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Consultations & legislation
20 January 2009
In October 2008 the European Commission published proposals for revising two pieces of EU legislation in the payment service sphere. Today, the Government is publishing a consultation on both proposals.
The first proposal concerns the revision of the E-Money Directive (EMD), which in 2001 introduced a prudential regulatory regime for e-money institutions. The EMD was implemented in the UK through the Financial Services and Markets Act (FSMA) in 2002, with e-money issuers in the UK subject to FSA rules.
The second proposal concerns the revision of Regulation 2560, which addresses the charges levied on cross-border payment transactions. Adopted at EU level in 2001, the HMT Regulations on Cross-Border Payments in Euro came into force in March 2003.
Significantly, both proposals seek to align these pieces of legislation with the Payment Services Directive (PSD), on which agreement was reached in 2007.The aim of the consultation is to inform the Government’s approach toward EU negotiations on the revision of the EMD, and its approach toward implementation of a revised Regulation 2560.
Stakeholder reactions to this consultation are invited by 14 April 2009.
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