6 Amendments of Othmar KARAS 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 42 #
Proposal for a regulation
Recital 6
Recital 6
(6) Transparency in currency conversion charges requires adapting current payment infrastructures and processes, in particular for payments madecluding 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.
Amendment 55 #
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. Where appropriate, this report should be accompanied by a proposal aiming to boost the Union Single Market by extending this Regulation to all cross- border transactions in the Union.
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 82 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EC) N0 924/2009
Article 3 a – paragraph 1
Article 3 a – paragraph 1
1. From [OPJ 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 accordance with Article 59 of Directive (EU) 2015/2366, 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 exchange reference rate used and the total amount of all charges applicable to the conversion of the payment transaction. All the information shall be provided in a neutral, clear, comprehensible and non- misleading manner, to improve transparency enabling the consumer to choose the most advantageous currency conversion option.