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Print articleNew Legislation on Payment Services
January, 2011 - Delphi's Banking and Finance Group
As of 1 August 2010, two new pieces of legislation governing payment services came into force; the payment Services Act (Sw.
Lag (2010:751) om betaltjänster) and the Act on Unauthorised Transactions with Payment Instruments (Sw. Lag (2010:738) om obehöriga transaktioner med betalningsinstrument).The Acts implement the Payment Services Directive (Directive 2007/64/EC of the
European Parliament and of the Council of 13 November 2007 on payment services
in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and
2006/48/EC and repealing Directive 97/5/EC) in Sweden. The Directive provides
the legal foundation for the creation of an EU-wide single market for payments and
has the purpose of creating a more efficient and competitive payment market for
consumers in respect of both domestic and cross-border payments.
The Payment Services Act regulates, amongst other things, how long payment
transactions may take and who shall be liable when a payment transaction has not
been carried out. The Payment Services Act also provides rules governing which
information customers shall receive in connection with payment transactions and
prevents merchants from charging a fee when a cardholder pays by card.
The Act on Unauthorised Transactions with Payment Instruments outlines the
obligations of account-holders when using payment instruments (credit cards etc).
It also sets out the payment liabilities in connection with unauthorised transactions.
To access the complete article, please use link below.
http://www.delphi.se/filearchive/4/4997/NL-BaFi-payment-services-2.pdf?seed=2028380069
