Changes from report parliamentary committee draft to plenary report

Added(b) regulatory requirements under Union law that are applicable to the relevant payments service or electronic money service do not address the threat;

Added(c) a competent authority or competent authorities have not taken action to address the threat or the actions that have been taken do not adequately address the threat.

AddedWhere the conditions set out in the first subparagraph are fulfilled, the EBA may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before a payment service or electronic money service has been offered or distributed to payment services users.

Added3. When taking action under this Article, the EBA shall ensure all of the following:

Added(a) the action does not have a detrimental effect on the efficiency of the payments market or electronic money services market or on payment services or electronic money service providers that is disproportionate to the benefits of the action;

Added(b) the action does not create a risk of regulatory arbitrage, and

Added(c) the action has been taken after consulting the relevant national competent authority.

Added4. Before deciding to take any action under this Article, the EBA shall notify competent authorities of the action it proposes.

Added5. The EBA shall publish on its website notice of any decision to take any action under this Article. The notice shall specify details of the prohibition or restriction and specify a time after the publication of the notice from which the measures will take effect, while also ensuring that notices on such decisions on natural persons are published only in anonymised version. A prohibition or restriction shall only apply to action taken after the measures take effect.

Added6. The EBA shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals and at least every 3 months. If the prohibition or restriction is not renewed after that 3 month period it shall expire.

Added7. Action adopted by the EBA under this Article shall prevail over any previous action taken by a competent authority.

Added8. The Commission shall adopt delegated acts in accordance with Article 106 to specify criteria and factors to be taken into account by the EBA in determining when there is a significant number of payment services users or electronic money services users or a threat to the orderly functioning of the payment or electronic money services markets, and the integrity of these markets or to the stability of the whole or part of these markets in the Union referred to in paragraph 2, point (a).

AddedThose criteria and factors shall include:

Added(a) the degree of complexity of a payment service or instrument or electronic money service or instrument and the relation to the type of users, including consumers, to whom they are offered;

Added(b) the degree of riskiness, for consumers, of a payment service or instrument or electronic money service or instrument;

Added(c) the possible use by fraudsters of the payment service or instrument or electronic money service or instrument;

Added(d) the size or the level of uptake of the payment service or instrument or electronic money service or instrument;

Added(e) the degree of innovation of a payment service or instrument or electronic money service or instrument.

AddedDELEGATED ACTS

AddedDelegated acts

AddedThe Commission is empowered to adopt delegated acts in accordance with Article 106 to amend this Regulation by updating the amounts referred to in Article 60(1).

AddedExercise of the delegation

Added1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

Added2. 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.

Added3. 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.

Added4. 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.

Added5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

Added6. 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.

AddedFINAL PROVISIONS

AddedMore favourable refund rights and stricter fraud prevention measures

Added1. Member States or payment service providers may grant payment service users more favourable refund rights in relation to authorised credit transfers as referred to in Articles 57 and 59 and provide for stricter fraud prevention measures that go beyond those set out in Article 83(1) and Article 84.

Added2. Member States shall, by [ OP please insert the date= the date of entry into force of this Regulation], notify to the Commission the provisions adopted pursuant to paragraph 1. They shall, without delay, notify any subsequent amendment to the Commission.

AddedReview clause

Added1. 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:

Added(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;

Added(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;

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

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

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

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

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

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

Added2. 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.

AddedAmendments to Regulation (EU) No 1093/2010

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

Added1. In Article 1(2), the first sentence is replaced by the following:

Added“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.”;

Added2. Article 4(2) is amended as follows:

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

Added‘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;’

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

AddedIn the Annex to Regulation (EU) 2017/2394, the following point is added:

Added‘29. Regulation (EU) xxxx of the European Parliament and of the Council of xxxx on payment services in the internal market and amending Regulation (EU) No 1093/2010.’

AddedCorrelation table

AddedAny reference to Directive (EU) 2015/2366 and to Directive 2009/110/EC shall be construed as a reference to Directive (EU) (PSD3) or to this Regulation and shall be read in accordance with the correlation table in Annex III to this Regulation.

AddedEntry into force and application

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

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

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

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