EBA published the final report on the guidelines on fraud reporting under the revised Payment Services Directive (PSD2). In addition to the guidelines, the final report contains a table summarizing the responses received to the consultation, the EBA analysis of the responses received, and the resulting changes to the guidelines. The guidelines are addressed to payment service providers and competent authorities in EU.
The guidelines require payment service providers across the 28 EU member states to collect and report data on payment transactions and fraudulent payment transactions using a consistent methodology, definitions, and data breakdowns. Having assessed the responses received to the consultation paper it had published in August 2017, EBA decided to make a number of changes to the guidelines and related annexes. The final guidelines no longer require quarterly reporting of high-level data and a more detailed set of data on a yearly basis, but the reporting of a uniform set of data on a semi-annual basis instead.
Additionally, the geographical scope of the data has been reduced in size and complexity compared to the draft guidelines that had been proposed in the consultation paper; this is because the guidelines no longer require country-by-country data breakdowns and there is now a uniform geographical breakdown (instead of three different ones). Moreover, fraudulent transactions where the payer is the fraudster are no longer within the scope of the guidelines. Furthermore, jointly with ECB, EBA has made further efforts to align the guidelines with related reporting requirements, in particular with the ECB Regulation on payment statistics (ECB/2013/43).
Keywords: Europe, EU, Banking, PSD 2, Guidelines, Fraud Reporting, PMI, ECB, EBA
Previous ArticleEIOPA Q&A on Regulations: First Update for July 2018
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.
FED released hypothetical scenarios for a second round of stress tests for banks.
FED is proposing to temporarily revise the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes necessary to conduct stressed analysis in connection with the re-submission of capital plans, using data as of June 30, 2020.
FED adopted a proposal to extend for three years, with revision, the information collection under the market risk capital rule (FR 4201; OMB No. 7100-0314).
EBA published a voluntary online survey seeking input from credit institutions on their practices and future plans for Pillar 3 disclosures on the environmental, social, and governance (ESG) risks.