Consultation on Regulatory Technical Standards on passporting under PSD II

On the 11th December 2015 the European Bank Authority (“EBA”) launched a consultation on its draft technical standards on the framework for cooperation and exchange of information between competent authorities for passporting under Payment Services Directive II (“PSD II”). Article 28 of the PSD II ensures that an authorised payment institution wishing to provide payment services for the first time in one or more Member States other than its home Member State shall inform the competent authorities of its home Member State accordingly. To this end, Article 28(5) confers a mandate on the EBA to develop draft regulatory technical standards (“RTS”), specifying the method and details of the cross-border cooperation between competent authorities in the context of passport notifications of payment institutions.

These technical standards, will ensure that information about those payment institutions that carry out business in one or more EU Member States is exchanged consistently between the national authorities of the home and host Member States. To ensure a consistent and efficient notification process, the draft regulatory technical standards proposed in the Consultation paper specify the method, means and details of cooperation and, in particular, the scope and treatment of the information to be submitted, including common terminology and standard notification templates.

The draft requirements specify the information that national supervisors will have to exchange with one another. In so doing, the RTS distinguishes the notifications related to branch establishments, agent’s engagement and free provision of services. Moreover, it provides some specific features that the notifications shall have, in terms of format, transmission channel and language.

Comments on all proposals are to be submitted by clicking on the ‘send your comments’ button on the consultation page. Submissions are due until March 2016.

Kindly find a copy of the consultation paper here.

For further information about how GVZH Advocates can help you with your banking and finance requirements kindly contact us here.