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COBS 19.2.1

Unless otherwise agreed in writing by a Payment Service Provider and a Payment Service User which is not a Natural Person in accordance with Rule 19.6.1, a Framework Contract between a Payment Service Provider and a Payment Service User must include the following information:

(a) about the Payment Service Provider:
(i) the name of the Payment Service Provider;
(ii) the address and contact details of the Payment Service Provider’s office in ADGM;
(iii) the name of the Regulator of the Payment Service Provider, and details of the Payment Service Provider’s Financial Service Permission;
(b) about the Payment Service:
(i) a description of the main characteristics of the Payment Service to be provided;
(ii) the information or unique identifier that must be provided by the Payment Service User in order for a Payment Order to be properly initiated and executed;
(iii) the form and procedure for giving consent to the initiation of a Payment Order or execution of a Payment Transaction and for the withdrawal of consent in accordance with Rule 19.10.1(3);
(iv) the time of receipt of a Payment Order, in accordance with Rule 19.14.1, and the cut-off time for the processing of a Payment Order, if any, established by the Payment Service Provider;
(v) the maximum execution time for the Payment Services to be provided; and
(vi) any spending limits for the use of a Payment Instrument as agreed in accordance with Rule 19.10.2(1);
(c) about charges and exchange rates:
(i) details of all charges payable by the Payment Service User to the Payment Service Provider, including those connected to information which is provided or made available and, where applicable, a breakdown of the amounts of all charges;
(ii) where relevant, details of the exchange rates to be applied or, if Reference Exchange Rates are to be used, the method of calculating the relevant date for determining such Reference Exchange Rates;
(iii) where relevant and if agreed, the application of changes in Reference Exchange Rates and information requirements relating to any such changes, in accordance with Rule 19.2.5;
(d) about communication:
(i) the means of communication agreed between the parties for the transmission of information or notifications including, where relevant, any technical requirements for the Payment Service User’s equipment and software for receipt of the information or notifications;
(ii) the manner in which and frequency with which information under Chapter 19 is to be provided or made available;
(iii) the Payment Service User’s right to receive the revised terms of the Framework Contract and any other information in accordance with Rule 19.2.4;
(e) about safeguards and corrective measures:
(i) where relevant, a description of the steps that the Payment Service User must to take in order to keep safe a Payment Instrument and how to notify the Payment Service Provider of loss of the Payment Instrument for the purposes of Rule 19.11.1(3);
(ii) how and within what period of time the Payment Service User must notify the Payment Service Provider of any unauthorised or incorrectly initiated or executed Payment Transaction under Rule 19.17.1;
(iii) the secure procedure by which the Payment Service Provider will contact the Payment Service User in the event of suspected or actual fraud or security threats;
(iv) where relevant, the conditions under which the Payment Service Provider proposes to reserve the right to stop or prevent the use of a Payment Instrument in accordance with Rule 19.14.2;
(v) the Payer’s liability under Rule 19.20.1 including details of any limits on such liability;
(vi) the Payment Service Provider’s liability for unauthorised Payment Transactions under Rule 19.20.1;
(vii) the Payment Service Provider’s liability for the initiation or execution of Payment Transactions under Rule 19.21.2 or Rule 19.21.3; and
(viii) the conditions for the payment of any refund to the Payment Service User under this Chapter.
(f) about changes to and termination of the Framework Contract:
(i) where relevant, the proposed terms under which the Payment Service User will be deemed to have accepted changes to the Framework Contract in accordance with Rule 19.2.5, unless they notify the Payment Service Provider that they do not accept such changes before the proposed date of their entry into force;
(ii) the duration of the Framework Contract;
(iii) where relevant, the right of the Payment Service User to terminate the Framework Contract and any agreements relating to termination in accordance with Rule 19.2.8.
(g) about redress:
(i) any contractual clauses on the law applicable to the Framework Contract and the competent courts; and
(ii) the availability of any alternative dispute resolution procedures, if applicable, for the Payment Service User and the methods for having access to them.
(h) if the Payment Service involves the issuance of Stored Value, about the redemption of Stored Value, including the conditions of redemption and any related fees.