Consultations

Yesterday, the European Central Bank (ECB) released a draft version of the Recommendations for the security of mobile payments for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security. The consultation follows two previous consultations on requirements with respect to the security of internet payments and on third party account access.

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ECB consultation on security requirements for the security of mobile payments (deadline: January 31, 2014)Read More »

On 24 July 2013, the Commission adopted a legislative package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs). The changes in the Payment Services Directive include a.o. changes in scope, the addition of a new type of institution (Third Party Payment Services Processor) and further rules as to transaction authentication. The Regulation on MIFs seeks to cap the interchange fees for card payments to 0,3 and 0,2 % for international credit- and debit-transactions. Over time these limits would also apply to domestic transactions. …

EU Commission proposals for revised Payment Services Directive and MIF-regulationRead More »

Today the Dutch Ministry of Finance has published its consultation on changes in the Betting and Gaming Act (Betting and Gaming Act), the Betting and Gaming Tax Act (KSB) and some other acts concerning the regulation of remote games of chance. The Ministry also published an English version of the draft law (pdf) and an Explanatory memorandum (pdf). …

Dutch consultation on draft Betting and Gaming Act (deadline: July 21, 2013)Read More »

On May 8, the European Commission published a proposal for a Payment Account Directive. The origins of the proposal lie in the discontent that the Commission has with respect to the provision of information by banks to their customers and the reluctance of banks to facilitate switching between account. In addition the Commission wishes to ensure the availability of a bank account with basic features to all European citizens.

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EC Proposal for a Payment Account DirectiveRead More »

The European Commission has yesterday published a proposal on a Directive for Network and Information Security (NIS) in Europe. This proposal requires Member States to set up Computer Emergency Response Teams (CERTs), and to adopt national NIS strategies and national NIS cooperation plans.

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European Commission proposal for a Directive on network and information security (NIS)Read More »

The European Commission has today adopted two proposals in the area of Anti-Money Laundering:

1. A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
2. A regulation on information accompanying transfers of funds.

The two proposals will have a considerable impact for the industry, given the changes in scope, definitions and the proposed elimination of the Simplified Due Diligence regime. …

EC Proposals for 4th Anti-Money Laundering Directive and Regulation on Funds Transfer InformationRead More »

Yesterday, the European Central Bank released a draft version of the Recommendations for payment account access services for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all the EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security.

The draft report lists a number of Recommendations which seek to ensure that the Third Party Providers of Payment Account Access Services and the involved Governance Authorities (scheme owners) meet the following requirements: …

ECB consultation on security requirements for payment account access services (deadline: April 12, 2013)Read More »

Today, the ECB released a comprehensive set of Recommendations for the security of internet payments, following a two-month public consultation carried out in 2012. The Recommendations represent the first achievement of the European Forum on the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative between relevant authorities from the European Economic Area (EEA) – supervisors of payment service providers and overseers in particular.

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SecuRe Pay releases final recommendations on the security of internet paymentsRead More »

The European Central Bank (ECB) is consulting on standards to increase the security of internet payments in the European Union. It has drafted recommendations that developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This Forum of regulators and supervisors was set up in 2011 as a voluntary cooperative initiative between authorities.

The report outlines security recommendations and best practices such as the principle of strong authentication.  …

ECB Consultation on security of internet payments (deadline: June 20, 2012)Read More »