We issued a consultation (CP17/11) to reflect the Treasury’s new regulations in April 2017. Issuing e-money without the specific permission to do so is a criminal offence. Therefore, all the elements of the e-money definition are met. in pound sterling/euro. After exit day no further amendments will be applied to this version. Introducing PRO ComplianceThe essential resource for in-house professionals. EU Commission Scrutinizes On-Line Platforms With Competition Investigation into Amazon. Guidelines on the security measures for operational and security risks of payment services under Directive (EU) 2015/2366 (PSD2). Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA relevance) RTS on central contact points under Directive (EU) 2015/2366 (PSD2). However, there have been difficulties ever since in interpreting and applying in practice the definition of e-money. The RTS specify the framework for cooperation and the exchange of information between competent authorities of the home and host Member States. Can Companies Record Customer Service Calls in the EU? These Guidelines set out the criteria, thresholds and methodology to be used by payment service providers to determine whether or not an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home Member State. Implementation by EU countries. Issuing of payment instruments and/or acquiring of payment transactions. Article 17 of EMD2 requires the Commission to review its implementation and “where appropriate” propose its revision by 1 November 2012. Directive (EU) 2015/2366 of the European Parliament and of the Council Show full title. The Bank for International Settlements in its Survey of Electronic Money Developments (No 38, 24 May 2000) also made the same distinction. The safeguarding requirements for e-money institutions were borrowed from PSD1 2007/64/EC (and updated following PSD2) which regulate (payment) “services”. This, in turn, allows market participants to automatically search and retrieve the information needed. RTS setting technical requirements on development, operation and maintenance of the electronic central register and on access to the information contained therein, under Article 15(4) of Directive (EU) 2015/2366 (PSD2). However, if the primary concern relates to national monetary policy, then the regime does not seem to be able to address the situation where overseas firms issue e-money e.g. The full text of 2EMD can be found on the European Commission’s website. Implementing Technical Standards (ITS) on the details and structure of the information entered by competent authorities in their public registers and notified to the EBA under Article 15(5) of Directive (EU) 2015/2366 (PSD2). These Guidelines specify the information that applicants for authorisation as a PI or an EMI or registration as a registered account information service provider will be required to submit. They must also comply with relevant provisions of the FCA Handbook. This distinction appeared to be maintained in a working paper published by the ECB in 2008 (Electronic Money Institutions - Current Trends, Regulatory Issues and Future Prospects) (the “2008 Paper”) which analysed EMD1. That presumably affects the UK/EU money supply but those firms are not currently subject to UK/EU regulation. providers of electronic communication networks executing payment transactions or providing services in addition to electronic communications services. Electronic money, in contrast, involves the purchase of a means of payment”. Brexit: Changes Afoot for UK Payment Services? The value is issued for the purpose of making payment transactions. EU Directives are being published on this site to aid cross referencing from UK legislation. Whatever form such regulatory improvement may take (whether specific guidance or a complete overhaul), it is imperative that the fundamental nature of e-money products be carefully analysed and determined (be it “money” or “service”) and that the new, improved regulatory approach be designed consistently with that nature. The next generation search tool for finding the right lawyer for you. PSD2 updates and replaces the authorisation and prudential requirements for payment institutions and the conduct of business requirements for providing payment services, and amends the second Electronic Money Directive. Different options to open legislation in order to view more content on screen at once. Keep a step ahead of your key competitors and benchmark against them. The implementation date for PSD2 is 13 January 2018. Become your target audience’s go-to resource for today’s hottest topics. If one looks at money deposited in a conventional bank current account that has online banking/payment functionality, that money seem to fall squarely within the definition: What “electronically (or magnetically) stored” may mean, has never been satisfactorily clarified. These firms include: Consult our Perimeter Guidance to see if you fall within the scope of these regulations. The legislation.gov.uk version is the version that applies in the UK. Services enabling cash withdrawals from a payment account as well... 3. The Commission issued the required report (COM 2018/041 final) in January 2018 which did not propose any substantive next steps but stated that further analysis was needed for a future revision of EMD2 and its merger with PSD2. Details on these requirements are set out in chapter 3 of our document Payment Services and Electronic Money - Our Approach. they were effectively seen as issuing ‘bank money’).
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