions and e-money institutions.

 (3) The Financial Supervision Authority has all the rights established in this Act and in the Financial Supervision Authority Act in exercising supervision over compliance with this Act and legislation established on the basis thereof.

 (4) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 90.  Scope of supervision

 (1) The supervision activities of the Financial Supervision Authority cover:
 1) all payment institutions and e-money institutions whose registered seat is in Estonia, including their agents and distributors;
 2) branches of Estonian payment institutions or e-money institutions founded in foreign states, if they are not supervised by foreign financial supervision authorities or if correspondingly agreed with the corresponding foreign financial supervision authority;
 3) branches of payment institutions or e-money institutions of foreign states founded in Estonia, unless otherwise agreed with the financial supervision authority of the corresponding foreign state;
 4) [repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 5) companies belonging to the same consolidation group as a payment institution or e-money institution.

 (2) The Financial Supervision Authority shall exercise supervision upon verifying the liquidity and reporting of a branch of a payment institution or e-money institution of a Contracting State in cooperation with the financial supervision authority of the home state of the payment institution or e-money institution.

§ 91.  Functions of Financial Supervision Authority

  In the exercise of supervision, the Financial Supervision Authority shall:
 1) decide on the grant, amendment and revocation of authorisations provided for in this Act;
 2) verify everything relating to the acquisition, increase or reduction of holdings;
 3) grant permission or consent in the cases provided for in this Act or perform the registrations and approvals provided for in this Act;
 4) monitor, upon verification of the reports and other documents and upon performance of on-site inspections, whether the activities of the payment institution or e-money institution comply with law;
 5) issue mandatory precepts and issue orders when necessary;
 6) perform other functions arising from this Act and legislation issued on the basis thereof.

§ 91¹.  Functions of Financial Supervision Authority upon ensuring comparability of representative payment services related to payment accounts

 (1) In order to ensure comparability of the fees for representative payment services related to payment accounts, the Financial Supervision Authority shall:
 1) prepare a provisional list of representative payment services related to payment accounts in accordance with the guidelines published by the European Banking Authority regarding payment services subject to a fee;
 2) submit to the European Commission at the request thereof additional information on the data and criteria serving as the basis for the preparation of the provisional list of representative payment services;
 3) establish with instructions the final list of representative payment services related to payment accounts based on the standardised terms of representative payment services developed by the European Banking Authority (hereinafter list of representative payment services) and publish such list;
 4) assess and, if necessary, update the list of representative payment services and the corresponding instructions every four years;
 5) notify to the European Banking Authority and the European Commission the outcome of the assessment specified in clause 4) of this subsection and, where applicable, of the updated list of representative payment services;
 6) operate a website comparing at least the fees for payment services provided for in the list of representative payment services (hereinafter comparison website).

 (2) Consumers shall have access to the comparison website free on charge and the comparison website shall:
 1) treat payment service providers equally in search results;
 2) set out clear and objective criteria on which the comparison will be based;
 3) provide information in a clear and unambiguous manner and use the standardised terms used in the list of representative payment services;
 4) provide accurate and up-to-date information and state the time of the last update;
 5) include a broad range of offers of representative payment services covering a significant part of the market;
 6) provide the consumer with the opportunity to report incorrect information on published fees through the comparison website.

 (3) If the information presented in clause (2) 5) of this section is not a complete overview of the market, a clear statement to that effect, before displaying results, shall be provided to the consumer.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017 - clause (1) 6) and subsection (2) enter into force nine months after entry into force of the implementing regulation of the European Commission specified in Article 3(4) of Directive 2014/92/EU of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (OJ L 257, 28.8.2014, pp. 214-246).]

§ 92.  Supervision over payment institutions and e-money institutions which have branches in foreign states and payment institutions and e-money institutions providing cross-border services

 (1) If a payment institution or e-money institution which has founded a branch in a foreign state or which provides cross-border services in a foreign state violates the requirements of legislation established in a foreign state, the Financial Supervision Authority shall immediately apply measures for termination of the violation on the proposal of the foreign financial supervision authority. The Financial Supervision Authority shall inform the foreign financial supervision authority of the applied measures.

 (1¹) The Financial Supervision Authority may prohibit, by a precept, provision of services by a payment institution or e-money institution through a branch founded in another Contracting State or in any other manner if:
 1) any of the circumstances specified in subsection 29 (5) of this Act become evident;
 2) the financial supervision authority of another Contracting State has informed the Financial Supervision Authority that the payment institution or e-money institution has committed a violation of the conditions provided for in the legislation of the Contracting State or established by the financial supervision authority of the Contracting State.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (1²) The Financial Supervision Authority shall immediately deliver the precept specified in subsection (1¹) of this section to the payment institution or e-money institution. A payment institution or e-money institution is required to terminate the provision of services in that Contracting State through a branch or through any other manner by the due date specified by the Financial Supervision Authority.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) The Financial Supervision Authority shall immediately inform the financial supervision authority of the foreign state where the branch of the payment institution or e-money institution is founded or where the payment institution or e-money institution provides cross-border services of revocation of an activity licence of the payment institution or e-money institution or an authorisation for the foundation of a branch in a foreign state, or precept specified in subsection (1¹) of this section.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (3) A branch of a payment institution or e-money institution or a payment institution or e-money institution which provides cross-border services shall, at the request of a foreign financial supervision authority, submit information which is necessary for the exercise of supervision over the activities of the branch, payment institution or e-money institution in the state.

§ 93.  Supervision over branches of foreign payment institutions and e-money institutions founded in Estonia and payment institutions and e-money institutions providing cross-border services in Estonia

 (1) The Financial Supervision Authority may demand that a foreign payment institution or e-money institution which provides services in Estonia submit reports, additional information and documents necessary for the exercise of supervision over the payment institution or e-money institution to the extent provided by this Act, and also data necessary for collection of statistical information. The Financial Supervision Authority may demand a payment institution or e-money institution of a Contracting State to submit reports in accordance with the provisions of the European Commission Implementing Regulation adopted on the basis of Article 29(6) and (7) of Directive 2015/2366/EU of the European Parliament and of the Council.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) A payment institution or e-money institution which provides services in Estonia and whose activity licence has been suspended or revoked by a foreign financial supervision authority shall not continue to operate or provide cross-border services in Estonia.

 (3) If a payment institution or e-money institution of a third country which provides services in Estonia violates the requirements provided for in this Act or other legislation, the Financial Supervision Authority may apply measures and sanctions necessary for the termination of the violation or revoke the authorisation for the foundation of a branch or for the provision of cross-border services.

 (4) The Financial Supervision Authority may demand that a payment institution or e-money institution of a Contracting State which has founded a branch is Estonia or provides cross-border services in Estonia terminate violation of the requirements provided for in Acts or legislation established on the basis thereof.

 (5) If a payment institution or e-money institution of a Contracting State specified in subsection (4) of this section continues to violate the requirements provided for in legislation, the Financial Supervision Authority shall inform the financial supervision authority of the home state thereof.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) If the measures applied by a financial supervision authority of a Contracting State are insufficient and a payment institution or e-money institution of the Contracting State continues to violate the requirements provided for in legislation, the Financial Supervision Authority may, by its precept, apply measures provided for in this Act for the termination of the violation or prohibit the activities of or provision of cross-border services by the payment institution or e-money institution of the Contracting State in Estonia and shall inform the financial supervision authority of the home state, the European Banking Authority, the European Commission and, if necessary, the financial supervision authorities of other Contracting States thereof beforehand.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (7) The Financial Supervision Authority shall inform the foreign payment institution or e-money institution of the measures applied pursuant to this section. A complaint against measures applied by the Financial Supervision Authority may be filed through a branch of the foreign payment institution or e-money institution with a court of its location.

 (8) The Financial Supervision Authority may, in order to protect clients and creditors of a payment institution or e-money institution, and the public interest, apply measures provided by law with regard to a payment institution or e-money institution of a Contracting State without prior notice. In such a case, a financial supervision authority of the home state, the European Banking Authority and the European Commission shall immediately be informed after the implementation of the measures.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (9) [Repealed - RT I, 07.12.2017, 1 - entry into force 13.01.2018]

§ 94.  Rights and obligations of participant in proceedings in supervision proceedings

 (1) If necessary, the Financial Supervision Authority shall explain the rights and obligations of a participant in proceedings in supervision proceedings to the participant in proceedings.

 (2) Participants in proceedings have the right to access the data concerning themselves and collected by the Financial Supervision Authority, and to copy or make extracts of such data. The Financial Supervision Authority has the right to refuse to provide such information to participants in proceedings if this damages or may damage the justified interests of third parties, or if examining the information damages attainment of the objectives of the supervision or ascertainment of the truth in criminal proceedings.

 (3) In supervision proceedings, a participant in proceedings has the right to submit questions to witnesses through the Financial Supervision Authority. The Financial Supervision Authority has the right to refuse to forward questions to witnesses with good reason if the questions are irrelevant or in order to prevent violation of the rights or interests of witnesses.

 (4) If, in the course of administrative proceedings, a participant in the proceedings fails to appear upon a summons by the Financial Supervision Authority without a legal impediment, the Financial Supervision Authority has the right to:
 1) impose penalty payment on the participant in proceedings;
 2) apply compelled attendance by a police escort.

§ 95.  Rights of Financial Supervision Authority upon receipt of information

 (1) In order to exercise supervision, the Financial Supervision Authority has the right to demand the submission of reports, information, documents and oral or written explanations without charge concerning facts which are relevant in the exercise of supervision from the following persons:
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 1) payment institutions and e-money institutions, managers and employees of payment institutions and e-money institutions;
 2) managers and employees of companies belonging to the same consolidation group as payment institutions or e-money institutions;
 3) shareholders of payment institutions and e-money institutions;
 3¹) agents or distributors of payment institutions and e-money institutions;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 4) in case of justified need, third parties;
 5) liquidators and trustees in bankruptcy of payment institutions and e-money institutions;
 6) state and local government agencies, general national registers, national registers and the controllers and processors of state databases.

 (2) For the purposes of supervision activities, the Financial Supervision Authority has the right to:
 1) carry out on-site inspections of companies belonging to the same consolidation group as a payment institution or e-money institution in order to verify information submitted to the Financial Supervision Authority, and to demand submission of information and documents necessary for the exercise of supervision;
 2) demand submission of any information from a payment institution or e-money institution necessary for verification of compliance with prudential requirements;
 3) receive information from internal auditors of payment institutions and e-money institutions and cooperate with them.

 (3) If necessary, the Financial Supervision Authority may require that a person appear at the offices of the Financial Supervision Authority at the time designated by the Financial Supervision Authority in order to provide explanations.

 (4) For the purposes of supervision, the Financial Supervision Authority has the right to receive information related to a payment institution or e-money institution from a third party without informing the payment institution or e-money institution of communication of the information. The third party is required not to inform the payment institution or e-money institution of communication of such information.

 (5) If necessary, the Financial Supervision Authority may issue an order whereby the Financial Supervision Authority designates a term for the performance of obligations provided for in subsections (1)–(3) of this section.

 (5¹) The Financial Supervision Authority shall explain to the persons specified in subsections (1)-(3) of this section the purposes of requesting information, provided that it does not have an adverse effect on exercising supervision.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (6) In order to exercise supervision, the Financial Supervision Authority has the right to receive from credit institutions information which contains banking secrets concerning a payment institution, e-money institution and the clients thereof, and a third party to whom the duties of a payment institution or e-money institution have been transferred.

§ 96.  Grounds for refusal to provide explanations

  A person obligated to provide explanations may refuse to provide explanations to the Financial Supervision Authority on the bases provided for in §§ 71 or 73 of the Code of Criminal Procedure.

§ 97.  On-site inspection

 (1) In order to exercise supervision, the Financial Supervision Authority has the right to carry out on-site inspections at the seat or place of business of the following persons (hereinafter in this Chapter person being inspected):
 1) payment institutions and e-money institutions;
 2) companies belonging to the same consolidation group as the payment institution or e-money institution;
 3) paying agents;
 4) persons to whom duties or activities have been transferred according to § 62 of this Act.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) An on-site inspection shall be carried out if:
 1) it is necessary to verify the submitted information;
 2) the Financial Supervision Authority suspects that the provisions provided by or on the basis of other legislation specified in this Act or subsection 2 (1) of the Financial Supervision Authority Act have been violated;
 3) it is necessary based on a request by a financial supervision authority of a Contracting State;
 4) it is necessary to execute supervisory duties.

 (3) In order to carry out an on-site inspection, the Financial Supervision Authority shall issue an order which sets out the purpose, extent, duration of the period and time of the inspection. The order shall be delivered to the person being inspected at least three working days before the on-site inspection is commenced, unless giving such notice damages attainment of the objectives of the inspection. An on-site inspection shall be carried out by an employee authorised by the Financial Supervision Authority (hereinafter in this Chapter inspector), unless otherwise prescribed in this Act.

 (4) In the course of an on-site inspection, inspectors have the right to:
 1) enter all premises and take possession of data, in compliance with the security requirements in force with regard to the person being inspected;
 2) request existence of necessary working conditions and use a separate room necessary for their work;
 3) study documents and media necessary for exercising supervision, make excerpts and copies thereof and monitor the work processes without restrictions;
 4) obtain oral and written explanations from the managers and employees of the person being inspected. Minutes shall be taken of the explanations when necessary or at the request of the person providing the explanations.

 (5) The management board of a person being inspected is required to appoint a competent representative in whose presence the inspection is carried out and who shall provide the inspector with documents and other information necessary for the performance of his or her duties, including the sworn auditor's report concerning the reports of the person being inspected and the special reports of the auditor, and provide necessary explanations with regard to such documents and information.
[RT I 2010, 9, 41 - entry into force 08.03.2010]

 (6) In the case specified in clause (2) 3) of this section, the Financial Supervision Authority may authorise a financial supervision authority of a Contracting State or an auditor or expert appointed by it to perform on-site inspections.

