Sittings · Document

Draft report (COM(2023)0366 – C90218/2023 – 2023/0111(COD)) 2023-12-04

Proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC

Committee on Economic and Monetary Affairs

Official HTML ↗ PDF DOCX

AM_Com_LegReport

Amendment 56

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 6

Text proposed by the Commission

Amendment

(6) As evidenced in the review conducted by the Commission and given the evolution of the respective markets, businesses and risks attached to the activities, it is necessary to update the prudential regime for payment institutions, including those issuing electronic money and providing electronic money services, by requiring a single licence for providers of payment services and electronic money services not taking deposits. Given that Regulation (EU) 2023/1114 of the European Parliament and of the Council32 lays down in its Article 48(2) that that issuers of electronic money shall be deemed to be electronic money, the licensing regime for payment institutions, as they will replace the electronic money institutions, should also apply to issuers of electronic money tokens. The prudential regime applicable to payment institutions should be based on an authorisation, subject to a set of strict and comprehensive conditions, for legal persons offering payment services when not taking deposits. The prudential regime applicable to payment institutions should ensure that the same conditions apply Union-wide to the activity of providing payment services.

(6) As evidenced in the review conducted by the Commission and given the evolution of the respective markets, businesses and risks attached to the activities, it is necessary to update the prudential regime for payment institutions, including those issuing electronic money and providing electronic money services, by requiring a single licence for providers of payment services and electronic money services not taking deposits. Given that Regulation (EU) 2023/1114 of the European Parliament and of the Council32 lays down in its Article 48(2) that that issuers of electronic money tokens shall be deemed to be electronic money institutions, the licensing regime for payment institutions, as they will replace the electronic money institutions, should also apply to issuers of electronic money tokens. The prudential regime applicable to payment institutions should be based on an authorisation, subject to a set of strict and comprehensive conditions, for legal persons offering payment services when not taking deposits. The prudential regime applicable to payment institutions should ensure that the same conditions apply Union-wide to the activity of providing payment services.

__________________

32 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.06.2023, p. 40).

Or. en

Amendment 57

Ondřej Kovařík

Proposal for a directive

Recital 6

Text proposed by the Commission

Amendment

(6) As evidenced in the review conducted by the Commission and given the evolution of the respective markets, businesses and risks attached to the activities, it is necessary to update the prudential regime for payment institutions, including those issuing electronic money and providing electronic money services, by requiring a single licence for providers of payment services and electronic money services not taking deposits. Given that Regulation (EU) 2023/1114 of the European Parliament and of the Council32 lays down in its Article 48(2) that that issuers of electronic money tokens shall be authorised either as a credit institution or as an electronic money institution, the licensing regime for payment institutions could also apply to service providers on electronic money tokens that do not fulfil the conditions laid down for the authorisation as a crypto asset service provider (CASP) in Title V of that Regulation.

__________________

Or. en

Amendment 58

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 10

Text proposed by the Commission

Amendment

(10) Given the emergence of new types of payment instruments and the uncertainties prevailing in the market as to their legal qualification, the definition of a ‘payment instrument’ should be further specified as to what constitutes or does not constitute a payment instrument, bearing in mind the principle of technology neutrality.

(10) Given the emergence of new types of payment instruments, the technological solutions that can serve as a basis for such instruments, and the uncertainties prevailing in the market as to their legal qualification, the definition of a ‘payment instrument’ should be further specified as to what constitutes or does not constitute a payment instrument, bearing in mind the principle of technology neutrality.

Or. en

Amendment 59

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 12

Text proposed by the Commission

Amendment

(12) The definition of ‘payment instrument’ under Directive (EU) 2015/2366 made reference to a ‘personalised device’. Since there are pre-paid cards where the name of the holder of the instrument is not printed on the card, this could leave those cards outside the scope of the definition of a payment instrument. The definition of ‘payment instrument’ should, therefore, be amended to refer to ‘individualised’ devices, instead of ‘personalised’ ones, specifying that pre-paid cards where the name of the holder of the instrument is not printed on the card are payment instruments.

Or. en

Amendment 60

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 13

Text proposed by the Commission

Amendment

(13) So-called digital ‘pass-through wallets’, involving the tokenisation of an existing payment instrument, including a payment card, are to be considered as technical services, and should thus be excluded from the definition of payment instrument as a token cannot be regarded as being itself a payment instrument but, rather, a payment application within the meaning of Article 2, point (21) of Regulation (EU) 2015/75 of the European Parliament and of the Council33 . However, some other categories of digital wallets, namely pre-paid electronic wallets such as ‘staged-wallets’ where users can store money for future online transaction, are to be considered a payment instrument and their issuance as a payment service.

(13) So-called digital ‘pass-through wallets’, involving the tokenisation of an existing payment instrument, including a payment card, are not to be considered as technical services. They should not be excluded from the definition. Moreover, some other categories of digital wallets, namely pre-paid electronic wallets such as ‘staged-wallets’ where users can store money for future online transaction, are to be considered a payment instrument and their issuance as a payment service.

__________________

33 Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2015, p. 1).

Or. en

Amendment 61

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 13

Text proposed by the Commission

Amendment

(13) So-called digital ‘pass-through wallets’, involving the tokenisation of an existing payment instrument, including a payment card, are to be considered as technical services, and should thus be excluded from the definition of payment instrument as a token cannot be regarded as being itself a payment instrument but, rather, a payment application within the meaning of Article 2, point (21) of Regulation (EU) 2015/751 of the European Parliament and of the Council33 . However, some other categories of digital wallets, namely pre-paid electronic wallets such as ‘staged-wallets’ where users can store money for future online transaction, are to be considered a payment instrument and their issuance as a payment service.

__________________

33 Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2015, p. 1).

Or. en

Amendment 62

Ondřej Kovařík

Proposal for a directive

Recital 16

Text proposed by the Commission

Amendment

(16) Regulation (EU) 2023/1114 of 31 May 2023 lays down that electronic money tokens shall be deemed to be electronic money. Electronic money tokens should therefore be included, as electronic money, in the definition of funds.

(16) Regulation (EU) 2023/1114 of 31 May 2023 lays down that electronic money tokens shall be deemed to be electronic money. Electronic money tokens should therefore be treated as electronic money for the purpose of their issuance and redemption, their offering to the public and their admission to trading. Therefore, and exclusively for the purpose of these operations, electronic money tokens should therefore be included, as electronic money, in the definition of funds.

