Changes from plenary report to adopted text

Removed1a. By way of derogation from paragraph 1, where a PSP provides a PSU interface that does not require the payer to insert both the payment account identifier and the name of the payee, the PSP shall ensure that the payee designated by the payer is unambiguously identified. For that purpose, the payer shall have the right to validate the identity of the payee provided by the PSP before authorising the instant credit transfer.

RemovedWhere the payment account identifier or the name of the payee is provided on behalf of the payer by a payment initiation service provider as defined in Article 4, point (18), of Directive (EU) 2015/2366, that payment initiation service provider shall ensure that the information concerning the payee is correct.

RemovedPSPs and payment initiation service providers shall, for the purposes of the first and second subparagraphs respectively, maintain robust internal procedures to ensure that the information concerning payees is correct. Each Member State shall designate one or more national competent authorities with the power to investigate the robustness of such internal procedures.

RemovedWhere a payment account identified through a payment account identifier provided by the payer is held on behalf of multiple payees, additional information allowing the payee to be unambiguously identified may be provided by the payer to the payer’s PSP. The payee’s PSP maintaining accounts on behalf of multiple payees shall, at the request of the payer’s PSP, confirm whether the payee indicated by the payer is among the multiple payees on whose behalf the payment account is maintained.

Removed1b. A PSP shall not be held liable for the execution of an instant credit transfer in euro to an unintended payee in accordance with Article 88 of Directive (EU) 2015/2366 provided that it has fulfilled the requirements of paragraph 1 or paragraph 1a of this Article.

Removed2. PSPs shall ensure that the detection and notification of a discrepancy as referred to in paragraph 1 does not prevent payers from authorising the regular or instant credit transfer concerned.

Removed2a. PSPs shall inform their PSUs of the implications for PSP liability and PSU refund rights resulting from a decision by PSUs to ignore a detected and notified discrepancy as referred to in paragraph 1.

Removed▌

Removed4. PSPs shall inform their PSUs that authorising a transaction despite a detected and notified discrepancy, including in the form of a close match as referred to in paragraph 1, point (b), may lead to transferring the funds to a payment account not held by the payee indicated by the payer. PSPs shall provide that information at the same time as the notification of discrepancies referred to in paragraph 1. ▌

Removed4a. Where the payer’s PSP fails to provide information about a discrepancy to the payer in accordance with paragraph 1, it shall compensate the payer for any financial damage caused to the payer by that failure. Where such failure occurs because the payee’s PSP has failed to provide information about a discrepancy regarding the payment account identifier or the name of the payee, the payee’s PSP shall compensate the payer’s PSP for any financial damage caused to the payer’s PSP by that failure.

Removed▌

Removed6. PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date = 12 months after the date of entry into force of this Regulation].

RemovedPSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date = 36 months after the date of entry into force of this Regulation].

RemovedScreening of PSUs with regard to Union sanctions in case of instant credit transfers

Removed1. PSPs offering instant credit transfers shall verify whether any of their PSUs are listed persons or entities.

RemovedPSPs shall carry out such verifications immediately after the entry into force of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available , and at least once every calendar day.

Removed2. In addition to carrying out verifications under paragraph 1, during the execution of an instant credit transfer, the payer’s PSP and the payee’s PSP involved in the execution of such transfer shall not verify whether the payer or the payee whose payment accounts are used for the execution of that instant credit transfer are listed persons or entities subject to Union restrictive measures adopted in accordance with Article 215 TFEU that provide for an asset freeze or a prohibition on making funds or economic resources available to it.

RemovedThe first subparagraph of this paragraph shall be without prejudice to other restrictive measures that are not adopted in accordance with Article 215 TFEU, to Union law related to the prevention of money laundering and terrorist financing and to any other applicable Union law.

Removed3. A PSP that has failed to carry out the verifications referred to in paragraph 1 and executes an instant credit transfer causing another PSP involved in the execution of that instant credit transaction to fail to freeze assets of listed persons or entities, or to make funds or economic resources available to such persons or entities, shall compensate the financial damage caused to the other PSP resulting from penalties imposed on that other PSP under restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available .

Removed4. PSPs shall comply with this Article by …[ PO please insert the date = 6 months after the date of entry into force of this Regulation].’

Removed4a. EBA and AMLA shall prepare a joint report on potential methods for enabling PSPs that execute instant credit transfers to verify whether any of their PSUs are persons or entities designated on EU lists or national lists of Member States. Such methods may include the development of a single list aggregating persons and entities designated on Union and national lists.

RemovedEBA and AMLA shall submit the joint report on their findings to the European Parliament, to the Council and to the Commission by … [6 months after the date of entry into force of this amending Regulation].

RemovedOn the basis of that joint report, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and to the Council by … [12 months after the date of entry into force of this Regulation].