§ 98.  Report concerning on-site inspection

 (1) An inspector is required to prepare a report concerning the results of an on-site inspection within two months after completion of the inspection and the Financial Supervision Authority shall immediately deliver the report to the person being inspected.

 (2) A person being inspected has the right to provide written explanations within one month after the date of delivery of the report.

 (3) After reviewing the written explanations of the person being inspected, but not later than within four months after the on-site inspection is completed, the Financial Supervision Authority shall prepare a final report which is delivered to the person being inspected.

 (4) The person being inspected has the right to append a written dissenting opinion to the report.

 (5) If, after the on-site inspection or the written explanations of the person being inspected, additional circumstances become evident or the Financial Supervision Authority obtains additional information, the term for preparation of the report of the Financial Supervision Authority or a final report specified in subsection (3) of this section may be extended by up to two months, and the new term for preparation of the report or the final report shall be communicated to the person being inspected and the reason for extension of the initial term shall be indicated.

§ 99.  Assessment and special audit in supervisory proceedings

 (1) The Financial Supervision Authority may involve experts in proceedings in the cases where expertise is required to ascertain facts which are relevant to the matter.

 (2) The Financial Supervision Authority has the right to demand a special audit if:
 1) there is reasonable doubt that the reports or information submitted to the Financial Supervision Authority or the public are misleading or inaccurate;
 2) transactions have been concluded which may result or have resulted in significant damage to the payment institution or e-money institution, a company belonging to the consolidation group of the payment institution or e-money institution or clients;
 3) other issues relevant to the financial situation of a payment institution or e-money institution or a company belonging to the consolidation group of the payment institution or e-money institution need additional clarification in the supervision proceedings.

 (3) The Financial Supervision Authority shall involve an expert or, for a special audit, an auditor on its own initiative or at the request of a participant in the proceeding. The name of an expert or auditor and the reasons for involvement of the expert or auditor shall be communicated to a participant in the proceeding before involvement of the expert or auditor, unless proceedings regarding the matter need to be conducted quickly or communication of the information may impede attainment of the objectives of the assessment or special audit.

 (4) If an expert or an auditor who performs a special audit ascertains facts relevant in the supervision proceedings and the Financial Supervision Authority did not directly assign the task of ascertaining these facts to the expert or auditor, the expert or auditor shall also provide his or her opinion or assessment with regard to the facts.

 (5) An expert or an auditor who performs a special audit has the right to exercise the rights provided for in subsection 97 (4) of this Act only for the purpose of performance of the tasks assigned to him or her and make proposals to the Financial Supervision Authority and participants in proceedings for the submission of additional information and documents. The expert or auditor who performs the special audit may exercise the right provided for in subsection 97 (4) of this Act only with the permission or in the presence of the person being inspected. The expert is required to maintain the confidentiality of any confidential information which becomes known to him or her in connection with performance of the tasks specified in this section.

 (6) Costs related to the conduct of an assessment or a special audit shall be covered by the Financial Supervision Authority. If an expert or auditor is involved at the request of a participant in the proceeding, costs related to the conduct of an assessment or a special audit shall be covered by the participant in the proceeding.

§ 100.  Precepts

 (1) The Financial Supervision Authority has the right to issue a precept if:
 1) violations of the requirements of Acts and legislation established on the basis thereof are discovered as a result of supervision;
 2) there is a need to prevent the offence specified in clause 1) of this subsection;
 3) the risks assumed by a payment institution or e-money institution have increased significantly or if other circumstances emerge which endanger or may endanger the activities of the payment institution or e-money institution, the interests of the clients thereof or the soundness of the financial system or currency circulation.

 (2) The recipient of a precept shall, immediately after being notified of the precept, commence compliance with the precept.

 (3) The filing of an appeal against a precept and proceedings regarding the appeal do not suspend the requirement to comply with the precept, unless otherwise provided by the Financial Supervision Authority.

§ 101.  Rights upon issue of precepts

 (1) The Financial Supervision Authority has the right, by issuing a precept, to:
 1) prohibit certain transactions or activities from being conducted or to establish restrictions on their volume;
 2) prohibit, wholly or partially, payments from the profit of a payment institution or e-money institution;
 3) demand restrictions on the operating expenses of a payment institution or e-money institution;
 4) demand amendment of the internal rules of a payment institution or e-money institution;
 5) demand removal of the manager of a payment institution or e-money institution;
 6) propose to the general meeting of a payment institution or e-money institution for the change of auditor of the payment institution or e-money institution;
 7) demand suspension of an employee of a payment institution or e-money institution from work;
 8) demand that the right to provide services granted to an agent or distributor by a payment institution or e-money institution be withdrawn;
 9) demand that the ratio of liquid assets and current liabilities be brought into compliance with this Act or legislation issued on the basis thereof;
 10) make other demands for compliance with legislation regulating the operation of payment institutions or e-money institutions.

 (2) In addition to the provisions of § 106 of this Act, if the addressee of the precept fails to comply with the precept of the Financial Supervision Authority, the Financial Supervision Authority may apply other measures prescribed by this Act, including:
 1) revocation of the activity licence of a payment institution or e-money institution;
 2) revocation of the authorisation for the foundation of a branch;
 3) demand removal of the manager of a payment institution or e-money institution by a court.

§ 102.  Calling meeting of managing bodies

 (1) The management board of a payment institution or e-money institution shall notify the Financial Supervision Authority of a general meeting or a meeting of the supervisory board at least two weeks in advance. Notice of a special general meeting shall be given at least one week in advance, if possible.

 (2) The Financial Supervision Authority has the right to issue a precept:
 1) to call a meeting of the management board or supervisory board of a payment institution or e-money institution or to call the general meeting of a payment institution or e-money institution;
 2) to include an issue on the agenda of a meeting of the management board or supervisory board or the general meeting if this is necessary in the opinion of the Financial Supervision Authority.

 (3) The Financial Supervision Authority has the right to send representatives to a meeting who have the right to present positions and make proposals and demand the recording thereof in the minutes of the meeting.

§ 103.  Declaration of resolution of managing body invalid on basis of petition of Financial Supervision Authority

  On the basis of a petition of the Financial Supervision Authority, a court of the seat of a payment institution or e-money institution may declare invalid a resolution of the general meeting, supervisory board or management board which is in conflict with an Act, legislation issued on the basis thereof or the articles of association, if the petition is submitted within three months after adoption of the resolution.

§ 104.  Obligation to notify Financial Supervision Authority

 (1) A payment institution or e-money institution is required to notify the Financial Supervision Authority immediately of any changes to information or circumstances which constituted the basis for issue of the activity licence of the payment institution or e-money institution and to submit the following information and documents:
 1) the business name or address of the seat of the payment institution or e-money institution or, in the case of changes in details, a new business name, address of the seat and new details;
 2) upon changes in the articles of association, the amendments to and the amended text of the articles of association;
 3) upon changes in the procedure or rules determined by the internal rules, the amended internal rules;
 4) upon a change of managers, information specified in clause 15 (1) 14) of this Act;
 5) upon a change of auditors, information specified in clause 15 (1) 16) of this Act;
 6) circumstances which affect or may significantly affect the financial situation of the payment institution or e-money institution;
 7) other information if prescribed by this Act.

 (2) At the request of the Financial Supervision Authority, a payment institution or e-money institution shall immediately disclose the information and documents specified in subsection (1) of this section, except those specified in clauses 3) and 6).

 (3) The Financial Supervision Authority shall publish the information specified in clause (1) 1) of this section on its website.

§ 105.  List

 (1) The Financial Supervision Authority shall maintain a list of:
 1) payment institutions and e-money institutions which are registered in Estonia and hold a valid activity licence;
 2) persons having a qualifying holding in payment institutions or e-money institutions registered in Estonia;
 3) agents and distributors;
 4) managers of the persons specified in clause 1) of this subsection;
 5) branches founded abroad by payment institutions or e-money institutions registered in Estonia;
 6) branches founded in Estonia by foreign payment institutions or e-money institutions;
 7) payment institutions and e-money institutions providing cross-border services in Estonia;
 8) mergers of payment institutions and mergers of e-money institutions;
 9) exemptions applied to payment institutions on the basis of subsections 11 (1)-(3) and subsection 12 (1) of this Act;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 10) persons who submitted the notices specified in subsections 4¹ (1) and (3) of this Act and the services described in the notices;
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
 11) persons whose activity licence for provision of payment services or e-money services has been revoked.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) The information specified in this section shall be disclosed pursuant to the provisions of subsection 53 (4) of the Financial Supervision Authority Act.

§ 106.  Penalty payments

 (1) In the event of failure to comply or inappropriate compliance with a precept of the Financial Supervision Authority issued pursuant to this Act or another administrative act, the Financial Supervision Authority has the right to impose a penalty payment pursuant to the procedure provided for in the Substitutive Enforcement and Penalty Payment Act.

 (2) In the event of failure to comply or inappropriate compliance with an administrative act, the upper limit for a penalty payment is:
 1) in the case of a natural person, up to 1200 euros for the first occasion and altogether up to 6000 euros to enforce the performance of the same obligation.
[RT I 2010, 22, 108 - entry into force 01.01.2011]
 2) in the case of a legal person, up to 3200 euros for the first occasion and altogether up to 52,000 euros to enforce the performance of the same obligation.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

Chapter 13 LIABILITY  

§ 107.  Failure to submit information

 (1) Refusal to submit or failure to submit on time reports, documents, explanations or other information provided for in this Act, or submission of incorrect or insufficient information or violation of the obligation to disclose information or submission of information in a manner which does not permit exercise of supervision
is punishable by a fine of up to 300 fine units.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 108.  Violation of procedure for acquisition of qualifying holding

 (1) Acquisition or transfer of a holding in a payment institution or e-money institution or turning a payment institution or e-money institution into a controlled company without giving prior notification to the Financial Supervision Authority according to this Act or in violation of the precept specified in subsection 42 (2) of this Act, and exercise of the right to vote or other rights enabling control in the payment institution or e-money institution in violation of the precept of the Financial Supervision Authority,
is punishable by a fine of up to 300 fine units.

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 109.  Violation of requirements for internal rules and internal control

  Violation by a payment institution or e-money institution of the requirements for internal rules and internal control established by this Act
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 110.  Violation of obligations concerning provision of information and explanations and transfer of activities related to services

  Violation by a payment institution or e-money institution of the obligations provided for in this Act concerning the provision of information and explanations to clients and transfer of activities related to payment services and e-money services
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 111.  Violation of obligations of manager of payment institution and e-money institution

  Violation by a manager of a payment institution or e-money institution of the obligations provided for in § 47 of this Act resulting in failure or danger of failure to provide protection to the interests of the payment institution or e-money institution or clients thereof
is punishable by a fine of up to 300 fine units.

§ 112.  Violation of prudential requirements

  Violation of the prudential requirements provided for in Chapter 8 of this Act and legislation established on the basis thereof
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 113.  Violation of procedure for settlements

 (1) Violation by a payment institution or e-money institution of the requirements for maintenance of payment accounts or settlement of payments
is punishable by a fine of up to 300 fine units.

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 113¹.  Violation of obligations of payment service provider

  [Repealed - RT I, 17.11.2017, 2 - entry into force 27.11.2017]

§ 113².  Violation of technical and business requirements for credit transfers and direct debits in euro

 (1) Violation of the requirements provided for in Articles 3–9 of Regulation (EU) No 260/2012 of the European Parliament and of the Council establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (OJ L 94, 30.03.2012, pp. 22-37)
is punishable by a fine of up to 300 fine units.

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I, 26.04.2013, 2 - entry into force 06.05.2013]

§ 113³.  Violation of requirements for interchange fees for payment cards and rules for payment transactions

 (1) Violation of the requirements provided for in Articles 3–5, 8, 10 and 12 of Regulation (EU) No 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions (OJ L 123, 19.05.2015, pp. 1-15)
is punishable by a fine of up to 300 fine units.

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017]

§ 114.  Violation of requirement for safekeeping and protection of assets of clients

  Failure by a payment institution or e-money institution to perform the obligations related to the safekeeping and protection of assets of clients provided for in Chapter 9 of this Act
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 115.  Violation of name protection requirements

 (1) Violation of the name protection requirements provided for in § 8 of this Act
is punishable by a fine of up to 300 fine units.

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 116.  Violation of requirements for activities of foreign payment institutions and e-money institutions

  Violation of the requirements established with regard to the activities of foreign payment institutions or e-money institutions
is punishable by a fine of up to 32,000 euros.
[RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 116¹.  Violation of investment restrictions

 (1) Violation of the restrictions provided for by this Act in the investment of assets
is punishable by a fine of up to 300 fine units.

 (2) The same act, if committed by a legal person,
is punishable by a fine of up to 32,000 euros.
[RT I, 12.07.2014, 1 - entry into force 01.01.2015]

§ 117.  Proceedings

 (1) [Repealed - RT I, 12.07.2014, 1 - entry into force 01.01.2015]

 (2) Extra-judicial proceedings concerning the misdemeanours provided for in this Chapter shall be conducted by the Financial Supervision Authority.

Chapter 14 AMENDMENTS OF ACTS  

§ 118. – § 127. [Omitted from this text]

Chapter 15 IMPLEMENTATION AND ENTRY INTO FORCE OF ACT  

§ 128.  [Repealed - RT I 2010, 22, 108 - entry into force 01.01.2011]

§ 129.  Repeal of Electronic Money Institutions Act

[Omitted from this text.]

§ 130.  Implementing provisions

 (1) Regardless of the provisions of subsection 728 (1) of the Law of Obligations Act, a payer and a payment service provider of the payer may agree on a different term for the execution of a payment order which shall not exceed three business days until 1 January 2012. If the payment order is initiated on paper, the term specified in the first sentence of this subsection may be extended by one more business day.

