On Wednesday 22 November, in a document obtained by EUROPE, the Spanish Presidency of the Council of the EU proposed possible compromises to the Member States on certain aspects of the future revised 'PSD3' directive on payment services.
The Spanish Presidency of the EU Council has thus clarified the article of the text relating to the authorisation and supervision of payment institutions. It proposes that the competent authorities should have three months to inform the applicant of the granting or refusal of approval. Reasons should be given for any refusal. In the case of incomplete applications, the competent authorities should indicate the information to be provided.
In addition to the information required under the ‘PSD2’ Directive, the Spanish Presidency of the EU Council is proposing that applicants also include a liquidation plan in their application.
Several Member States had also asked for a transitional arrangement to be put in place for cash dispensers that do not service payment accounts ('independent ATM deployers’). While they are exempt from the licensing requirements for payment institutions, they are, for the first time, subject to registration.
The Presidency of the Council of the EU confirms that, “taking into account the limited risks involved in the activity of such ATM deployers, it is appropriate, instead of excluding them totally from the scope,to subject them to a specific prudential regime adapted to those risks, requiring only a registration regime”.
As a result, “Member States shall ensure that ATM deployers not servicing payment accounts that are operating in the market no later than 18 months after the date of entry into force of this Directive continue to provide this service without having to seek registration”.
The Member States will discuss these compromises at the next meeting of the EU Council’s Financial Services and Banking Union working group on 29 November.
See the document: https://aeur.eu/f/9rg (Original version in French by Thomas Mangin)