Transitional Provisions for Certain Payment Services and for Strong Customer Authentication

(1) Undertakings that, before 12 January 2016, provided payment initiation services within the meaning of this Act, in the version in force from 13 January 2018, in Germany, may continue to carry on that activity in Germany, until sections 45 to 52 and section 55 enter into force, under the conditions applicable before 13 January 2018.
(2) Undertakings that, before 12 January 2016, provided account information services within the meaning of this Act, in the version in force from 13 January 2018, in Germany, may continue to carry on that activity in Germany, until sections 45 to 52 and section 55 enter into force, under the conditions applicable before 13 January 2018.
(3) Account servicing payment service providers may not, until sections 45 to 52 and section 55 enter into force, deny payment initiation service providers and account information service providers access to their payment accounts on the ground that they do not meet the requirements of sections 45 to 52 and section 55.
(4) Until section 55 enters into force, strong customer authentication is carried out in accordance with BaFin's circular 4/2015 (BA) of 5 May 2015, available on BaFin's website.
(5) An undertaking that, from 13 January 2018, offers payment services that, under this Act, in the version in force up to and including 12 January 2018, were still exempt from licensing, and that wishes to continue offering those services also from 13 January 2018, must, within three months of 13 January 2018, submit an application for a licence under section 10(1) or an application for registration under section 34(1). Where the application for a licence or registration is submitted in time and in full, that undertaking may continue to be deemed licensed to that extent until BaFin's decision on the application for a licence or registration becomes final.