 (2) Persons who provided payment services or services equal to payment services before entry into force of this Act and who intend to continue operating in the corresponding field after entry into force of this Act shall submit to the Financial Supervision Authority an application for an activity licence or for the exemption specified in § 13 of this Act not later than within nine months as of the entry into force of this Act. The provisions of the first sentence of this subsection shall not apply to persons specified in clauses 3 (6) 2)–6).
[RT I 2010, 34, 182 - entry into force 02.07.2010]

 (3) Persons who provided payment services or services equal to payment services before entry into force of this Act and who intend to continue operating in the corresponding field after entry into force of this Act, including credit institutions, shall bring their activities and documents into compliance with the provisions of this Act within four months as of the entry into force of this Act. Until bringing into compliance with this Act, the activities and documents of persons specified in the first sentence of this subsection shall comply with the legislation in force until the entry into force of this Act.

 (4) E-money institutions which hold a valid activity licence at the time this Act enters into force shall bring their activities and documents into compliance with the provisions of this Act within one month as of the entry into force of this Act. Until bringing into compliance with this Act, the activities and documents of e-money institutions shall comply with the legislation in force until the entry into force of this Act.

 (5) Persons who provided payment services or services equal to payment services within the meaning of this Act before entry into force of this Act may continue to provide such services without holding an authorisation provided for in § 13 or an activity licence provided for in § 14 of this Act until 30 April 2011.
[RT I 2010, 34, 182 - entry into force 02.07.2010]

 (6) The Financial Supervision Authority may grant an activity licence of a payment institution to a person provided for in subsection (5) of this section and add the person to the list of payment institutions provided for in § 105 of this Act without applying the procedure for application for an activity licence if the Financial Supervision Authority finds that the person complies with the requirements for application for an activity licence provided for in this Act.

 (7) A payment institution, e-money institution, branch of a foreign payment institution or foreign e-money institution or person holding an authorisation provided for in § 13 of this Act prior to the entry into force of this section who provided payment services or e-money services or services equal thereto but did not have an identification code specified in subsection 14 (7) of this Act before entry into force of this subsection may apply for an identification code and the right to use thereof from the Financial Supervision Authority at any time. The Financial Supervision Authority shall decide on the grant of an identification code and the right to use thereof within 30 calendar days from the receipt of a corresponding application.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

 (8) The Financial Supervision Authority shall establish the list of representative payment services specified in clause 91¹ (1) 3) of this Act within three months after the delegated act concerning the technical standards developed by the European Banking Authority has entered into force.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017]

 (9) The Financial Supervision Authority shall submit to the Ministry of Finance at the latest by 1 September 2018 and thereafter in every two years the following information:
 1) information on performance of the obligations provided for in subsections 711³ (1)–(6), subsections 718¹ (1)–(6) and subsection 711⁶ (2) of the Law of Obligations Act;
 2) upon transfer of a payment service specified in subsection 709 (15²) of the Law of Obligations Act, the number of payment accounts transferred and the proportion of applications submitted for transfer and applications rejected;
 3) the number of credit institutions providing basic payment services related to payment accounts within the meaning of 709 (15¹) of the Law of Obligations Act, number of payment accounts opened and the proportion of applications submitted for opening a payment account and applications rejected.
[RT I, 31.12.2016, 1 - entry into force 10.01.2017]

§ 131.  Bringing activities and documents of e-money institutions into compliance with version of this Act passed on 16 June 2011

 (1) E-money institutions which issued e-money before 30 April 2011 and intend to continue operating in the corresponding field after this date shall bring their activities and documents into compliance with the requirements provided for in §§ 6, 7, 12, 63, 64, 71 and 80 of the version of this Act passed on 16 June 2011 (hereinafter this version) at the latest by 30 October 2011. Until bringing into compliance with this version, the activities and documents of e-money institutions shall comply with regard to the aforementioned requirements with the legislation in force until the entry into force of this version.

 (2) The Financial Supervision Authority may add the e-money institution provided for in subsection (1) of this section to the list of e-money institutions provided for in § 105 of this Act without applying the procedure for application for an activity licence and the procedure for calculation of share capital and own funds provided by this version, if the Financial Supervision Authority finds that the e-money institution complies with the new requirements provided by this version.

 (3) Companies which issued e-money before 30 April 2011 and on the basis of the exemption provided for in § 12 of the Payment Institutions and E-money Institutions Act in force until the entry into force of this version and which intend to continue operating in the corresponding field after the aforementioned date shall bring their activities and documents into compliance with the requirements of this version at the latest by 30 April 2012. Until bringing into compliance with this version, the activities and documents of companies shall comply with the legislation in force until the entry into force of this version.
[RT I, 08.07.2011, 6 - entry into force 18.07.2011]

§ 132.  Bringing activities and documents of payment institutions and e-money institutions into compliance with version of this Act which entered into force on 13 January 2018

 (1) Payment institutions which provided payment services before 13 January 2018 and intend to continue operating in the corresponding field after this date shall bring their activities and documents into compliance with the version of this Act which entered into force on 13 January 2018 (hereinafter version of 13 January 2018) by 13 July 2018. Until bringing into compliance with the version of 13 January 2018 the activities and documents of payment institutions shall comply with the legislation in force until 13 January 2018.

 (2) Payment institutions which provided the payment service provided for in clause 3 (1) 7) of the version of this Act valid before 13 January 2018 may provide the payment service provided for in clause 3 (1) 3) of the version of 13 January 2018 until 13 January 2020 in compliance with the prudential requirements valid before 13 January 2018. The above payment institutions may continue to provide the payment service provided for in 3 (1) 3) of the version of 13 January 2018 after 13 January 2020 if the payment institution shall submit information to the Financial Supervision Authority that it complies with the requirements of Chapter 8 of the version of 13 January 2018. In such a case, an activity licence issued to a payment institution for the provision of the payment service specified in clause 3 (1) 7) of the version of this Act valid before 13 January 2018 shall be deemed to be an activity licence for the provision of the service specified in clause 3 (1) 3) of the version of 13 January 2018.

 (3) E-money institutions which issued e-money before 13 January 2018 and intend to continue operating in the corresponding field after this date shall bring their activities and documents into compliance with the version of 13 January 2018 by 13 July 2018. Until bringing into compliance with the version of 13 January 2018 the activities and documents of e-money institutions shall comply with the legislation in force until 13 January 2018.

 (4) Persons who provided payment services or issued e-money on the basis of the authorisation provided for in § 13 of the version of this Act valid before 13 January 2018 and intend to continue operating in the corresponding field after this date shall bring their activities and documents into compliance with the requirements of the version of 13 January 2018 by 13 January 2019. Until bringing into compliance with the version of 13 January 2018 the activities and documents of the above companies shall comply with the legislation in force until 13 January 2018. An authorisation issued to a person for provision of payment services or issue of e-money on the basis of § 13 of the version of this Act valid before 13 January 2018 shall be deemed to be an activity licence for the application of the exemption provided for in subsection 11 (1) of subsection 12 (1) of the version of 13 January 2018.

 (5) Persons who provided payment initiation services or account information services within the meaning of this Act before 12 January 2016 may continue to provide such services until the entry into force of the European Commission Implementing Regulation specified in Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council in compliance with the regulation valid until the entry into force of the version of 13 January 2018.

 (6) Payment service providers with which clients have a payment account shall not restrict the access of a payment initiation service or account information service provider to the payment accounts of clients for the reason that it is not implementing the European Commission Implementing Regulation specified in Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council.

 (7) Persons who executed payment transactions specified in clause 4 (1) 11) of the version of this Act valid before 13 January 2018 before 12 January 2016 shall bring their activities and documents into compliance with the version of 13 January 2018 by 13 July 2018.
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]
[RT I, 07.12.2017, 1 - entry into force 13.01.2018]

1. peatükk ÜLDSÄTTED 

§ 1.   Seaduse reguleerimisala

  (1) Käesolev seadus reguleerib makseteenuste ja e-raha teenuste osutamist, makseasutuste ja e-raha asutuste tegevust ja vastutust ning järelevalvet nende asutuste üle.

  (2) Käesolevas seaduses ettenähtud haldusmenetlusele kohaldatakse haldusmenetluse seaduse sätteid, arvestades käesolevast seadusest ja Finantsinspektsiooni seadusest tulenevaid erisusi.

§ 2.   Seaduse kohaldamine

  (1) Käesolevat seadust kohaldatakse Eestis asutatud ja tegutsevatele makseasutustele ja e-raha asutustele, välisriigi makseasutuste ja välisriigi e-raha asutuste filiaalidele Eestis ning kõigile teistele Eestis makseteenuseid ja e-raha teenuseid pakkuvatele isikutele.

  (2) Käesolevat seadust kohaldatakse ka Eesti makseasutuste ja e-raha asutuste ning nende filiaalide tegevusele välisriigis, kui välisriigi õigusaktidest ei tulene teisiti.

§ 3.   Makseteenused ja nende pakkujad

  (1) Makseteenused käesoleva seaduse tähenduses on isiku poolt majandus- või kutsetegevuses pakutavad järgmised teenused:
  1) teenused, mis võimaldavad teha sularaha sissemakseid maksekontole ja kõiki maksekonto pidamiseks vajalikke toiminguid;
  2) teenused, mis võimaldavad sularaha väljavõtmist maksekontolt ja teha kõiki maksekonto pidamiseks vajalikke toiminguid;
  3) maksetehingu täitmine, sealhulgas rahaliste vahendite ülekandmine makseteenuse pakkuja juures avatud maksekontole;
  4) maksetehingu täitmine, kui rahalised vahendid on makseteenuse pakkuja kliendile antud laenuna;
  5) võlaõigusseaduse § 709 lõikes 8 nimetatud makseinstrumentide väljastamine ja maksetehingute vastuvõtmine;
  6) rahasiire;
  7) makse algatamise teenus;
  8) kontoteabe teenus.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (2) Käesoleva paragrahvi lõike 1 punktides 3 ja 4 nimetatud makseteenuse sisu on:
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  1) otsekorralduste, sealhulgas ühekordsete otsekorralduste täitmine, mille eesmärk on debiteerida maksja maksekontot, kui maksetehingu on algatanud makse saaja volituse alusel, mille maksja on andnud otse makse saajale, makse saaja makseteenuse pakkujale või maksja enda makseteenuse pakkujale;
  2) maksetehingu täitmine makseinstrumendi abil;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  3) kreeditkorralduste täitmine, mille eesmärk on krediteerida saaja maksekontot maksetehingu või järjestikuste maksetehingutega maksja maksekontolt viimase antud juhise alusel, sealhulgas maksja poolt oma makseteenuse pakkujale antud juhise alusel regulaarselt või eelnevalt määratud kuupäevadel püsikorralduse täitmine.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (2¹) Käesoleva paragrahvi lõike 1 punktis 5 nimetatud makseteenus on vähemalt üks järgmistest teenustest:
  1) saajaga maksetehingute vastuvõtmiseks ja töötlemiseks lepingu sõlminud makseteenuse pakkuja teenus, mille tulemusena kantakse rahalised vahendid üle saajale;
  2) makseteenus, mida osutab makseteenuse pakkuja, kellel on sõlmitud leping, et anda maksjale makseinstrument tema maksetehingute algatamiseks ja töötlemiseks.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3) Käesoleva paragrahvi lõike 1 punktis 6 nimetatud rahasiire on makseteenus, mille käigus rahalised vahendid edastatakse maksjalt saajale või tema nimel tegutsevale makseteenuse pakkujale ilma raha maksja või saaja nimel maksekontot avamata.
[RT I, 08.07.2011, 6 - jõust. 18.07.2011]

  (3¹) Käesoleva paragrahvi lõike 1 punktis 7 nimetatud makse algatamise teenus on kliendi taotlusel maksetehingu algatamine maksekontol, mis ei ole avatud makse algatamise teenuse pakkuja, vaid mõne teise makseteenuse pakkuja juures. Seoses makse algatamise teenuse osutamisega ei hoia makseteenuse pakkuja ühelgi ajahetkel maksja rahalisi vahendeid.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3²) Käesoleva paragrahvi lõike 1 punktis 8 nimetatud kontoteabe teenus on koondteabe esitamine ühe või mitme maksekonto kohta, mis ei ole avatud kontoteabe teenuse pakkuja, vaid mõne teise makseteenuse pakkuja juures.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (4) Maksesüsteem on rahaliste vahendite edastamise süsteem, mis toimib kokkulepitud ja standarditud reeglite alusel ning mille abil maksetehinguid töödeldakse ja arveldatakse.

  (5) Maksja, saaja ja maksekonto suhtes kohaldatakse võlaõigusseaduse §-s 709 sätestatut.

