Changes from plenary report to adopted text

Exercise of the delegation

1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

2. The power to adopt delegated acts referred to in Article 105 shall be conferred on the Commission for an undetermined period of time from the date of entry into force of this Regulation.

3. The delegation of power referred to in Article 105 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or on a later date specified therein. It shall not affect the validity of any delegated acts already in force.

4. Before adopting a delegated act, the Commission shall consult experts designated by Member States in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016.

5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

6. A delegated act adopted pursuant to Article 105 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 3 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 3 months at the initiative of the European Parliament or of the Council.

Review clause

1. The Commission shall, by 5 years after the date of application of this Regulation, submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the application and impact of this Regulation, and in particular on:

(a) the appropriateness and the impact on competition and the uptake of open banking of the rules on access to payment accounts data on the business of account information services and payment initiation services, and in particular of the rules on dedicated interfaces and their respective derogations as per Articles 38 and 39;

(b) the impact of the rules on the absence of obligatory contractual arrangements and compensation for access by account information service and payment initiation service providers to interfaces referred to in Article 34;

(c) the appropriateness and the impact of the rules on charges including the rules on surcharging as per Article 28;

(d) the appropriateness and impact of the rules on prevention and redress of fraud on both unauthorised and authorised transactions;

(da) the number and amount of administrative penalties and administrative measures imposed pursuant to or in relation to this Regulation, categorised by Member State;

(db) the quality of cooperation between national competent authorities and EBA;

(dc) types and trends of fraudulent behaviour, and estimations and proportions of financial damage that behaviour represents on the market, quantified by Member States.

Where appropriate, the Commission shall submit a legislative proposal together with its report.

2. The Commission shall, by [ OP please insert the date= 3 years after the date of entry into force of this Regulation] submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the scope of this Regulation, with regard in particular to payment systems, payment schemes and technical service providers. Where appropriate, the Commission shall submit a legislative proposal together with that report.

Amendments to Regulation (EU) No 1093/2010

Regulation (EU) No 1093/2010 is amended as follows:

1. In Article 1(2), the first sentence is replaced by the following:

“The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2002/87/EC, Directive 2008/48/EC (1), Directive 2009/110/EC, Regulation (EU) No 575/2013 (2), Directive 2013/36/EU (3), Directive 2014/49/EU (4), Directive 2014/92/EU (5), Directive (EU) [ … ] (PSD3), Regulation (EU) [ … ] (PSR) of the European Parliament and of the Council and, to the extent that those acts apply to credit and financial institutions and the competent authorities that supervise them, within the relevant parts of Directive 2002/65/EC, including all directives, regulations, and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority.”;

2. Article 4(2) is amended as follows:

(a) point (i) is replaced by the following:

‘competent authorities or supervisory authorities within the scope of the sectoral acts referred to in Article 1(2), including the European Central Bank with regard to matters relating to the tasks conferred on it by Regulation (EU) No 1024/2013;’

(b) points (iii), (vi), (vii) and (viii) are deleted.

Entry into force and application

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

It shall apply from [ OP please insert the date= 21 months after the date of entry into force of this Regulation].

However, Articles 50 and 57 shall apply from [ OP please insert the date= 27 months after the date of entry into force of this Regulation].

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