Or. en

Amendment 63

Gunnar Beck

Proposal for a directive

Recital 31

Text proposed by the Commission

Amendment

(31) Considering the difficulties experienced by payment institutions in opening and maintaining payment accounts with credit institutions, it is necessary to provide for an additional option for the safeguarding of users’ funds, namely the possibility to hold those funds at a central bank. That possibility should however be without prejudice to the possibility for a central bank to not offer that option, based on its organic law. Taking into account the need to protect users’ funds and to avoid that such funds are used for other purposes than to provide payment services or electronic money services, it is appropriate to require that payment service user funds are kept separate from the payment institution’s own funds. To ensure a level playing field between payment institutions providing payment services and payment institutions issuing electronic money and providing electronic money services, it is appropriate to align as much as possible the regimes applicable to the safeguarding of users’ funds, whilst preserving the specificities of electronic money. Concentration risk is a significant risk faced by payment institutions, in particular where funds are safeguarded in a single credit institution. It is therefore important to ensure that payment institutions avoid concentration risk to the extent possible. For that reason, the EBA should be instructed to develop regulatory technical standards on risk avoidance in the safeguarding of customer funds.

(31) Considering the difficulties experienced by payment institutions in opening and maintaining payment accounts with credit institutions, it is necessary to provide for an additional option for the safeguarding of users’ funds, namely the possibility to hold those funds at a central bank. To ensure this possibility is available to payment institutions, and to increase the level playing field in accessing central bank account facilities, central banks should be required to offer access to their accounts to payment institutions on an objective, non-discriminatory and proportionate basis. Any rejection of that option by the central bank should be duly justified to the relevant payment institution. Taking into account the need to protect users’ funds and to avoid that such funds are used for other purposes than to provide payment services or electronic money services, it is appropriate to require that payment service user funds are kept separate from the payment institution’s own funds. To ensure a level playing field between payment institutions providing payment services and payment institutions issuing electronic money and providing electronic money services, it is appropriate to align as much as possible the regimes applicable to the safeguarding of users’ funds, whilst preserving the specificities of electronic money. Concentration risk is a significant risk faced by payment institutions, in particular where funds are safeguarded in a single credit institution. It is therefore important to ensure that payment institutions avoid concentration risk to the extent possible. For that reason, the EBA should be instructed to develop regulatory technical standards on risk avoidance in the safeguarding of customer funds.

Or. en

Amendment 64

Eugen Jurzyca

Proposal for a directive

Recital 35

Text proposed by the Commission

Amendment

(35) Payment institutions should be allowed to grant credit, but this activity should be subjected to some strict conditions. It is therefore appropriate to regulate the granting of credit by payment institutions in the form of credit lines and the issuance of credit cards, insofar as those services facilitate payment services and if credit is granted for a period not exceeding 12 months, including on a revolving basis. It is appropriate to allow payment institutions to grant short-term credit with regard to their cross-border activities, on the condition that it is refinanced using mainly the payment institution’s own funds, as well as other funds from the capital markets, and not the funds held on behalf of clients for payment services. That possibility should however be without prejudice to Directive 2008/48/EC of the European Parliament and of the Council39 or other relevant Union law or national measures regarding conditions for granting credit to consumers. Given their principally lending nature, ‘Buy Now Pay Later’ services should not constitute a payment service. Those services are covered by the new Directive on consumer credits replacing Directive 2008/48/EC.

__________________

39 Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).

Or. en

Justification

Clarification that entities providing BNPL services are subject to the Directive requirements if they provide payment services.

Amendment 65

Lídia Pereira

Proposal for a directive

Recital 35

Text proposed by the Commission

Amendment

(35) Payment institutions should be allowed to grant credit, but this activity should be subjected to some strict conditions. It is therefore appropriate to regulate the granting of credit by payment institutions in the form of credit lines and the issuance of credit cards, insofar as those services facilitate payment services, including on a revolving basis. It is appropriate to allow payment institutions to grant short-term credit with regard to their cross-border activities, on the condition that it is refinanced using mainly the payment institution’s own funds, as well as other funds from the capital markets, and not the funds held on behalf of clients for payment services. That possibility should however be without prejudice to Directive 2008/48/EC of the European Parliament and of the Council39 or other relevant Union law or national measures regarding conditions for granting credit to consumers. Given their principally lending nature, ‘Buy Now Pay Later’ services should not constitute a payment service. Those services are covered by the new Directive on consumer credits replacing Directive 2008/48/EC.

__________________

39 Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).

Or. en

Amendment 66

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 37 a (new)

Text proposed by the Commission

Amendment

(37 a) In order for payment institutions to truly engage in cross-border services, the Commission should provide a certain Internet website or a one-stop shop with all of the information in one place on how to register in particular Member States.

Or. en

Amendment 67

Ondřej Kovařík

Proposal for a directive

Recital 45 a (new)

Text proposed by the Commission

Amendment

(45 a) When acquirers use an agent to deliver payment services, it should be noted that the agent only acts on behalf of one acquirer as the principal payment service provider and not in respect of all payment services provided to the payment services user.

Or. en

Amendment 68

Ondřej Kovařík

Proposal for a directive

Recital 45 b (new)

Text proposed by the Commission

Amendment

(45 b) To take into account evolving market realities, marketplaces and platforms supported by payment service providers, that remove the latter from the control or the possession of funds for third parties, should not be considered by default agents of the payment service providers.

Or. en

Amendment 69

Lídia Pereira

Proposal for a directive

Recital 62

Text proposed by the Commission

Amendment

(62) To further improve access to cash, which is a priority of the Commission, retailers should be allowed to offer, in physical shops, cash provision services even in the absence of a purchase by a customer, without having to obtain a payment service provider authorisation, registration or being an agent of a payment institution. Those cash provision services should, however, be subject to the obligation to disclose fees charged to the customer, if any. These services should be provided by retailers on a voluntary basis and should depend on the availability of cash by the retailer. To prevent unfair competition between ATM deployers not servicing payment accounts and retailers offering cash withdrawals without a purchase, and to ensure that shops do not rapidly run out of cash, it is appropriate to impose a cap of EUR 50 per transaction.

