Article 28(5) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following the submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying the framework for cooperation and exchange of information between competent authorities for passport notifications.
The Commission has now adopted Commission Delegated Regulation (EU) No…/… of 23.6.2017 supplementing PSD2 with regard to regulatory technical standards (RTS) for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions.
The Delegated Regulation:
- specify the framework for cooperation and exchange of information between competent authorities for passporting under Article 28(5) of PSD2;
- stipulates in particular the information that national supervisors will have to exchange with one another and, in doing so, distinguish the notification related to branch establishments, engaging agents and/or distributors, and free provision of services; and
- defines specific features that the notifications shall have in terms of format, transmission channel and language.
