EMA response to PSR scheme fees market review
The EMA submitted a response to the UK PSR MR22/1.9: Market review of card scheme and processing fees interim report.
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Publications and events
EMA response to FATF Public Consultation on National Risk Assessment Guidance update
The EMA submitted a response to the Public consultation on FATF Money Laundering National Risk Assessment Guidance Update emphasising the value contributed by the private sector, civil society, and academia. These sectors provide insights on emerging risks, facilitate effective communication with authorities, and offer frontline experience in the fight against financial crime. Furthermore, the EMA advocates for countries to engage the private sector in NRAs through public consultations and workshops, enabling comprehensive input, discussion of business models, risks, and mitigation measures, and the formation of public-private partnership groups to promote regular knowledge exchange and mutual understanding.
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Joint industry letter on the application of PSD2 provisions to a various EMT transactions
The EMA co-signed a joint industry letter addressing the application of PSD2 provisions to electronic money token (EMT) transactions. The letter urges the European Commission to distinguish between EMT-related activities, such as custody and trading, and regulated payment transactions under PSD2. It advocates for pragmatic regulatory approaches, extensions of compliance timelines, and ongoing engagement to ensure an appropriate framework for EMT operations across the EU.
EMA response to MFSA consultation on Financial Institutions’ Prudential Requirements
The EMA responded to the Malta Financial Services Authority Consultation on Financial Institutions’ Prudential Requirements.
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EMA Compliance Support: Consumer Duty Board Report Session
The deadline to prepare and approve the firm’s first Consumer Duty annual board report is fast approaching on 31 July 2024!
If you require last minute assistance with this task, you may wish to attend the EMA’s dedicated session next week.
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Industry Call To Reconsider Approach On Virtual IBANs
The EMA co-signed a joint industry letter on virtual IBANs:
The EU digital payment industry urges Member States to reconsider the Belgian Presidency proposal to assimilate virtual IBANs to traditional IBANs, and to mandate payment service providers to open a payment account with a credit institution in each Member State they operate in. The result will be to materially reduce the ability of payment service providers operating cross-border to help consumers and merchants manage their payments and overcome IBAN discrimination. More evidence is needed on the risks implied by virtual IBANs, and the potential risk mitigation measures should be assessed against their impact on competition, innovation and consumer choice in the EEA.
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EMA response to PSR voluntary questionnaire police reporting
The EMA provided a response to the UK Payment Systems Regulator voluntary questionnaire on police reporting of APP Scams.
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DORA implementation for e-money and payment service providers
The EMA is launching a working group on digital operational resilience for e-money issuers and payment service providers (“DORA 2024“).
The DORA regulation, directive and numerous RTS, ITS and guidelines will apply from January 2025. We will be working together to implement DORA within the EMI and PI business and be ready for this deadline.
DORA 2024 working group sessions form part of the EMA’s compliance support track for members and will be purely practical in nature. Documents, checklists, templates etc. will be provided to attendees.
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