In a note dated Friday 13 June, the experts of the EU Council’s Working Party on Financial Services and the Banking Union recommended that the Member States’ representatives to the EU (Coreper) approve the EU Council’s negotiating mandate for the ‘Payment Services’ legislative package. The latter, consisting of a directive (PSD3) and a regulation (PSR), aims to modernise the European regulatory framework for payment services and electronic money.
During a written consultation between EU Member States, no country objected to a compromise proposed on Friday 6 June by the Polish Presidency of the EU Council. Coreper is therefore asked to approve the negotiating mandate and authorise the opening of negotiations with the European Parliament at first reading.
The legislative proposal was launched in June 2023 by the European Commission. At the European Parliament, the MEPs on the Committee on Economic and Monetary Affairs (ECON) had adopted their position on 14 February 2024 (see EUROPE 13350/23), before the text was validated two months later at the plenary session.
The European Parliament’s negotiating teams, led by Morten Løkkegaard (Renew Europe, Danish) for the directive and Renée Repasi (S&D, German) for the regulation, have been ready since November 2024.
To see the Working Party’s note: https://aeur.eu/f/hcl ; and the EU Council’s draft text on the ‘PSD3’ directive: https://aeur.eu/f/hck (Original version in French by Bernard Denuit)