The European Banking Authority (EBA) has issued a consultation paper on draft regulatory technical standards on the criteria for determining the circumstances in which the appointment of a central contact point pursuant to Article 29(4) of the revised Payment Services Directive (PSD2) is appropriate and the functions of those central contact points.
Article 29(4) of the PSD2 allows host Member States to require payment institutions, whose head office is situated in another Member State and that operate on their territories through agents under the right of establishment to set up a central contact point in their territory, in order to “ensure adequate communication and information reporting on compliance with Titles III and IV” of the PSD2 and to “facilitate supervision by competent authorities of home Member State and host Member States.” In accordance with the Second Electronic Money Directive, as amended by Article 111 of the PSD2, these provisions shall also apply mutatis mutandis to electronic money institutions when providing payment services in a host Member State through agents under the right of establishment.
To support Article 29(4) of the PSD2, Article 29(5) mandates the EBA to develop draft RTS setting out “the criteria to be applied when determining, in accordance with the principle of proportionality, the circumstances when the appointment of a central contact point is appropriate, and the functions of those contact points, pursuant to [Article 29] paragraph 4.”
The deadline for comments on the consultation paper is 28 September 2017.
View EBA consults on central contact points under the revised Payment Services Directive (PSD2), 29 June 2017