EMA conference 2015: Programme at a glance

The EMA – the association for innovative payment providers – invites you to join its 5th conference in Brussels in October to explore issues raised by the new legislation in the EEA.

Significant legislative changes are in the process of being completed in the EEA, and new payments legislation is being introduced internationally. The conference will provide an opportunity to hear first hand how the changes might impact payment service providers, the basis for new provisions, but also the opportunities introduced by the regime.

The revised Payment Services Directive (PSD2) brings into focus a number of issues:

  • It changes the balance of home and host member state regulation; listen to member states and industry discuss the change: the new local point of contact requirement, the meaning of establishment, and the role of host supervisors in managing incidents. Will this impact cross-border provision of services?
  • Its recent IT security provisions signify a step change in the degree of detail provided in legislation for internal controls and security. Is this is a trend? What are the merits? Any difficulties? Industry and regulators will again discuss the implementation and expected next steps.
  • Two significant opportunities are presented in the increased right of access to payments schemes and bank accounts afforded by PSD2 and in related provisions the new role of Payment Initiation Service Providers (PISP). How will PISPs evolve? How do the new rights on access impact EMIs? Will PSD2 impact de-risking? How does the UK Payment Services Regulator see access evolving?
  • The three main negative scope provisions (commercial agency, limited networks and IT operator exemptions) have all been amended. What was the objective of the amendment? What products or services are likely to be caught? Is this consistent with member state interpretation of PSD1? What is the trend? Is the UK’s new initiative to regulate gift cards a helpful development for limited networks and a model for future evolution of this exemption?

We are pleased that regulators from a number of countries introducing new payments regimes will be participating; some of these will impact the cross-border provisions of services, whilst other will not. We hear about new regimes in Turkey and Hong Kong, and developments in Japan and Australia and the US (TBC).

We will also set out relevant changes the Fourth Money Laundering Directive (4MLD), the Fund Transfer Regulation (FTR), although this will be limited because of the FATF Plenary taking place simultaneously with the conference. Changes include new risk assessment provisions, changes to customer due diligence including exemption, SDD and EDD; also beneficial ownership, record keeping and local point of contact.

The role of the EBA in much of the new developments is also prominent, and we will have contributions from the EBA and the EU Commission.

We are excited by the programme and hope you can contribute to it too.