Notification – infringements of the Law of 10 November 2009 on payment services

Professionals of the financial sector, such as banks, payment institutions, e-money institutions or POST Luxembourg which are entitled under national law to provide payment services (together “payment service providers”, “PSPs”), as well as electronic money issuers, such as banks, electronic money institutions or POST Luxembourg which are entitled under national law to issue electronic money (together “electronic money issuers” or EMIs) must comply with the legal requirements under the Luxembourg law of 10 November 2009 on payment services (“Law of 2009 on payment services”).

According to article 106(2) of the Law of 2009 on payment services, the CSSF is the designated competent authority to handle notifications concerning alleged infringements of the following provisions of the Law of 2009 on payment services by those PSPs and EMIs:

• in substance: obligations in relation to the issuance and redeemability of electronic money (Title II, Chapter 4);
• transparency of conditions and information requirements for payment services (Title III);
• rights and obligations in relation to the provision and use of payment services (Title IV).

Important notice: Notifications concerning PSPs or EMIs suspected not to meet legal requirements under the Law of 2009 on payment services will be treated by the CSSF separately from individual complaints that are aimed at professionals of the financial sector that are subject to the supervision of the CSSF. Individual complaints are treated within the framework of the out-of-court resolution procedure of the CSSF.

According to Article 106(2) of the Law of 2009 on payment services, users of payment services, electronic money holders and other interested parties, including consumer associations, can submit a notification to the CSSF about an alleged infringement of the above-mentioned provisions of the Law of 2009 on payment services by PSPs and EMIs (including branches and agents set up in Luxembourg by PSPs or EMIs with a home Member State that is not Luxembourg).

The CSSF will acknowledge receipt of the information that will be submitted to it and use this information to assist its supervisory work, e.g. start an investigation procedure (pursuant to the supervisory means at the disposal of the CSSF) against the PSP or EMI supervised by the CSSF. Please note that, in general, the CSSF will not inform on the specific outcome of its supervisory investigations due to its confidentiality rules.

The CSSF may notably ask the PSP or EMI concerned by a notification introduced pursuant to Article 106(2) of the Law of 2009 on payment services to redress the detected irregularities or infringements. In order to ensure and monitor effective compliance with the Law of 2009 on payment services, the CSSF may use its supervisory and investigatory powers, its power of injunction and suspension, and may impose sanctions.

The following information should be provided when submitting to the CSSF a notification concerning an alleged infringement of provisions of the Law of 2009 on payment services:

• the notifier’s name and contact details;
• whether the notifier is an individual user of payment services, or, for example, a business, such as another PSP or EMI;
• the name of the PSP(s) or EMI(s) concerned by the notification;
• a description of the (alleged) infringement of provisions of the Law of 2009 on payment services;
• any supporting materials, such as contracts or correspondence with the PSP or EMI.

The CSSF may contact the notifier if the CSSF requires further information.

In order to submit a notification to the CSSF the form below shall be used and the instructions that are specified therein shall be followed.

The notification may be sent by mail to:

Commission de Surveillance du Secteur Financier
Département Juridique CC
283, route d’Arlon
L-2991 Luxembourg

The notification may also be sent by email to: PSDbreach@cssf.lu