Or. en

Amendment 70

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 62

Text proposed by the Commission

Amendment

(62) To further improve access to cash, which is a priority of the Commission, retailers should be allowed to offer, in physical shops, cash provision services even in the absence of a purchase by a customer, without having to obtain a payment service provider authorisation, registration or being an agent of a payment institution. Those cash provision services should, however, be subject to the obligation to disclose fees charged to the customer, if any. These services should be provided by retailers on a voluntary basis and should depend on the availability of cash at the retailer. To prevent unfair competition between ATM deployers not servicing payment accounts and retailers offering cash withdrawals without a purchase, and to ensure that shops do not rapidly run out of cash, it is appropriate to impose a cap of EUR 100 or the relevant amount in the currency of the Member State concerned per transaction.

Or. en

Amendment 71

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 68

Text proposed by the Commission

Amendment

(68) This Directive does not include licensing requirements for payment systems, payment schemes or payment arrangements, taking into account the need to avoid any duplication with the Eurosystem’s oversight framework over retail payment systems, including over Systemically Important Payment Systems and other systems, as well as the Eurosystem’s new ‘PISA’ Framework, and oversight by national central banks. This Directive also does not cover, in its scope, the provision of technical services including processing or the operation of digital wallets. However, considering the pace of innovation in the payments sector and the possible emergence of new risks, it is necessary that in its future review of this Directive the Commission gives particular consideration to those developments and assesses whether the scope of the Directive should be extended to cover new services and entities.

(68) This Directive does not include licensing requirements for payment systems, payment schemes or payment arrangements, taking into account the need to avoid any duplication with the Eurosystem’s oversight framework over retail payment systems, including over Systemically Important Payment Systems and other systems, as well as the Eurosystem’s new ‘PISA’ Framework, and oversight by national central banks. However, considering the pace of innovation in the payments sector and the possible emergence of new risks, it is necessary that in its future review of this Directive the Commission gives particular consideration to those developments and assesses whether the scope of the Directive should be extended to cover new services and entities.

Or. en

Amendment 72

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 71

Text proposed by the Commission

Amendment

(71) Payment institutions are not included in the list of entities which fall under the definition of “institutions” in Article 2, point (b) of Directive 98/26/EC of the European Parliament and of the Council47 . Consequently, payment institutions are effectively prevented from participating in payment systems designated by Member States pursuant to that Directive. That lack of access to certain key payment systems can impede payment institutions in providing a full range of payment services to their clients effectively and competitively. It is therefore justified to include payment institutions under the definition of ‘institutions’ in that Directive, but only for the purpose of payment systems, and not for securities settlement systems. Payment institutions should meet the requirements and respect the rules of payment systems to be allowed to participate in those systems. Regulation XXX [PSR] lays down requirements on operators of payment systems regarding the admission of new applicants for participation, including as regards an assessment of relevant risks. Given the importance of restoring as soon as possible the level playing field between banks and ‘non-banks’ and considering the impact that the current situation causes to competition in payment markets, it is necessary to grant Member States a shorter transposition and application deadline for this new provision in Directive 98/26/EC than for the other provisions of the present Directive. It is therefore appropriate to require Member States to transpose that new provision into their national law within 6 months of the entry into force of this Directive, rather than the 18 months that applies for the other provisions of this Directive.

__________________

47 Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).

Or. en

Amendment 73

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Recital 77

Text proposed by the Commission

Amendment

(77) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered an opinion on [XX XX 2023],

(77) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered an opinion on the 22nd of August 2023,

Or. en

Amendment 74

Lídia Pereira

Proposal for a directive

Article 2 – paragraph 1 – point 24

Text proposed by the Commission

Amendment

(24) ‘technical service provider’ means a provider of services which, although not being payment services, are necessary to support the provision of payment services, without the provider of technical services entering at any time into possession of the funds to be transferred;

(24) ‘technical service provider’ means a provider of services which support the provision of payment services, without entering at any time into possession of the funds to be transferred;

Or. en

Amendment 75

Eugen Jurzyca

Proposal for a directive

Article 2 – paragraph 1 – point 24

Text proposed by the Commission

Amendment

(24) ‘technical service provider’ means a provider of services which support the provision of payment services, without entering at any time into possession of the funds to be transferred;

Or. en

Justification

Aligning the definition with PSR Regulation.

Amendment 76

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 2 – paragraph 1 – point 24

Text proposed by the Commission

Amendment

(24) ‘technical service provider’ means a provider of services which supports the provision of payment services, without entering at any time into possession of the funds to be transferred;

Or. en

Justification

The definition should be coherent with the definition in the PSR

Amendment 77

Eugen Jurzyca

Proposal for a directive

Article 2 – paragraph 1 – point 26

Text proposed by the Commission

Amendment

(26) ‘business day’ means a day on which the payment service provider of the payer or of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction;

(26) ‘business day’ means a day on which the payment service provider of the payer or of the payee involved in the execution of a payment transaction is open for business to execute a payment transaction;

Or. en

Amendment 78

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 2 – paragraph 1 – point 27

Text proposed by the Commission

Amendment

(27) ‘Information and technology (ICT) services’ means ICT Services as defined in Article 3, point 21, of Regulation (EU) 2022/2554;

(27) ‘Information and communications technology (ICT) services’ means ICT Services as defined in Article 3, point 21, of Regulation (EU) 2022/2554;

Or. en

Amendment 79

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 2 – paragraph 1 – point 30

Text proposed by the Commission

Amendment

(30) ‘group’ means a group of undertakings that are linked to each other by a relationship as referred to in Article 22(1), points (2) or (7) of Directive 2013/34/EU of the European Parliament and of the Council51 , or undertakings as referred to in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/201452 , which are linked to each other by a relationship as referred to in Article 10(1) or Article 113(6), first subparagraph, or 113(7), first subparagraph of Regulation (EU) No 575/2013;

(30) ‘group’ means a group of undertakings that are linked to each other by a relationship as referred to in Article 22(1), (2) or (7) of Directive 2013/34/EU of the European Parliament and of the Council51 , or undertakings as referred to in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/201452 , which are linked to each other by a relationship as referred to in Article 10(1) or Article 113(6), first subparagraph, or 113(7), first subparagraph of Regulation (EU) No 575/2013;

__________________

51 Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).

52 Commission Delegated Regulation (EU) No 241/2014 of 7 January 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for Own Funds requirements for institutions (OJ L 74, 14.3.2014, p. 8).

