Overview of Notification and Reporting Requirements under the Payment Services Supervision Act (ZAG)

DEUTSCHE BUNDESBANK Overview of Notification and Reporting Requirements under the Payment Services Supervision Act (ZAG) Status: February 2022

Notes: Classification of Payment Institutions (PI) and E-Money Institutions (EMI): Group A: pure payment institutions / e-money institutions Group B: payment institutions/e-money institutions that are simultaneously credit institutions within the meaning of the German Banking Act (KWG) Group C: payment institutions/e-money institutions that are simultaneously financial services institutions within the meaning of the German Banking Act (KWG) Group D: payment institutions that only provide payment initiation services or payment institutions that only provide payment initiation services and account information services Group E: payment institutions that only provide account information services (R- AIS)

I. ZAG Monthly Statement Ordinance (ZAGMonAwV)

ZAGMonAwV	ZAG	Content	Form	Submission to BaFin / HV 1	Number of Reports
			Formless	Form	Unchanged
§ 2 and § 5 para. 1 and 2<br>§ 29 para. 1 sentence 1	STZAG, GVZAG	Financial status, profit and loss statement
§ 2 and § 5 para. 1 and 2<br>§ 29 para. 1 sentence 1	ESTZAG, EGVZAG	Financial status, profit and loss statement (additional data)
§ 3 para. 1 no. 1<br>and § 5 para. 1<br>and 2	WAZAG	Average e-money circulation, number of e-money instruments issued
§ 3 para. 1 no. 2a), § 3 para. 2<br>§ 5 para. 2	WAZAG	Payment volume, number of payment transactions, number of payment instruments issued; chargebacks
§ 3 para. 1 no. 2b) and § 5 para. 1<br>and 2	WAZAG	Refund requests, number of initiated payment transactions and total value of initiated payment transactions
§ 3 para. 1 no. 2c) and § 5 para. 1<br>and 2	WAZAG	Refund requests, number of payment accounts accessed, total number of customers using AIS

1 Submission is generally quarterly by the 20th business day of the calendar month following the reporting date; in exceptional cases, monthly (§ 4 sentence 2 ZAGMonAwV) 3 In the case of providing money remittance business, the further information must be subdivided into the various payment directions with reference to the payment recipient 4 applies only to institutions that operate both payment initiation services and account information services

Notification obligations that are not directly contained in the Payment Services Supervision Act (ZAG) or the ordinances based on it are not included. The notification obligations for institutions (credit institutions and financial services institutions) under the German Banking Act (KWG) remain unaffected (see separate overviews for this). Therefore, payment institutions and e-money institutions of groups B and C are also generally subject to the notification and reporting requirements of the German Banking Act (KWG) together with its associated ordinances, e.g., Financial and Risk Solvency Information Ordinance, Notification Ordinance, Solvency Ordinance, Shareholder Control Ordinance, Ordinance on the Accounting of Credit Institutions and Financial Services Institutions, etc.

Regarding the submission procedure, § 1 ZAGAnzV is generally decisive. The remark "Formless" does not exempt from written form, but merely indicates the absence of a separate form. For electronic submission, reference is made to the information sheet for shareholding notifications "Electronic Submission of Shareholding Notifications" as well as to the ExtraNet section on the internet (http://www.bundesbank.de/service/extranet).

Current forms can be found under the link https://www.bundesbank.de/de/service/meldewesen/bankenaufsicht-formular-center.

1 BaFin: Federal Financial Supervisory Authority, HV: Main Administration of the Deutsche Bundesbank Application to PIs/EMIs of groups Page 1 of 4

II. ZAG Notification Ordinance (ZAGAnzV)

ZAGAnzV	ZAG	Content	Form	Submission to BaFin / HV 1	Number of Reports
			Formless	Form	Unchanged
§ 2	§ 10 para. 2 and § 11 para. 2	Authorization application (see Guidelines on authorization and registration under PSD2 - EBA/GL/2017/09)
§ 3	§ 10 para. 5 and § 11 para. 4	Change in legal or factual circumstances
§ 16 in conjunction with § 2	§ 34 para. 1	Registration application
(see Guidelines on authorization and registration under PSD2 -
EBA/GL/2017/09)
			x	2/0	x
§ 16 in conjunction with § 3	§ 34 para. 5	Change in legal or factual circumstances
§§ 4, 5 in conjunction with § 2c KWG and §§ 6 and 7 InhKontrollV	§ 14 para. 1 sentence 2	Holders of significant participations 2:
Intention to acquire/increase or change the notified intention/details or intention to dispose/reduce		x	3
Annexes 1 and 3 to ZAGAnzV, possibly with Annex 2 to ZAGAnzV
§ 4 para. 4 sentence 1 in conjunction with § 2c para. 1 KWG and § 18 InhKontrollV	§ 14 para. 1 sentence 2	Holders of significant participations 2:
newly appointed statutory or articles of association representative or new personally liable partner			x	1/1	x
§ 4 para. 4 sentence 2	§ 14 para. 1 sentence 2	Holders of significant participations 2:
Departure of a statutory, articles of association representative or personally liable partner			x	1/1	x
§ 22 para. 1 in conjunction with §§ 242 and 245 HGB		Draft annual financial statement
Annual financial statement:
Form sheets according to RechZahlV 4				1/1	x
§ 6	§ 22 para. 1	Determined annual financial statement 5 and management report
Annual financial statement:
Form sheets according to RechZahlV				1/1	x
§ 22 para. 2		Consolidated financial statement and consolidated management report
Annual financial statement:
Form sheets according to RechZahlV 6				1/1	x
§ 7 in conjunction with AgNwV	§ 25 para. 1 sentence 1 and 4
§ 32 para. 1 and 3	Intention to use an agent/change in notified circumstances	Data entry sheet 7			1/1
§ 8	§ 26 para. 2 and 4, § 28 para.1 no. 10	Outsourcing
Intention and implementation 8 / change in notified outsourcing
(see Guidelines on outsourcing EBA/GL/2019/02 and
EBA/REC/2017/03)
		x	1/1	x	x
§ 9	§ 38 para. 1, 2, 6 and 9, § 25 para. 4
§ 32 para. 3	EEA branch or EEA cross-border service provision or EEA agents - Intention to establish/provide/use and change in circumstances	Form Notification 9			1/1
§§ 10 and 10a	§ 28 para. 1 no. 1, 2	Management board members and persons with individual authority to represent:
Intention and implementation of personnel changes (appointment and departure)	x with Annex 4 to ZAGAnzV also intention	1/1	x
§ 10 para. 2 sentence 2 and 3, § 15 para. 1	§ 28 para. 3 no. 1	Management board members: Side employment	Annex 5 to ZAGAnzV
§ 10 para. 2 sentence 4 and 5, § 15 para. 2	§ 28 para. 3 no. 2	Management board members: Shareholding (from 25%)	Annex 6 to ZAGAnzV
§ 11	§ 28 para. 1 no. 4 and 8	Passive participations: Significant participations and passive close links	Annex 7 to ZAGAnzV, possibly with Annex 2 to ZAGAnzV