The European Banking Authority (EBA) has published an introductory statement by Andrea Enria, Chairperson of the EBA, at a scrutiny hearing held by the European Parliament’s Committee on Economic and Monetary Affairs (ECON).
The purpose of the scrutiny hearing was to enable the EBA to update ECON on its work to deliver the 11 mandates conferred under the revised Payment Services Directive (PSD2). In particular, the hearing focused on the regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication, for which the EBA and the European Central Bank (ECB), had to make difficult trade-offs between competing demands. Mr Enria notes that the EBA published the draft RTS for consultation in August 2016, and has received a total of 226 responses. Since then, the EBA has identified 260 distinct concerns and requests for clarification and is in the process of assessing whether the correct trade-offs were made when developing the draft RTS for consultation. When the EBA submits the final draft RTS to the European Commission in early 2017, it intends to publish very extensive feedback.