The European Banking Authority (EBA) launched today a consultation on its draft technical standards on the framework for cooperation and exchange of information between competent authorities for passporting under Article 28(5) of the revised Payment Services Directive (PSD2). The technical standards will ensure that information about those payment institutions that carry out business in one or more EU Member States is exchanged consistently between the national authorities of the home and host Member States. The consultation runs until 11 March 2016.
These draft RTS proposed in this Consultation paper set out a harmonised framework aimed at providing clarity to payment institutions about regulatory requirements and, in so doing, at fostering the cross-border provision of payment services in the EU internal market.
These draft requirements specify in particular the information that national supervisors will have to exchange with one another. In so doing, the RTS distinguishes the notifications related to branch establishments, agent's engagement and free provision of services. Some specific features that the notifications shall have in terms of format, transmission channel and language are also defined in the RTS.
Responses to this Consultation Paper can be sent to the EBA until 11 March 2016, by clicking on the "send your comments" button on the website. The EBA will assess the responses received before finalising the RTS, which it will publish in the summer of 2016.
The Directive of the European Parliament and of the Council on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, is expected to be published in the EU's Official Journal in December 2015 or January 2016. The Directive will then enter into force 20 days later and will apply 24 months after that.
The PSD2 will confer 11 mandates on the PSD2, of which five are Guidelines and six are Technical Standards, which includes the RTS on passporting notifications published today. In order for external stakeholders to have clarity on regulatory requirements as early as possible in 2016/17, the EBA has decided not to await the publication of the PSD2 in the EU's Official Journal. Instead it issued today's Consultation paper using the Directive that had been signed by the EU Council on 16 November 2015 as a basis for the proposal.