Changes from report parliamentary committee draft to plenary report

AddedBranches of payment institutions shall be entered in the register of the home Member State if those branches provide services in a Member State other than their home Member State.

Added2. The public register referred to in paragraph 1 shall:

Added(a) identify the payment and electronic money services and the respective brands for which the payment institution has been authorised, or for which the natural or legal person has been registered;

Added(b) include the agents or distributors, as applicable, through which the payment institution provides payment or electronic money services, except electronic money issuance, and specify the services these agents or distributors carry out on behalf of the payment institution;

Added(c) include the other Member States where the payment institution is active and indicate the date when these passported activities started.

Added3. Member States shall ensure that payment institutions are listed in the register referred to in paragraph 1 separately from natural and legal persons registered in accordance with Articles 34, 36 or 38, and that that register is publicly available for consultation, accessible online, and updated without delay.

Added4. Competent authorities shall enter in the public register dates of authorisation or registration, any withdrawal of authorisation, suspension of authorisation, and any withdrawal of a registration pursuant to Articles 34, 36 or 38.

Added5. Competent authorities shall notify the EBA without any undue delay of the reasons for the withdrawal of the authorisation or registration, suspension of authorisation or registration, or of any exemptions pursuant to Article 34, 36 or 38.

AddedEBA register

Added1. The EBA shall operate and maintain an electronic central register of payment institutions, including entities registered in accordance with Articles 34, 36 and 38, and their agents or distributors, and branches where applicable. That electronic central register shall contain the information as notified by the competent authorities in accordance with paragraph 3. The EBA shall be responsible for the accurate presentation of that information.

Added2. The EBA shall make the electronic central register publicly available on its website, and shall allow for easy access to and easy search for the information listed, free of charge.

Added3. Competent authorities shall provide the EBA with the information entered in their national public registers in accordance with Article 17 at the latest within one business day after they entered that information in the national public registers.

Added4. Competent authorities shall be responsible for the accuracy of the information contained in their national registers and provided to the EBA, and for keeping that information up to date. Companies listed in the Register shall be given means to correct any inaccuracies concerning themselves.

Added5. The EBA shall develop draft regulatory technical standards on the operation and maintenance of the electronic central register referred to in paragraph 1 and on access to the information contained therein to ensure that only the competent authority concerned or the EBA may modify the information contained in the register.

AddedThe EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 18 months after the date of entry into force of this Directive].

AddedPower is delegated to the Commission to adopt the regulatory technical standards in accordance with Article 10 to 14 of Regulation (EU) No 1093/2010.

Added6. The EBA shall develop draft implementing technical standards on the details and structure of the information to be notified pursuant to paragraph 1, including the data standards and formats for the information, as set out in Commission Implementing Regulation (EU) 2019/410.

AddedThe EBA shall submit those draft implementing technical standards to the Commission by [OP please insert the date = 18 months after the date of entry into force of this Directive].

AddedPower is delegated to the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

Added7. The EBA shall develop, operate and maintain a central, machine-readable list of the payment service providers offering the payment services listed in Annex I, points 6 and 7, based on the most recent information contained in the EBA register referred to in paragraph 1 and on the EBA Credit Institution Register created pursuant to Article 8(2), point (j) of Regulation (EU) No 1093/2010. That list shall contain the name and identifier of those payment services providers and their authorisation status.

AddedUse of agents, distributors, branches and outsourcing

AddedUse of agents

Added1. Payment institutions that intend to provide payment services, other than electronic money services, through agents shall communicate to the competent authorities in their home Member State all of the following information:

Added(a) the name and address of the agent;

Added(b) an up-to-date description of the internal control mechanisms that the agent will use to comply with Directive (EU) 2015/849;

Added(c) the identity of directors and the other persons responsible for the management of the agent and, where the agent is not a payment service provider, evidence that those persons are fit and proper for their tasks;

Added(d) the payment services provided by the payment institution for which the agent is mandated;

Added(e) where applicable, the unique identification code or number of the agent.

Added2. Member States shall ensure that the competent authorities of the home Member State communicate to the payment institution within one month of receipt of the information referred to in paragraph 1 whether the agent has been entered in the register referred to in Article 17. Upon entry in the register, the agent may commence providing payment services.

