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The European Commission has adopted Commission Delegated Regulation (EU) No…/… of 28.9.2017 supplementing the Payment Accounts Directive with regard to regulatory technical standards for standardised terminology for the most representative services linked to a payment account. The next step is for the Council of the EU and the European Parliament to consider the Delegated Regulation. If neither of them objects to the Delegated Regulation, it will enter into force twenty days after it is published…
The Payment Systems Regulator has published Consultation Paper 17/1: Direct debit facilities management: switching providers: Consultation on provisional conclusions and proposals to change the direct debit rules relating to the switching of facilities management (FM) providers (CP17/1). CP17/1 discusses concerns that have been raised about the direct debit FM services and the options for customers that want to change their FM provider. CP17/1 is consulting on: proposed solutions to concerns about the ability of customers…
The European Banking Authority (EBA) has published a consultation paper on draft guidelines on fraud reporting requirements under Article 96(6) of the revised Payment Services Directive (PSD2). Article 96(6) of PSD2 states that payment service providers (PSPs) shall provide “statistical data on fraud relating to different means of payment to their competent authorities”. The same article states that competent authorities shall, in turn, provide the EBA and the European Central Bank (ECB) with such data…
The European Banking Authority (EBA) has published a final report on guidelines on major accident reporting under the revised Payment Services Directive (PSD2). The guidelines set out the criteria, thresholds and methodology to be used by payment service providers (PSPs) to determine whether or not an operational or security incident should be considered major and, therefore, be notified to the competent authority in the member state. In addition, the guidelines establish the template that PSPs…
Article 15(1) of the revised Payment Services Directive (PSD2) mandates the European Banking Authority (EBA) to develop, operate and maintain an electronic central register that contains information as notified by competent authorities (CAs). The PSD2 also confers a mandate on the EBA to develop draft regulatory technical standards (RTS) setting technical requirements on development, operation and maintenance of the electronic central register and on access to the information contained therein. Article 15(5) of the PSD2…
The Commission Services has published a consultation paper on transparency and fees in cross-border transactions in the EU. The consultation paper focuses on: transaction fees in both non-euro and euro transactions. The consultation paper notes that the first action of the Consumer Financial Services Action Plan is to amend the Regulation on cross-border payments to reduce charges for cross-border transactions in all member states. However, payments involving currencies of member states other than the euro…
The Payment Systems Regulator (PSR) has published minutes from a board meeting held on 17 May 2017. Points of interest in the minutes include the following: it was noted that the FCA was having discussions on the impact of Brexit, and that there did not appear to be a similar level of debate by the PSR. Hannah Nixon, PSR Managing Director, advised that there are fewer issues that could impact the PSR, although a close…
On 3 April 2018, we blogged that the Payment Systems Regulator (PSR) published Consultation Paper 17/9: PSR regulatory fees 2017/18 (CP17/9). In CP17/9 the PSR was consulting on the proposed fee rates for relevant market participants. The PSR has now published Policy Statement 17/17: PSR regulatory fees 2017/18: Decision on 2017/18 PSR regulatory fees for the funding of the PSR’s Financial Services (Banking Reform) Act 2013 (FSBRA) and the Interchange Fee Regulation (IFR) functions (PS1717).…
On 2 February 2017, we blogged that HM Treasury published a consultation on implementing the revised Payment Services Directive (PSD2). HM Treasury has now published its response to its consultation on implementing PSD2. The document summarises the questions submitted to the consultation and outlines the Government’s response. Among other things, the document notes: in relation to PSD2 implementation, the Government considers it appropriate to maintain its proposed approach: copying-out the directive, while looking to take…
On 13 June 2017, we blogged that the PRA had published Consultation Paper 6/17: Regulatory reporting: occasional consultation paper (CP6/17) which set out proposals for minor amendments to the templates and reporting instructions for PRA101 to PRA103 (Capital+), PRA108, and the removal of the definition of ‘whole-firm liquidity modification’ from the PRA Rulebook. The PRA has now published Policy Statement 20/17: Regulatory reporting: Responses to CP6/17 (PS20/17). The PRA reports that there it received only one response…