  (6) Makseteenuseid võivad osutada järgmised isikud:
  1) makseasutused käesoleva seaduse tähenduses;
  2) e-raha asutused käesoleva seaduse tähenduses;
  3) krediidiasutused ja nende filiaalid Euroopa Parlamendi ja nõukogu määruse (EL) nr 575/2013 krediidiasutuste ja investeerimisühingute suhtes kohaldatavate usaldatavusnõuete kohta ja määruse (EL) nr 648/2012 muutmise kohta (ELT L 176, 27.06.2013, lk 1–337) artikli 4 lõike 1 punktide 1 ja 17 tähenduses;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  4) postiteenuse osutaja, kes osutab finantsteenuseid postiseaduse § 36 tähenduses;
  5) Euroopa Keskpank ja Euroopa Majanduspiirkonna lepinguriikide (edaspidi lepinguriik) keskpangad väljaspool nende ülesandeid rahandus- või riigiasutustena;
  6) lepinguriigid või nende regionaalse või kohaliku omavalitsuse üksused väljaspool nende ülesandeid riigiasutustena.
[RT I, 08.07.2011, 6 - jõust. 18.07.2011]
  7) [kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 4.   Makseteenuste hulgast välistatavad tehingud

  (1) Makseteenusena ei käsitata ja käesolevas seaduses sätestatut ei kohaldata järgmistele teenustele ja tehingutele:
  1) maksetehingud, mis tehakse üksnes sularahas otse maksjalt saajale ilma mis tahes vahendava sekkumiseta;
  2) maksetehingud maksjalt saajale, mis tehakse majandusagendi vahendusel, kellel on lepinguga antud õigus kas üksnes maksja või üksnes saaja nimel pidada läbirääkimisi kauba või teenuse müügi või ostu üle või tema nimel sõlmida müügi- või ostulepinguid;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  3) pangatähtede ja müntide vedu, nende kogumine, töötlemine ja tarnimine;
  4) maksetehingud, mis seisnevad sularaha kogumises ja tarnimises heategevuse või mittetulundusliku tegevuse käigus;
  5) teenused, mille puhul makse saaja tasub seoses kauba või teenuse ostmisega kliendi selge taotluse korral talle sularaha ühe osana maksetehingust enne maksetehingu täitmist;
  6) sularaha valuutavahetusteenus, mille puhul raha ei hoita maksekontol;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  7) maksetehingud, mis tehakse makse- või väärtpaberiarveldussüsteemis arveldusagentide, kesksete osapoolte, arvelduskodade või keskpankade ja muude süsteemis osalejate ning makseteenuse pakkujate vahel;
  8) maksetehingud, mis on seotud väärtpaberite haldamise või hoidmisega, sealhulgas nendelt saadavate dividendide või muude tulude jaotamise või väärtpaberite lunastamise, tagasiostmise või müügiga, mida teostavad käesoleva lõike punktis 7 nimetatud isikud või investeerimisühingud, krediidiasutused, fondivalitsejad või muud isikud, kellel on õigus osutada investeerimisteenuseid või väärtpaberite hoidmise teenust;
  9) makseteenuste osutamise tehnilised tugiteenused, sealhulgas andmetöötluse ja andmete säilitamisega ning usalduse ja eraelu puutumatuse kaitsega seotud teenused, andmete ja olemi autentimisega, sidevõrgu- ja infotehnoloogiliste teenuste osutamisega, makseteenustes kasutatavate terminalide ja seadmete kasutamiseks andmise ja nende hooldusega seotud teenused, mille käigus ülekantav raha ei kuulu selliste teenuste pakkujatele;
  10) teenused, mis põhinevad üksnes piiratud viisil kasutataval makseinstrumendil ja mille puhul on täidetud vähemalt üks käesoleva paragrahvi lõikes 3 sätestatud tingimus;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  11) elektroonilise side teenuse kasutaja maksetehingud, mida elektroonilise side ettevõtja täidab lisaks elektroonilise side teenuste osutamisele, ja mis vastavad käesoleva paragrahvi lõikes 4 sätestatud tingimustele;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  12) maksetehingud, mida tehakse makseteenuste pakkujate, nende agentide või filiaalide vahel nende enda nimel;
  13) maksetehingud, mida tehakse emaettevõtja ja tütarettevõtja vahel või sama emaettevõtja mitme tütarettevõtja vahel makseteenuse pakkuja vahendava sekkumiseta, välja arvatud juhul, kui tegemist on samasse konsolideerimisgruppi kuuluva ettevõtja vahendava sekkumisega;
  14) sularaha- või makseautomaadist sularaha väljavõtmise teenused, kui need töötavad ühe või mitme kaardi väljastaja huvides, kes ei ole kontolt raha välja võtva kliendiga sõlmitud makseteenuse lepingu osapool, tingimusel et selle teenuse pakkujad ei osuta muid käesoleva seaduse §-s 3 loetletud makseteenuseid.
[RT I, 31.12.2016, 1 - jõust. 10.01.2017]

  (2) Lisaks käesoleva paragrahvi lõikes 1 sätestatule välistatakse käesoleva seaduse tähenduses makseteenuste hulgast ka tehingud, mis põhinevad mõnel järgmisel dokumendil, millega pakkuja annab raha makse saaja käsutusse:
  1) pabertšekid, mis on kooskõlas tšekke käsitlevaid ühtseid õigusnorme sätestava 1931. aasta 19. märtsi Genfi konventsiooniga;
  2) käesoleva lõike punktis 1 nimetatud tšekkidega võrreldavad tšekid, mille suhtes kohaldatakse nende lepinguriikide õigusakte, kes ei ole tšekke käsitlevaid ühtseid õigusnorme sätestava 1931. aasta 19. märtsi Genfi konventsiooni osalised;
  3) paberil käskvekslid, mis on kooskõlas veksleid ja lihtveksleid käsitlevaid ühtseid õigusnorme sätestava 1930. aasta 7. juuni Genfi konventsiooniga;
  4) käesoleva lõike punktis 3 nimetatud käskvekslitega võrreldavad käskvekslid, mille suhtes kohaldatakse nende lepinguriikide õigusakte, kes ei ole veksleid ja lihtveksleid käsitlevaid ühtseid õigusnorme sätestava 1930. aasta 7. juuni Genfi konventsiooni osalised;
  5) paberil vautšerid;
  6) paberil reisitšekid;
  7) paberil rahakaardid vastavalt Ülemaailmse Postiliidu määratlusele.

  (3) Makseteenusena ei käsitata käesoleva paragrahvi lõike 1 punktis 10 nimetatud teenust, mis põhineb makseinstrumendil:
  1) mille valdajal on võimalik omandada kaupu või kasutada teenuseid ainult makseinstrumendi väljastaja ruumides või vahetult väljastajaga sõlmitud lepingu alusel kaupu müüvate või teenuseid osutavate isikute piiratud võrgustikus;
  2) mida saab kasutada üksnes väga piiratud valiku kaupade või teenuste omandamiseks;
  3) mis kehtib vaid Eestis ja mis antakse ettevõtja või riigi- või kohaliku omavalitsuse asutuse taotluse korral ning mida reguleerib riik või kohalik omavalitsus sotsiaalsetel või maksustamisega seotud eesmärkidel, et omandada konkreetseid kaupu või saada teenuseid tarnijatelt, kes on sõlminud väljaandjaga kaupade müügi või teenuste osutamise lepingu.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (4) Makseteenusena ei käsitata käesoleva paragrahvi lõike 1 punktis 11 nimetatud maksetehingute täitmist, kui ükski maksetehing ei ole suurem kui 50 eurot ja maksetehingute kogusumma ei ületa kasutaja kohta 300 eurot kuus või 300 eurot kalendrikuus elektroonilise side ettevõtja juures asuva konto eelrahastamise korral ning kui maksetehingud vastavad ühele järgmistest tingimustest:
  1) tehing tehakse kasutaja või teenuse tellija jaoks digitaalse infosisu ja häälepõhiste teenuste ostmiseks, olenemata digitaalse infosisu ostmiseks või tarbimiseks kasutatavast seadmest, ja tehingu summa lisatakse elektroonilise side teenustega seonduvale arvele;
  2) tehing täidetakse elektroonilise seadme abil ja tehingu summa lisatakse elektroonilise side teenustega seonduvale arvele heategevuse raames, piletite ostmiseks või parkimistasu maksmiseks.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (5) Käesoleva paragrahvi lõike 4 punktis 1 nimetatud digitaalne infosisu hõlmab kaupu või teenuseid, mida pakutakse või mis on toodetud ja tarnitud digitaalsel kujul ja mille kasutamine või tarbimine on võimalik vaid tehnilise seadmega, ega hõlma mingil viisil füüsiliste kaupade ja teenuste kasutamist või tarbimist.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 4¹.   Makseteenuste hulgast välistatud teenuseid osutava isiku teabe esitamise kohustus

  (1) Isik, kes pakub käesoleva seaduse § 4 lõike 1 punktis 10 nimetatud ja lõike 3 punktis 1 või 2 sätestatud tingimustele vastavat teenust, teavitab Finantsinspektsiooni, kui tema 12 järjestikuse kuu jooksul tehtud maksetehingute kogusumma ületab ühte miljonit eurot. Teates kirjeldatakse teenust, mille raames maksetehinguid tehakse, ning täpsustatakse, millisele käesoleva seaduse § 4 lõikes 3 sätestatud tingimusele teenus vastab.

  (2) Kui Finantsinspektsiooni hinnangul puudub alus käesoleva paragrahvi lõikes 1 nimetatud teates kirjeldatud maksetehinguid ja teenuseid käesoleva seaduse kohaldamisalast välistada, koostab ta sellekohase põhjendatud arvamuse. Arvamus edastatakse teate esitanud isikule viivitamata. Käesolevas lõikes sätestatu ei vabasta teate esitanud isikut kohustusest hinnata oma tegevuse vastavust õigusaktidele, sealhulgas käesoleva seaduse § 14 lõikes 1 sätestatud kohustusest.

  (3) Elektroonilise side ettevõtja, kes täidab käesoleva seaduse § 4 lõike 1 punktis 11 nimetatud maksetehinguid, teavitab sellest Finantsinspektsiooni ning esitab Finantsinspektsioonile igal aastal kahe nädala jooksul majandusaasta aruande kinnitamisest vandeaudiitori eriotstarbelise aruande, mis kinnitab käesoleva seaduse § 4 lõikes 4 sätestatud piirmäärade järgimist.

  (4) Finantsinspektsioonil on õigus saada käesoleva paragrahvi lõigetes 1 ja 3 nimetatud isikute juhtidelt, audiitoritelt, nende esindajatelt ja vajaduse korral kolmandatelt isikutelt tasuta teavet, dokumente ning suulisi või kirjalikke selgitusi käesoleva paragrahvi lõikes 2 nimetatud arvamuse andmisel tähtsust omavate asjaolude kohta ja talle esitatud teabe kontrollimiseks.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 5.   Makseasutus

  (1) Makseasutus on äriühing, kelle püsiv tegevus on makseteenuste osutamine. Makseasutus võib tegutseda üksnes aktsiaseltsina, kui ta osutab mõnda käesoleva seaduse § 3 lõike 1 punktides 1–5 nimetatud makseteenust. Makseasutus on finantseerimisasutus krediidiasutuste seaduse § 5 tähenduses.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (2) Lisaks käesoleva seaduse §-s 3 loetletud makseteenuste osutamisele võib makseasutus tegeleda järgmiste teenuste ja tegevustega:
  1) makseteenustega vahetult seotud lisateenuste osutamine, näiteks maksetehingute täitmise tagamine, valuutavahetus, andmeturve ning andmete säilitamine ja töötlemine;
  2) maksesüsteemide haldamine;
  3) muud makseteenuste osutamisega mitteseotud tegevused, kui seaduses ei ole sätestatud teisiti.

  (3) Makseasutus võib tema poolt hoitavaid maksekontosid kasutada üksnes maksetehingute täitmiseks. Makseasutuse kliendilt makseteenuse osutamiseks saadud rahalisi vahendeid ei käsitata hoiuse ega muu tagasimakstava vahendina krediidiasutuste seaduse § 4 tähenduses ega e-rahana käesoleva seaduse § 6 tähenduses.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (4) Makseasutus võib anda laenu üksnes seoses käesoleva seaduse § 3 lõike 1 punktides 4 ja 5 nimetatud makseteenuste osutamisega ja juhul, kui täidetud on järgmised tingimused:
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  1) laenu andmine on kõrvalteenus ning seda antakse üksnes maksetehingu täitmiseks;
  2) maksetehingu täitmisega seotud laenud tuleb tagasi maksta 12 kuu jooksul;
  3) laenu ei või anda nende vahendite arvel, mis on saadud või mida hoitakse enda käes maksetehingu täitmise eesmärgil;
  4) makseasutuse omavahendid peavad olema piisavad, et katta väljastatud laenudega seotud riske;
  5) makseasutuse tegevus vastab krediidiandjate ja -vahendajate seaduse §-des 38, 40 ja 43, § 44 lõigetes 2 ja 3 ning §-des 46–53 sätestatule.
[RT I, 19.03.2015, 4 - jõust. 29.03.2015]

  (5) Finantsinspektsioon võib määrata omavahendite taseme, mis on piisav makseasutuse poolt väljastatud laenudega seotud riskide katmiseks vastavalt käesoleva paragrahvi lõikes 4 sätestatule.

  (6) Makseasutus ei tohi tegeleda hoiuste ja muude tagasimakstavate vahendite kaasamisega krediidiasutuste seaduse § 4 tähenduses.

  (7) Hoiu-laenuühistu, kes osutab makseteenuseid, on makseteenuse pakkuja käesoleva seaduse tähenduses ja talle kohaldatakse käesolevas seaduses ja teistes õigusaktides makseteenuse pakkuja kohta sätestatut käesolevas seaduses ja hoiu-laenuühistu seaduses ettenähtud erisustega. Hoiu-laenuühistu suhtes ei kohaldata käesoleva paragrahvi lõike 1 teises lauses sätestatut.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 6.   E-raha ja selle väljastamine

  (1) E-raha on elektroonilisel kandjal (edaspidi e-raha seade) säilitatav rahaline väärtus, mis väljendab rahalist nõuet selle väljaandja vastu ja mis vastab kõigile järgmistele tingimustele:
  1) seda väljastatakse rahalise sissemakse eest saadud summa nimiväärtuses;
  2) seda kasutatakse maksevahendina maksetehingute tegemiseks võlaõigusseaduse § 709 lõike 6 tähenduses;
  3) seda aktsepteerib maksevahendina vähemalt üks isik, kes ise ei ole selle e-raha väljastaja.

  (2) E-raha valdamise ajavahemiku eest ei tohi nõuda ega maksta intressi, muud tasu ega kohaldada muid soodustusi.

  (3) Käesolevas seaduses e-raha ja e-raha asutuste kohta sätestatut ei kohaldata käesoleva seaduse § 4 lõike 1 punktis 10 nimetatud maksevahendite ja punktis 11 sätestatud maksetehingute suhtes.

  (4) E-raha teenus käesoleva seaduse tähenduses on e-raha väljastamine ja e-raha väljastamise või haldamisega vahetult seotud lisateenus.

  (5) [Kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (6) E-raha ei käsitata hoiuse ega muu tagasimakstava vahendina krediidiasutuste seaduse § 4 tähenduses.

