Archive | EMA blog

A blog with the latest information on regulatory developments in the area of electronic money and innovative payments.

Thaer Sabri, a panelist at Webit Festival Europe 2018

CEO of the EMA Thaer Sabri joined the panel on The Future payments at Webit Festival Europe 2018 in Sofia, Bulgaria on 26 June.

The panel discussed the following topics:

1.What are the main changes taking place in payments?

2.What is the likely impact of open banking on payments?

3. Why have digital currencies not yet taken off as payment instruments?

See for extra information here.

 

EMA response to EC Regulation Cross-border Fees

The EMA submitted a letter to European Commission on draft Regulation amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges – COM(2018)163 – on 12 June 2018.

In general, the EMA supports greater transparency, but not price regulation. In this context, the EMA proposes to support the Commission’s proposals for increased price disclosure requirements. We do not support the proposals to expand Regulation 924/2009 to cover cross-border transactions outside the Eurozone, nor the temporary price cap on currency conversion charges.These constitute significant pricing interventions where there is no evidence of a market failure to justify a regulatory intervention of this scale. In many cases the market is already finding solutions through innovative new FinTech entrants who can better cater to the needs of consumers.

View the full response here

EMA response to FCA CP1803 on SME Access to FOS

The EMA responded to FCA Consultation paper 18/03 on SME access to the Financial Ombudsman Service and Feedback to DP15/7: SMEs as Users of Financial Services on 23 April 2018.

EMA expresses concern about the FCA’s proposals to expand the list of eligible complainants to the Financial Ombudsman Service to include SMEs and guarantors. This is a substantial departure from existing practice, and is likely to have a considerable impact, particularly on smaller financial service providers in the payment services sector, where disputes are likely to be complex, and where the financial services provider may themselves be an SME.

View the full response here