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.
Related Links
Keywords: Europe, EU, Banking, PMI, PSD2, Regulatory Technical Standards, Implementing Technical Standards, EBA Register, EBA
Previous Article
US Agencies Proposed to Extend and Revise Reporting Form FFIEC 101Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.