EBA欧洲银行-Final-draft-RTS-on-passporting-28EBA-RTS-2016-0829_69页_967kb

EBA Final Draft Regulatory Technical Standards Summary

Core Content

The EBA Final Draft Regulatory Technical Standards (RTS) on the framework for cooperation and exchange of information between competent authorities for passport notifications under PSD2 (Directive (EU) 2015/2366) aim to improve the efficiency, transparency, and consistency of cross-border cooperation for payment institutions and e-money institutions seeking to operate in other EU Member States. These standards are based on the EBA's mandate under Article 28(5) of PSD2 to establish a common framework for the exchange of information during passporting processes.

Main Objectives

• To standardize the cooperation and exchange of information between home and host competent authorities.
• To reduce inefficiencies, misunderstandings, and delays in the passport notification process.
• To ensure clarity and consistency in the information provided by payment institutions and e-money institutions during passport applications.
• To support the harmonization of unique identification numbers for legal entities.

Key Views and Provisions

1. Notification Templates

• Annex II: Template for branch passport applications.
• Annex III: Template for agent passport applications.
• Annex IV: Template for distributor passport applications by e-money institutions.
• Annex V: Template for freedom to provide services applications without agents or distributors.
• Annex VI: Template for the start of branch/agent/distributor passport activities.

The EBA introduced separate templates for agents and distributors to enhance clarity, as some respondents argued that a physical presence (e.g., through an agent or distributor) does not always equate to an establishment.

2. Use of LEI (Legal Entity Identifier)

• A new field was added to the templates to include the Legal Entity Identifier (LEI) where available.
• The EBA acknowledges that not all entities have an LEI, but it supports the use of LEI for harmonization of identification numbers.

3. Language and Communication

• The EBA opted not to require English as the sole common language for communication between authorities.
• Instead, it allows the use of any Union language accepted by both home and host competent authorities, reducing administrative burdens.

4. Electronic Communication

• The EBA preferred electronic communication over postal methods, as it is more efficient.
• However, it retained the option for postal transmission with acknowledgment of receipt, recognizing the need for flexibility, especially with sensitive documents.

5. Timing of Notification Process

• The one-month and three-month periods for the passport process are considered to start on the date the home competent authority receives a complete and accurate application.
• The EBA emphasized that delays are typically due to incomplete or inaccurate initial submissions, not intentional delays by authorities.

6. Transparency and Process Updates

• The EBA amended Articles 7, 11, and 15 to ensure payment institutions are informed when notifications are transmitted between home and host competent authorities.
• This enhances transparency and allows for better tracking of the process.

7. Scope of the RTS

• The RTS apply to payment institutions and e-money institutions seeking to exercise the right of establishment or the freedom to provide services in another Member State.
• They also apply to agent and distributor activities under the relevant provisions of PSD2 and Directive 2009/110/EC.

8. Feedback and Revisions

• The EBA received seven responses to its Consultation Paper (CP), all of which supported the objectives of the RTS.
• Several concerns were raised, including:
  • The need for separate templates for agents and distributors.
  • The risk of delays due to unclear timelines.
  • The use of English as a common language.
  • The confusion around the start date of activities.
• The EBA addressed these by:
  • Introducing separate templates for agents and distributors.
  • Clarifying the start date in the notification process.
  • Retaining postal transmission but emphasizing electronic communication.
  • Including the LEI in templates where available.

Key Information

• PSD2 entered into force on 12 January 2016 and applies from 13 January 2018.
• The EBA was mandated by Article 28(5) of PSD2 to develop these RTS.
• The Consultation Paper (CP) was published in December 2015 and closed on 11 March 2016.
• The final draft RTS includes six annexes with detailed notification templates.
• The legal entity identifier (LEI) is included as an optional field in the templates.
• The EBA emphasized that it cannot change the legal framework of PSD2 but can only clarify and standardize the process.

Conclusion

The EBA Final Draft RTS provide a standardized framework for cross-border cooperation and information exchange between competent authorities for payment institutions and e-money institutions. They aim to enhance transparency, reduce administrative burdens, and ensure consistency in the passport notification process across the EU. The standards reflect the feedback received from stakeholders and are designed to align with the provisions of PSD2 and other relevant directives.