EBA published its final draft regulatory technical standards specifying the framework for cooperation and the exchange of information between competent authorities under the revised Payment Services Directive (PSD2). This regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Additionally, the standards clarify the type of information as well as the templates to be used by payment institutions when reporting to the competent authorities of the host member states on the payment business activities carried out in their territories. These regulatory technical standards also set out the periodical reporting requirements, divided into two sets of information, which host competent authorities can request from payment institutions operating in their territories via agents or branches. The reporting requirements define the data breakdown, reporting periods, frequency, and reporting deadlines. This periodical reporting provides the host competent authority with a better understanding of the payments market in the host member state and helps the host competent authority monitor compliance with the provisions of national law transposing the PSD2.
The proposed cooperation framework ensures consistent and efficient supervision of payment institutions operating across borders by specifying the procedure for the requests and replies for cooperation and exchange of information between competent authorities, including single contact points, language, standardized forms, and timelines. These standards help consumers use payments services with confidence across the EU, as they ensure consistent and efficient supervision of payment institutions operating across borders.
Effective Date: OJ + 20 Days
Keywords: Europe, EU, PMI, Banking, Regulatory Technical Standards, Home-Host Cooperation, Reporting, PSD 2, EBA
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).