Or. en

Amendment 80

Eugen Jurzyca

Proposal for a directive

Article 2 – paragraph 1 – point 36

Text proposed by the Commission

Amendment

(36) ‘distributor’ means a natural or legal person that distributes or redeems electronic money on behalf of a payment institution;

(36) ‘distributor’ means a natural or legal person that distributes or redeems electronic money on behalf of and engaged by a payment institution;

Or. en

Amendment 81

Gunnar Beck

Proposal for a directive

Article 2 – paragraph 1 – point 37

Text proposed by the Commission

Amendment

(37) ‘electronic money services’ means the issuance of electronic money, the maintenance of payment accounts storing electronic money units, and the transfer of electronic money units;

(37) ‘electronic money services’ means the issuance of electronic money;

Or. en

Amendment 82

Eugen Jurzyca

Proposal for a directive

Article 2 – paragraph 1 – point 37

Text proposed by the Commission

Amendment

(37) ‘electronic money services’ means the issuance of electronic money, the maintenance of payment accounts storing electronic money units, and the transfer of electronic money units;

(37) ‘electronic money services’ means the issuance of electronic money;

Or. en

Justification

This definition in PSD3 is a shift from the current position under EMD2 which regulates only e-money issuance (albeit these additional e-money services are probably caught as payment services under PSD2). This poses a risk of a double-regulation.

Amendment 83

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 2 – paragraph 1 – point 38

Text proposed by the Commission

Amendment

(38) ‘ATM deployer’ means operators of automated teller machines who do not service payment accounts.

(38) ‘ATM deployer’ means operators of automated teller machines who do not hold payment accounts.

Or. en

Justification

The n ATM deployer does not hold payment accounts - that should be the meaning of the text.

Amendment 84

Lídia Pereira

Proposal for a directive

Article 3 – paragraph 3 – subparagraph 1 – point b

Text proposed by the Commission

Amendment

(b) a business plan including a forecast budget calculation for the first 3 financial years which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly;

(b) a business plan which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly;

Or. en

Amendment 85

Lídia Pereira

Proposal for a directive

Article 3 – paragraph 3 – subparagraph 1 – point l – point i

Text proposed by the Commission

Amendment

(i) the intended use of agents, distributors or branches;

deleted

Or. en

Amendment 86

Lídia Pereira

Proposal for a directive

Article 3 – paragraph 3 – subparagraph 1 – point l – point ii

Text proposed by the Commission

Amendment

(ii) the off-site and on-site checks that the applicant undertakes to perform on those agents, distributors or branches at least annually;

deleted

Or. en

Amendment 87

Lídia Pereira

Proposal for a directive

Article 5 – paragraph 1 – point d

Text proposed by the Commission

Amendment

(d) where the payment institution provides electronic money services, its capital shall at no time be less than EUR 400 000.

(d) where the payment institution provides electronic money services, its capital shall at no time be less than EUR 300 000.

Or. en

Amendment 88

Eugen Jurzyca

Proposal for a directive

Article 5 – paragraph 1 – point d

Text proposed by the Commission

Amendment

(d) where the payment institution provides electronic money services, its capital shall at no time be less than EUR 400 000.

(d) where the payment institution provides electronic money services, its capital shall at no time be less than EUR 350 000.

Or. en

Amendment 89

Gunnar Beck

Proposal for a directive

Article 9 – paragraph 1 – subparagraph 2 – point a

Text proposed by the Commission

Amendment

(a) deposit those funds either in a separate account in a credit institution authorised in a Member State, or at a central bank at the discretion of that central bank;

(a) deposit those funds in a separate account in a credit institution authorised in a Member State;

Or. en

Amendment 90

Gunnar Beck

Proposal for a directive

Article 9 – paragraph 1 – subparagraph 2 a (new)

Text proposed by the Commission

Amendment

For the purposes of the second subparagraph, point (a), Member States shall ensure that payment institutions have access to accounts at central banks on an objective, non-discriminatory and proportionate basis. Central banks shall provide duly motivated reasons for any decision to refuse access to an account with the central bank, or to withdraw such access, to the payment institution.

Or. en

Amendment 91

Ondřej Kovařík

Proposal for a directive

Article 9 – paragraph 2

Text proposed by the Commission

Amendment

2. Payment institutions shall avoid concentration risk to safeguarded customer funds by ensuring that the same safeguarding method is not used for the totality of their safeguarded customer funds. In particular, they shall endeavour not to safeguard all consumer funds with one credit institution.

2. Payment institutions shall avoid concentration risk to safeguarded customer funds by ensuring that the same safeguarding method is not used for the totality of their safeguarded customer funds.

Or. en

Amendment 92

Gunnar Beck

Proposal for a directive

Article 9 – paragraph 2

Text proposed by the Commission

Amendment

2. Payment institutions shall endeavour to avoid concentration risk to safeguarded customer funds, including, where appropriate, by not using the same safeguarding method used for the totality of their safeguarded customer funds. In particular, they shall endeavour not to safeguard all consumer funds with one credit institution.

Or. en

Amendment 93

Lídia Pereira

Proposal for a directive

Article 9 – paragraph 7 – subparagraph 1

Text proposed by the Commission

Amendment

The EBA shall develop regulatory technical standards on safeguarding requirements, laying down in particular safeguarding risk management frameworks for payment institutions to ensure protection of users’ funds, and including requirements on segregation, designation, reconciliation and calculation of safeguarding funds requirements.

The EBA shall develop regulatory technical standards on safeguarding requirements, laying down in particular safeguarding risk management frameworks for payment institutions to ensure protection of users’ funds, and including requirements on segregation, designation, reconciliation, insulation and calculation of safeguarding funds requirements and avoiding of liquidity and concentration risk.

Or. en

Amendment 94

Lídia Pereira

Proposal for a directive

Article 10 – paragraph 4 – point b

Text proposed by the Commission

Amendment

(b) notwithstanding national rules, if any, on providing credit by issuers of credit cards, the credit granted in connection with a payment and executed in accordance with Article 13(6) and Article 30 is to be repaid within a short period, which shall in no case exceed 12 months;

Or. en

Amendment 95

Lídia Pereira

Proposal for a directive

Article 14 – paragraph 1

Text proposed by the Commission

Amendment

Within 3 months of receipt of an application for authorisation as referred to in Article 3, or, where such application is incomplete, of all of the information referred to in Article 3(3), the competent authorities shall inform the applicant whether the authorisation is granted or refused. The competent authority shall give reasons where it refuses an authorisation.

