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Exemptions from Payment Services Directive (PSD) and Payment Services Regulations (PSRs)
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The Payment Services Directive (PSD) and Payment Services Regulations (PSRs) provide exemptions from the definition of “payment services” for various types of transactions. Here are the key points to understand these exemptions.
Exemptions from the Definition of “Payment Services”
Types of Transactions Exempted
Cash-Based Activities
- Commercial agents
- Professional physical transport of banknotes and coins
Non-Professional Cash Collection and Delivery
- Transactions involving non-professional cash collection and delivery services are exempt from payment services regulations.
Specific Payment Instruments
- Paper cheques
- Bankers’ drafts
Technical Support Services
Data Processing, Trust, and Privacy Protection
- Technical support services such as data processing, trust and privacy protection are exempt from the definition of “payment services”.
Limited Exemptions: Contexts and Conditions
Some exemptions are limited to specific contexts or conditions. For example:
- Transactions within a payment or securities settlement system
- Services provided by investment firms or asset management companies
Specific Criteria for Exemption
Certain activities are exempt if they meet specific criteria, such as:
- Cash withdrawal services through automatic teller machines (ATMs)
If you have any further questions or need clarification on these points, please feel free to ask.