70 Amendments of Paul TANG related to 2023/0212(COD)
Amendment 121 #
Proposal for a regulation
Recital 1
Recital 1
(1) The Union faces a context of digitalisation, reliance on technology and decline in the use of cash. Furthermore, private initiatives such as cryptocoins, stablecoins and possible private tokenized money projects such as libra, have the potential to radically change the monetary landscape. In this context, consumers and depositors will have a continued demand for a stable financial landscape and accessible and secure money that complies privacy with demands. The Commission emphasised in the Digital Finance and Retail Payment Strategies20 of September 2020 that a digital euro, as a retail central bank digital currency, would act as a catalyst for innovation in payments, finance and commerce in the context of ongoing efforts to reduce the fragmentation of the Union retail payments market. The Eurosummit of March 2021 called for a stronger and more innovative digital finance sector and more efficient and resilient payment systems. The Eurogroup also acknowledged, in its statement of 25 February, the potential of a digital euro to foster innovation in the financial system. In that context, both the European Parliament21 and ECOFIN Council22 welcomed in February and March 2022 the European Central Bank’s decision to launch a two-year investigation phase of a digital euro project, starting from October 2021. __________________ 20 Communication from the Commission to the European Parliament, the Council and the Committee of the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final) 21 European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 20212021/2063(INI) 22 https://data.consilium.europa.eu/doc/docu ment/ST-6301-2022-INIT/en/pdf
Amendment 127 #
Proposal for a regulation
Recital 4
Recital 4
(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The digital euro should notis Regulation is not intended to cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem. The European Central Bank might however work towards integration of the technologies used for the retail digital euro and a future wholesale digital euro.
Amendment 133 #
Proposal for a regulation
Recital 5
Recital 5
(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance. Member States should therefore ensure that the digital euro is made available through designated public entities, although payment service providers should also be able to distribute the digital euro. __________________ 24 https://documents1.worldbank.org/curated/ en/806481470154477031/pdf/Payment- Aspects-of-Financial-Inclusion.pdf 25 Study on New Digital Payment Methods (europa.eu), March 2022. According to the World Bank, financial inclusion means that individuals have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance”.
Amendment 138 #
Proposal for a regulation
Recital 7
Recital 7
(7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0. Furthermore, some large companies have announced or investigated the possibility to launch private tokenized money. A digital euro would therefore be important to maintain the role of the europublic money in the digital age.
Amendment 145 #
Proposal for a regulation
Recital 9
Recital 9
(9) Like euro banknotes and coins, the digital euro should be a direct liability of the European Central Bank or of the national central banks of the Member States whose currency is the euro towards digital euro users. The digital euro should be issued for an amount equal to the face value of the corresponding liability on the consolidated balance sheet of the European Central Bank and the national central banks of the Member States whose currency is the euro, in particular by converting payment service providers’ central bank reserves into digital euro holdings, to satisfy demand from digital euro users. To hold and use digital euros, digital euro users should only need to establish a contractual relationship withchoose a distributor for the digital euro to open digital euro payment accounts, which can be a payment services providers distributing the digital euro to open digital euro payment account or a public entity. Moreover, Member States should ensure full access to digital euro payment services through a public distributor, which might be a national central bank, and which should have the explicit mandate to promote inclusiveness. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks. Payment service provide. Distributors should manage the digital euro accounts of digital euro users on their behalf and provide them with digital euro payment services. Since payment service providersIn case of private distributors, since they are not a party to the direct liability held by digital euro users towards the European Central Bank and the national central banks of the Member States whose currency is the euro, and are acting on behalf of digital euro users, the insolvency of payment service providers would not affect digital euro users.
Amendment 165 #
Proposal for a regulation
Recital 26
Recital 26
(26) The digital euro represents a public digital alternative to private digital money. Therefore, all users in the Union should have access to the digital euro through public intermediaries, without having to make use of a private intermediary. However, to support universal access to the digital euro by the general public in the euro area, and to foster innovation and a high level of competition in the retail payment market, all the relevant intermediaries should be able to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities should be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services. __________________ 29 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, OJ L150, 9.6.2023, p. 40
Amendment 169 #
Proposal for a regulation
Recital 29
Recital 29
(29) To ensure a wide usage of the digital euro, including for people who do not have a non-digital euro payment account, do not wish to open a digital euro payment account at a credit institution or at another payment service providers that may distribute the digital euro, or persons with disabilities, functional limitations or limited digital skills, and elderly persons, it is essential that public entities, including local or regional authorities, or postal offices, distribute the digital euro ensuring full and none-discriminatory access. For that purpose, Member States should designate entities that should carry out that task within their territory. Such entities, as payment services providers under Directive (EU) 2015/2366, should comply with the provisions of this Regulation, including Directive (EU) 2015/2366 and Directive (EU) 2015/849.