Added3. Before listing the agent in the register referred to in Article 17, the competent authorities shall, where they consider that the information referred to in paragraph 1 is incorrect, take further action to verify the information.

Added4. Where, after having verified the information referred to in paragraph 1, the competent authorities are not satisfied that that information is correct, they shall refuse to list the agent in the register referred to in Article 17 and shall inform the payment institution thereof without undue delay.

Added5. Member States shall ensure that payment institutions that wish to provide payment services in another Member State by engaging an agent, or that intend to provide payment services in a Member State other than its home Member State via an agent located in a third Member State, follow the procedures set out in Article 30.

Added6. Member States shall ensure that payment institutions inform their payment service users of the fact that an agent is acting on their behalf.

Added7. Member States shall ensure that payment institutions communicate to the competent authorities of their home Member State any change regarding the use of agents, including about additional agents, without undue delay and in accordance with the procedure provided for in paragraphs 2, 3 and 4.

AddedDistributors of electronic money services

Added1. Member States shall allow payment institutions that provide electronic money services to distribute and redeem electronic money through distributors.

Added2. Member States shall ensure that payment institutions that intend to provide electronic money services through a distributor apply the requirements laid down in Article 19 mutatis mutandis.

Added3. Where the payment institution intends to distribute electronic money services in another Member State by engaging a distributor, Articles 30 to 33, with exception of Article 31(4) and (5) of this Directive, including the delegated acts adopted in accordance with Article 30(5) of this Directive, shall apply mutatis mutandis to such payment institution.

AddedBranches

Added1. Member States shall require a payment institution that intends to provide payment services in another Member State by establishing a branch, or that intends to provide payment services in a Member State other than its home Member State via a branch located in a third Member State, to follow the procedures set out in Article 30.

Added2. Member States shall ensure that payment institutions require the branches that act on their behalf to inform payment service users of this fact.

AddedEntities to which activities are outsourced

Added1. Member States shall ensure that payment institutions that intend to outsource operational functions of payment or electronic money services inform the competent authorities of their home Member State thereof.

AddedMember States shall ensure that payment institutions do not outsource important operational functions, including ICT systems, in such way that the quality of the payment institution’s internal control and the ability of the competent authorities to monitor and retrace the payment institution’s compliance with all of the obligations laid down in this Directive is materially impaired.

AddedAn operational function shall be important where a defect or failure in its performance would materially impair the continuing compliance of a payment institution with the requirements of its authorisation, its other obligations under this Directive, its financial performance, or the soundness or the continuity of its payment or electronic money services.

AddedMember States shall ensure that when payment institutions outsource important operational functions, they shall meet all of the following conditions:

Added(a) the outsourcing does not result in the delegation by senior management of its responsibility;

Added(b) the relationship and obligations of the payment institution towards its payment service users under this Directive is not altered;

Added(c) the conditions with which the payment institution is to comply to be authorised and remain so is not undermined;

Added(d) none of the other conditions subject to which the payment institution’s authorisation was granted is removed or modified.

Added2. Member States shall ensure that payment institutions communicate without undue delay to the competent authorities of their home Member State any change regarding the use of entities to which activities are outsourced.

AddedLiability

Added1. Member States shall ensure that payment institutions that rely on third parties for the performance of operational functions take reasonable steps to ensure that the requirements of this Directive are complied with.

Added2. Member States shall require that payment institutions remain fully liable for any acts of their employees, or any agent, distributor, branch or entity to which activities are outsourced.

AddedS e c t i o n 3

AddedCompetent authorities and supervision

AddedDesignation of competent authorities

Added1. Member States shall designate as the competent authorities responsible for the authorisation and prudential supervision of payment institutions which are to carry out the duties provided for under this Title either public authorities, or bodies recognised by national law or by public authorities expressly empowered for that purpose by national law, including national central banks. Member States shall not designate payment institutions, credit institutions, or post office giro institutions as competent authorities.

AddedThe competent authorities shall be independent from economic bodies and avoid conflicts of interest.

AddedMember States shall provide the Commission with the name and the contact details of the competent authority designated in accordance with the first subparagraph.