Would you like to learn how to develop the best framework agreement for the electronic money institution (EMI) and other non-bank PSPs? Do you want to avoid financial conduct authority sanctions, negative decisions by the Financial Ombudsman Service (FOS) and legal actions? Do you want to know how well your B2B customers are protected? Would you like to refresh your knowledge of English jurisprudence on financial services contracts? Writing these chords can be a difficult task for beginners and those who are not used to writing documents frequently. In this case, a draft framework agreement will be useful in saving the situation. Regulation 66 mentions cases where EMI may charge a customer a fee. It expressly lists three instances, (a) refusal to execute a payment order, revocation of a payment order in which the customer has inserted incorrect identifiers for the execution of the transaction; b) if there has been prior agreement on these fees, c) whether these fees are consistent with the actual cost of the ME. The last point (c) is of particular interest in that it allows the ME to cover the costs they ens stake in providing services to its clients. The rules on the issuance of electronic money are codified and derive from the EREs. The answer to the question above is therefore very simple – they are essential to develop the best framework agreement for electronic money institutions! Remember that the more open the opportunity to suppliers, the more likely it is that the framework agreement will be available. The SSP protects not only consumers, but also micro-enterprises and certain charities. Large companies are not covered. So don`t forget, when developing your framework agreement, that you have the applicability of 40 to 62, including reg.
66(1), 67(3), 67(4), 75, 77, 79, 80, 83; The 91, 92 and 94 on relationships with your business customers are other than micro-enterprises and some charities. Of course, this piece of legislation is important and no one should omit its provisions! Everyone should memorize him and quote him when he has insomnia, instead of counting the sheep at night. However, when it comes to the development of the best framework agreement, Part 7 is essential. It describes the rights and obligations associated with the provision of payment services. They characterize changes in contractual information (reg. 50), termination (reg. 51), information rights (reg. 48-49, 50-62), fees (reg. 66), authorization and execution of payment transactions, including the obligations and commitments of both IMEs and their client (reg. 67-96) and indicate dispute settlement (reg.
101). With respect to the relationship with EMI customers, it is important to take a closer look at each of the above provisions and to explain the impact on agreements with clients. It is particularly important to consider regulations 48 to 54, which apply specifically to payment services provided under a framework contract. We sincerely hope that this brief overview has enabled you to grasp the general obligations of payment and electronic money institutions while improving your knowledge of what should be included in the framework agreement. However, if you are still unsure how to draft the best framework agreement for payments or electronic money institutions, you can contact us and benefit from legal expertise in this area. All decisions on how framework agreements are managed are explained by the buyer during the ITT (tender) phase. This should be transparent from the start! What can be more important than an informed decision? To tell the truth, nothing.