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 →
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.
Today the Dutch Ministry of Finance has published its consultation on changes in the Betting and Gaming Act (Betting and Gaming Act), the Betting and Gaming Tax Act (KSB) and some other acts concerning the regulation of remote games of chance. The Ministry also published an English version of the draft law (pdf) and an Explanatory memorandum (pdf). Continue Reading →
On May 8, the European Commission published a proposal for a Payment Account Directive. The origins of the proposal lie in the discontent that the Commission has with respect to the provision of information by banks to their customers and the reluctance of banks to facilitate switching between account. In addition the Commission wishes to ensure the availability of a bank account with basic features to all European citizens.
The European Commission has yesterday published a proposal on a Directive for Network and Information Security (NIS) in Europe. This proposal requires Member States to set up Computer Emergency Response Teams (CERTs), and to adopt national NIS strategies and national NIS cooperation plans.
The European Commission has today adopted two proposals in the area of Anti-Money Laundering:
- A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
- 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 →
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 →
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.
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:
- improve the functioning of the existing Payments Council,
- introduce a new public body to set strategy across the UK payments industry: the Payments Strategy Board,
- introduce a utility type statutory regulator for the payments industry.
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 →
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.