Within 2 months of receipt of an application for authorisation as referred to in Article 3, or, where such application is incomplete, of all of the information referred to in Article 3(3), the competent authorities shall inform the applicant whether the authorisation is granted or refused. The competent authority shall give reasons where it refuses an authorisation.

Or. en

Amendment 96

Eugen Jurzyca

Proposal for a directive

Article 17 – paragraph 1 – subparagraph 1 – point a

Text proposed by the Commission

Amendment

(a) payment institutions authorised in accordance with Article 13 and their agents and their agents or distributors, if any;

(a) payment institutions authorised in accordance with Article 13 and their agents or distributors, if any;

Or. en

Amendment 97

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 17 – paragraph 1 – subparagraph 1 – point a

Text proposed by the Commission

Amendment

(a) payment institutions authorised in accordance with Article 13 and their agents and their agents or distributors, if any;

(a) payment institutions authorised in accordance with Article 13 and their agents or distributors, if any;

Or. en

Amendment 98

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 19 – paragraph 1 – introductory part

Text proposed by the Commission

Amendment

1. Payment institutions that intend to provide payment services through agents shall communicate to the competent authorities in their home Member State all of the following information:

1. Payment institutions that intend to provide payment and other than e-money services, through agents shall communicate to the competent authorities in their home Member State all of the following information:

Or. en

Amendment 99

Lídia Pereira

Proposal for a directive

Article 19 – paragraph 2

Text proposed by the Commission

Amendment

2. Member States shall ensure that the competent authorities of the home Member State communicate to the payment institution within 2 months of receipt of the information referred to in paragraph 1 whether the agent has been entered in the register referred to in Article 17. Upon entry in the register, the agent may commence providing payment services.

2. Member States shall ensure that the competent authorities of the home Member State communicate to the payment institution within 1 month of receipt of the information referred to in paragraph 1 whether the agent has been entered in the register referred to in Article 17. Upon entry in the register, the agent may commence providing payment services.

Or. en

Amendment 100

Eugen Jurzyca

Proposal for a directive

Article 19 – paragraph 2

Text proposed by the Commission

Amendment

Or. en

Amendment 101

Gunnar Beck

Proposal for a directive

Article 20 – paragraph 2

Text proposed by the Commission

Amendment

2. Member States shall ensure that payment institutions that intend to provide electronic money services through a distributor apply the requirements laid down in Article 19 mutatis mutandis.

2. Member States shall ensure that payment institutions that intend to provide electronic money services through a distributor notify their competent authority of such intended offering, providing identifying details of such distributors. Distributors that are part of a group or chain may be notified at group or chain level.

Or. en

Amendment 102

Gunnar Beck

Proposal for a directive

Article 20 – paragraph 3

Text proposed by the Commission

Amendment

3. Where the payment institution intends to distribute electronic money services in another Member State by engaging a distributor, Articles 30 to 33, with exception of Article 31(4) and (5) of this Directive, including the delegated acts adopted in accordance with Article 30(5) of this Directive, shall apply mutatis mutandis to such payment institution.

3. Where the payment institution intends to distribute electronic money services in another Member State by engaging a distributor, it shall notify its competent authority which shall in turn notify the competent authority of the host Member State of the identifying details of such distributors. Distributors that are part of a group or chain may be notified at group or chain level.

Or. en

Amendment 103

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 21 – paragraph 1

Text proposed by the Commission

Amendment

1. Member States shall require from payment institutions that intend to provide payment services in another Member State by establishing a branch, or that intends to provide payment services in a Member State other than their home Member State via a branch located in a third Member State, follow the procedures set out in Article 30.

1. Member States shall require that a payment institution that intends to provide payment services in another Member State by establishing a branch, or that intends to provide payment services in a Member State other than its home Member State via a branch located in a third Member State follow the procedures set out in Article 30.

Or. en

Amendment 104

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 30 – paragraph 1 – subparagraph 2

Text proposed by the Commission

Amendment

Member States shall ensure that payment institutions that intend to outsource operational functions of the payment or electronic money services to other entities in the host Member State, inform the competent authorities of their home Member State thereof.

Or. en

Amendment 105

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 30 – paragraph 1 a (new)

Text proposed by the Commission

Amendment

1 a. The Commission shall create a dedicated Internet website with all of the information in one place on how payment institutions can register in each Member State.

Or. en

Amendment 106

Eugen Jurzyca

Proposal for a directive

Article 30 – paragraph 2 – subparagraph 1

Text proposed by the Commission

Amendment

Within 1 month of receipt of all of the information referred to in paragraph 1, the competent authorities of the home Member State shall send that information to the competent authorities of the host Member State. Where the services are provided via a third Member State, the Member State to be notified shall be the one where the services are provided to payment service users.

Within 10 business days of receipt of all of the information referred to in paragraph 1, the competent authorities of the home Member State shall send that information to the competent authorities of the host Member State. Where the services are provided via a third Member State, the Member State to be notified shall be the one where the services are provided to payment service users.

Or. en

Amendment 107

Eugen Jurzyca

Proposal for a directive

Article 30 – paragraph 3 – subparagraph 1

Text proposed by the Commission

Amendment

Within 3 months of receipt of the information referred to in paragraph 1, the competent authorities of the home Member State shall communicate their decision to the competent authorities of the host Member State and to the payment institution.

Within 20 business days of receipt of the information referred to in paragraph 1, the competent authorities of the home Member State shall communicate their decision to the competent authorities of the host Member State and to the payment institution.

Or. en

Amendment 108

Lídia Pereira

Proposal for a directive

Article 30 – paragraph 3 – subparagraph 1

Text proposed by the Commission

Amendment

Within 1 month of receipt of the information referred to in paragraph 1, the competent authorities of the home Member State shall communicate their decision to the competent authorities of the host Member State and to the payment institution.

Or. en

Amendment 109

Ondřej Kovařík

Proposal for a directive

Article 34 – paragraph 1 – subparagraph 1 – point c a (new)

Text proposed by the Commission

Amendment

(c a) in the case of payment services using electronic money tokens as defined in the Regulation (EU) 2023/1114, the payment service provider has already been authorised as a crypto-asset service provider in a Member State of the European Union, in accordance with Title V of that Regulation.

Or. en

Amendment 110

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 36 – paragraph 5 – subparagraph 2

Text proposed by the Commission

Amendment

As an alternative to holding a professional indemnity insurance as required in paragraphs 3 and 4, the undertakings as referred to in paragraph 1 shall hold an initial capital of EUR 50 000, which can be replaced by a professional indemnity insurance after those undertakings have commenced their activity as a payment institution, without undue delay.

