85C.—(1)  Subject to subsections (2), (3) and (5), payment service providers shall keep detailed records, in accordance with section 85D, of the payees and payments relating to the payment services they provide for each calendar quarter.

(2) Subsection (1) shall apply only to payment services that are provided in respect of cross-border payments.

(3) Subsection (1) shall apply to a payment service provider where, in the course of a calendar quarter, that payment service provider provides payment services corresponding to more than 25 cross-border payments in respect of the same payee.

(4) (a)For the purpose of subsection (3), the number of cross-border payments shall be calculated by reference to the payment services (including any payment services referred to in subsection (5)(a)) provided by the payment service provider per Member State and, subject to paragraph (b), per identifier referred to in subsection (3) of section 85B.

(b) Where a payment service provider has information that a payee has more than one identifier, as referred to in subsection (3) of section 85B, the number of cross-border payments shall be calculated per payee.

(5) (a) Subsection (1) shall not apply to payment services provided by a payment service provider of a payer in respect of a payment where at least one of the payment service providers of the payee is located in a Member State.

(b) For the purpose of paragraph (a), the location of a payment service provider of the payee shall be determined by reference to the payment service provider’s BIC or any other business identifier code that unambiguously identifies the payment service provider and the location of the payment provider.]