  (7) E-raha võivad väljastada järgmised isikud (edaspidi e-raha väljastaja):
  1) e-raha asutus käesoleva seaduse tähenduses;
  2) [kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  3) krediidiasutus krediidiasutuste seaduse tähenduses;
  4) Euroopa Keskpank ja lepinguriigi keskpank väljaspool nende ülesandeid rahandus- või riigiasutusena;
  5) lepinguriik või selle regionaalse või kohaliku omavalitsuse üksus oma ülesandeid täites.

  (8) E-raha võib levitada või tagasi võtta e-raha väljastaja või tema nimel tegutsev isik (edaspidi edasimüüja). Edasimüüja kasutamisel kohaldatakse e-raha asutuse suhtes käesoleva seaduse §-s 62 sätestatud tegevuse edasiandmisele esitatavaid nõudeid.

  (9) Kui e-raha asutus osutab makseteenust edasimüüja kaudu, kohaldatakse e-raha asutuse suhtes käesoleva seaduse §-des 59–61 makseagentide kohta sätestatut.
[RT I, 08.07.2011, 6 - jõust. 18.07.2011]

§ 7.   E-raha asutus

  (1) E-raha asutus on aktsiaselts või osaühing, kelle püsiv tegevus on enda nimel e-raha väljastamine.

  (2) E-raha asutus võib lisaks e-raha väljastamisele tegeleda järgmisega:
  1) makseteenuste osutamine;
  2) makseteenuste osutamisega seotud laenude andmine, kui täidetud on käesoleva seaduse § 5 lõikes 4 sätestatud tingimused;
  3) e-raha väljastamise või haldamisega või makseteenustega vahetult seotud lisateenuste osutamine;
  4) maksesüsteemide haldamine;
  5) muud e-raha väljastamisega mitteseotud tegevused, kui seaduses ei ole sätestatud teisiti.

  (3) E-raha asutusel on keelatud anda laenu e-raha vastu saadud vahendite arvel või tagatisel.

  (4) Kui e-raha asutus osutab makseteenust, kohaldatakse tema suhtes käesoleva seaduse § 5 lõikes 3 sätestatut.
[RT I, 08.07.2011, 6 - jõust. 18.07.2011]

§ 8.   Nime kaitse

  (1) Sõna «makseasutus», selle tuletisi ja võõrkeelseid vasteid võib oma ärinimes kasutada üksnes makseasutus.

  (2) Sõnaühendit «e-raha asutus», selle tuletisi ja võõrkeelseid vasteid võib oma ärinimes kasutada üksnes e-raha asutus.

§ 9.   Konsolideerimisgrupp ning kontrollsuhe ja märkimisväärne seos

  (1) Konsolideerimisgrupi käesoleva seaduse tähenduses moodustavad:
  1) emaettevõtja koos tütarettevõtja või tütarettevõtjatega;
  2) emaettevõtja koos tütarettevõtja või tütarettevõtjatega ning emaettevõtja või tema tütarettevõtjatega seotud ettevõtjad käesoleva paragrahvi lõike 4 punktis 1 nimetatud osaluse tähenduses;
  3) äriühingud või muud juriidilised isikud, kes on ühtse juhtimise all vastavalt sõlmitud lepingule või asutamislepingu või põhikirja sätetele või kelle juhtimis- või järelevalveorganite koosseisu enamuse moodustavad konsolideeritud majandusaasta aruande kinnitamiseni samad isikud.

  (2) Emaettevõtja käesoleva seaduse tähenduses on isik, kes väärtpaberituru seaduse § 10 kohaselt kontrollib vähemalt ühte äriühingut või muud juriidilist isikut (tütarettevõtja). Emaettevõtja tütarettevõtjate tütarettevõtjaid käsitatakse käesoleva seaduse tähenduses sama emaettevõtja tütarettevõtjatena.

  (3) Käesolevas seaduses tähendab kontrollsuhe käesoleva paragrahvi lõigetes 1 ja 2 sätestatud emaettevõtja ja tütarettevõtja suhet.

  (4) Käesolevas seaduses tähendab märkimisväärne seos olukorda, kus vähemalt kaks isikut on seotud:
  1) osaluse kaudu, mille puhul äriühingus või muus juriidilises isikus omatakse vähemalt 20 protsenti aktsia-, osa- või algkapitalist või aktsiate või osadega määratud häältest;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  2) kontrollsuhte kaudu käesoleva paragrahvi lõike 3 tähenduses.

  (5) Märkimisväärse seosena käsitatakse ka olukorda, kus vähemalt kaks isikut on kontrollsuhte kaudu ühe ja sama isikuga alaliselt seotud.

§ 10.   Klient

  (1) Makseasutuse klient käesoleva seaduse tähenduses on iga isik, kellele osutatakse makseteenust otse makseasutuse poolt või agendi vahendusel, ja isik, kes on makseasutuse või agendi poole pöördunud makseteenuse saamise eesmärgil.

  (2) E-raha väljastaja klient käesoleva seaduse tähenduses on iga isik, kellele on väljastatud või väljastatakse e-raha otse e-raha väljastaja poolt või edasimüüja vahendusel, ja isik, kes on e-raha väljastaja või edasimüüja poole pöördunud e-raha omandamise eesmärgil.
[RT I, 08.07.2011, 6 - jõust. 18.07.2011]

§ 11.   Seaduse kohaldamisel makseteenuste pakkujatele tehtavad erandid
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (1) Makseasutusele, kes osutab üksnes käesoleva seaduse § 3 lõike 1 punktis 6 nimetatud teenust, ei kohaldata Finantsinspektsiooni otsuse alusel käesoleva seaduse peatükkides 3, 4, 6 ja 8 sätestatut, kui tema eelneva 12 kalendrikuu jooksul tehtud maksetehingute keskmine kogusumma ei ületa ühte miljonit eurot kuus.

  (2) Makseasutusele, kes osutab mõnda käesoleva seaduse § 3 lõike 1 punktides 1–5 nimetatud makseteenust, ei kohaldata Finantsinspektsiooni otsuse alusel käesoleva seaduse peatükkides 3, 4, 6 ja 8 sätestatut, kui on täidetud kõik järgmised tingimused:
  1) vähem kui pool majandusaasta tuludest saadakse maksetehingute tegemisest;
  2) eelneva 12 kalendrikuu jooksul tehtud maksetehingute keskmine kogusumma ei ületa kolme miljonit eurot kuus;
  3) makseasutus ei osuta käesoleva seaduse § 3 lõike 1 punktides 6–8 nimetatud makseteenuseid.

  (3) Makseasutusele, kes osutab üksnes käesoleva seaduse § 3 lõike 1 punktis 8 nimetatud makseteenust, ei kohaldata Finantsinspektsiooni otsuse alusel käesoleva seaduse peatükkides 4, 6, 8 ja 9 sätestatut.

  (4) Finantsinspektsioon otsustab käesoleva paragrahvi lõigetes 1–3 nimetatud erandi kohaldamise tegevusloa andmise otsuses.

  (5) Käesoleva paragrahvi lõikes 1 ning lõike 2 punktides 1 ja 2 nimetatud maksetehingute hulka arvestatakse ka makseasutuse agentide tehtud maksetehingud. Nimetatud sätetes kindlaks määratud piirmäärade järgimist hinnatakse tegevusloa taotlemisel äriplaani põhjal.

  (6) Makseasutus, kellele kohaldatakse käesoleva paragrahvi lõikes 1 või 2 sätestatud erandit, ei või vastavalt käesoleva seaduse 3. peatükis sätestatule asutada teises lepinguriigis filiaali ega osutada piiriüleseid teenuseid.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 12.   Seaduse kohaldamisel e-raha teenuste osutajatele tehtavad erandid

  (1) E-raha asutusele, kelle väljastatav e-raha vastab võlaõigusseaduse § 733¹² lõikes 1 sätestatud väikemaksevahendi määratlusele, ei kohaldata Finantsinspektsiooni otsuse alusel käesoleva seaduse peatükkides 3, 4, 6 ja 8 sätestatut, kui tema keskmine väljastatud e-raha maht ei ole suurem kui 500 000 eurot arvestatuna käesoleva paragrahvi lõike 2 kohaselt. Finantsinspektsioon otsustab käesolevas lõikes nimetatud erandi kohaldamise tegevusloa andmise otsuses.

  (2) Keskmise väljastatud e-raha mahuna käsitatakse käesoleva seaduse tähenduses väljastatud e-rahaga seotud rahaliste kohustuste keskmist üldsummat iga kalendripäeva lõpus eelneva kuue kalendrikuu jooksul. Keskmist väljastatud e-raha mahtu arvestatakse iga kalendrikuu esimesel kalendripäeval ja seda kohaldatakse kõnealusel kalendrikuul.

  (3) E-raha asutus, kellele kohaldatakse käesoleva paragrahvi lõikes 1 sätestatud erandit, ei või vastavalt käesoleva seaduse 3. peatükis sätestatule asutada lepinguriigis filiaali, osutada piiriüleseid teenuseid ega levitada teises lepinguriigis e-raha edasimüüja kaudu.

  (4) E-raha asutus, kellele kohaldatakse käesoleva paragrahvi lõikes 1 sätestatud erandit, võib pakkuda makseteenuseid, kui ta täidab käesoleva seaduse § 11 lõikes 1 või 2 sätestatud tingimusi.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 13.   Erandi taotlemine
[Kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]

2. peatükk TEGEVUSLOA TAOTLEMINE 

§ 14.   Tegevusluba ja tunnuskood
[RT I, 31.12.2016, 1 - jõust. 10.01.2017]

  (1) Makseasutusena või e-raha asutusena tegutsemiseks peab äriühingul olema vastav tegevusluba.

  (2) [Kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3) Eestis asutatud äriühingule annab makseteenuste osutamise tegevusloa või e-raha väljastamise tegevusloa ning tunnistab selle kehtetuks Finantsinspektsioon oma otsusega.

  (3¹) Käesoleva seaduse § 11 lõigetes 1–3 ja § 12 lõikes 1 nimetatud erandi (edaspidi erand) kohaldamist taotletakse tegevusloa taotluses.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3²) Kui erandi kohaldamise aluseks olnud tingimused ei ole enam täidetud, peab makseasutus või e-raha asutus sellest viivitamata teavitama Finantsinspektsiooni. Makseasutus ja e-raha asutus peavad 30 päeva jooksul teate esitamisest arvates:
  1) taotlema tegevusloa andmise otsuse muutmist ja erandi kohaldamise lõpetamist või
  2) taotlema tegevusloa kehtetuks tunnistamist ning lõpetama makseteenuste ja e-raha teenuste osutamise.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3³) Käesoleva paragrahvi lõike 3² punktis 1 nimetatud taotlusele ja selle lahendamisele kohaldatakse käesoleva seaduse §-des 15–19 ja 23 tegevusloa kohta sätestatut. Kui makseasutus või e-raha asutus kinnitab erandi kohaldamise lõpetamise taotluses, et vastavalt käesoleva seaduse § 15 lõikele 1³ või 1⁴ esitatud dokumendid ja andmed on endiselt õiged, täielikud ja mitteeksitavad, tuleb need esitada uuesti üksnes Finantsinspektsiooni nõudmisel.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (4) Makseteenuste osutamise tegevusluba ja e-raha väljastamise tegevusluba on tähtajatud ning need ei ole teisele isikule üleantavad.

  (5) Käesoleva seaduse § 3 lõike 6 punktides 2–6 nimetatud isikud ei pea makseteenuste osutamiseks tegevusluba taotlema.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (6) Käesoleva seaduse § 6 lõike 7 punktides 3–5 nimetatud isikud ei pea e-raha väljastamiseks tegevusluba taotlema.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (7) Makseasutuse või e-raha asutuse taotluse alusel väljastab Finantsinspektsioon tegevusloa andmisega tunnuskoodi kasutamise õiguse ja tunnuskoodi, mis on unikaalne kahenumbriline tunnus rahvusvahelises maksekonto numbris ning mis võimaldab maksejuhise täitmisel ja selle automaatsel töötlemisel makseasutuse või e-raha asutuse identifitseerida.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 15.   Tegevusloa taotlemine