Amendment 175 #
Proposal for a regulation
Recital 31
Recital 31
(31) PTo realize the full potential of the digital euro, the digital euro should possess all characteristics of money, unit of account, means of payment and store of value. However, during a transition period, pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank should be able to set temporary limits on the use of the digital euro as a store of value. These holding limits should be completely phased out over time, and the European Central Bank should communicate on the phase-out path. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.
Amendment 179 #
Proposal for a regulation
Recital 32
Recital 32
(32) An unrestricted use ofThe digital euro has a store of value could endangerthe potential to promoting financial stability in the euro area, with adverse effects on credit provision to the economy by credit institutions. This may require that the European Central Bank, with a viewand can offer consumers a digital alternative to private money. The European Central Bank, should however monitor and act within its mandate to continue to ensuringe the stability of the financial system, and in line with the principle of proportionality, introduce limits on the digital euro’s use as a store of value. T. Where applicable, the policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings and limits to conversion of other categories of funds to digital euro in a specified timeframe. When deciding on the parameters, duration and use of the instruments referred to in paragraph 1, the European Central Bank should respect the principle of an open market economy with free competition, in accordance with Article 127(1) TFEUse tools, the European Central Bank should take into account the interests of consumers.
Amendment 181 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) Within the context of this Regulation, financial stability should be understood as the ability of private financial market participants and public entities to work in service of citizens and the real economy. As a direct and fully guaranteed liability to the European Central Bank, the digital euro, if properly designed, has the potential to deliver substantial benefits in this regard. Most notably, the digital euro provides citizens with a store of value that is safer than bank deposits, as the latter are only partly guaranteed through deposit insurance scheme. Moreover, the introduction of the digital euro might enable regulators to gradually downscale deposit insurance schemes, as well as other public protections and privileges of credit institutions, and the Commission is mandated to monitor and report on these opportunities.
Amendment 182 #
Proposal for a regulation
Recital 33
Recital 33
(33) Limits should not be used to substitute for early intervention or other supervisory measures. Neither should such limits be imposed to address situations of individual credit institutions which competent resolution authorities or other relevant authorities would normally deal with by using tools and powers at their disposal, including suspensions of payment, moratoria, measures available under Directive 2013/36/EU, Directive 2014/59/EU or Regulation (EU) No 806/2014, or other similar measures which are aimed at restoring the viability, resolving the institution concerned or otherwise remedying the situation of financial distress. Additional limits of any sorts other than those laid down by ECB, should also not be imposed by payment service providers, even if they apply transaction or withdrawal limits on the regular bank accounts they offer.
Amendment 186 #
Proposal for a regulation
Recital 37
Recital 37
(37) While instruments employed by the European Central Bank to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. Within the framework of this Regulation, the digital euro should not bear interest for the purposes of primarily using the digital euro as a means of payment while limiting its use as a store of value, unless the ECB decides otherwise. Grounds for that decision might relate to improving the competitive position of the digital euro in comparison with other CBDCs or in comparison with credit institutions. The decision to remunerate the digital euro should be guided by the framework set out in this regulation.
Amendment 210 #
Proposal for a regulation
Recital 59
Recital 59
(59) To facilitate a harmonised user experience, the digital euro rules, standards and processes that the European Central Bank may adopt pursuant to its own competences, should ensure that any digital euro user is able to carry out digital euro payment transactions with any other digital euro users across the euro area regardless of the payment service providers involved and the front-end services used. To reduce the fragmentation of the European retail payments market, and to support competition, efficiency and innovation in that market, and the development of payment instruments across the Union in keeping with the objective of the Commission’s retail payment strategy, the digital euro should be, to the extent possible,fully and seamlessly compatible with private digital payment solutions, building on functional and technical synergies. In particular, the European Central Bank should seek to ensure that the digital euro is compatible with private digital payment solutions at the point of interaction, and in person-to- person payments, where the fragmentation of the Union retail payments market is currently significant. The use of open standards, common rules and processes, and possibly shared infrastructures could support such compatibility. While existing solutions may be leveraged where such solutions are deemed appropriate to ensure that compatibility, notably in view of minimising overall adaptation costs, such existing solutions should not create undue dependencies that could prevent adaptation of the digital euro to new technologies or would be incompatible with the digital euro features. In order to achieve these objectives, and without conferring any enforceable rights upon market operators, the European Central Bank should seek to ensure that the digital euro is compatible with private digital payment solutions on a best-effort basis and where deemed appropriate.
