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DRAFT REPORT (COM(2023)0366 – C90218/2023 – 2023/0209(COD))

On the 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

ECON-PR-753780

Committee on Economic and Monetary Affairs · Rapporteur: Ondřej Kovařík

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This is the rapporteur's draft report on the Commission proposal for a directive on payment services and electronic money services in the Internal Market, which would amend Directive 98/26/EC and repeal Directives 2015/2366/EU and 2009/110/EC. The draft proposes amendments to the Commission's text, including a single licence for payment and electronic money services, a one-month limit for authorisation decisions, and rules on safeguarding user funds, credit granting, and access to payment systems. It also proposes changes to cash provision services, central contact points, and transitional arrangements for existing payment institutions and electronic money institutions.

Committee position. The rapporteur proposes amendments to the Commission proposal, including a single licence, shorter authorisation deadlines, rules on safeguarding funds, credit granting, access to payment systems, cash provision, central contact points, and transitional arrangements.

Key points

  1. The draft supports a single licence for providers of payment services and electronic money services not taking deposits, and clarifies that the licensing regime should also apply to issuers of electronic money tokens.
  2. It proposes that competent authorities conclude the authorisation process within a maximum of 1 month after receiving all required information.
  3. It adds that a central bank's rejection of holding user funds should be duly justified to the payment institution, and that a credit institution refusing or terminating an account for a payment institution must provide a duly justified response.
  4. It allows payment institutions to grant credit only insofar as it facilitates payment services, and states that 'Buy Now Pay Later' services should not constitute a payment service.
  5. It requires that a payment institution requesting authorisation provides at least part of its payment services business in that Member State, with 'part' meaning less than the majority of its business.
  6. It requires each payment institution to appoint only one central contact point per Member State where such a requirement is imposed.
  7. It allows retailers to offer cash provision services without a purchase, subject to fee disclosure, and raises the cap per transaction from EUR 50 to EUR 100.
  8. It includes payment institutions under the definition of 'institutions' in Directive 98/26/EC for the purpose of payment systems, and shortens the transposition deadline for this provision.
  9. It sets a review of the directive after five years, with an earlier review of scope after three years, considering extension to payment systems, payment schemes, and technical services including digital wallets.
  10. It requires undertakings applying to provide payment services under Annex I, point (6) to hold a minimum initial capital of EUR 50 000 or professional indemnity insurance, and sets capital for electronic money services at EUR 350 000.
  11. It sets deadlines for competent authorities to communicate on agents (1 month) and on outsourcing (10 working days), and for decisions on outsourcing (a maximum of 25 working days).
  12. It provides transitional arrangements for payment institutions and electronic money institutions authorised under previous directives to continue activities without new authorisation until 24 months after entry into force, subject to submitting supplementary information.

Who is affected

  • Payment institutions and electronic money institutions, which would face new authorisation, capital, and safeguarding rules.
  • Credit institutions, which would have to justify refusals or closures of accounts for payment institutions.
  • Retailers, which could offer cash provision services without a purchase up to EUR 100 per transaction.
  • Competent authorities, which would face new deadlines for authorisation and communication.

Figures and deadlines

  • EUR 50 000, minimum initial capital for certain payment services applicants.
  • EUR 350 000, minimum capital for payment institutions providing electronic money services.
  • EUR 100, cap per cash withdrawal transaction by retailers.
  • 1 month, maximum time for authorisation process.
  • 10 working days, deadline for competent authorities to send and assess information on outsourcing.
  • 25 working days, maximum for home competent authorities to communicate decision on outsourcing.
  • 3 years, period after entry into force for review of scope.
  • 24 months, period after entry into force for transitional arrangements.

Legal basis: Article 294(2) and Articles 53 and 114 of the Treaty on the Functioning of the European Union.