Paying agent
Paying Agent ( English agency paying, payment office ) is in payment , the account-holding credit institution of a debtor and securities law , a credit institution in order of issuers all with securities -related payments performs or receives.
General
Paying agents are generally institutions that make and / or receive payments. These payments can be made cashless or by cash payment or cash deposit ( cash register , municipal treasury ).
The legal concept of paying agency receives in § 4 para. 1 ZIV a legal definition , according to which as paying each business entity is established, the the beneficial owner interest pays or secures the payment of interest for the immediate benefit of, regardless of whether this economic agent of the debtor of the underlying interest underlying receivables or by the debtor or the beneficial owner with the interest payment or their collection is in charge. Due to the legal purpose, this definition is very narrow and does not take into account the other functions that a paying agent generally has.
In Switzerland , the paying agent is defined as an institution “that pays out income from its own obligations, receives it for itself or other authorized users and / or forwards it to other paying agents or authorized users”.
Legal issues
Paying agents occur in different areas of law .
Payment service law
In payment services law, the paying agent is the bank account of the debtor and pays direct debits with the consent ( authorization ) of the debtor by debiting the account . Without authorization, the debit according to § 675j Paragraph 1 Clause 1 BGB is ineffective and must be reversed. In the case of the direct debit authorization procedure , the effectiveness of the debit from the account depended on the debtor's approval of his paying agent ( Section 684 sentence 2 BGB). In the absence of giro-contractual instructions, the paying agent in the cover relationship is not entitled to any reimbursement of expenses in accordance with Section 670 BGB until the debtor has approved the unauthorized debiting of his account in accordance with Section 684 sentence 2 BGB.
Securities law
Issuers with host country Germany need to § 48 para. 1 no. 4 WpHG ensure that for the duration of the approval of the securities at least financial institution is intended as a paying agent in Germany, where all necessary measures in securities in the event of presentation of Securities at this point free of charge, can be effected. In securities law , the paying agent takes on the so-called paying agent business on behalf of the issuer in particular to redeem coupons that are due , i.e. interest coupons or dividend coupons . The paying agent also undertakes the repayment of securities that have been drawn or due. A securities prospectus must also be published by paying agents ( Section 14 (2 ) WpPG ).
If the purpose of the public notice procedure is to invalidate a bearer paper , the court must, pursuant to Section 480 (1) FamFG, issue a payment prohibition upon application to the issuer and to the paying agents named in the paper and the applicant , according to which neither a To effect a performance, in particular new interest coupons, annuity coupons or profit share coupons or a renewal coupon to be issued ( payment block ).
The number of job changes (or "improper change of domicile") according to Art. 4 WG a change which, although at the residence of the drawee is made payable but for the resident in the same place credit institution.
Budget law
Paying agents are always organizational units of authorities that do not belong to the fund, but work for them by performing parts of the fund's tasks (cash deposits and cash withdrawals). The head of the authority is also responsible for the service and technical supervision of the paying agency . In budget law , payments according to § 70 BHO may only be accepted or made by cash registers and paying agents, all bookings must be documented ( § 75 BHO). Section 32 HGrG also contains an identical provision .
Judicial administration
In the administration of justice , the paying agency accepts payments of fines , court costs and advances . In addition, it usually pays out witness compensation . The reimbursement of expenses is regulated by the Judicial Remuneration and Compensation Act (JVEG). Experts , interpreters and translators receive a fee for their services in accordance with Section 8 (1) JVEG (Section 9 JVEG to Section 11 JVEG), travel expenses ( Section 5 JVEG), compensation for expenses ( Section 6 JVEG) and compensation for other and for special expenses (§ § 7 JVEG and § 12 JVEG) by the paying agent.
Social law
In social law , the paying agent is the social insurance agency that provides benefits to the beneficiary. In accordance with Section 202 (1) SGB V, the paying agent must determine the relevant health insurance provider for the pension recipient when approving pension payments for the first time and when notification of termination of membership of a pension recipient is made, and the start, amount, changes and end of the pension payments and in the cases of § 5 Abs. 1 Nr. 11b SGB V to notify the day of the application immediately. According to Section 205 No. 2 SGB V, insured persons who receive a pension from the statutory pension insurance or pension payments must immediately report the start, amount, changes and the paying agent of the pension payments to their health insurance company.
Depositary
The custodian also assumes the duties of a paying agent, because pursuant to Section 71 (2) of the KAGB , the issue price of investment certificates is to be paid by the investor to the custodian and, minus the surcharge, immediately posted to a blocked account set up for the investment company , this also applies conversely, for the redemption price (section 71 (2) and (3) KAGB) and for any income ( section 74 (1) no. 4 KAGB).
Central securities depository
Pay points such as CSD may (on a cash account since June 2015 English Dedicated Cash Account (DCA) ) have that requirement for participation in the European TARGET2-Securities system (T2S) in the ESCB is. The DCA is a TARGET2 account that is used to make payments in euros. T2S is a clearing system in which securities can be bought and sold against payment ( English matching principle ).
Paying agent tax
The general term of withholding tax refers to a taxation method in which the taxable service is not recorded by the recipient of the service ( creditor ), but by the debtor or agent of the service (paying agent), although the tax burden should ultimately hit the recipient. Withholding tax is therefore not a type of tax , but merely a special form of collection . In Germany therefore sometimes that is capital gains tax called paying agent tax because, according to § 44 para. 1 sentence 3 EStG the investment income "paying or executive structure" for the tax deduction of investment income within the meaning of § 43 para. 1 sentence 1 no. 5-7 , No. 8-12 and sentence 2 EStG is responsible.
The Bilateral Agreements II between Switzerland and the European Union have meant that Switzerland since January 2009, a withholding tax makes on interest payments, domiciled in Switzerland of paying agents (such as banks) to natural persons resident for tax purposes in the EU Member States made (see also: Tax Agreement Germany – Switzerland ). This so-called paying agent tax is a security tax that the taxpayer receives back on declaration to his tax authority . The tax rate has been increased step by step; since 2011, 35% has been deducted in line with withholding tax.
International
The paying agent in Austria is a credit institute based in the EEA area or in Switzerland. Pursuant to Section 10 of the Austrian Federal Budget Act (BHG), paying agents are responsible for processing cash payments by the household authorities, which must be limited to the absolute minimum. From an organizational point of view, the paying agents belong to the budgetary offices where they are set up. According to Section 6 of the Austrian Market Organization Act, Agrarmarkt Austria is the responsible market organization, intervention and payment agency for market organization premiums and payments from the ÖPUL environmental program and the compensatory allowance for farmers in mountainous and other disadvantaged areas.
organization
Paying agent denotes either the function of an entire institution or an organizational unit within an organization. Paying agents either act for the organization's own purposes or make and receive payments on behalf of third parties .
Individual evidence
- ↑ Report of the mixed working group for the attention of the Swiss Federal Council , debtor and paying agent principle in tax law , February 2014, p. 63
- ↑ BGH NJW 2008, 63
- ↑ BGH NJW 2008, 3348
- ↑ Karlheins Müssig (ed.), Gabler Banklexikon , 1985, Col. 2252
- ↑ Karlheins Müssig (ed.), Gabler Banklexikon , 1985, Col. 2252
- ^ Herbert Wiesner / Antonius Westermeier, The state budget, cash and accounting , 2007, p. 332
- ^ Herbert Wiesner / Antonius Westermeier, The state budget, cash and accounting , 2007, p. 368
