EMA publications

The EMA frequently responds to government and European consultations on regulation that impacts the e-money and payment services industry. Sometimes, we also express our views on issues that are raised in the public domain where we feel it is important to provide an industry input.

Our publications reflect the views of the EMA as whole; individual members’ views may vary from time to time. The public consultation responses are listed below. For further information on these positions, please contact us.

Chinese, French and Dutch regulators outline their positions on bitcoin

This week, a number of regulators have provided more insight into their stance on bitcoin, the digital exchange mechanism. In general, the view is that bitcoins are not regulated and anyone who chooses to use them for purposes of exchange bears a risk in doing so.

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Chinese, French and Dutch regulators outline their positions on bitcoinRead More »

Chinese, French and Dutch regulators outline their positions on bitcoin Read More »

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

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 »

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

EU Presidency compromise text on Payments Account Directive excludes online e-payment accounts providers

This week the Presidency of the European Union released a compromise text on the Payments Account Directive. It contains explicit wording that limits the scope, in order not to include payment services with a limited payment functionality. The present wording of Article 1.4 is:

This Directive shall apply to payment service providers located in the Union. Payment service providers that operate solely as online e-payment accounts providers are excluded from the scope of this directive.

We welcome this change in the scope as it is step forward in ensuring that this Directive does not unduly burden the providers of specific payment products.

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EU Presidency compromise text on Payments Account Directive excludes online e-payment accounts providersRead More »

EU Presidency compromise text on Payments Account Directive excludes online e-payment accounts providers Read More »

Speech of ECB Board Member Coeuré on European Retail Payments Policy

Benoît Coeuré, Member of the Executive Board of the ECB, today held a speech at a joint conference by the European Central Bank and the Banque de France, “Retail Payments at a Crossroads: Economics, Strategies and Future Policies”. Although this is a conference that focuses primarily on scientific research in the area of payments, his speech provides some insight into the policy issues that are now top-of-mind for the ECB.

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Speech of ECB Board Member Coeuré on European Retail Payments PolicyRead More »

Speech of ECB Board Member Coeuré on European Retail Payments Policy Read More »

EMA: position on the draft Payments Account Directive

In may 2013, the European Commission published a legislative proposal on Payments Accounts. The proposal stipulates requirements for all Payment Services Providers and Member States with respect to:

  • Comparability of payment account fees
  • Payment account switching
  • Access to payment accounts

The Electronic Money Association has responded to the Payments Account Directive by proposing that a distinction be made between those companies that offer specialised payment, card- or e-money accounts for specific services as opposed to the full-service bank deposit accounts that include direct debits, standing orders etc. …

EMA: position on the draft Payments Account DirectiveRead More »

EMA: position on the draft Payments Account Directive Read More »

Financial Conduct Authority to become utilities-style competition regulator for the payments industry

On October 9, HM Treasury announced that the Financial Conduct Authority will become the competition regulator for the payments industry. The reforms, which will be implemented via amendments to the Banking Reform Bill, seek to ensure that new players can access payment systems in a fair and transparent way, competing with them on a more level playing field.

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Financial Conduct Authority to become utilities-style competition regulator for the payments industryRead More »

Financial Conduct Authority to become utilities-style competition regulator for the payments industry Read More »

EMA: proposed amendments for the 4th Anti-money Laundering Directive and Wire Transfer Regulation

As a part of the ongoing discussions on the fourth Anti-Money Laundering Directive and the Wire Transfer Regulation we have today published our amendments for the 4th Anti-money Laundering Directive. In particular we suggest to keep the current Simplified Due Diligence (SDD) regime of the third Anti-Money Laundering Directive in place, rather than eliminating it. …

EMA: proposed amendments for the 4th Anti-money Laundering Directive and Wire Transfer RegulationRead More »

EMA: proposed amendments for the 4th Anti-money Laundering Directive and Wire Transfer Regulation Read More »

FCA publishes anti-money laundering annual report 2012/13

The Financial Conduct Authority (FCA) published its first Annual report on Anti-Money Laundering (AML) on July the 25th. This report sets out the  obligations relating to anti-money laundering, and the FCA’s approach to firms’ compliance with these obligations. It also lists the trends and emerging risks in money laundering that the FCA sees in the firms it regulates.

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FCA publishes anti-money laundering annual report 2012/13Read More »

FCA publishes anti-money laundering annual report 2012/13 Read More »

EU Commission proposals for revised Payment Services Directive and MIF-regulation

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 »

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