Amendment 211 #
Proposal for a regulation
Recital 60
Recital 60
(60) To facilitate dispute resolution, the European Central Bank should provide payment service providers and digital euro users with technical and functional support for dispute resolution, related at least to technical and fraud, fraud and commercial (pre) disputes. Technical disputes include inter alia situations where the transaction amount differs, where there are duplicates, or where there is no authorization or pre- validation. Fraud disputes include inter alia situations of identity theft, merchant identity fraud, counterfeit goods. Commercial disputes include late or no delivery of goods and services or a lack of quality of the goods and services delivered and disputes arising during cancellation or withdrawal processes.
Amendment 234 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
With a view to adaptpreserving the euro toavailability of public money amid technological changes and to ensuring itsthe use of the euro as a single currency, this Regulation establishes the digital euro and lays down rules concerning in particular its legal tender status, distribution, use, and essential technical features. It aims at contributing to financial stability through the establishment of a direct and fully guaranteed liability of a eurosystem central bank, and at improving financial inclusion throughout the Union.
Amendment 240 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
4. ‘digital euro user’ means anyone making use of a digital euro payment service in the capacity of a holder, payer, payee, or both;
Amendment 241 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
5. ‘digital euro payment account’ means an account held by one or more digital euro users with a payment service providedistributor to access and hold digital euro recorded in the digital euro settlement infrastructure or in an offline digital euro device and to initiate or receive digital euro payment transactions, whether offline or online, and irrespective of technology and data structure;
Amendment 245 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
6a. ‘distributor’ means any entity, public or private, providing digital euro payment services;
Amendment 291 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2a. Regulation (EU) 2016/679 of the European Parliament and of the Council, of 27 April 2016, on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC [General Data Protection Regulation] and Regulation (EU) 2018/1725 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC [EUDPR] shall govern the supervision by competent authorities, the sanctions regime and supervisory arrangements between the competent authorities of the home Member States and the host Member States, concerning compliance by data controllers of their obligations pursuant to Chapter VIII of this Regulation.
Amendment 309 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
The Commission is empowered to adopt delegated acts in accordance with Article 38 to supplement this Regulation by identifying additional exceptions of a monetary law nature to the principle of mandatory acceptance. Those exceptions shall be justified by an objective of public interest and proportionate to that aim, shall not undermine the effectiveness of the legal tender status of the digital euro, and shall only be permitted provided that other public means for the payment of monetary debts are available. When preparing those delegated acts, the Commission shall consult the European Central Bank.
Amendment 310 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Compatibility digital euro and commercial bank money The digital euro shall be fully and seamlessly compatible with commercial bank accounts.
Amendment 311 #
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Distribution Member States shall ensure that natural and legal persons residing or established in the Member States whose currency is the euro shall have access to digital euros through public intermediaries as set out in Article 14 (3), which will act as a distributor of the digital euro.
Amendment 312 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1 – introductory part
Article 13 – paragraph 1 – subparagraph 1 – introductory part
Amendment 315 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 2
Article 13 – paragraph 1 – subparagraph 2
Amendment 335 #
Proposal for a regulation
Article 13 – paragraph 4 – subparagraph 2
Article 13 – paragraph 4 – subparagraph 2
For the purpose of points (a) and (b), and upon prior approvalermission by the digital euro users, payment service providers shallmay link each digital euro payment account to a single non- digital euro payment account designated by the digital euro users. Digital euro users shall be allowed to have that designated non-digital euro payment account with a different payment service provider than the one where a given digital euro payment account is held.
Amendment 341 #
Proposal for a regulation
Article 13 – paragraph 6
Article 13 – paragraph 6
6. For the purpose of digital euro payment services, digital euro users shall only enter into a contractual relationship with PSPs. Digital euro users shall not have any contractual relationship with the European Central Bank or the national central banks.
