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.

July 4, 2014
April 24, 2014

EMA response to call for inputs for the UK Payment Systems Regulator (PSR)

Last year, HM Treasury announced that the Financial Conduct Authority would set up the UK Payment Systems Regulator (PSR). Following the announcement, the FCA published a “call for inputs” consultation in March this year and organised a stakeholder conference. The EMA contributed to the consultation to assist the Payment Systems Regulator develop its regulatory approach and identify early priorities.

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November 21, 2013

ECB consultation on security requirements for the security of mobile payments (deadline: January 31, 2014)

Yesterday, the European Central Bank (ECB) released a draft version of the Recommendations for the security of mobile payments 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 EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security. The consultation follows two previous consultations on requirements with respect to the security of internet payments and on third party account access.

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July 26, 2013

EU Commission proposals for revised Payment Services Directive and MIF-regulation

On 24 July 2013, the Commission adopted a legislative package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs). The changes in the Payment Services Directive include a.o. changes in scope, the addition of a new type of institution (Third Party Payment Services Processor) and further rules as to transaction authentication. The Regulation on MIFs seeks to cap the interchange fees for card payments to 0,3 and 0,2 % for international credit- and debit-transactions. Over time these limits would also apply to domestic transactions. Continue Reading →

May 22, 2013
May 9, 2013
February 8, 2013
February 5, 2013

EC Proposals for 4th Anti-Money Laundering Directive and Regulation on Funds Transfer Information

The European Commission has today adopted two proposals in the area of Anti-Money Laundering:

  1. A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
  2. A regulation on information accompanying transfers of funds.

The two proposals will have a considerable impact for the industry, given the changes in scope, definitions and the proposed elimination of the Simplified Due Diligence regime. Continue Reading →

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.

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