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.

View the full response here

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.