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    EBA Issues Regulatory Standards on Central Contact Points Under PSD2

    December 11, 2017

    EBA published the final draft regulatory technical standards on Central Contact Points under the revised Payment Services Directive (PSD2). The regulatory standards specify the criteria for determining when the appointment of a central contact point in a host member state is appropriate and the functions that these contact points should fulfill. The regulatory technical standards will enter into force on the twentieth day following their publication in the Official Journal of the European Union.

    The regulatory technical standards apply where the host member state has decided to use the option (under PSD2) to require payment institutions (PIs) and electronic money institutions (EMIs) operating in its territory, through agents under the right of establishment, to appoint a central contact point in its territory. Following the feedback received during the consultation phase, EBA decided to retain the proposed criteria for determining when the appointment of a central contact point is appropriate. These criteria relate to the number of agents operating in the host member state under the right of establishment and the value and volume of transactions carried out through agents in the host member state. However, EBA made one change to the draft regulatory technical standards to clarify that PIs and EMIs that meet any of the criteria set out in the regulatory technical standards should notify the competent authority of the host member state accordingly. EBA considered this notification to be necessary to enable the competent authority of the host member state to exercise its supervisory responsibilities effectively. 

    The draft regulatory technical standards will be submitted to the EC for endorsement, following which they will be subject to scrutiny by the European Parliament and the Council, before being published in the Official Journal of the European Union. These standards are in support of the objective of PSD2 to facilitate the supervision, by competent authorities, of the networks of agents used by PIs and EMIs for providing cross-border payment services under the right of establishment. 

     

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    Keywords: Europe, EU, Banking, PMI, PSD2, Regulatory Technical Standards, Central Contact Point, EBA

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