EMA responds to Czech Republic PSD2 consultation

EMA responds to Czech Republic PSD2 consultation

The EMA submitted a response to the Czech Ministry of Finance’s consultation on the implementation of PSD2 in the Czech Republic. The consultation web-page can be found here, and the existing Czech Payments Systems Act (Regulation no. 284/2009 Coll.) here.

The consultation asks for stakeholders’ views regarding the specific options where Member States may diverge from the PSD2 requirements. The EMA response focuses primarily on those options that will affect EMIs, PIs and CIs passporting into the Czech Republic, whether by way of freedom of establishment or by freedom of services.

The response argues:

  • Against any requirement for a Central Contact Point for PSPs passporting into the Czech Republic under the Freedom of Establishment, as this is unnecessarily burdensome, particularly for small Fintech companies
  • In favour of a harmonised framework across the EEA in general, as this will decrease barriers for firms wishing to access markets across the EEA
  • Against any requirement to provide the monthly transaction statement in paper format, as this is not coherent with the average customer profile of many EMA members, who often open, access and use their accounts remotely

Read the EMA response here.