EBA Issues Final Technical Standards on Future EBA Register Under PSD2
EBA published the final draft regulatory and implementing technical standards on the EBA electronic central register under the Payment Services Directive (PSD2). The regulatory technical standards specify the procedures that the competent authorities should follow when providing information to EBA and those that apply to EBA when processing and publishing that information.
The regulatory standards set out requirements for manual and automated provision of information from the competent authorities to EBA and the timely synchronization between the national public registers under the PSD2 and the EBA Register. They also specify the procedure for accessing the information in the EBA Register, which includes the functionality for downloading its content. This, in turn, allows market participants to automatically search and retrieve the information needed. The implementing technical standards specify the information that will be made available on the EBA Register from a pre-defined list of institutions that is provided by the PSD2, including:
- Payment and electronic money institutions, their agents, and foreign branches
- Exempted payment and electronic money institutions and their agents
- Account information service providers, their agents, and foreign branches
- Providers of services based on specific payment instrument that can be used only in a limited way
- Providers of electronic communication networks executing payment transactions or providing services in addition to electronic communications services
The final draft regulatory and implementing technical standards will be submitted to EC for adoption. Following the submission, the regulatory standards will be subject to scrutiny by the European Parliament and the Council, before being published in the Official Journal of the European Union. EBA will be able to develop the EBA Register only after the adoption of the draft regulatory and implementing technical standards. Therefore, EBA will not be able to have the EBA Register in place at the date of application of PSD2, which is January 13, 2018; it will be in place only later in the year.
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Keywords: Europe, EU, Banking, PMI, PSD2, Regulatory Technical Standards, Implementing Technical Standards, EBA Register, EBA
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