LAWS TO WATCH: Implementation of EU Payment Transactions Regulation Act

MarićLPJ Issue 170, 29 February 2016

The act does not make any changes in the existing EU Regulations, defining the competent authorities, actions of the competent bodies and judicial processes for the implementation of EU Regulations 924/2009, 260/2012 and 2015/751. These regulate technical and business requirements for credit transfers and direct debits in euros, as well as interbank fees for card based payment transactions.

The act stipulates that complaints against the payment service providers are to be addressed to the Croatian National Bank (HNB), which then notifies the competent authority of the service provider’s member state. Said provider has a maximum of ten days to dispute the complaint. Fines for acting contrary to the EU Regulations provisions range from €2,500 to €65,000.

Proposed by: Ministry of Finance

Note: Public debate is opened until 18 March 2016

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