The Regulation issued by Bank of Italy on 11 October 2018 ("Regulation") – implementing certain provisions of the Directive (EU) 2015/2366 ("PSD2") and Legislative Decree 15 December 2017, n. 218 – introduced the obligation for issuers of payment instruments covered by the limited network exclusion set forth by PSD2 (e.g. gift cards, e-vouchers, some fuel cards) to notify Bank of Italy, by 30 April of each year, with the total value of payment transactions made through these payment instruments.
This obligation, according to the terms and conditions provided by the Regulation, shall be fulfilled if the overall value of the payment transactions executed in the calendar year prior is greater than the amount of 1 million Euros.
All issuers of these payment instruments, both Italian and foreign, operating in Italy are subject to this reporting obligation. As regard to the threshold of 1 million Euros, issuers shall refer to the total value of payment transactions made through such payment instruments in all the different countries they operate in.
What happens next?
A) Issuers who notified Bank of Italy in 2019
If in 2019 the total value of the payment transactions carried out using the payment instruments covered by the limited network exclusion was greater than 1 million Euros, the issuers are required to notify Bank of Italy, by 30 April 2020, with the information provided under Annex A -1 of the Regulation.
B) Issuers who did not notify Bank of Italy in 2019
By 30 April 2020, issuers shall notify Bank of Italy with the information provided under Annex A-2 of the Regulation. This communication shall be filed with Bank of Italy even if, in 2019, the overall value of the transactions carried out using payment instruments was less than 1 million Euros.
C) In both cases above
If the relevant data is not available in order to notify Bank of Italy by the 30 April 2020 deadline (e.g. because the financial statements have not yet been approved), by this deadline the issuer shall in any case file 'provisional (uncertified) data', which must be followed by the filing of the 'final (certificated) data' as soon as it is available and in any case, not later than 30 June 2020. An explicit mention of this circumstance must be disclosed when filing the provisional data.