  (1) Makseteenuste osutamise tegevusloa ja e-raha väljastamise tegevusloa taotlemiseks esitavad asutatava või tegutseva äriühingu (edaspidi taotleja) asutamislepingusse või äriregistri registrikaardile kantud juhatuse liikmed Finantsinspektsioonile kirjaliku taotluse (edaspidi tegevusloa taotlus) ning järgmised dokumendid ja andmed:
  1) põhikirja ärakiri, tegutseva äriühingu puhul üldkoosoleku otsus põhikirja muutmise kohta ning põhikirja muudetud tekst;
  2) äriühingu asutamise puhul asutamislepingu või -otsuse notariaalselt kinnitatud ärakiri;
  3) aktsia- või osakapitali sissemaksmist või algkapitali olemasolu tõendav dokument;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  4) tegevuskava, kus eelkõige kirjeldatakse kavandatavaid makseteenuseid või e-raha teenuseid;
  5) käesoleva seaduse § 16 nõuetele vastav äriplaan;
  6) taotleja algbilanss ning ülevaade tuludest ja kuludest või tegutseva äriühingu puhul bilanss ja kasumiaruanne tegevusloa taotluse esitamisele eelneva kuu lõpu seisuga ning olemasolu korral viimase kolme majandusaasta aruanded;
  7) käesoleva seaduse 9. peatükis sätestatud kliendi varade hoidmise ja kaitse üldnõuete kohaldamise kirjeldus;
  8) käesoleva seaduse §-s 50 sätestatud sise-eeskirjad ja raamatupidamise sise-eeskiri või nende projektid;
  9) andmed kavandatavate teenuste osutamiseks vajalike infotehnoloogiliste ja muude vahendite ning süsteemide kohta;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  10) kirjeldus sisekontrolli süsteemi ja meetmete kohta, mis tagaks kohustuste täitmise seoses rahapesu ja terrorismi rahastamise tõkestamisega ning raha ülekandmisel edastatava teabega maksja kohta;
  11) taotleja organisatsioonilise struktuuri kirjeldus, mis sisaldab vajaduse korral tema agentide või filiaalide kasutamise või teenuse edasiandmise korra kirjeldust, samuti tema osalust nii riigisisestes kui ka rahvusvahelistes maksesüsteemides;
  12) taotleja aktsionäride või liikmete nimekiri, milles on näidatud neist igaühe nimi, olemasolu korral registrikood või isikukood või selle puudumise korral sünniaeg ning andmed iga aktsionäri või liikme poolt omandatavate või talle kuuluvate aktsiate või osade ja häälte arvu kohta;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  13) käesoleva seaduse §-s 40 nimetatud andmed taotlejas olulist osalust omavate isikute kohta;
  14) andmed taotleja juhtide kohta, mis sisaldavad neist igaühe ees- ja perekonnanime, isikukoodi või selle puudumise korral sünniaega, elukohta, hariduse kirjeldust, töö- ja ametikohtade täielikku loetelu ning juhatuse liikmete puhul nende vastutusvaldkonna kirjeldust, samuti juhtide usaldusväärsust ja käesoleva seaduse nõuetele vastavust kinnitavad dokumendid, mida taotleja peab oluliseks esitada;
  15) andmed äriühingute kohta, milles taotleja või tema juhi osalus on suurem kui 20 protsenti, kusjuures need andmed peavad sisaldama aktsia- või osakapitali suurust, tegevusalade loetelu ning taotleja ja iga juhi osaluse suurust;
  16) andmed taotleja audiitori ja siseaudiitori kohta, mis sisaldavad nende nime, elu- või asukohta, isikukoodi või selle puudumise korral sünniaega või registrikoodi;
  17) tegutseva äriühingu puhul omavahendite suurust tõendavad dokumendid koos vandeaudiitori aruandega;
[RT I 2010, 9, 41 - jõust. 08.03.2010]
  18) kui taotleja soovib tegeleda maksesüsteemi haldamisega, Eesti Panga hinnang selle maksesüsteemi toimimise tehniliste, majanduslike ja juriidiliste põhimõtete ning maksesüsteemi tööd korraldavate reeglite kavandi kohta;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  19) turvapoliitika kirjeldus.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (1¹) Käesoleva paragrahvi lõike 1 punktis 19 nimetatud turvapoliitika kirjeldus sisaldab:
  1) põhjalikku osutatavate makseteenustega seotud riskide hinnangut ning nende turvalisuskontrolli ja riskide maandamise meetmete kirjeldust, mis on võetud tarvitusele klientidele piisava kaitse pakkumiseks väljaselgitatud ohtude, sealhulgas pettuse ning tundlike ja isikuandmete ebaseadusliku kasutamise eest;
  2) selgitust, kuidas turvalisuskontrolli ja riskide maandamise meetmetega, sealhulgas käesoleva seaduse § 63⁵ lõikes 1 nimetatud turvameetmetega, tagatakse andmekaitse ja tehnilise turvalisuse kõrge tase, muu hulgas infosüsteemide jaoks, mida kasutavad taotleja või kolmandad isikud, kellele antakse edasi makseteenuse osutamisega seotud tegevusi või tööülesandeid.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (1²) Taotleja, kes taotleb tegevusluba käesoleva seaduse § 3 lõike 1 punktis 7 või 8 nimetatud makseteenuse osutamiseks, esitab koos taotlusega käesoleva seaduse §-s 63⁷ nimetatud vastutuskindlustuse või muu võrreldava tagatise olemasolu tõendava dokumendi. Käesoleva paragrahvi lõike 1 punktis 7 sätestatut ei kohaldata taotleja suhtes, kes taotleb tegevusluba üksnes käesoleva seaduse § 3 lõike 1 punktis 7 nimetatud teenuse osutamiseks.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (1³) Taotleja, kes taotleb käesoleva seaduse § 11 lõikes 1 või 2 või § 12 lõikes 1 sätestatud erandi kohaldamist, esitab Finantsinspektsioonile üksnes käesoleva paragrahvi lõike 1 punktides 1–5, 7, 8, 10, 11, 14, 16 ja 19 ning lõikes 3 nimetatud andmed ja dokumendid.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (1⁴) Taotleja, kes taotleb käesoleva seaduse § 11 lõikes 3 sätestatud erandi kohaldamist, esitab Finantsinspektsioonile üksnes käesoleva paragrahvi lõike 1 punktides 1–5, 8, 14, 16 ja 19 ning lõikes 1² nimetatud andmed ja dokumendid, samuti käesoleva paragrahvi lõikes 3 nimetatud meetmete kirjelduse sise-eeskirja ja raamatupidamise sise-eeskirja kohta.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (2) Kui tegevusloa taotluse menetlemise ajal toimuvad käesoleva paragrahvi lõigetes 1²–1⁴ nimetatud andmetes või dokumentides muudatused, esitab taotleja viivitamata pärast muudatuste tegemist või nendest teadasaamist Finantsinspektsioonile need andmed või dokumendid uuendatud kujul.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3) Taotleja esitab kirjelduse käesoleva paragrahvi lõike 1 punktides 7, 8, 10 ja 11 sätestatud dokumentide ja nende täitmise auditeerimiskorra ja organisatsioonilise korralduse kohta, mille ta on kehtestanud selleks, et rakendada kõiki vajalikke meetmeid oma klientide õigustatud huvide kaitsmiseks ja makseteenuste toimimise jätkuvuse ning usaldusväärsuse tagamiseks.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (4) Valdkonna eest vastutav minister võib määrusega kehtestada käesoleva paragrahvi lõigetes 1–1⁴ nimetatud andmetele ja dokumentidele esitatavad täpsemad nõuded.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 16.   Äriplaan

  (1) Äriplaan peab sisaldama taotleja kavandatava äritegevuse olemuse, organisatsioonilise ülesehituse, sisekontrolli süsteemi ja juhtimisstruktuuri kirjelduse ning plaanitavate teenuste osutamisega seotud isikute õiguste, kohustuste ning vastutuse kirjelduse, samuti järgmiste asjaolude kirjelduse, prognoosi ja analüüsi:
  1) tulude ja kulude suurus tegevusalade kaupa;
  2) makseteenuste või e-raha teenuste osutamisega seotud kohustused;
  3) taotleja varade ning aktsia- või osakapitali suurus;
  4) taotleja tegevuse tehnilise korralduse tase;
  5) strateegia ja tegutsemiseks kavandatav turuosa;
  6) kavandatav tegevus, osutatavad teenused ning pakutavad tooted, eeldatavad agendid või edasimüüjad ja kliendid ning konkurendid;
  7) aastabilansside ja finantsnäitajate plaanid, milles on muu hulgas nimetatud tulud, kulud, kasum ja rahavood ning nende aluseks olevad eeldused;
  8) riskide juhtimise üldpõhimõtted ja riskide juhtimise strateegia;
  9) investeerimispoliitika;
  10) muud tähtsust omavad asjaolud.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (2) Äriplaan esitatakse vähemalt kolme aasta kohta.

  (3) Finantsinspektsioonil on õigus nõuda äriplaani täiendamist, kui tema hinnangul:
  1) ei ole äriplaanis esitatud finantsnäitajad ja muud andmed usaldusväärsed ning omavahendite minimaalsuurus, mis on arvutatud äriplaanis planeeritud kohustusi arvestades, ei vasta makseasutusele või e-raha asutusele õigusaktidega kehtestatud nõuetele;
  2) ei ole äriplaani põhjal võimalik veenduda taotleja suutlikkuses rakendada usaldusväärseks tegutsemiseks kohaseid ja proportsionaalseid süsteeme, vahendeid ning protseduure.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 17.   Tegevusloa taotluse läbivaatamine

  (1) Kui taotleja ei ole tegevusloa taotlemisel esitanud kõiki käesoleva seaduse §-s 15 nimetatud andmeid ja dokumente või need on ebaõiged, eksitavad või mittetäielikud või ei ole nõuetekohaselt vormistatud, on Finantsinspektsioonil õigus nõuda taotlejalt puuduste kõrvaldamist.

  (2) Kui käesoleva seaduse §-s 15 nimetatud andmete ja dokumentide põhjal ei ole võimalik veenduda, kas tegevusloa taotlejal on makseteenuste või e-raha teenuste pakkumiseks piisavad võimalused ja kas ta vastab käesoleva seadusega või selle alusel antud õigusaktidega makseasutuse või e-raha asutuse suhtes kehtestatud nõuetele, või kui on vaja kontrollida muid taotlejaga seotud asjaolusid, võib Finantsinspektsioon nõuda lisaandmete ja -dokumentide esitamist.

  (3) Taotleja esitatud andmete kontrollimiseks võib Finantsinspektsioon teostada kohapealset kontrolli, määrata ekspertiise ja erakorralist audiitorkontrolli, saada teavet riigiasutustelt ja kohaliku omavalitsusüksuste asutustelt, teostada päringuid riigi andmekogudest, saada taotleja juhtidelt, audiitoritelt, nende esindajatelt ning vajaduse korral kolmandatelt isikutelt suulisi selgitusi esitatud dokumentide sisu ja tegevusloa andmise otsustamisel tähtsust omavate asjaolude kohta.

  (4) Käesoleva paragrahvi lõigetes 1–3 nimetatud andmed ja dokumendid esitatakse Finantsinspektsioonile tema poolt määratud mõistliku tähtaja jooksul.

  (5) Kui taotleja ei ole kõrvaldanud käesoleva paragrahvi lõikes 1 nimetatud puudusi ettenähtud tähtaja jooksul või ei ole tähtpäevaks esitanud Finantsinspektsiooni nõutud andmeid või dokumente, võib Finantsinspektsioon jätta tegevusloa taotluse läbi vaatamata. Taotluse läbi vaatamata jätmise korral tagastab Finantsinspektsioon esitatud dokumendid.

  (6) Finantsinspektsioon teeb tegevusloa taotluse menetlemisel koostööd vastava lepinguriigi finantsjärelevalve asutusega, kui:
  1) taotleja on lepinguriigis asutatud makseasutuse, e-raha asutuse, fondivalitseja, investeerimisfondi, investeerimisühingu, krediidiasutuse, kindlustusandja või muu finantsjärelevalve alla kuuluva isiku ema- või tütarettevõtja;
  2) taotleja emaettevõtja tütarettevõtjaks on lepinguriigis asutatud makseasutus, e-raha asutus, fondivalitseja, investeerimisfond, investeerimisühing, krediidiasutus, kindlustusandja või muu finantsjärelevalve alla kuuluv isik;
  3) taotleja ja lepinguriigis asutatud makseasutus, e-raha asutus, fondivalitseja, investeerimisfond, investeerimisühing, krediidiasutus, kindlustusandja või muu finantsjärelevalve alla kuuluv isik on ühe ja sama isiku kontrollitavad äriühingud.

§ 18.   Tegevusloa andmise otsus

  (1) Otsuse tegevusloa andmise või sellest keeldumise kohta teeb Finantsinspektsioon kolme kuu jooksul kõigi vajalike nõuetekohaste dokumentide ja andmete saamisest arvates, kuid mitte hiljem kui kuue kuu möödumisel tegevusloa taotluse saamisest arvates.

  (2) Enne tegevusloa andmise või sellest keeldumise kohta otsuse tegemist konsulteerib Finantsinspektsioon vajaduse korral Eesti Pangaga.

  (3) Finantsinspektsioon võib tegevusloa andmisel taotlejale kehtestada:
  1) soodsamaid kõrvaltingimusi, millega lubatakse põhjendatuse korral taotlejal osaliselt kõrvale kalduda tegevusloa saamise aluseks olevatest asjaoludest;
  2) käesoleva paragrahvi lõikes 1 sätestatud tähtajast pikema tähtaja, mille jooksul peab taotleja viima ennast tegevusloa saamise aluseks olevate nõuetega kooskõlla.

  (4) Kui esitatud dokumentidest ja andmetest nähtub, et makseteenustega mitteseotud teenuste osutamine takistab makseasutuse või e-raha asutuse üle vajalikul tasemel järelevalve teostamist või taotleja äriplaanis kavandatud teenustega seotud riskid ei ole piisavalt kaetud, sealhulgas tema organisatsiooniline ülesehitus ja juhtimisstruktuur ei ole piisavad makseasutuse või e-raha asutuse järjepidevaks tegevuseks ning tema siseprotseduurid ja -kontroll ei taga piisavat riskide juhtimist, võib Finantsinspektsioon taotleja klientide huvide kaitseks lisaks käesoleva paragrahvi lõikes 3 sätestatule tegevusloa andmisel ette näha taotlejale kõrvaltingimusi, millega:
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  1) piiratakse makseteenuste või e-raha teenuste või nendega seotud kõrvalteenuste osutamist;
  2) nõutakse makseteenuste osutamisega samal ajal osutatavate mitteseotud teenuste osutamiseks eraldi tütarettevõtja asutamist.

  (5) Tegevusloa kohta tehtavas otsuses märgitakse vähemalt:
  1) selle isiku nimi ja registrikood, kelle kohta otsus tehakse;
  2) selle teenuse liik või liigid, mille kohta otsus tehakse;
  2¹) erandi kohaldamine, kui vastav taotlus rahuldatakse;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  3) otsuse tegemise ja jõustumise kuupäev.

  (6) Tegevusloa andmise või sellest keeldumise otsuse toimetab Finantsinspektsioon viivitamata taotlejale kätte.

