Digital Banking, Payment Systems & FinTech

Digital Strategy Action Plan

Updated on 06/04/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

Next steps

  • The European Commission will issue a consultation specifically on digital and the financial sector in Spring 2020.
  • The European Commission will publish in Q3 2020 a Digital Finance strategy.

FinTech Action Plan

Updated on 07/02/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 2

Commission

  • 8 March 2018, the Commission published the FinTech Action Plan aimed at promoting both the digital single market and FinTech.
  • 20 June 2018, the EU FinTech Lab held its first session and discussed cloud outsourcing.
  • 1 July 2019, EIOPA launched a consultation on guidelines on outsourcing to cloud service providers.
  • 18 July 2019, the EBA published a report on regulatory perimeter, regulatory status and authorisation approaches in relation to FinTech activities.
  • 13 December 2019, the Commission published the final report of the Expert Group on Regulatory Obstacles to Financial Innovation (ROFIEG) containing 30 recommendations on regulation, innovation and finance. The publication was accompanied by a Q&A on the report.

Payment Services Directive II (PSD2)

Updated on 07/02/2020

State-of-play: Published in the Official Journal. on 23 December 2015

State-of-play: Published in the Official Journal (L 337/35). Security standards under PSD2 came into force 14 September 2019.

Level 1

Commission

  • 24 July 2013, the proposal was published.

Parliament

  • 12 March 2014, the ECON Committee adopted the report on the proposal.
  • 16 June 2015, the ECON Committee approved the agreed text from the trilogue negotiations.
  • 8 October 2015, the Parliament adopted the agreed text in plenary.

Council

  • 9 December 2014, the Council agreed its general approach on the proposal.
  • 16 November 2015, the Council formally adopted the text.

Level 2

  • 27 November 2017, the Commission adopted a delegated regulation with regard to RTS for strong customer authentication and common and secure open standards of communication.
  • 13 December 2017, the EBA published its final report on draft RTS setting technical requirements on development, operation and maintenance of the electronic central register on access to information
  • 14 March 2019, the Commission published a delegated regulation on the criteria for the appointing central contact points within the field of payment services and on the functioning of those central contact points.

Level 3

  • 29 June 2017, the EBA published its opinion in response to the Commission’s intention to amend the EBA’s draft RTS under PSD2.
  • 4 December 2018, the EBA published the final guidelines on exemption from the fall back mechanism under the RTS on SCA and CSC.
  • 11 December 2018, the EBA published an opinion on the use of eIDAS certificates under PSD2.
  • 26 April 2019, the EBA published clarifications to a third set of issues raised by its Working Group on APIs under PSD2.
  • 21 June 2019, EBA published an opinion on the element of strong customer authentication under PSD2.
  • 14 August 2019, the EBA published clarifications to the fifth set of issues raised by its Working Group on APIs under PSD2.
  • 28 November 2019, the EBA published its final guidelines on ICT and security risk management under PSD2.
  • 22 January 2020, the EBA published an amendment to its 2018 guidelines on fraud reporting under the revised PSD2.

 

Free flow of non-personal data

Updated on 06/12/2019

State-of-play: Published in the Official Journal.

State of play: published in the Official Journal (L 303/59)

Level 1

Commission

  • 13 September 2017, the proposal for a regulation was published.
  • 25 April 2018, the Commission published a set of initiatives aimed at improving the free-flow of (non-personal) data in the EU.
  • 19 June 2018, the EU negotiators reached a political agreement on the free flow of non-personal data.

Council

  • 19 December 2017, the Council agreed on its negotiating position.

Parliament

  • 1 March 2018, the IMCO Committee published the draft report.
  • 24 April 2018, the IMCO Committee adopted its opinion on the proposal.
  • 4 June 2018, the IMCO Committee adopted the report on the regulation and the negotiations mandate.

 Trilogue negotiations

  • 19 June 2018, the Parliament and the Council reached a political agreement.
  • 3 October 2018, the Parliament adopted the legislation in plenary.
  • 9 November 2018, the Council formally adopted the regulation.

