S.L. 406.22 Art. 2Interpretation. Cap. 406.  Cap. 376.  Cap. 376.  Cap. 376.  Cap. 376.   Cap. 376.  Cap. 376.      Cap. 376.    Cap. 376.

(1) In these regulations, unless the context otherwise requires:

"the Act" means the Value Added Tax Act;

"BIC" shall have the meaning assigned to it in point (16) of Article 2 of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/ 2009;

"CESOP" shall mean the "central electronic system of payment information" established by Council Regulation (EU) 2020/283 of 18 February 2020 amending Regulation (EU) No 904/2010 as regards measures to strengthen administrative cooperation in order to combat VAT fraud;

"home Member State" shall have the meaning assigned to it in article 2(1) of the Financial Institutions Act;

"host Member State" shall have the meaning assigned to it in article 2(1) of the Financial Institutions Act; PAYMENT SERVICE PROVIDERS)

"IBAN" shall have the meaning assigned to it in point

(15) of Article 2 of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation

(EC) No 924/2009;

"payee" shall have the meaning assigned to it in article

2(1) of the Financial Institutions Act;

"payer" shall have the meaning assigned to it in article

2(1) of the Financial Institutions Act;

"payment" means a "payment transaction" or a "money remittance" as defined in article 2(1) of the Financial

Institutions Act, subject to the exclusions referred to in article 3(2A) of that Act;

"payment account" shall have the meaning assigned to it in article 2(1) of the Financial Institutions Act;

"payment service provider" means any of the categories of payment service providers listed in paragraphs (a) to (e) of the definition "payment service provider" included in article

2(1) of the Financial Institutions Act or a natural or legal person benefitting from an exemption in accordance with Article 32 of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC;

"payment service" means any of the business activities listed in points (c) to (f) of paragraph 2 of the Second Schedule to the Financial Institutions Act;

(2) In these regulations, save as provided in sub-regulation (1), all words and phrases shall have the meaning as prescribed in the Act.