[ParlTrack]

Draft legislative resolution
Citation 6 a (new)

– having regard to the opinion of the European Central Bank (CON/2018/38) of 31 August 2018,

2018/09/18
Committee: ECON

Proposal for a regulation
Recital 2

(2) Cross-border payments in euro from non-euro area Member States however account for a very large part of all cross-border payments from non-euro area Member States. The charges for those specific cross-border payments remain high, even though payment service providers have access to the same efficient infrastructures, namely TARGET2 and STEP, to process those transactions at very low costs as payment service providers from the euro area.

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Recital 2 a (new)

(2a) It is vital to ensure a level playing field for all payment service providers in the Union. Therefore, the authorities managing the TARGET2 and STEP systems, namely the ECB and the EBA, should facilitate the access to these platforms for payment services providers across the EU, regardless of whether that payment service provider is located in the Euro area or not.

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Recital 6

(6) Transparency in currency conversion charges requires adapting current payment infrastructures and processes, in particular for payments made online, at the point of sale or for ATM cash withdrawals. To that end, market players should be given sufficient time to adapt their infrastructure and processes ~~in relation to those provisions that relate to currency conversion charges in order to comply with regulatory technical standards to be adopted by the Commission~~.

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Recital 7

(7) Considering the technical level of the measures required for transparency in currency conversion charges, the Commission should be empowered to adopt regulatory technical standards developed by the European Banking Authority with regard to the level of transparency required and the comparability of currency conversion services. The Commission should adopt those draft regulatory technical standards by means of delegated acts pursuant to Article 290 Treaty on the Functioning of the European Union and in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council13 . _________________ 13 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).deleted

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Recital 8

(8) In order to limit consumer detriment before market players are required to comply with the transparency measures, it is appropriate to instruct the European Banking Authority (‘EBA’) to define within the regulatory technical standard the level of a transitional cap that should be applied to limit charges for currency conversion services while at the same time maintaining fair competition among payment service providers.deleted

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EC) No 924/2009
Article 3 a – paragraph 1

1. From [OP please insert date 3612 months after the entry into force of this Regulation], payment service providers shall inform payment service users of the full cost of currency conversion services, and where applicable, those of alternative currency conversion services, prior to the initiation of a payment transaction, in ~~order~~accordance with Article 59 of Directive(EU) 2015/2366, in order to ensure that payment service users can compare alternative currency conversion options and their corresponding costs. To that effect, payment service providers shall disclose to payment service users the exchange rate applied, the foreign exchange reference rate used and the total amount of all charges applicable to the conversion of the payment transaction. Where feasible, such disclosure shall be in the form of advance notification from the payment service provider to the payment service user through transparent and clear communication, which may be in the form of digital communication or notifications. Where the payment service provider is a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013, the payment service provider shall inform payment service users in a timely manner of any changes in applicable charges, and where it deems appropriate, of any strong fluctuations of the foreign exchange reference rate.

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EC) No 924/2009
Article 3a – paragraph 2

2. The European Banking Authority (‘EBA’) shall develop draft regulatory technical standards specifying how payment service providers shall ensure transparency and price comparability of different currency conversion service options, where those are available, to payment service users. Those standards shall include measures to be applied by payment service providers, including at an ATM or point of sale, to ensure that payment service users are informed about the costs of the currency conversion service and the alternative currency conversion options, where available, before the payment is initiated. The draft regulatory technical standards referred to in the first subparagraph shall also set the maximum amount of all charges allowed for the currency conversion services that can be applied to a payment transaction during the transitional period referred to in Article 3b. Those standards shall take into account the amount of the payment transaction and the fluctuation in exchange rates between currencies of Union Member States, while securing and maintaining fair competition among all payment service providers The regulatory technical standards shall specify the measures to be applied in order to prevent payment service users being charged more than this maximum amount during that period. EBA shall submit those draft regulatory technical standards to the Commission by [6 months after entry into force of this Regulation] Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council*. __________________________________ _______________________________ * Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).deleted

2018/09/18
Committee: ECON

Petr JEŽEK

(4) the following Article 3b is inserted: ‘Article 3b Transitional period During the transitional period between the entry into force of the regulatory technical standards referred to in the fourth subparagraph of Article 3a(2) and the date of application of Article 3a(1), the charges for currency conversion services shall not exceed the maximum amount set in the regulatory technical standards adopted in accordance with the fourth subparagraph of Article 3a(2);’deleted

2018/09/18
Committee: ECON

Petr JEŽEK

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EC) No 924/2009
Article 15

By 31 ~~Octo~~December 20221, the Commission shall present to the European Parliament, the Council, the European Economic and Social Committee and the European Central Bank a report on the application and impact of this Regulation, ~~accompanied, if appropriate, by a proposal. That report~~which shall cover, in particular, the appropriateness of amending Article 1(2) ~~to ensure that this Regulation~~of this Regulation to ensure that it covers all currencies of Member States of the Union and the mechanisms that payment service providers have put in place to provide further transparency to payment service users. If necessary, the Commission may present a proposal to amend this Regulation in light of the findings of the report.

2018/09/18
Committee: ECON

Activities of Petr JEŽEK related to 2018/0076(COD)

Plenary speeches (1)

Shadow reports (1)

Amendments (10)

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