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17 December 2013

Payment processing service provider having their registered office in the Netherlands are obliged to notify DNB of a number of facts and circumstances. In addition, settlement agents that settle in excess of 120 million cashless payment transactions per year are subject to an authorisation requirement.

Notification of intention to DNB
Any party resident or having its registered office in the Netherlands and intending to pursue the business of payment processing service provider for payment service providers not belonging to the same group as itself must notify DNB of such intention by means of the payment processing service provider notification form , stating (on the form) which of the activities specified in the definition of settlement services it proposes to pursue. Also, the entity may be required to furnish such further data as may be specified by Order in Council. After receiving the notice of receipt, promptly dispatched by DNB, the settlement agent may commence its business.

Annual notification to DNB of number of payment transactions
Any entity having its registered office in the Netherlands and carrying on the business of payment processing service provider must notify DNB annually before 1 March of the number of non-cash payment transactions carried out in the Netherlands in respect of which it provided payment processing services during the previous calendar year to payment service providers not belonging to the same group as the entity. Such notification is to be performed through DNB's on-line reporting tool, e-Line.

The number of non-cash payment transactions conducted in the previous calender year as referred to in Section 3.0b of the Decree on market access by financial undertakings under the Wft (Besluit markttoegang financiële ondernemingen Wft), is taken to mean the aggregate of:
1.all non-cash payment transactions initiated on Dutch soil in respect of which the settlement institution has provided services as referred to under a and/or b of the definition of payment processing services (Section 1:1 of the Wft), and
2.all non-cash payment transactions from or into the accounts of payment service providers having their registered offices in the Netherlands for which the payment processing service provider has provided services as referred to under c of the definition of payment processing services (Section 1:1 of the Wft).

Double counts of transactions should be avoided in the statement of transactions: if the institution provides several settlement services with respect to the same transaction, they only need to be counted once.

Authorisation agreement above the threshold number of payment transactions
Unless duly authorised by DNB, no party resident or having its registered office in the Netherlands may pursue the business of a payment processing service provider in respect of a payment service provider not belonging to the same group as the said party, if during the previous calendar year the said party, in the pursuit of the said business, settled a number of non-cash transactions in the Netherlands that exceeded the threshold number of such transactions set by Order in Council.

DNB's power to grant a waiver for the period until authorisation
On request, DNB may waive the said authorisation requirement for the period until it decides on the application for authorisation.

DNB's power to prohibit an institution from pursuing the business of payment processing service provider
DNB may prohibit a non-authorised payment processing service provider from pursuing its business on behalf of payment service providers which do not belong to the same group as the agent if it does not comply with the rules laid down by or pursuant to the Financial Supervision Act.