4 Amendments of Esther DE LANGE related to 2018/0076(COD)
Amendment 34 #
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 are offered at a point of sale 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 payers choosing expensive currency conversion options. It is therefore necessary to develop measures addressed to payment service providerrties providing currency conversion services that will 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).
Amendment 64 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Regulation (EC) No 924/2009
Article 1 – paragraph 2 – subparagraph 1 a
Article 1 – paragraph 2 – subparagraph 1 a
However, Articles 3a and 3b shall apply to all cross-border payments when a currency conversion service occurs, irrespective of whether those payments are denominated in euro or in a national currency of a Member State other than the euro.
Amendment 65 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EC) No 924/2009
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
(1a) in Article 2, the following definition is added: “15a. ‘alternative currency conversion services’ means currency conversion services disclosed by the payment service provider as being available in relation to a non-initiated cross border payment transaction, including by an entity other than such payment service provider, its affiliates or a non-regulated provider.”
Amendment 79 #
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 3612 months after the entry into force of this Regulation], payment service providerrties providing currency conversion services shall inform payment service users of the full cost of currency conversion services, and where applicable, th. Parties providing currency conversion services shall also, where applicable, inform payment service users of the full coset of alternative currency conversion services prior to the initiation of a payment 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, the foreign exrties providing currency conversion services shall disclose the total amount of all charges applicable to the conversion of the payment transaction in both the currency of the payer and of the payee including any transaction fee and the chanrge reference rate used and the total amount of all chargelevied in the difference between the exchange rate used for converting the payment transaction and the latest available reference exchange rate of the ECB, as applicabled to the conversion of the payment transaction. transaction amount. Parties providing currency conversion services shall present all currency conversion options simultaneously and in a clear and neutral manner to payment service users.