Activities of Barbara KAPPEL related to 2018/0076(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges PDF (566 KB) DOC (67 KB)
Amendments (6)
Amendment 28 #
Proposal for a regulation
Recital 5
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 services are offered at a point of sale (POS) or at an automated teller machine (ATM) prior to initiation of a payment transaction, that transparency may not allow for a quick and clear comparison by the consumer between those different the currency conversion options service offered at the POS or ATM and the currency conversion provided by the card issuer after completion of the transaction. That lack of transparency prevents competition from bringing down costs of currency conversion and increases the risk of payers payment service users choosing expensive currency conversion options. Article 59 of Directive (EU) 2015/2366 already provides for general requirements regarding the information disclosed by the currency conversion service provider, but further specification is needed in order to fully serve the objectives of that Regulation. It is therefore necessary to develop measures to addressed to payment service providers that will improve transparencyprovide further clarity and that will improve transparency of currency conversion costs to the consumer and protect consumers against excessive charges for currency conversion services, in particular when consumers are not given the information by the payment service providers 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).
Amendment 44 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 54 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The Commission should submit 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. This report should include a thorough analysis of the proportionality of costs for payment service providers compared to the actual benefits for payment service users if this Regulation were to be extended to all cross-border transactions in currencies of Member States of the European Union.
Amendment 80 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation EC No 924/2009
Article 3 a – paragraph 1
Article 3 a – paragraph 1
1. From [OP please insert date 36 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 ofthe alternative optional currency conversion to the consumer of currency conversion services offered by such payment service provider, and where applicable, provide notice to the consumer about alternative currency conversion services prior tooffered by the card issuer after the initiation of a payment transaction and prior to the execution of that payment transaction, in order that payment service users can comparare adequately informed about the alternative currency conversion options and theirits corresponding costs, without preselection of one of the options being made by the payment service provider. To that effect, payment service providers shall disclose the exchange rate applied, the publicly available foreign exchange reference rate used and the total amount of all charges applicable to the conversion of the payment transaction. Payment service providers shall present information about both currency conversion options in a clear and neutral manner to payment service users.
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EC) No 924/2009
Article 3 a – paragraph 2 – subparagraph 2
Article 3 a – paragraph 2 – subparagraph 2
Amendment 116 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
Regulation EC No 924/2009
Article 2
Article 2
It shall apply from 1 January 2019[12 months after entry into force of this Regulation].