Archive | EMA publications

The EMA frequently responds to government and European consultations on regulation that impacts the e-money and payment services industry. Sometimes, we also express our views on issues that are raised in the public domain where we feel it is important to provide an industry input.

Our publications reflect the views of the EMA as whole; individual members’ views may vary from time to time. The public consultation responses are listed below. For further information on these positions, please contact us.

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 →

February 1, 2013
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 12, 2012
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 →

April 17, 2012

EMA response to the EC Green Paper: ‘Towards an integrated European market for card, internet and mobile payments’.

In January, the European Commission started a stakeholder consultation on the future of the European payments market by issuing the Green Paper: ‘Towards an integrated European market for card, internet and mobile payments’. It sought responses to a series of questions with respect to card payments, interchange fees, SEPA, standardisation, interoperability and payments security.

The EMA response to the Green paper stresses that the EMA is not in favour of regulatory intervention with respect to interchange fees. Regarding possible access to the bank account by third party payment service providers, the EMA recognises that it would enable significant innovation by third party providers and the offering of added value services. 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 →

January 6, 2012