The European Banking Authority (EBA) has published a final report containing draft Regulatory Technical Standards (RTS) on central contact points under the revised Payment Services Directive (PSD2).
The RTS specify the criteria for determining when the appointment of a central contact point in a host Member State is appropriate and the functions that these contact points should fulfil. The RTS support the PSD2’s objective of facilitating the supervision by Member State competent authorities of the networks of agents used by payment institutions and electronic money institutions for providing cross-border payment services under the right of establishment.
Following an earlier consultation on the draft RTS the EBA has made one change that is intended to clarify that, where the host Member State has decided to make use of the option provided for in Article 29(4) of the PSD2, payment institutions that meet any one or more of the criteria set out in Article 2 of the draft RTS should notify the competent authority of the host Member State accordingly. The EBA deems this notification requirement necessary to increase the transparency of the process for the appointment of a central contact point and also to enable the competent authority of the host Member State to exercise its supervisory responsibilities effectively.
The draft RTS will be submitted to the European Commission for endorsement, following which they will be subject to scrutiny by the European Parliament and the Council, before being published in the Official Journal of the European Union (OJ). The RTS will enter into force on the twentieth day following publication in the OJ.
View EBA publishes final draft technical standards on central contact points under PSD2, 11 December 2017