Removed(3) in Article 11, the following paragraphs▌ are inserted:

Removed‘1a. By way of derogation from paragraph 1, Member States shall by … [PO please insert the date = 4 months after the date of entry into force of this Regulation] lay down rules on the penalties applicable to infringements of Articles 5a to 5d and shall take all measures necessary to ensure that they are implemented. Such penalties shall be effective, proportionate and dissuasive.

RemovedMember States shall notify the Commission of those rules and measures by … [ PO please insert the = 8 months after the date of entry into force] and shall notify it without delay of any subsequent amendment affecting them.

Removed1b. With respect to penalties applicable to infringements of Article 5b and 5d, Member States shall ensure that such penalties include:

Removed(a) in the case of a legal person, administrative fine with a ceiling of ▌not less than 10 % of the total annual net turnover of that legal person in the preceding business year;

Removed(b) in the case of a natural person, administrative fine with a ceiling of ▌not less than EUR 5 000 000, or in the Member States whose currency is not the euro, the corresponding value in the national currency on …[PO please insert the date of entry into force of this Regulation].

RemovedFor the purposes of point (a), where the legal person is a subsidiary of a parent undertaking as defined in Article 2, point (9), of Directive 2013/34/EU of the European Parliament and of the Council* or any undertaking which effectively exercises a dominant influence over that legal person, the relevant turnover shall be the turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year.

Removed1c. The penalties referred to in paragraph 1a of this Article shall not be applied in respect of infringements of Article 5a(2), point (c), where the payment accounts maintained by PSPs are not reachable for instant credit transfers due to planned maintenance where periods of non-availability are both foreseeable and short, to a planned downtime of all SEPA instant credit transfer (SCT Inst) scheme-based payment services or to a suspension of such services owing to a duly justified suspicion of fraud.

Removed______________________________________________________________________

Removed* Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).’.

RemovedIn Article 3 of Regulation (EU) 2021/1230, the following paragraph 5 is added:

Removed‘5. Paragraph 1 of this Article shall not apply where Article 5b(1) of Regulation (EU) No 260/2012 would require a payment service provider located in a Member State whose currency is not the euro, with respect to an instant credit transfer, to levy a charge which would be lower than the charge which would be levied, with respect to the same transfer, if paragraph 1 of this Article were to be applied.

RemovedFor the purposes of the first subparagraph, an instant credit transfer means an instant credit transfer as defined in Article 2, point (1a) of Regulation (EU) No 260/2012 that is cross-border and in euro.’

RemovedAmendment to Directive 98/26/EC

RemovedIn Directive 98/26/EC, Article 2, point (b), is replaced by the following:

Removed“(b) ‘institution’ shall mean any of the following entities where it participates in a system and is responsible for discharging the financial obligations arising from transfer orders within that system:

Removed(i) a credit institution as defined in Article 4(1) of Directive 2006/48/EC of the European Parliament and of the Council, including the institutions listed in Article 2 of that Directive;

Removed(ii) a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366 of the European Parliament and of the Council*,

Removed(iii) an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council**;

Removed(iv) an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU***, excluding the institutions set out in Article 2(1) thereof;

Removed(v) public authorities and publicly guaranteed undertakings; or

Removed(vi) any undertaking whose head office is outside the Union and whose functions correspond to those of the institutions referred to in points (ii), (iii) and (iv) of this point.

RemovedIf a system is supervised in accordance with national law and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within that system can be considered institutions, provided that at least three participants in that system fall within the categories listed in the first subparagraph of this point and that such a decision is warranted on grounds of systemic risk;

Removed__________________

Removed* Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 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 (OJ L 337, 23.12.2015, p. 35).

Removed** Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267 10.10.2009, p. 7).

Removed*** Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349).”.

RemovedAmendment to Directive 2014/92/EU

RemovedIn Directive 2014/92/EU, Article 2, point (20), is replaced by the following:

Removed‘(20)‘credit transfer’ means a national or cross-border payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer, and includes an instant credit transfer as defined in Article 2, point (1a), of Regulation (EU) No 260/2012.’

RemovedMonitoring

RemovedThe Commission shall monitor the development by the industry of a Union-wide set of rules and standards for the implementation of instant payments in euro. By ... [12 months after the entry into force of this amending Regulation], the Commission shall submit to the European Parliament and the Council a report on the development of such rules and standards. Where necessary, including in the case of slow progress, the Commission shall require EBA to develop draft regulatory technical standards for the specification of a Union-wide set of rules and standards for the implementation of instant payments in euro.

RemovedTransposition

RemovedMember States shall adopt, publish and apply, by … [18 months after the date of entry into force of this amending Regulation as regards instant credit transfers in euro], the laws, regulations and administrative provisions necessary to comply with Article 2a. They shall immediately communicate the text of those measures to inform the Commission thereof.

RemovedWhen Member States adopt those measures, they shall contain a reference to this Regulation or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.

RemovedThis Regulation shall enter into force the twentieth day following that of its publication in the Official Journal of the European Union.

RemovedThis Regulation shall be binding in its entirety and directly applicable in all Member States.