As an alternative to holding a professional indemnity insurance as required in paragraph 4, the undertakings as referred to in paragraph 1 shall hold an initial capital of EUR 50 000, which might be replaced by a professional indemnity insurance after those undertakings have commenced their activity as a payment institution, without undue delay.

Or. en

Amendment 111

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 37 – paragraph 1 – point b

Text proposed by the Commission

Amendment

(b) the amount of cash provided does not exceed EUR 50 per withdrawal.

(b) the amount of cash provided does not exceed EUR 100 or the relevant amount in the currency of the Member State concerned per withdrawal.

Or. en

Amendment 112

Claude Gruffat

Proposal for a directive

Article 37 – paragraph 1 – point b

Text proposed by the Commission

Amendment

(b) the amount of cash provided does not exceed EUR 50 per withdrawal.

(b) the amount of cash provided does not exceed EUR 100 per withdrawal.

Or. en

Amendment 113

Eugen Jurzyca

Proposal for a directive

Article 37 – paragraph 1 – point b

Text proposed by the Commission

Amendment

(b) the amount of cash provided does not exceed EUR 50 per withdrawal.

(b) the amount of cash provided does not exceed EUR 150 per withdrawal.

Or. en

Amendment 114

Lídia Pereira

Proposal for a directive

Article 37 – paragraph 1 – point b a (new)

Text proposed by the Commission

Amendment

(b a) the amount of cash provided does not exceed a total of EUR 500 per month.

Or. en

Amendment 115

Lídia Pereira

Proposal for a directive

Article 37 – paragraph 1 – point b b (new)

Text proposed by the Commission

Amendment

(b b) the use of contactless solutions is excluded and the client must insert the PIN code manually at the point of sale.

Or. en

Amendment 116

Claude Gruffat

Proposal for a directive

Article 38 – paragraph 4 a (new)

Text proposed by the Commission

Amendment

4 a. The natural or legal persons providing the services referred to in paragraph 1 of this Article shall comply with the requirements on transparency of fees and charges laid down in Article 7 of Regulation XXX (Payment Services Regulation), and in particular shall ensure that such fees and charges are displayed at the initiation of the provision of the services.

Or. en

Amendment 117

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 38 – paragraph 4 a (new)

Text proposed by the Commission

Amendment

4 a. The fees and information, as well as when and how they should be provided to the PSUs, that should be displayed by the ATM shall comply with the rules set out in the Regulation XXX (PSR).

Or. en

Amendment 118

Eugen Jurzyca

Proposal for a directive

Article 39 – paragraph 2

Text proposed by the Commission

Amendment

2. Member States shall require service providers that carry out an activity as referred to in Article 2(1), point (j), of Regulation XXX [PSR] to send a notification to competent authorities and provide competent authorities an annual audit opinion, testifying that the activity complies with the limits set out Article 2(1), point (j), of Regulation XXX [PSR].

deleted

Or. en

Justification

The obligation to provide competent authorities with an annual audit opinion is unnecessary and burdensome, as existing annual notification procedure has proven itself effective.

Amendment 119

Eugen Jurzyca

Proposal for a directive

Article 43 – paragraph 1 – subparagraph 1 – introductory part

Text proposed by the Commission

Amendment

The Commission shall, by [ OP please insert the date = 5 years after entry into force of this Directive], 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 Directive, and in particular on:

The Commission shall, by [ OP please insert the date = 7 years after entry into force of this Directive], 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 Directive, and in particular on:

Or. en

Amendment 120

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 43 – paragraph 1 – subparagraph 1 – point a

Text proposed by the Commission

Amendment

(a) the appropriateness of the scope of this Directive, in particular regarding the possibility of extending it to certain services, including the operation of payment systems and the provision of technical services including processing or the operating of digital wallets, which are not covered in the scope;

(a) the appropriateness of the scope of this Directive, in particular regarding the possibility of extending it to certain services, including the operation of payment systems;

Or. en

Amendment 121

Eugen Jurzyca

Proposal for a directive

Article 43 – paragraph 1 – subparagraph 1 – point b a (new)

Text proposed by the Commission

Amendment

(b a) the total number and market share of payment service providers authorized under this Directive, classified per each Member State;

Or. en

Amendment 122

Lídia Pereira

Proposal for a directive

Article 43 – paragraph 2

Text proposed by the Commission

Amendment

2. The Commission shall, by [ OP please insert the date= three years after the date of application of the PSR] submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the scope of this Directive, 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.

2. The Commission shall, by [ OP please insert the date= five years after the date of application of the PSR] submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the scope of this Directive, 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.

Or. en

Amendment 123

Lídia Pereira

Proposal for a directive

Article 44 – paragraph 1 – subparagraph 1

Text proposed by the Commission

Amendment

Member States shall allow payment institutions that have been authorised pursuant to Article 11 of Directive (EU) 2015/2366 by [OP please insert the date = 18 months after the date of entry into force of this Directive] to continue to provide and execute the payment services for which they have been authorised, without having to having to seek authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive until [OP please insert the date = 24 months after the date of entry into force of this Directive].

Member States shall allow payment institutions that have been authorised pursuant to Article 11 of Directive (EU) 2015/2366 by [OP please insert the date = 18 months after the date of entry into force of this Directive] to continue to provide and execute the payment services for which they have been authorised, without having to having to seek a new authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive until [OP please insert the date = 24 months after the date of entry into force of this Directive].

Or. en

Amendment 124

Lídia Pereira

Proposal for a directive

Article 44 – paragraph 1 – subparagraph 2 – point a

Text proposed by the Commission

Amendment

(a) whether those payment institutions comply with Title II and, where not, which measures need to be taken to ensure compliance;

(a) whether those payment institutions comply with new requirements under Title II and, where not, which measures need to be taken to ensure compliance;

Or. en

Amendment 125

Eugen Jurzyca

Proposal for a directive

Article 44 – paragraph 1 – subparagraph 3

Text proposed by the Commission

Amendment

Payment institutions as referred to in the first subparagraph which upon verification by the competent authorities comply with Title II shall be authorised as payment institutions pursuant to Article 13 of this Directive and shall be entered in the registers referred to in Articles 17 and 18. Where those payment institutions do not comply with the requirements laid down in Title II by [OP please insert the date = 24 months after the date of entry into force of this Directive], they shall be prohibited from providing payment services.

