S.L. 406.22 Art. 4Registration of payment service providers.

(1) A payment service provider whose home Member

State or host Member State is Malta shall notify the Commissioner by applying to be registered as a payment service provider for the purpose of these regulations by not later than twenty-five (25) days from the date of coming into force of these regulations or the date Malta becomes its home Member State or host Member State as applicable, whichever is the later.

(2) The notification in accordance with this regulation shall be submitted electronically directly through the established web portal designated by the Commissioner for the purpose of reporting under the central electronic system of payment information ("CESOP"), and shall contain the information requested therein. PAYMENT SERVICE PROVIDERS)

(3) A payment service provider registered under this regulation shall ensure that the information requested upon registration is updated within fifteen (15) days from the date of occurrence of any changes in said information by means of an electronic submission through the web portal mentioned in sub-regulation (2).

(4) A payment service provider registered under this regulation shall within fifteen (15) days from the date Malta ceases to be its home Member State or host Member State notify the Commissioner by means of an electronic submission through the web portal mentioned in sub-regulation (2) to cancel its registration.

(5) Without prejudice to sub-regulation (1), where a notification in accordance with sub-regulation (4) is made, the Commissioner shall cancel the registration of that payment service provider with effect from the date the notification in accordance with sub-regulation (4) is received:

Provided that where the Commissioner has reason to believe that a notification in accordance with sub-regulation (4) should have never been made by the payment service provider, the registration in accordance with this regulation shall be deemed to have never been cancelled:

Provided further that this shall not prejudice the payment service provider’s right to contest a decision taken by the Commissioner in terms of the foregoing proviso, in accordance with paragraph (j) of article 44 of the Act.