Amendment 355 #
Proposal for a regulation
Article 14 – paragraph 3 – introductory part
Article 14 – paragraph 3 – introductory part
3. Member States shall designate the authorities referred to in Article 1, point (f), of the Directive (EU) 2015/2366, national central banks referred to in Article 1, point (e) of that Directive, or post office giro institutions referred to in Article 1, point (c), of theat Directive (EU) 2015/2366, to:
Amendment 358 #
Proposal for a regulation
Article 14 – paragraph 3 – point a
Article 14 – paragraph 3 – point a
(a) provide basic digital euro payment services to natural persons referred to in Article 13(1)(a) that do not hold or do not wish to hold a non-digital euro payment account;
Amendment 365 #
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The anti-money laundering authority of the Union (‘AMLA’) established under Regulation (EU) [please insert reference - proposal for a Regulation creating an EU Authority for anti-money laundering and countering the financing of terrorism (‘AMLA’) - COM/2021/421 final)] and the European Banking Authority shall, in consultation with the Fundamental Rights Agency, jointly issue guidelines specifying the interaction between AML/CFT requirements and the provision of basic digital euro payment services with a particular focus on financial inclusion of vulnerable groups including asylum seekers or beneficiaries of international protection, individuals with no fixed address or third country nationals who are not granted a residence permit but whose expulsion is impossible for legal or factual reasons.
Amendment 378 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. With a view to enabling natural and legal persons to access and use digital euro, to defining and implementing monetary policy and to contributing to the stability of the financial systemAs the digital counterpart of cash money, the digital euro shall be available as a store of value and as a means of payment. However, the use of the digital euro as a store of value may be subject to proportionate, temporary and duly justified limits.
Amendment 387 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. For the purpose of Article 15(1), the European Central Bank shallmay develop instruments to temporarily limit the use of the digital euro as a store of value and shall decide on their parameters and use, in accordance with the framework set out in this Article. PSPs providing account servicing payment services within the meaning of Directive 2015/2366 to natural and legal persons referred to in Article 12(1)Distributors shall apply these limits to digital euro payment accounts.
Amendment 399 #
Proposal for a regulation
Article 16 – paragraph 2 – point a
Article 16 – paragraph 2 – point a
(a) safeguard the objectives set out in Article 15(1), in particular financial stabilityproportionate, temporary and duly justified as set out in Article 15(1);
Amendment 402 #
Proposal for a regulation
Article 16 – paragraph 2 – point c
Article 16 – paragraph 2 – point c
Amendment 405 #
Proposal for a regulation
Article 16 – paragraph 2 – point c a (new)
Article 16 – paragraph 2 – point c a (new)
(ca) safeguard financial stability, while also having regard to the actual or potential negative effects the proposed limitations may have on financial stability;
Amendment 409 #
Proposal for a regulation
Article 16 – paragraph 2 – point c b (new)
Article 16 – paragraph 2 – point c b (new)
(cb) take into account the interest of consumers;
Amendment 410 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The European Central Bank shall publicly report on how it applied the parameters and use of the instruments referred to in paragraph 1, which shall be applied in a non-discriminatory manner and uniformly across the euro area. It shall also communicate on the duration of the envisaged phase-out path of the holding limits.
Amendment 413 #
Proposal for a regulation
Article 16 – paragraph 3 a (new)
Article 16 – paragraph 3 a (new)
3a. The European Central Bank's Governing Council may decide to change the temporary holding limits twice per year. The Governing Council may only decide to maintain the existing temporary holding limit or increase the temporary holding limit. The temporary holding limit can not be decreased.
Amendment 419 #
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
6. In case a digital euro user has multiple digital euro payment accounts, the digital euro user shall specify ex-ante to the payment service providers with which the digital euro payment accounts are held how the individual holding limit is to be allocated between the different digital euro payment accounts.
Amendment 423 #
Proposal for a regulation
Article 16 – paragraph 7 a (new)
Article 16 – paragraph 7 a (new)
7a. Payment service providers shall not impose additional holding, transaction or withdrawal limits on its digital euro accounts.