Payment institutions as referred to in the first subparagraph which upon verification by the competent authorities comply with Title II shall be authorised as payment institutions pursuant to Article 13 of this Directive and shall be entered in the registers referred to in Articles 17 and 18. If competent authorities fail to take a decision on authorization of payment institutions as referred to in the second subparagraph by [OP please insert the date = 24 months after the date of entry into force of this Directive], payment institutions can continue to provide and execute the payment services for which they have been authorized until such decision is taken.

Or. en

Justification

To improve legal certainty, PIs shall be allowed to provide their services until the final decision on re-authorization is made by their NCAs.

Amendment 126

Lídia Pereira

Proposal for a directive

Article 44 – paragraph 2

Text proposed by the Commission

Amendment

2. Member States may provide for payment institutions as referred to in paragraph 1 to be authorised automatically and be entered in the register referred to in Articles 17 if the competent authorities have evidence that those payment institutions already comply with Articles 3 and 13. The competent authorities shall inform the payment institutions concerned of such automatic authorisation before the authorisation is granted.

2. Member States shall provide for payment institutions as referred to in paragraph 1 to be authorised automatically and be entered in the register referred to in Articles 17 if the competent authorities have evidence that those payment institutions already comply with Articles 3 and 13. The competent authorities shall inform the payment institutions concerned about any obstacle for this authorisation and proceed, without undue delay, for the elimination of such obstacle.

Or. en

Amendment 127

Eugen Jurzyca

Proposal for a directive

Article 44 – paragraph 4

Text proposed by the Commission

Amendment

4. Member States may grant natural and legal persons who benefited from an exemption pursuant to Article 32 of Directive (EU) 2015/2366 an exemption pursuant to Article 34 of this Directive and enter those persons in the registers referred to in Articles 17 and 18 of this Directive where the competent authorities have evidence that the requirements laid down in Article 34 of this Directive are complied with. The competent authorities shall inform the payment institutions concerned thereof. If competent authorities fail to take a decision by [OP please insert the date = 24 months after the date of entry into force of this Directive], payment institutions can continue to provide and execute the payment services for which they have been authorized until such decision is taken.

Or. en

Justification

To improve legal certainty, PIs shall be allowed to provide their services until the final decision on re-authorization is made by their NCAs.

Amendment 128

Eugen Jurzyca

Proposal for a directive

Article 44 – paragraph 4 a (new)

Text proposed by the Commission

Amendment

4 a. If competent authorities decide to withdraw an authorisation under this Article, payment institutions can continue to provide and execute the payment services for which they have been authorised pursuant to Directive (EU) 2015/2366 within six months after such decision is taken.

Or. en

Justification

To improve legal certainty, PIs shall be provided with 6 months of winding down period if NCAs decide to withdrawal their authorization.

Amendment 129

Lídia Pereira

Proposal for a directive

Article 45 – paragraph 1

Text proposed by the Commission

Amendment

1. Member States shall allow electronic money institutions which were defined in Article 2, point 1, of Directive 2009/110/EC that have taken up, before [OP please insert the date = 18 months after the date of entry into force of this Directive], activities in accordance with national law transposing Directive 2009/110/EC as electronic money institutions in the Member State in which their head office is located in accordance with national law transposing Directive 2009/110/EC, to continue those activities in that Member State or in another Member State without having to seek authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive.

1. Member States shall allow electronic money institutions which were defined in Article 2, point 1, of Directive 2009/110/EC that have taken up, before [OP please insert the date = 18 months after the date of entry into force of this Directive], activities in accordance with national law transposing Directive 2009/110/EC as electronic money institutions in the Member State in which their head office is located in accordance with national law transposing Directive 2009/110/EC, to continue those activities in that Member State or in another Member State without having to seek a new authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive.

Or. en

Amendment 130

Lídia Pereira

Proposal for a directive

Article 45 – paragraph 2 – subparagraph 1

Text proposed by the Commission

Amendment

Member States shall require the electronic money institutions referred in paragraph 1 to submit to the competent authorities all information that those competent authorities need to assess, by [OP please insert the date = 24 months after the date of entry into force of this Directive], whether those electronic money institutions comply with this Directive. Where such assessment reveals that those electronic money institutions do not comply with those requirements, the competent authorities shall decide which measures need to be taken to ensure such compliance, or to withdraw the authorisation.

Member States shall require the electronic money institutions referred in paragraph 1 to submit to the competent authorities all information that those competent authorities need to assess, by [OP please insert the date = 24 months after the date of entry into force of this Directive], whether those electronic money institutions comply with the new requirements provisioned in this Directive. Where such assessment reveals that those electronic money institutions do not comply with those new requirements, the competent authorities shall decide which measures need to be taken to ensure such compliance, or to withdraw the authorisation.

Or. en

Amendment 131

Eugen Jurzyca

Proposal for a directive

Article 45 – paragraph 2 – subparagraph 2

Text proposed by the Commission

Amendment

Electronic money institutions as referred to in the first subparagraph which upon verification by the competent authorities comply with Title II shall be authorised as payment institutions pursuant to Article 13 of this Directive, shall be entered in the registers referred to in Articles 17 and 18. Where those electronic money institutions do not comply with the requirements laid down in Title II by [OP please insert the date = 24 months after the date of entry into force of this Directive], they shall be prohibited from providing electronic money services.

Electronic money institutions as referred to in the first subparagraph which upon verification by the competent authorities comply with Title II shall be authorised as payment institutions pursuant to Article 13 of this Directive, shall be entered in the registers referred to in Articles 17 and 18. If competent authorities fail to take a decision on authorisation of payment institutions as referred to in the second subparagraph by [OP please insert the date = 24 months after the date of entry into force of this Directive], electronic money institutions can continue to provide and execute the electronic money services and payment services for which they have been authorised.

Or. en

Justification

To improve legal certainty, EMIs shall be allowed to provide their services until the final decision on re-authorization is made by their NCAs.

Amendment 132

Lídia Pereira

Proposal for a directive

Article 45 – paragraph 3

Text proposed by the Commission

Amendment

3. Member States may allow electronic money institutions as referred to in paragraph 1 to be authorised automatically as payment institutions and entered in the register referred to in Article 17 where the competent authorities have evidence that the electronic money institutions concerned comply with this Directive. The competent authorities shall inform the electronic money institutions concerned thereof before such automatic authorisation is granted.

