Payment Institutions
Security and Operational Risk Reporting
In accordance with the Payment System Act, all persons authorised to provide payment services are required to report annually on security and operational risks.
New RTS SCA Standards in the Area of Payment Systems
Stuchlíková & Partners provides continuous legal advice to GLOBDATA a.s. in connection with the new requirements in the area of payment system law – requirements for strong customer authentication and opening of access to client information to third parties in accordance with the RTS SCA rules. GLOBDATA a.s. is one of the leaders in providing services for public transport and municipal services operators in the Czech Republic.
Cooperation Settings in the Field of Card Acquiring with Leading Czech Banks
Stuchlíková & Partners provided comprehensive legal advice to the sales representative of a major foreign payment institution operating throughout the entire EU and a leader in innovative payment solutions in connection with the set-up of cooperation in the field of card acquiring with leading Czech banks. Legal advice included consultation with the Czech National Bank, including the submission of a qualified inquiry, the assessment of compliance with the new PSD2 legislation, and the preparation of comprehensive contractual documentation.
Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) for a Foreign Payment Institution
Stuchlíková & Partners provided comprehensive legal advice to the foreign payment institution Blue Media S.A. in connection with the provision of new payment services on the Czech market under the PSD2 rules – Account Information Service Provider (AISP) and Payment Information Service Provider (PISP).
PSD2 and the new Payment Systems Act
The PSD2 Directive has been implemented into Czech law by the new Act on Payment Systems, no. 370/2017 Coll., which will come into effect on 13 January 2018.
Endowments and foundations
Stuchlíková & Partners has prepared for its clients an analysis of non-profit objectives relating to endowments and foundations in English. Among other things, the analysis takes up the differences between an endowment and a foundation under Czech law and the advantages of the specific forms of foundations for a client’s intentions. The analysis also includes the Payments Act and obtaining approval from the Czech National Bank.
Successful representation of an applicant in obtaining a licence for a small-scale electronic money issuer
Stuchlíková & Partners successfully represented another applicant in obtaining a licence for a small-scale electronic money issuer, including the business plan, a description of the strategy for carrying out the activities (a description of issuing and storing electronic money and making payment transactions, and redemption) and the selected manner of protecting money environments, and representation in proceedings at the Czech National Bank.
Licence for small-scale electronic money issuer from the Czech National Bank
Stuchlíková & Partners has provided comprehensive legal advice to foreign investors during the licencing procedure for a small-scale electronic money issuer at the Czech National Bank.
Small-scale electronic money issuers
Companies which are going to issue electronic money have an obligation to register into the register of small-scale electronic money issuers, or to obtain authorisation to perform the activities of an electronic money institution.
Small-scale payment services providers
Companies which are going to provide payment services have an obligation to register into the register of small-scale payment services providers, or to obtain authorisation to perform the activities of a payment institution. Typical providers of payment services are companies such as American Express Payment Services, PayPal and PayU, however providers of other financial services, for example Zonky and P2P finance CZ, are also included. The registration or authorisation is issued by Czech National Bank (hereinafter „CNB“) and based on it the subject gains permission to provide payment services further specified in Act No. 284/2009 Coll., on payment (hereinafter “ZoPS“).