The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on Central Contact Points under the revised Payment Services Directive (PSD2). The RTS specify the criteria for determining when the appointment of a central contact point in a host Member State (MS) is appropriate and the functions that these contact points should fulfill. These RTS are in support of the objective of PSD2 of facilitating the supervision by competent authorities (CAs) of the networks of agents used by payment institutions (PIs) and electronic money institutions (EMIs) for providing cross-border payment services under the right of establishment.
These RTS apply where the host MS has decided to make use of the option under PSD2 to require PIs and 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, the EBA decided to retain the proposed criteria for determining when the appointment of a central contact point is appropriate. In particular, these criteria relate to the number of agents operating in the host MS under the right of establishment and the value and volume of transactions carried out through agents in the host MS.
However, the EBA made one change to the draft RTS to clarify that PIs and EMIs who meet any of the criteria set out in the RTS should notify the CA of the host MS accordingly. The EBA considered this notification to be necessary in order to enable the CA of the host MS to exercise its supervisory responsibilities effectively.
Legal basis and background
These final draft RTS have been developed in accordance with Article 29(5) of PSD2, which requires the EBA to develop draft RTS specifying the criteria to be applied when determining, in accordance with the principle of proportionality, the circumstances when the appointment of a central contact point pursuant to Article 29(4) of PSD2 is appropriate and the functions of these contact points.