3. Member States shall allow electronic money institutions as referred to in paragraph 1 to be authorised automatically as payment institutions and entered in the register referred to in Article 17 where the competent authorities have evidence that the electronic money institutions concerned comply with this Directive. The competent authorities shall inform the electronic money institutions concerned about any obstacle to that authorisation and proceed, without undue delay, to the elimination of such obstacle.

Or. en

Amendment 133

Eugen Jurzyca

Proposal for a directive

Article 45 – paragraph 4

Text proposed by the Commission

Amendment

4. Member States shall allow legal persons that have taken up, before [OP please insert the date = 18 months after the date of entry into force of this Directive], activities in accordance with national law transposing Article 9 of Directive 2009/110/EC, to continue those activities within the Member State concerned in accordance with that Directive until [OP please insert the date = 24 months after the date of entry into force of this Directive], without being required to seek authorisation under Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive. Electronic money institutions as referred to in paragraph 1 which, during that period, have been neither authorised nor exempted within the meaning of Article 34 of this Directive, shall be prohibited from providing electronic money services.

4. Member States shall allow legal persons that have taken up, before [OP please insert the date = 18 months after the date of entry into force of this Directive], activities in accordance with national law transposing Article 9 of Directive 2009/110/EC, to continue those activities within the Member State concerned in accordance with that Directive until [OP please insert the date = 24 months after the date of entry into force of this Directive], without being required to seek authorisation under Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive. If competent authorities fail to take a decision by [OP please insert the date = 24 months after the date of entry into force of this Directive], electronic money institutions can continue to provide and execute the electronic money services and payment services for which they have been authorised.

Or. en

Justification

To improve legal certainty, EMIs shall be allowed to provide their services until the final decision on re-authorization is made by their NCAs.

Amendment 134

Eugen Jurzyca

Proposal for a directive

Article 45 – paragraph 4 a (new)

Text proposed by the Commission

Amendment

4 a. If competent authorities decide to withdraw an authorisation under this Article, electronic money institutions can continue to provide and execute the electronic money services and payment services for which they have been authorized pursuant to Directive 2009/110/EC within six months after such decision is taken.

Or. en

Justification

To improve legal certainty, EMIs shall be provided with 6 months of winding down period if NCAs decide to withdrawal their authorization.

Amendment 135

Lídia Pereira

Proposal for a directive

Article 45 a (new)

Text proposed by the Commission

Amendment

Article 45a

Extension period

Competent authorities may exceptionally decide to extend the period before specific payment institutions and electronic money institutions are prohibited from providing services when those institutions provided the required information provisioned in Articles 44 and 45 and the competent authority has not been able to process it within the adequate deadline.

Or. en

Amendment 136

Marek Belka, Paul Tang, René Repasi

Proposal for a directive

Article 46

98/26/EC

Art. 2

Text proposed by the Commission

Amendment

[...]

deleted

Or. en

Justification

This - change to the Settlement Finality Directive - was already dealt with in the IPR (in concluded trilogues)

Amendment 137

Lídia Pereira

Proposal for a directive

Article 46 – paragraph 1 – point 1

Directive 98/26/EC

Article 2 – point b

Text proposed by the Commission

Amendment

‘institution’ shall mean any of the following:

‘institution’ shall mean any of the following entities:

Or. en

Amendment 138

Lídia Pereira

Proposal for a directive

Article 46 – paragraph 1 – point 1

Directive 98/26/EC

Article 2 – point b

Text proposed by the Commission

Amendment

– an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council, with the exception of legal persons benefitting from an exemption pursuant to Article 9 of that Directive,

Or. en

Amendment 139

Lídia Pereira

Proposal for a directive

Article 46 – paragraph 1 – point 1

Directive 98/26/EC

Article 2 – point b

Text proposed by the Commission

Amendment

If a system is supervised in accordance with national legislation and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of that system are covered by the categories referred to in the first subparagraph and that such a decision is warranted on grounds of systemic risk; ’;

If a system is supervised in accordance with national legislation and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph and that such a decision is warranted on grounds of systemic risk; ’;

Or. en

Amendment 140

Eugen Jurzyca

Proposal for a directive

Article 48 – paragraph 1

Text proposed by the Commission

Amendment

Directive (EU) 2015/2366 is repealed with effect from [ OP please insert the date= 18 months after entry into force of this Directive].

Directive (EU) 2015/2366 is repealed with effect from [ OP please insert the date= 24 months after entry into force of this Directive].

Or. en

Amendment 141

Eugen Jurzyca

Proposal for a directive

Article 48 – paragraph 2

Text proposed by the Commission

Amendment

Directive 2009/110/EC is repealed with effect from [ OP please insert the date= 18 months after entry into force of this Directive].

Directive 2009/110/EC is repealed with effect from [ OP please insert the date= 24 months after entry into force of this Directive].

Or. en

Amendment 142

Eugen Jurzyca

Proposal for a directive

Article 49 – paragraph 1

Text proposed by the Commission

Amendment

1. Member States shall adopt and publish, by [ OP please insert the date= 18 months after entry into force of this Directive] at the latest, and within [ OP please insert the date= 6 months after entry into force of this Directive] for Article 46, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.

1. Member States shall adopt and publish, by [ OP please insert the date= 24 months after entry into force of this Directive] at the latest, and within [ OP please insert the date= 12 months after entry into force of this Directive] for Article 46, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.

Or. en

Amendment 143

Eugen Jurzyca

Proposal for a directive

Article 49 – paragraph 2 – subparagraph 1

Text proposed by the Commission

Amendment

They shall apply those measures from [ OP please insert the date= 18 months after entry into force of this Directive] and from [ OP please insert the date= 6 months after entry into force of this Directive] for Article 46.

They shall apply those measures from [ OP please insert the date= 24 months after entry into force of this Directive] and from [ OP please insert the date= 12 months after entry into force of this Directive] for Article 46.

Or. en

Amendment 144

Eugen Jurzyca

Proposal for a directive

Annex II – paragraph 1

Text proposed by the Commission

Amendment

Issuance of electronic money, maintenance of payment accounts storing electronic money units and transfer of electronic money units.

Issuance of electronic money.

Or. en

Amendment 145

Gunnar Beck

Proposal for a directive

Annex II – paragraph 1

Text proposed by the Commission

Amendment

Issuance of electronic money, maintenance of payment accounts storing electronic money units and transfer of electronic money units.

Issuance of electronic money.

Or. en