Amendment 425 #
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
Amendment 432 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article16a Remuneration 1. The European Central Bank may take a decision to remunerate the digital euro. 2. The remuneration shall be paid by the eurosystem. 3. The European Central Bank Governing Council shall decide on the level of remuneration twice a year, in accordance with the framework set out in this Article. 4. The level of remuneration shall be determined based on parameters developed by the ECB. The parameters shall: (a) Ensure the usage of the digital euro; (b) Maintain the attractiveness and competitive position of the digital euro in relation to payment services offered by credit institutions, undertakings and other jurisdictions; (c) Consider financial stability implications, including the financial stability implications linked to a decision not to remunerate the digital euro. The European Central Bank shall publicly report on how it applied the parameters referred to in this paragraph. 5. The remuneration level may be tiered. 6. The level of remuneration shall be applied in a non-discriminatory manner and uniformly across the euro area.
Amendment 463 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The European Central Bankommission shall regularly monitor the information that is relevant for the purposes of the amounts referred to in paragraph 2, and publishshall periodically publish the amounts resulting from that monitoring with an explanatory report.
Amendment 464 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
4. The European Central Bankommission may require payment service providers to provide all information necessary for the application of this Article and to verify compliance with it. Any information requested shall be sent by payment service providers within the time limit set by the European Central Bankommission. The European Central Bankommission may require that such information is certified by an independent auditor. The request by the European Commission shall be made in accordance with the data protection rules for the purposes of the processing, including the principle of data minimisation. The requests for information by the European Commission shall always be in writing, reasoned and occasional, and shall not concern the entirety of a filing system or lead to the interconnection of filing systems
Amendment 474 #
Proposal for a regulation
Article 17 – paragraph 5 – introductory part
Article 17 – paragraph 5 – introductory part
5. The methodology to be developed by the European Central Bankommission for the monitoring and the calculations of the amounts referred to in paragraphs 2 and 3 shall be based on the following parameters:
Amendment 478 #
Proposal for a regulation
Article 17 – paragraph 5 – point a
Article 17 – paragraph 5 – point a
(a) the amount of inter-PSP fees and merchant service charges as referred to in paragraph 2(a) shall be based on the relevant costs incurred for providing digital euro payment services by the most cost- efficient payment service providers representing collectively one fourth of digital euro distributed across the euro area in a given year, as reported to the European Central Bankommission by payment service providers, including a reasonable margin of profit;
Amendment 481 #
Proposal for a regulation
Article 17 – paragraph 5 – point b
Article 17 – paragraph 5 – point b
(b) the reasonable margin of profit included in the maximum amount referred to in paragraph 2(a), shall be calculated on the basis of the margin of profit of the payment service providers charging the lowest margin of profit representing collectively one fourth of the digital euro distributed in the euro area in a given year, as reported to the European Central Bankommission by payment service providers;
Amendment 489 #
Proposal for a regulation
Article 17 – paragraph 7
Article 17 – paragraph 7
7. No inter-PSP distributor fee shall apply to the funding and defunding of the digital euro, including digital euro payment transactions referred to in Article 13(4).
Amendment 503 #
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. The agreement referred to in paragraph 1shall specify the necessary implementing measures and procedures, and the cases under which the agreement may be restricted, suspended, or terminated, in particular where the third country has been identified as a third country with significant strategic deficiencies in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 23 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or as a third country with compliance weaknesses in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 24 of Regulation [please insert reference – proposal for Anti- Money Laundering Regulation - COM/2021/420 final] or as a third country posing a threat to the Union’s financial system as referred to in Article 25 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]. That agreement shall be complemented by an arrangement between the European Central Bank and the national central bank and, where appropriate, the national competent authority of the third country.
Amendment 505 #
Proposal for a regulation
Article 18 – paragraph 4
Article 18 – paragraph 4
4. Payment service provideDistributors shall implement the limits set by the European Central Bank in accordance with Article 16(4) on the use of the digital euro by natural and legal persons residing or established in Member States whose currency is not the euro, which are applicable in those Member States.
Amendment 516 #
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
2. In their relationships with their payment services providedistributors for the provision of digital euro payment services, digital euro users shall not be required to have or open non- digital euro payment accounts or accept other non-digital euro products.
Amendment 520 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. Payment service provideDistributors shall allow the use of digital euro payment account by more than one digital euro users.
Amendment 524 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. To ensure that payment service providedistributors and digital euro users can use conditional digital euro payment transactions, the European Central Bank may:
Amendment 539 #
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. The European Central Bank and the national central banks mayshall make mechanisms available for payment services providers to facilitate the exchange of messages for the resolution of disputes, including commercial disputes. Those mechanisms may be operated directly by the European Central Bank or by the providers of support services designated by the European Central Bank. Dispute mechanisms shall be easily accessible and usable for consumers and offered free of charge to them.
