PSD I and PSD II Presentation Global Money Transfer Summit 2013

Transcription

1 PSD I and PSD II Presentation Global Money Transfer Summit October 2013

2 Structure of the presentation PSD I: Impact PSD II: Overview of main proposed changes Assessment of proposed changes relative to recommendations in iff-le-paysys study Timetable 2

3 PSD I: Impact PSD I provided a comprehensive legal framework for the provision of payment services in the European Economic Area PSD I created a new type of payment service providers - payment institutions PSD I aimed to create Single Market in payment services through harmonisation of rules, passporting -> greater competition, greater choice and lower prices 3

4 PSD I: Impact Overall assessment: Positive impact in terms of shorter execution times and greater transparency Contributes to achieving Single Market in payment services and provides required legal framework to achieve this objective However, at the present time, this is still very much work in progress 4

5 PSD I: Impact Overall assessment (continued) No substantial impact of the PSD so far with regards to: market entry of new providers technical innovations cross-border/single Market provision efficiency 5

6 PSD I: Impact payments industry under PSD I As of late August/early September authorised payment institutions (APIs) 2,203 institutions were registered as small payment services providers (SPSPs) under Article 26 (waiver) of the PSD Money remittance is most frequent authorised service (40% of all authorisations) 6

7 PSD I: Impact payments industry under PSD I 250 Number of APIs - September AT BE BG CY CZ DE DK EE EL ES FI FR HU IE IT LT LU LV MT NL NO PL PT RO SE SI SK UK 7

8 PSD I: Impact payments industry under PSD I As of August 2012, only 32% of APIs had sought a passport to provide payment services into another EEA Member State 8

9 PSD I: Impact payments industry under PSD I 9

10 PSD I: Impact payments industry under PSD I The total value of transactions in the EEA undertaken in 2010 by APIs through money remittance, transfers and retail foreign exchange activities, plus foreign exchange brokers and card acquirers amounted to EUR billion or 4.7% of EEA GDP 10

11 PSD I: Impact payments industry under PSD I 78.8, 13.3% 30.7, 5.2% 458.6, 77.1% Money remittance, transfers and retail foreign exchange activities Foreign exchange broking Card acquiring Three-party card schemes Internet payment service provision + general service provision - turnover 11

12 PSD II: Overview of main proposed changes Scope (positive) One-leg transactions: transparency & information requirements apply to leg in EU Currency: transparency & information requirements apply to all currencies (and not only EU currencies) Annex list of activities: inclusion of TPPs to be licensed /registered as payment institution (even if do not dispose of payer s/payee s funds at any time) 12

13 PSD II: Overview of main proposed changes Article 9 safeguarding requirements Further streamlining and harmonisation reducing possibilities for MS to limit safeguarding requirements / methods Article 14 (new) unique electronic access point within EBA Interconnection / access of public registers listing authorised/registered PIs Article 27 small payments institutions Memorandum: Expansion of lighter regulatory regime to cover a higher number of small payment institutions... But, revised article lowers threshold from 3 to 1 million per month 13

14 PSD II: Overview of main proposed changes Scope (negative) Tightening of limited network definition (consistent with Directive 2009/EC) Telecom exemption clarified that applies exclusively to ancillary payment services (including purchases of digital content as ancillary services to electronic telecommunications services) limits: transaction < 50 and maximum 200 billing per month Deletion of exemption for independent ATM networks 14

15 PSD II: Overview of main proposed changes Article 29 access to payment systems Indirect access conditions to designated payment systems made identical to those for smaller credit institutions if access is provided indirectly, non discrimination Articles 65 and 66 liability of payment service provider and payer for unauthorised transactions Harmonisation and streamlining o Maximum amount of payment threshold for compensation for unauthorised payment transaction is reduced from 150 to 50 o Late payments does not necessarily trigger refund Article 65 refunds for unauthorised debits unconditional refund right subject to non-consumption Made consistent with SEPA Core Direct Debit Rule 15

16 PSD II: Overview of main proposed changes Articles 85, 86, 87 (new) application of security and authentication of forthcoming Directive on Network and Information Security to payment service providers Title IV Chapter 6 Out-of-court complaints and redress procedures for settlement of disputes Article 90: norm is 15 business days for payment service providers to respond to customer complaint Article 88: public authorities to designate/set up competent authority to handle complaints from payment services users and other interested parties (such as consumer associations) 16

17 PSD II: Overview of main proposed changes Articles 55(3) and (4) surcharging Prohibition for cards subject to new Regulation capping MIF of four party schemes and third party issuance of three-party schemes Authorisation for cards not subject to new MIF-capping regulation but surcharge has to correspond to real costs incurred (in line with Directive 2011/83) 17

18 Overview of changes Access to bank account Recital 27: For payment institution to be able to provide payment services, it is indispensable that they have access to payment accounts. Member States should ensure that such access is provided in a way proportionate to the legitimate aim it intends to serve Article 17.2: When payment institutions engage in the provision of one or more of the payment services, they may hold only payment accounts used exclusively for payment transactions. Member States shall ensure that access to those payment accounts is proportionate 18

19 Timetable EC aims for trilogue (European Parliament, European Council and European Commission) to be completed by Spring 2014 Very ambitious timetable in light of sensitivity of some of the issues, gestation period of PSD and crowded legislative agenda Moreover, not on the draft list of Priority items for adoption by the legislator accompanying the recently published draft work program of the EC 19