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
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