EMA response to EC targeted consultation of AI in finance
The EMA responded to the EC’s Targeted consultation on artificial intelligence in the financial sector.
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EU
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.
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 letter to European Commission regarding implementation of CESOP
The EMA sent a letter to the European Commission regarding the implementation of CESOP in the EU, which is proving hugely challenging for our industry. The letter emphasises that EMA members are fully on board with assisting EU tax authorities in identifying VAT avoidance, and recovering funds. However, the lack of practical arrangements to allow implementation of CESOP within the timescales set out in the Directive are simply not possible at this stage.
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Joint industry letter on EU Battery Regulation
In a joint letter, the digital payments industry urges the European Commission to clarify and confirm the exclusion of point-of-sale (“POS”) hardware from the requirements laid down in Article 11(1) of the new EU Regulation 2023/1542 on Batteries and Waste Batteries.
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EMA response to ESAs second batch of DORA policy mandates
The EMA submitted responses to the ESAs joint consultation on second batch of policy mandates under the Digital Operational Resilience Act.
Read the response here:
- EMA response to ESAs Joint draft technical standards on major incident reporting under DORA
- EMA response to ESAs Joint draft RTS specifying elements related to threat led penetration tests under DORA
- EMA response to ESAs Joint draft RTS on subcontracting ICT services supporting critical or important functions under DORA
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