Archive | Consultations

The EMA monitors and frequently responds to government and European consultations on regulation that impact the e-money and payment services industry. The relevant regulatory proposals and consultations are listed below.

January 31, 2013

ECB consultation on security requirements for payment account access services (deadline: April 12, 2013)

Yesterday, the European Central Bank released a draft version of the Recommendations for payment account access services for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all the EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security.

The draft report lists a number of Recommendations which seek to ensure that the Third Party Providers of Payment Account Access Services and the involved Governance Authorities (scheme owners) meet the following requirements: Continue Reading →

SecuRe Pay releases final recommendations on the security of internet payments

Today, the ECB released a comprehensive set of Recommendations for the security of internet payments, following a two-month public consultation carried out in 2012. The Recommendations represent the first achievement of the European Forum on the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative between relevant authorities from the European Economic Area (EEA) – supervisors of payment service providers and overseers in particular.

Continue Reading →

October 8, 2012

EMA response to HMT consultation: Setting the strategy for UK payments

In July 2012, HM Treasury published the document: Setting the strategy for UK Payments as part of a consultation on the best models for the strategy development of the payment industry. The document outlined three options:

  1. improve the functioning of the existing Payments Council,
  2. introduce a new public body to set strategy across the UK payments industry: the Payments Strategy Board,
  3. introduce a utility type statutory regulator for the payments industry.

The EMA response to the consultation outlined that the representation of innovative payment service providers can be improved considerably. Continue Reading →

April 27, 2012

ECB Consultation on security of internet payments (deadline: June 20, 2012)

The European Central Bank (ECB) is consulting on standards to increase the security of internet payments in the European Union. It has drafted recommendations that developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This Forum of regulators and supervisors was set up in 2011 as a voluntary cooperative initiative between authorities.

The report outlines security recommendations and best practices such as the principle of strong authentication.  Continue Reading →

January 17, 2012

EC Consultation: Green paper on EU market for card, internet and mobile payments (deadline April 11, 2012)

In January 2012, the EU Commission started a consultation on the Green Paper – Towards an integrated European market for card, internet and mobile payments. The purpose is to collect information from all interested stakeholders on the existing situation of the card, internet and mobile payments market and the potential hurdles for integration at European level in these markets.

The consultation includes 32 questions to the stakeholders, which cover areas such as:

  • regulation of the multilateral interchange fee for four  party card schemes
  • card scheme rules on cross-border acquiring, co-badging, surcharging and scheme-governance,
  • standardisation, interoperability and security requirements for payments,
  • governance of the SEPA-activities in Europa.

Continue Reading →