The Ministry of Finance has published a draft rule (in Dutch) to amend the Exemption Regulations pursuant to the FMSA. The amendments are connected to the implementation of the European Payment Services Directive16.
The directive requires, inter alia, that payment service providers must apply for a licence. Member states, however, may decide to wholly or partially provide an exemption to the obligation to have a licence. The draft exemption regulation shows that the Netherlands has chosen to exempt certain payment services; it is impossible to acquire an exemption for the obligation to have a licence for performing money transfers. Payment service providers with an exemption will remain obliged to register and will also be obliged to safeguard the money they receive in the same manner as payment institutions that have a licence. The proposed bill to implement the Payment Services Directive was passed by the Second Chamber at the end of June. The Ministry of Finance intends that the law will enter into force in December 2009.