S.L. 406.22 Art. 5Applicabilityofthe requirement to keep information.

(1) The requirement to which payment service providers are subject in accordance with regulation 3 shall apply where, in the course of a calendar quarter, a payment service provider provides payment services corresponding to more than twenty-five (25) cross-border payments to the same payee:

Provided that the number of cross-border payments referred to in the first paragraph to this sub-regulation shall be calculated by reference to the payment services provided by the payment service provider per Member State and per payee identifier as referred to in regulation 3(4):

Provided further that where the payment service provider has information that the payee has several identifiers the calculation shall be made per payee.

(2) The requirement laid down in regulation 3 shall not apply to payment services provided by the payment service providers of the payer as regards any payment where at least one (1) of the payment service providers of the payee is located in a Member State, as shown by that payment service provider’s BIC or any other business identifier code that unambiguously identifies the payment service provider and its location.

(3) Notwithstanding the provisions of sub-regulation (2), the payment service providers of the payer shall include, in the calculation referred to in sub-regulation (1), the payment services referred to in sub-regulation (2).