Amendment 639 #
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
Amendment 644 #
Proposal for a regulation
Article 37 – paragraph 6
Article 37 – paragraph 6
Amendment 666 #
Proposal for a regulation
Article 40 – paragraph 2 – introductory part
Article 40 – paragraph 2 – introductory part
2. Before the planned issuance of the digital euro and ahead of the implementation of any changes of the parameters and use of the instruments referred to in Article 16 and Article 16a or at least every three years after the issuance of the digital euro, the European Central Bank shall provide to the European Parliament, the Council and the Commission:
Amendment 670 #
Proposal for a regulation
Article 40 – paragraph 2 – point b
Article 40 – paragraph 2 – point b
Amendment 679 #
Proposal for a regulation
Article 40 – paragraph 3 – point b a (new)
Article 40 – paragraph 3 – point b a (new)
(ba) whether the introduction of the digital euro could lead to downscaling existing deposit insurance schemes and other public protection mechanisms for credit institutions.
Amendment 681 #
Proposal for a regulation
Article 40 a (new)
Article 40 a (new)
Article 40a Ex-ante evaluation and additional policy choices 1. Six months before the planned issuance of the digital euro, the European Central Bank shall notify its decision to launch the digital euro to the European Parliament and the Council. The notification shall be accompanied by: a) a description of how the design of the digital euro complies with the provisions set out in this Regulation; b) a description on any developments and emerging risks or impacts relevant to the issuance of the digital euro, and the areas where additional policy choices are needed. 2. Where a notification is submitted pursuant to this Article, the Parliament and the Council may raise a reasoned objection to the issuance decision based on one or more of the following grounds: a) the design of the digital euro does not comply with or goes beyond the provisions set out in this Regulation; b) new developments require additional policy choices; 3. The reasoned objection shall be communicated to the Commission and the ECB. The Commission, in consultation with the ECB, shall publish a report to analyse the problems that gave rise to the reasoned objection. Where appropriate, the Commission may accompany this report with a legislative proposal. 4. The decision to launch the digital euro shall be postponed until the party that submitted its reasoned objection, withdraws its objection.
Amendment 686 #
Proposal for a regulation
Annex I – paragraph 1 – point a
Annex I – paragraph 1 – point a
(a) enabling digital euro users to access, hold, and use the digital euro, without prejudice to possible temporary limitations set by the European Central Bank in accordance with Article 16;
Amendment 687 #
Proposal for a regulation
Annex I – paragraph 1 – point a a (new)
Annex I – paragraph 1 – point a a (new)
(aa) enabling digital euro users to receive possible remuneration;
Amendment 688 #
Proposal for a regulation
Annex II
Annex II
Amendment 694 #
Proposal for a regulation
Annex II – paragraph 1 – point c
Annex II – paragraph 1 – point c
(c) non-automated funding and defunding from a non- digital euro payment account;
Amendment 705 #
Proposal for a regulation
Annex III – point 1 – point iii
Annex III – point 1 – point iii
(iii) information on digital euro payment accounts; including information on digital euro holdings of the digital euro user and the unique digital euro payment account number; and
Amendment 707 #
Proposal for a regulation
Annex III – point 1 – point iv
Annex III – point 1 – point iv
(iv) information on online digital euro payment transactions, including the transaction identifier and the transaction amount.
Amendment 709 #
Proposal for a regulation
Annex III – point 2 – point iii
Annex III – point 2 – point iii
(iii) information on digital euro payment accounts, including the unique digital euro payment account number; and
Amendment 711 #
Proposal for a regulation
Annex III – point 2 – point iv
Annex III – point 2 – point iv
(iv) information of non-digital euro payment accounts, including the account number of the linked non-digital euro payment account.
Amendment 720 #
Proposal for a regulation
Annex V – paragraph 1 – point i
Annex V – paragraph 1 – point i
(i) information on digital euro payment accounts, including the unique digital euro account identifierthe user alias;
Amendment 722 #
Proposal for a regulation
Annex V – paragraph 1 – point ii
Annex V – paragraph 1 – point ii
(ii) information on online digital euro payment transactions, including the transaction amount; and
Amendment 724 #
Proposal for a regulation
Annex V – paragraph 1 – point iii
Annex V – paragraph 1 – point iii
(iii) the device internet protocol address-range providing information on the transaction session of a digital euro user, including the device internet protocol address-range.