§ 19.   Tegevusloa andmisest keeldumise alused

  (1) Finantsinspektsioonil on õigus keelduda taotlejale tegevusloa andmisest, kui:
  1) taotleja ei vasta käesoleva seadusega või selle alusel antud õigusaktidega makseasutuse või e-raha asutuse suhtes kehtestatud nõuetele;
  2) ei ole tõendatud asutamisel oleva äriühingu aktsia- või osakapitali täieliku sissemaksmise võimalikkus;
  3) taotlejal ei ole piisavalt vahendeid ja kogemusi, mis on vajalikud järjepidevaks tegutsemiseks makseasutusena või e-raha asutusena;
  4) taotleja omavahendite minimaalsuurus, mis on arvutatud käesoleva seaduse §-s 16 sätestatud äriplaanis planeeritud kohustusi arvestades, ei vasta makseasutusele või e-raha asutusele õigusaktidega kehtestatud nõuetele;
  5) taotleja juhid, audiitor, aktsionärid, osanikud või liikmed ei vasta käesolevas seaduses või nende alusel antud õigusaktides sätestatud nõuetele;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  6) taotleja ja teise isiku vaheline märkimisväärne seos takistab taotleja üle piisava järelevalve teostamist või see on takistatud teise riigi, kus isik, kellega taotlejal on märkimisväärne seos, on asutatud, õigusaktidest tulenevate nõuete või nende rakendamise tõttu;
  7) taotleja esitatud andmetest selgub, et ta kavatseb tegutseda peamiselt teises lepinguriigis;
  8) käesoleva seaduse §-s 50 sätestatud sise-eeskirjad ei ole makseasutuse või e-raha asutuse tegevuse reguleerimiseks piisavalt täpsed või üheselt mõistetavad;
  9) taotlejat või tema juhti on karistatud majandusalase, ametialase, varavastase või avaliku usalduse vastase süüteo eest või terrorikuriteo või selle toimepanemisele suunatud tegevuse rahastamise või toetamise eest ja vastavad karistusandmed ei ole karistusregistri seaduse kohaselt karistusregistrist kustutatud.

  (2) Käesoleva paragrahvi lõike 1 punktis 3 sätestatu hindamisel arvestatakse muu hulgas:
  1) taotleja tegevuse organisatsioonilise ja tehnilise korralduse taset;
  2) taotleja juhtimisega seotud isikute haridust, nende töökogemust, ärisidemeid, usaldusväärsust ja reputatsiooni;
  3) käesoleva seaduse §-s 16 sätestatud äriplaani adekvaatsust ja piisavust;
  4) taotleja, tema emaettevõtja ja teiste taotlejaga samasse konsolideerimisgruppi kuuluvate isikute tegevust, finantsseisundit, reputatsiooni ja kogemusi.

  (3) Kui taotleja on esitanud taotluse kohaldada käesoleva seaduse § 11 lõikes 1 või 2 või § 12 lõikes 1 nimetatud erandit, on Finantsinspektsioonil lisaks käesoleva paragrahvi lõikes 1 sätestatud juhtudele õigus keelduda taotlejale tegevusloa andmisest, kui erandi kohaldamisega kaasneb klientide huvide, raharingluse, rahaturu toimimise või maksesüsteemi stabiilsuse või usaldusväärsuse kahjustamise oluline risk.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 20.   Tegevusloa andmise otsuse muutmine
[Kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 21.   Tegevusloa kehtivuse lõppemine

  Tegevusloa kehtivus lõpeb:
  1) makseasutuse või e-raha asutuse lõpetamise otsuse tegemisel;
  2) tegevusloa kehtetuks tunnistamisel;
  3) makseasutuse või e-raha asutuse ühendamisel – ühendataval isikul;
  4) uue makseasutuse või e-raha asutuse asutamisel ühinemise teel – ühinevatel isikutel;
  5) makseasutuse või e-raha asutuse pankroti väljakuulutamisel.

§ 22.   Tegevusloa ja tunnuskoodi kehtetuks tunnistamine
[RT I, 31.12.2016, 1 - jõust. 10.01.2017]

  (1) Tegevusloa kehtetuks tunnistamine on tegevusloaga antud õiguse äravõtmine.

  (2) Finantsinspektsioon võib tegevusloa kehtetuks tunnistada, kui:
  1) makseasutus või e-raha asutus ei ole alustanud tegevust 12 kuu jooksul tegevusloa andmisest arvates või tema asutajad on oma tegevusega näidanud, et makseasutus või e-raha asutus ei suuda tegevust alustada nimetatud aja jooksul, või tema tegevus on peatunud kauemaks kui kuueks järjestikuseks kuuks;
  2) makseasutus või e-raha asutus on tegevusloa taotlemisel esitanud valeandmeid, millel oli loa andmise otsustamisel oluline tähendus, samuti muul juhul, kui makseasutus või e-raha asutus on esitanud või tema eest on esitatud Finantsinspektsioonile valeandmeid;
  3) makseasutus või e-raha asutus ei vasta kehtivatele tegevusloa andmise tingimustele;
  3¹) makseasutus või e-raha asutus ei täida käesoleva seaduse § 14 lõikes 3² sätestatud kohustusi;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  3²) keeldutakse käesoleva seaduse § 14 lõike 3² punktis 1 nimetatud taotluse alusel tegevusloa andmise otsuse muutmisest ja erandi kohaldamise lõpetamisest;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  4) ilmnevad käesoleva seaduse § 19 lõike 1 punktis 5 sätestatud asjaolud;
  5) makseasutus või e-raha asutus on korduvalt või olulisel määral rikkunud tema tegevust reguleerivates õigusaktides sätestatut;
  6) makseasutust või e-raha asutust või tema juhti on karistatud majandusalase, ametialase, varavastase või avaliku usalduse vastase süüteo eest või terrorikuriteo või selle toimepanemisele suunatud tegevuse rahastamise või toetamise eest ja vastavad karistusandmed ei ole karistusregistri seaduse kohaselt karistusregistrist kustutatud;
  7) makseasutus või e-raha asutus ei ole järginud käesoleva seaduse § 18 lõikes 4 nimetatud kõrvaltingimusi;
  8) makseasutus või e-raha asutus avaldab oma tegevuse või juhtide kohta oluliselt ebaõiget või eksitavat teavet või reklaami;
  9) makseasutus või e-raha asutus ei ole võimeline täitma endale võetud kohustusi või tema tegevus kahjustab muul põhjusel klientide huve, raharinglust, rahaturu toimimist või maksesüsteemi stabiilsust või usaldusväärsust oluliselt;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  10) makseasutuse või e-raha asutuse omavahendite suurus ei vasta käesolevas seaduses või selle alusel kehtestatud õigusaktides sätestatud nõuetele;
  10¹) makseasutusel, kes osutab käesoleva seaduse § 3 lõike 1 punktis 7 või 8 nimetatud makseteenust, ei ole käesoleva seaduse §-le 63⁷ vastavat vastutuskindlustust või garantiilepingut;
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]
  11) makseasutus või e-raha asutus kuulub konsolideerimisgruppi, mille struktuur ei võimalda saada konsolideeritud järelevalveks vajalikku informatsiooni, või makseasutusega või e-raha asutusega samasse konsolideerimisgruppi kuuluv äriühing tegutseb välisriigi õigusaktide alusel ja seetõttu on piisava järelevalve teostamine takistatud;
  12) makseasutuse või e-raha asutuse ja muu isiku vahel olev märkimisväärne seos takistab piisava järelevalve teostamist;
  13) makseasutus või e-raha asutus on toime pannud rahapesu või rahastanud või toetanud terrorikuriteo toimepanemist või rikub rahapesu ning terrorismi rahastamise tõkestamiseks õigusaktidega kehtestatud korda;
  14) ilmneb, et makseasutus või e-raha asutus on valinud tegevusloa taotlemise ja registreerimise kohaks Eesti eesmärgiga hoida kõrvale teises lepinguriigis, kus ta peamiselt tegutseb, makseasutusele või e-raha asutusele kehtestatud rangemate nõuete täitmisest;
  15) lepinguriigi või kolmanda riigi finantsjärelevalve asutuse poolt Finantsinspektsioonile esitatud teabe kohaselt on makseasutus või e-raha asutus rikkunud lepinguriigi või kolmanda riigi õigusaktis sätestatud või nende riikide finantsjärelevalve asutuste poolt esitatud tingimusi;
  16) makseasutus või e-raha asutus ei ole ettenähtud tähtpäevaks või ettenähtud ulatuses täitnud Finantsinspektsiooni ettekirjutust.

  (3) Enne käesoleva paragrahvi lõikes 2 nimetatud alusel tegevusloa kehtetuks tunnistamise otsustamist võib Finantsinspektsioon teha makseasutusele või e-raha asutusele ettekirjutuse, andes tähtaja kehtetuks tunnistamise põhjuseks olevate puuduste kõrvaldamiseks.

  (4) Tegevusluba tunnistatakse kehtetuks makseasutuse või e-raha asutuse taotluse alusel, kui ta ei soovi enam osutada käesoleva seaduse § 3 lõikes 1 või § 6 lõike 3 punktis 1 nimetatud teenuseid.

  (5) Finantsinspektsioon võib keelduda käesoleva paragrahvi lõikes 4 nimetatud taotluse alusel tegevusloa kehtetuks tunnistamisest, kui on põhjendatud alus arvata, et tegevusloa kehtetuks tunnistamine võib kahjustada makseasutuse või e-raha asutuse klientide või teiste võlausaldajate õigustatud huve.

  (6) Käesoleva paragrahvi lõikes 4 nimetatud taotluse vaatab Finantsinspektsioon läbi ning teeb otsuse tegevusloa kehtetuks tunnistamise või sellest keeldumise kohta kahe kuu jooksul taotluse saamisest arvates.

  (7) Otsus tegevusloa kehtetuks tunnistamise kohta toimetatakse viivitamata otsuse adressaadile kätte.

  (8) Finantsinspektsioon tunnistab kehtetuks käesoleva seaduse § 14 lõikes 7 nimetatud tunnuskoodi ja selle kasutamise õiguse tegevusloa kehtetuks tunnistamisel, lõppemisel või muul mõjuval põhjusel.
[RT I, 31.12.2016, 1 - jõust. 10.01.2017]

§ 23.   Avalikkuse teavitamine

  (1) Tegevusloa andmise, selle muutmise ning kehtetuks tunnistamise, samuti käesoleva seaduse §-des 25 ja 32 sätestatud lubade andmise ja kehtetuks tunnistamise teeb Finantsinspektsioon avalikult teatavaks oma veebilehel hiljemalt otsuse jõustumisele järgneval tööpäeval.

  (2) Käesoleva seaduse §-s 22 sätestatud alusel tehtud tegevusloa kehtetuks tunnistamise otsuse teeb Finantsinspektsioon avalikult teatavaks lisaks käesoleva paragrahvi lõikes 1 ettenähtule veel vähemalt ühes üleriigilise levikuga päevalehes.

3. peatükk MAKSEASUTUSE JA E-RAHA ASUTUSE TEGUTSEMINE VÄLISRIIGIS NING VÄLISRIIGI MAKSEASUTUSE JA E-RAHA ASUTUSE TEGUTSEMINE EESTIS 

§ 24.   Makseasutuse ja e-raha asutuse tegevus välisriigis

  (1) Eestis asutatud ning tegevusluba omav makseasutus või e-raha asutus võib välisriigis osutada käesoleva seaduse § 3 lõikes 1 või § 6 lõikes 4 nimetatud teenust, asutades selleks filiaali või osutades piiriülest teenust, sealhulgas agendi või edasimüüja (edaspidi käesolevas peatükis koos agent) vahendusel.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (2) Teises lepinguriigis Eesti makseasutuse ja e-raha asutuse poolt teenuste osutamisele kohaldatakse käesoleva seaduse §-s 29 sätestatut.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3) Eesti makseasutuse ja e-raha asutuse poolt käesoleva paragrahvi lõikes 2 nimetamata välisriigis (edaspidi kolmandas riigis) teenuste osutamisele kohaldatakse käesoleva seaduse §-des 25–28, § 29 lõigetes 1, 2, 8 ja 10 ning § 92 lõigetes 1¹ ja 1² sätestatut.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (4) Piiriülene teenus on makseasutuse või e-raha asutuse osutatav teenus, mida makseasutus või e-raha asutus osutab riigis, kus tema või tema filiaal ei ole registreeritud.

  (5) Teenuste osutamisel välisriigis peavad makseasutus ja e-raha asutus järgima käesolevas seaduses ning selle alusel antud õigusaktides ja välisriigi õigusaktides sätestatud nõudeid.

§ 25.   Makseasutuse ja e-raha asutuse filiaal kolmandas riigis

  (1) Makseasutus või e-raha asutus, kes soovib asutada filiaali kolmandas riigis, taotleb Finantsinspektsioonilt sellekohase loa (edaspidi käesolevas peatükis filiaali asutamise luba).

  (2) Kolmandas riigis filiaali asutamise loa taotlemiseks esitab makseasutus või e-raha asutus Finantsinspektsioonile kirjaliku taotluse (edaspidi käesolevas peatükis taotlus) ning järgmised andmed ja dokumendid:
  1) selle kolmanda riigi nimi, kus soovitakse filiaal asutada;
  2) filiaali asukoha aadress kolmandas riigis;
  3) käesoleva seaduse §-s 16 sätestatud nõuetele vastav äriplaan filiaalina kolmandas riigis tegutsemise kohta;
  4) käesoleva seaduse § 15 lõike 1 punktis 14 nimetatud andmed filiaali juhtide kohta.

  (3) Käesoleva paragrahvi lõikes 2 nimetatud andmed ja dokumendid esitatakse eesti keeles. Finantsinspektsiooni nõudmisel esitatakse andmed ja dokumendid koos vandetõlgi tehtud või notari kinnitatud tõlkega selle kolmanda riigi ametlikku keelde või ühte ametlikest keeltest, kus makseasutus või e-raha asutus soovib filiaali asutada.
[RT I, 23.12.2013, 1 - jõust. 01.01.2014]

§ 26.   Filiaali asutamise loa taotluse menetlemine ja loa andmise otsus

  (1) Filiaali asutamise loa taotluse menetlemisele ning esitatud andmete, taotleja finantsseisundi, organisatsioonilise ülesehituse ja tehniliste süsteemide ning filiaali asutamiseks piisavate vahendite olemasolu kontrollimisele kohaldatakse käesoleva seaduse §-s 17 sätestatut.

  (2) Otsuse filiaali asutamise loa andmise või sellest keeldumise kohta teeb Finantsinspektsioon kahe kuu jooksul arvates kõigi vajalike andmete ja dokumentide saamisest, kuid mitte hiljem kui kolme kuu möödumisel vastava taotluse saamisest arvates.

