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11 Amendments of Luigi MORGANO related to 2018/0076(COD)

Amendment 30 #
Luigi MORGANO
Proposal for a regulation
Recital 5
(5) Currency conversion charges represent a significant cost of cross-border payments when different currencies are in use in the payer’s and the payee’s countries. Article 45 of Directive (EU) 2015/2366 of the European Parliament and of the Council12 requires transparency of charges and of the exchange rate used prior to the initiation of a payment transaction. When alternative currency conversion options are offered at a point of sale (POS) or at an automated teller machine (ATM), that transparency may not allow for a quick and clear comparison between those different currency conversion options. That lack of transparency prevents competition from bringing down costs of currency conversion and increases the risk of payconsumers choosing expensive currency conversion options. It is therefore necessary to develop measures addressed to payment service providers that willArticle 59 of Directive (EU) 2015/2366 already provides for general requirements regarding the information disclosed by the currency conversion service provider. It is necessary to ensure consistent application, in line with existing rules, of those measures meant to provide clarity, improve transparency and protect consumers against excessive charges for currency conversion services, in particular when consumers are not given the information they need to choose the best currency conversion option. _________________ 12 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).
2018/09/18
Committee: ECON
Amendment 47 #
Luigi MORGANO
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
Amendment 59 #
Luigi MORGANO
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
Amendment 63 #
Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Regulation (EC) No 924/2009
Article 1 – paragraph 2
However Articles 3a and 3b shall apply to allnational and cross-border payments, irrespective of whether those payments are denominated in euro or in a national currency of a Member State other than the euro and involving a currency conversion service offered by a party other than the payment service provider of the payer.
2018/09/18
Committee: ECON
Amendment 70 #
Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a
Regulation (EC) No 924/2009
Article 3 – paragraph 1
1. Charges levied by a payment service provider on a payment service usconsumer in respect of cross-border payments in euro shall be the same as the charges levied by that payment service provider on payment service usconsumers for corresponding national payments of the same value and in the official currency of the payment service user’s Member StateMember State in which the payment service provider offers its service to the consumer.
2018/09/18
Committee: ECON
Amendment 73 #
Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Regulation (EC) No 924/2009
Article 3 – paragraph 1
1a. Charges levied by a payment service provider on a payment service usconsumer in respect of cross-border payments in the national currency of a Member State that has notified its decision to extend the application of this Regulation to its national currency in accordance with Article 14, shall be the same as the charges levied by that payment service provider on payment service usconsumers for corresponding national payments of the same value and in the same currency.
2018/09/18
Committee: ECON
Amendment 84 #
Luigi MORGANO
1. From [OP please insert date 36 months after the entry into force of this Regulation], payment servWith regard to the information obligations laid down in Article 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 payment59(2) of Directive (EU) 2015/2366, the currency conversion charges applied shall be expressed as the difference between the total amount of the transaction, in order that payment service users can compare alternative currency conversion options and their corresponding costs. To that effect, payment service providers shall disclose the exchange rate applied, tthe currency of the payer’s account and the amount resulting from the application of the underlying market rate, which shall be communicated to the consumer. This amount may be expressed as a percentage. The inforeign exchange reference rate used and the total amount of all charges applicable to the conversion of the payment transactionmation referred to in this paragraph shall be provided in a neutral, clear and comprehensible manner.
2018/09/18
Committee: ECON
Amendment 85 #
Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EC) No 924/2009
Article 3 a – paragraph 1 a (new)
1a. The obligations arising pursuant to paragraph 1 of this article should apply only to transactions completed with the use of a point of sale terminal (POS) or ATM.
2018/09/18
Committee: ECON
Amendment 86 #
Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation 2009/924/EC
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
Amendment 103 #
Luigi MORGANO
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation 2009/924/EC
Article 3 b
(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
Amendment 117 #
Luigi MORGANO
Proposal for a regulation
Article 2 – paragraph 2
It shall apply from 1 January 2019[12 months after entry into force of this Regulation].
2018/09/18
Committee: ECON
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