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 service 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	Unver.
§ 2 and § 5 para. 1 and 2	§ 29 para. 1 sentence 1	Financial status, profit and loss statement	STZAG, GVZAG	0/12	x
§ 2 and § 5 para. 1 and 2	§ 29 para. 1 sentence 1	Financial status, profit and loss statement (additional data)	ESTZAG, EGVZAG	0/12	x
§ 3 para. 1 no. 1 and § 5 para. 1 and 2		Average e-money circulation, number of e-money instruments issued	WAZAG	0/12	x
§ 3 para. 1 no. 2a), § 3 para. 2 § 5 para. 2		Payment volume, number of payment transactions, number of payment instruments issued; chargebacks	WAZAG	0/12	x
§ 3 para. 1 no. 2b) and § 5 para. 1 and 2		Refund requests, number of initiated payment transactions and total value of initiated payment transactions	WAZAG	0/12	x
§ 3 para. 1 no. 2c) and § 5 para. 1 and 2		Refund requests, number of payment accounts accessed, total number of customers using AIS	WAZAG	0/12	x

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) 2 In the case of providing financial transfer business, further details must be subdivided into the various payment directions based on the payment recipient 3 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 service institutions) under the German Banking Act (KWG) remain unaffected (see separate overviews here). Therefore, for payment institutions and e-money institutions of groups B and C, the notification and reporting requirements of the German Banking Act (KWG) together with the associated ordinances generally apply, e.g., Financial and Risk Solvency Information Ordinance, Notification Ordinance, Solvency Ordinance, Shareholder Control Ordinance, Ordinance on the Accounting of Credit Institutions and Financial Service 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 participation notifications "Electronic Submission of Participation Notifications" and to the ExtraNet section on the internet (http://www.bundesbank.de/service/extranet).

Current forms can be found at the link https://www.bundesbank.de/en/service/reporting/banking-supervision-form-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	Unver.
§ 2	§ 10 para. 2 and § 11 para. 2	Authorization application (see Guidelines on authorization and registration under PSD2 - EBA/GL/2017/09)		x	2/0
§ 3	§ 10 para. 5 and § 11 para. 4	Change in legal or factual circumstances		x	1/1
§ 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
§ 16 in conjunction with § 3	§ 34 para. 5	Change in legal or factual circumstances		x	1/1
§§ 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 relinquish/reduce		x	3
Annexes 1 and 3 to ZAGAnzV, possibly with Annex 2 to ZAGAnzV					1/1
§ 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
§ 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
§ 22 para. 1 in conjunction with §§ 242 and 245 HGB		Draft annual financial statement	Annual financial statement: Forms according to RechZahlV 4		1/1
§ 6	§ 22 para. 1	Determined annual financial statement 5 and management report	Annual financial statement: Forms according to RechZahlV		1/1
§ 22 para. 2		Consolidated financial statement and consolidated management report	Annual financial statement: Forms according to RechZahlV 6		1/1
§ 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 capture 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
§ 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 representation authority: Intention and implementation of personnel changes (appointment and departure)		x with Annex 4 to ZAGAnzV also intention	1/1
§ 10 para. 2 sentence 2 and 3, § 15 para. 1	§ 28 para. 3 no. 1	Management board members: Side employment	Annex 5 to ZAGAnzV		1/1
§ 10 para. 2 sentence 4 and 5, § 15 para. 2	§ 28 para. 3 no. 2	Management board members: Participation (from 25%)	Annex 6 to ZAGAnzV		1/1
§ 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		1/1