Level 3

  • 21 June 2018, the Commission updated its Q&A on the framework for the free flow of non-personal data in the EU.

Cybersecurity Act

Updated on 06/12/2019

State-of-play: Published in the Official Journal. on 7 June 2019

State of play: published in the Official Journal (L 151/15)

Level 1

Commission

  • 13 September 2017, the Commission published a cybersecurity package.
  • 26 March 2018, the Commission opened a consultation on a proposal to create a cybersecurity competence network with a European Cybersecurity Research and Competence Centre.

Parliament

  • 10 July 2018, the ITRE Committee voted on the proposal.
  • 14 January 2019, the ITRE Committee voted on the text agreed in the trilogue negotiations.

Council

  • 8 June 2018, the Council adopted its position on the Cybersecurity Act.
  • 9 April 2019, the Council adopted the Regulation as agreed in the trilogue negotiations.

Trilogue negotiations

  • 13 September 2018, negotiations between the Parliament and the Council started.
  • 10 December 2018, the Parliament and the Council reached a political agreement.
  • 12 March 2019, the Parliament adopted the agreed text in plenary.

Next steps

  • To be revised by the new Commission mandate.

Virtual Currencies

Updated on 06/12/2019

State-of-play: Non-legislative.

State of play: non-legislative phase

Level 1

Parliament

  • 26 May 2016, the Parliament adopted a resolution on virtual currencies.
  • 19 April 2018, the Parliament adopted the fifth anti-money laundering directive (AMLD V), which included new measures related to virtual currencies.

Level 2

  • On 2 June 2016, ESMA launched a three-month consultation on distributed ledger technology applied to securities markets.

Commission

Level 3

  • 12 February 2018, the ESAs published a joint statement to warn customers on the risks of buying virtual currencies.

Action Plan on Retail Financial Services

Updated on 09/12/2019

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

  • 2 September 2015, the Commission published a roadmap for the Green Paper.
  • 10 December 2015, the Commission launched a consultation and published the Green Paper.
  • 2 March 2016, the Commission held a public hearing and published an action plan.
  • 23 March 2017, the Commission published its action plan on Retail Financial Services.
  • 14 January 2019, the Commission opened a consultation on the Consumer Credit Directive.

Parliament

  • 11 October 2016, the ECON Committee adopted the report on the Green Paper.
  • 22 November 2016, the Parliament adopted the text in plenary.
  • 20 June 2017, the ECON Committee adopted its consideration of the draft report.
  • 30 August 2017, the ECON Committee discussed proposed amendments to the action plan.
  • 28 September 2017, the ECON and IMCO Committees published a joint opinion on Action Plan on Retail Services.
  • 14 November 2017, the ECON Committee adopted the report on the action plan.
  • 9 July 2019, the ESAs published a report on the cross-border supervision of retail financial services.

SEPA Extension and Dynamic Currency Conversion

Updated on 06/12/2019

State-of-play: Published in the Official Journal. on 29 March 2019

State of play: published in the Official Journal (L 91/36)

Level 1

Commission

  • 28 March 2018, the proposal for a regulation was published.
  • Link Commission documents.

Council

  • 27 June 2018, the Council agreed on a general approach on the proposal.
  • 19 December 2018, the Council reached a political agreement on aligning the costs of cross-border payments in euros between euro and non-euro countries.
  • 4 March 2019, the Council formally adopted the text.

Parliament

  • 18 September 2018, the ECON Committee published the amendments on cross-border payments.
  • 8 November 2018, the ECON Committee adopted the report on the proposal for a regulation as regards certain charges on cross-border payments.
  • 14 February 2019, the Parliament adopted the text in plenary.

Level 2

  • 28 March 2019, the Commission adopted an implementing regulation as regards the standard forms, including linguistic arrangements, for the mandatory automatic exchange of information on reportable cross-border arrangements.

Contact

Association des Banques et Banquiers, Luxembourg

Address

12, Rue Erasme L-1468 Luxembourg

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Opening hours

Monday to Friday from 8:00 to 17:30.