Following the European Commission’s proposal for a new Payments Services Regulation, on 28 June, the Commission launched a call for feedback on the proposed legislation. ESBG has responded to this call with a high-level position paper.
The proposed Payments Services Regulation is a key tranche of the wider EU digital finance strategy. It is one-half of the conclusion to the Commission’s review of the Payment Services Directive (PSD2), with the other being a proposed revision of the Payment Services Directive (PSD3).
The Payments Services Regulation builds on the work of PSD2 to which expanded the definition of Payments Services Providers (PSPs) to include Payment Institutions (PIs) and Electronic Money Institutions (EMIs). It has particularly sought to take greater advantage of the open banking project, in concert with the Financial Data Access Regulation proposal, and prevent forms of fraud not foreseen at the introduction of PSD2.
The Payment Services Regulation also reshapes the liability framework for PSPs. One chief concern of the ESBG, as outlined in the position, is the danger of deviating from the well-established principle of gross negligence.
The full ESBG position paper on the Payment Services Regulation can be found here, along with an executive summary.
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