  (3) Otsuse filiaali asutamise loa andmise või sellest keeldumise kohta teeb Finantsinspektsioon viivitamata makseasutusele või e-raha asutusele teatavaks.

§ 27.   Filiaali asutamise loa andmisest keeldumise alused

  Finantsinspektsioon võib keelduda filiaali asutamise loa andmisest, kui:
  1) filiaali juhid ei vasta käesolevas seaduses makseasutuse või e-raha asutuse juhtide suhtes kehtestatud nõuetele;
  2) filiaali asutamise loa taotlemisel esitatud andmed või dokumendid ei vasta käesolevas seaduses või selle alusel kehtestatud õigusaktis sätestatud nõuetele või need on ebaõiged, eksitavad või puudulikud;
  3) makseasutuse või e-raha asutuse finantsseisund, organisatsiooniline ülesehitus ja muud võimalused ei ole piisavad äriplaanis nimetatud teenuste osutamiseks kolmandas riigis;
  4) filiaali asutamine kolmandas riigis või makseasutuse või e-raha asutuse esitatud äriplaani rakendamine võib kahjustada makseasutust või e-raha asutust, tema aktsionäride huve, makseasutuse või e-raha asutuse finantsseisundit või tegevuse usaldusväärsust Eestis, teises lepinguriigis või kolmandas riigis;
  5) kolmanda riigi finantsjärelevalve asutusel ei ole õiguslikku alust või võimalusi Finantsinspektsiooniga koostöö tegemiseks, mille tagajärjel ei ole Finantsinspektsioonil võimalik teostada vajalikul tasemel järelevalvet kolmandas riigis asutatud filiaali üle.

§ 28.   Filiaali asutamise loa kehtetuks tunnistamine

  (1) Finantsinspektsioon võib tunnistada kolmandas riigis filiaali asutamise loa kehtetuks, kui:
  1) makseasutus või e-raha asutus on filiaali asutamise loa taotlemisel esitanud valeandmeid, millel oli loa andmise otsustamisel oluline tähendus, samuti muul juhul, kui makseasutus või e-raha asutus on esitanud või tema eest on esitatud Finantsinspektsioonile valeandmeid;
  2) makseasutus või e-raha asutus on olulisel määral rikkunud asjaomase kolmanda riigi õigusaktide nõudeid ja see võib kahjustada makseasutuse või e-raha asutuse klientide huve;
  3) makseasutus või e-raha asutus või tema filiaal ei vasta kehtivatele filiaali asutamise loa saamise tingimustele;
  4) makseasutus või e-raha asutus ei esita filiaali kohta nõuetekohaseid aruandeid;
  5) makseasutuse või e-raha asutuse või tema filiaali juhti on karistatud majandusalase, ametialase, varavastase või avaliku usalduse vastase süüteo eest või terrorikuriteo või selle toimepanemisele suunatud tegevuse rahastamise või toetamise eest ning karistusandmed ei ole karistusregistri seaduse kohaselt karistusregistrist kustutatud;
  6) makseasutus või e-raha asutus ei ole ettenähtud tähtpäevaks või ettenähtud ulatuses täitnud Finantsinspektsiooni ettekirjutust;
  7) filiaali tegevusest tulenevad riskid on oluliselt suuremad kui makseasutuse või e-raha asutuse tegevusest tulenevad riskid;
  8) makseasutuse või e-raha asutuse tegevusluba on kehtetuks tunnistatud;
  9) ilmnevad käesoleva seaduse §-s 27 sätestatud asjaolud.

  (2) Filiaali asutamise loa kehtetuks tunnistamise otsuse teeb Finantsinspektsioon makseasutusele või e-raha asutusele ning kolmanda riigi finantsjärelevalve asutusele viivitamata teatavaks.

  (3) Pärast filiaali asutamise loa kehtetuks tunnistamisest teadasaamist lõpetab makseasutus või e-raha asutus teenuste osutamise selles kolmandas riigis asutatud filiaali kaudu hiljemalt Finantsinspektsiooni määratud tähtpäevaks.

§ 29.   Teises lepinguriigis filiaali asutamine ja piiriülene teenuste osutamine
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (1) Kui makseasutus või e-raha asutus soovib asutada teises lepinguriigis filiaali või osutada teises lepinguriigis piiriüleselt teenust, esitab ta Finantsinspektsioonile avalduse ning järgmised andmed ja dokumendid:
  1) selle lepinguriigi nimi, kus kavatsetakse filiaal asutada või teenust osutada (edaspidi sihtriik);
  2) tegevuskava, mis sisaldab andmeid kõigi sihtriigis osutatavate teenuste kohta, ja käesoleva seaduse § 62 lõikes 1 nimetatud teavitus, kui seoses filiaali asutamise või teenuste piirülese osutamisega antakse sihtriigis tegevusi või tööülesandeid edasi kolmandale isikule;
  3) agentide kasutamise korral käesoleva seaduse § 59 lõikes 2 nimetatud andmed;
  4) filiaali asutamise korral filiaali asukoha aadress sihtriigis, organisatsioonilise struktuuri kirjeldus ning juhtimise eest vastutavate isikute nimed ja isikukoodid või nende puudumise korral sünniajad ja elukohad;
  5) filiaali asutamise korral käesoleva seaduse §-s 16 sätestatud nõuetele vastav äriplaan filiaalina lepinguriigis tegutsemise kohta, käesoleva seaduse §-le 50, välja arvatud lõike 3 punktid 9–13, vastavad filiaali sise-eeskirjad ning filiaalis rakendatav raamatupidamise sise-eeskiri.

  (2) Käesoleva paragrahvi lõigetes 1, 10 ja 11 nimetatud andmed ning dokumendid esitatakse eesti keeles. Finantsinspektsiooni nõudmisel esitatakse andmed ja dokumendid koos vandetõlgi tehtud või notari kinnitatud tõlkega selle lepinguriigi ametlikku keelde või ühte ametlikest keeltest, kus makseasutus või e-raha asutus soovib filiaali asutada.

  (3) Finantsinspektsioon on kohustatud ühe kuu jooksul kõigi nõutud andmete ja dokumentide saamisest arvates:
  1) edastama käesoleva paragrahvi lõikes 1 nimetatud andmed ja dokumendid sihtriigi finantsjärelevalve asutusele Euroopa Parlamendi ja nõukogu direktiivi 2015/2366/EL makseteenuste kohta siseturul, direktiivide 2002/65/EÜ, 2009/110/EÜ ning 2013/36/EL ja määruse (EL) nr 1093/2010 muutmise ning direktiivi 2007/64/EÜ kehtetuks tunnistamise kohta (ELT L 337, 23.12.2015, lk 35–127) artikli 28 lõikes 5 nimetatud Euroopa Komisjoni rakendusmääruses sätestatud korras või
  2) tegema otsuse andmete ja dokumentide edastamisest keeldumise kohta.

  (4) Andmete ja dokumentide edastamise või sellest keeldumise otsuse teeb Finantsinspektsioon viivitamata makseasutusele või e-raha asutusele teatavaks.

  (5) Finantsinspektsioon võib teha otsuse käesoleva paragrahvi lõikes 1 nimetatud andmete ja dokumentide edastamisest keeldumise kohta, kui tema hinnangul esineb vähemalt üks järgmistest asjaoludest:
  1) makseasutuse või e-raha asutuse finantsseisund, organisatsiooniline ülesehitus või muud võimalused ei ole piisavad tegevuskavas nimetatud teenuste osutamiseks sihtriigis;
  2) filiaali asutamine või makseasutuse või e-raha asutuse esitatud tegevuskava rakendamine võib kahjustada tema klientide huve, tema finantsseisundit või tegevuse usaldusväärsust;
  3) edastamiseks esitatud andmed või dokumendid on ebaõiged või eksitavad või ei vasta käesolevas seaduses sätestatud nõuetele;
  4) filiaali asutamine, agendi kasutamine või makseasutuse või e-raha asutuse esitatud tegevuskava rakendamine võib olla seotud rahapesu või terrorismi rahastamisega või selle katsega või suurendab selliseid riske.

  (6) Pärast sihtriigi finantsjärelevalve asutuselt hinnangu saamist makseasutuse või e-raha asutuse käesoleva paragrahvi lõikes 1 nimetatud dokumentide ja andmete kohta ning hiljemalt kolm kuud pärast nende dokumentide ja andmete saamist Finantsinspektsioon:
  1) kannab filiaali või agendi käesoleva seaduse §-s 105 nimetatud nimekirja või kiidab heaks sihtriigis muul viisil teenuste osutamise;
  2) teeb otsuse, millega keeldub käesoleva lõike punktis 1 nimetatud toimingu tegemisest või heakskiidu andmisest, kui sihtriigi finantsjärelevalve asutuse hinnang viitab mõne käesoleva paragrahvi lõikes 5 nimetatud asjaolu esinemisele.

  (7) Finantsinspektsioon teeb käesoleva paragrahvi lõikes 6 nimetatud otsuse, toimingu tegemise ja heakskiidu andmise viivitamata teatavaks makseasutusele või e-raha asutusele ja sihtriigi finantsjärelevalve asutusele. Kui Finantsinspektsiooni otsus kaldub kõrvale sihtriigi finantsjärelevalve asutuse hinnangust käesoleva paragrahvi lõikes 1 nimetatud dokumentide ja andmete kohta, esitab ta sihtriigi finantsjärelevalve asutusele kõrvalekaldumise põhjendused.

  (8) Agent või filiaal võib sihtriigis osutada teenuseid alates käesoleva seaduse §-s 105 nimetatud nimekirja kandmisest. Muul viisil võib Eesti makseasutus või e-raha asutus sihtriigis teenuseid osutada alates käesoleva paragrahvi lõike 6 punktis 1 nimetatud heakskiidu andmise teatavaks tegemisest sihtriigi finantsjärelevalve asutusele.

  (9) Enne tegevuse alustamist teatab makseasutus või e-raha asutus Finantsinspektsioonile kuupäeva, millal agent või filiaal sihtriigis teenuste osutamist alustab. Finantsinspektsioon teeb nimetatud kuupäeva viivitamata sihtriigi finantsjärelevalve asutusele teatavaks.

  (10) Makseasutus või e-raha asutus teavitab viivitamata Finantsinspektsiooni muudatusest käesoleva paragrahvi lõikes 1 nimetatud andmetes või dokumentides, võimaluse korral vähemalt üks kuu enne muudatuse rakendumist. Finantsinspektsioon teavitab muudatusest sihtriigi finantsjärelevalve asutust.

  (11) Sihtriigis uue filiaali asutamiseks või uue agendi kasutuselevõtmiseks esitab makseasutus või e-raha asutus Finantsinspektsioonile avalduse ning asjakohased käesoleva paragrahvi lõikes 1 nimetatud dokumentide ja andmete täiendused. Avalduse lahendamisele ja uue agendi või filiaali teenuste osutamise alustamisele kohaldatakse käesoleva paragrahvi lõigetes 3–9 sätestatut.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 30.   Piiriüleste teenuste osutamine
[Kehtetu - RT I, 07.12.2017, 1 - jõust. 13.01.2018]

§ 31.   Välisriigi makseasutuse ja e-raha asutuse tegevus Eestis

  (1) Isik, kes päritoluriigi õigusaktide kohaselt võib osutada käesoleva seaduse § 3 lõikes 1 nimetatud või § 6 lõike 3 punktis 1 nimetatud teenust, võib päritoluriigis väljastatud tegevusloa alusel Eestis osutada samasugust teenust, asutades selleks filiaali või osutades Eestis piiriülest teenust, sealhulgas agendi vahendusel. Päritoluriigiks käesoleva seaduse tähenduses peetakse riiki, kus vastav isik on asutatud.

  (2) Käesoleva paragrahvi lõikes 1 nimetatud isikule, kes on asutatud teises lepinguriigis ning kes vastab Euroopa Parlamendi ja nõukogu direktiivis 2015/2366/EL või Euroopa Parlamendi ja nõukogu direktiivis 2009/110/EÜ, mis käsitleb e-raha asutuste asutamist ja tegevust ning usaldatavusnormatiivide täitmise järelevalvet ning millega muudetakse direktiive 2005/60/EÜ ja 2006/48/EÜ ning tunnistatakse kehtetuks direktiiv 2000/46/EÜ (ELT L 267, 10.10.2009, lk 7–17) makseasutustele või e-raha asutustele kehtestatud nõuetele, kohaldatakse käesoleva seaduse §-s 35 sätestatut.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (3) Käesoleva paragrahvi lõikes 1 nimetatud isikule, kes ei vasta käesoleva paragrahvi lõikes 2 sätestatud nõuetele (edaspidi kolmanda riigi makseasutus või e-raha asutus), kohaldatakse käesoleva seaduse §-des 32–34 sätestatut.

  (4) Piiriülene teenus käesoleva paragrahvi tähenduses on teenus, mida Eestis osutab isik, kes ise või kelle filiaal ei ole registreeritud Eestis. Käesoleva seaduse §-s 35 piiriülese teenuse kohta sätestatut kohaldatakse ka juhul, kui piiriülest teenust pakutakse Eestis tegutseva agendi kaudu.
[RT I, 07.12.2017, 1 - jõust. 13.01.2018]

  (5) Makseteenuse või e-raha teenuse osutamisel Eestis peab välisriigi isik järgima käesoleva seadusega ja selle alusel tema tegevuse suhtes kehtestatud nõudeid ning muid Eesti õigusaktidest tulenevaid nõudeid Eestis tegutsemise kohta.

§ 32.   Kolmanda riigi makseasutuse ja e-raha asutuse filiaal Eestis ning piiriüleste teenuste osutamine Eestis

  (1) Kolmanda riigi makseasutus või e-raha asutus on kohustatud Eestis filiaali asutamiseks või piiriüleste teenuste osutamiseks taotlema Finantsinspektsioonilt loa (edaspidi käesolevas paragrahvis ning §-des 33 ja 34 luba).