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Article: Publication Of Draft Payment Services Law.(Brief article)
- Article from:
- Mondaq Business Briefing
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Central Bank of Cyprus has published the draft Payment Services Law of 2009, which implements the European Payment Services Directive, 2007/64/EC. The Payment Services Directive aims to create a single market in payment services, to guarantee fair and open access to payments markets and to increase consumer protection. It requires systems to be put in place to enable all euro or domestic electronic payments to be completed within one day after the payment order is given and provides the legal foundation for cross-border direct debit schemes. It also provides the necessary legal platform for the Single Euro Payments Area.
The draft law establishes the regime ...