17 Amendments of Billy KELLEHER related to 2022/0341(COD)
Amendment 31 #
Proposal for a regulation
Recital 9
Recital 9
(9) It would not be proportionate to impose on payment institutions and electronic money institutions an obligation to offer the service of sending and receiving instant credit transfers in euro, because those institutions cannot be admitted as participants in a payment system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council36 . Those institutions may therefore experience difficulties in accessing the infrastructure necessary to execute instant credit transfers. It is therefore appropriate to excludeallow payment institutions and electronic money institutions from the obligationto act as participants in a payment system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council. A targeted amendment to Directive 98/26/EC would allow those institutions to access settlement systems and therefore be able to offer the services of sending and receiving instant credit transfers in euro. Those institutions, once in scope, would then be subject to the requirements of this Regulation. __________________ 36 Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
Amendment 45 #
Proposal for a regulation
Recital 11
Recital 11
(11) Security of instant credit transfers in euro is fundamental for increasing PSUs’ confidence in such services and ensuring their use. Payers intending to send a credit transfer to a given payee may, as a result of fraud or error, provide a payment account identifier which does not correspond to an account held by that payee. Under Directive (EU) 2015/2366 of the European Parliament and of the Council37 , the only determinant of the correct execution of the transaction with respect to the payee is the unique identifier, and PSPs are not required to verify the name of the payee. In the case of instant credit transfers, there is not enough time for the payer to realise the occurrence of a fraud or error and to try to recover the funds before they are credited to the payee’s account. PSPsBefore the authorisation of an instant credit transfer in line with this regulation, PSPs of the payer and the payee should therefore verify whether there is any discrepancy between the unique identifier of the payee and the name of the payee provided by the payer, and. The PSP of the payer must request the verification from the PSP of the payee, the PSP of the payee must notify the PSP of the payer about the result and the PSP of the payer must notify the payer placing a payment order for an instant credit transfer in euro about any such discrepancies detected for an instant credit transfer in accordance with this regulation. To avoid undue frictions or delays in the processing of the transaction instantly, the payer’s PSP should provide such notification within no more than a few secondsout delay from the moment the payer provided the payee information. To allow the payer to decide whether to proceed with the intended transaction, the payer’s PSP should provide such notification before the payer authorises the transaction. __________________ 37 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 97 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) No 260/2012
Article 2 – paragraph 1 – point 1e (new)
Article 2 – paragraph 1 – point 1e (new)
(1e) ‘legal entity identifier’ means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity.
Amendment 102 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 1
Article 5a – paragraph 1 – subparagraph 1
PSPs that offer to their PSUs a payment service of sending and receiving credit transfers to and from accounts denominated in euro shall offer to all their PSUs a payment service of sending and receiving instant credit transfers to and from accounts denominated in euro.
Amendment 106 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 1
Article 5a – paragraph 1 – subparagraph 1
PSPs in all Member States that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all their PSUs a payment service of sending and receiving instant credit transfers.
Amendment 107 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 2
Article 5a – paragraph 1 – subparagraph 2
Amendment 115 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1a (new)
Article 5a – paragraph 1a (new)
(1a) PSPs shall be permitted to extend the execution time of instant credit transfers by the time necessary for currency-conversion with regards to instant credit transfers to and from payment accounts denominated in a currency other than euro.
Amendment 150 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 4 – subparagraph 1
Article 5a – paragraph 4 – subparagraph 1
PSPs as referred to in paragraph 1 that are located in a Member State whose currency is the euro shall offer PSUs the service of receiving instant credit transfers in euro by … [PO please insert the date = 612 months after the date of entry into force of this Regulation], and the service of sending instant credit transfers in euro by … [PO please insert the date = 124 months after the date of entry into force of this Regulation].
Amendment 188 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1
Article 5c – paragraph 1
With regard to regular and instant credit transfers, a payer’s PSP shall verify whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, thatwhere the payee’s payment account identifier specified in point (1)(a) of the Annex and name have been inserted in the payment order by the payer, the payer’s PSP shall provide a service for matching the payment account identifier with the payee’s name. The payee’s PSP shall on the payer’s PSP's request verify whether the payment account identifier and the name of the payee provided by the payer match. By way of derogation, where the payee is a legal entity, a payer’s PSP shall allow for the possibility to verify whether the payment account identifier and, instead of the name of the payee, the legal entity identifier of the payee provided by the payer match. In both cases, where they do not match, the payer's PSP shall notify the payer of any discrepancies detected and the degree of any such discrepancy, based on information provided by the payee’s PSP.
Amendment 190 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1 – subparagraph 1
Article 5c – paragraph 1 – subparagraph 1
With regard to instant credit transfers, a payer’s PSP shall verifyinitiate verification of the payment account identifier and the name of the payee as provided by the PSU with payee's PSP. The payee's PSP shall verify and confirm back to the payer's PSP whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, thate payee's PSP shall notify the payer's PSP of any discrepancies detected and the degree of any such discrepancy. The payer's PSP shall notify the payer of the verification results provided by the payee's PSP.
Amendment 199 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1 – subparagraph 2
Article 5c – paragraph 1 – subparagraph 2
PSPs shall provide that service immediatwithout delay after the payer provided to its PSP the payment account identifier of the payee and the name of the payee, and before the payer is offered the possibility to authorise the instant credit transfer.
Amendment 221 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 5
Article 5c – paragraph 5
5. The service referred to in paragraph 1 shall be provided to the payer regardless of the PSU interface used by the payer to place a payment order for an instant credit transfer. Where a PSP provides a PSU interface that does not require the payer to insert an account identifier specified in point (1)(a) of the Annex or a name, the PSP shall ensure that the payee designated by the payer is properly identified. Such PSP shall maintain robust internal procedures to ensure payees’ identification. Each Member State shall designate one or more national competent authorities with the power to investigate the robustness of these internal procedures. Member State may assign this role to an existing authority or authorities.
Amendment 229 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
(5a) Any charges applied by a PSP on payers and payees in respect of verifying the discrepancy between the name and payment account identifier of a payee as referred in the paragraph 1 shall be included in the charges referred in the Article 5b paragraph 1.
Amendment 239 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 6 – subparagraph 1
Article 5c – paragraph 6 – subparagraph 1
PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date = 124 months after the date of entry into force of this Regulation].
Amendment 281 #
Proposal for a regulation
Article 2a (new)
Article 2a (new)
Directive 98/26/EC
Article 2 – point b
Article 2 – point b
Article 2a Amendment to Directive 98/26/EC In Article 2 of Directive 98/26/EC, point (b) is amended as follows: “(b) ‘institution' shall mean: i. a credit institution as defined in the first indent of Article 1 of Directive 77/780/EEC (1) including the institutions set out in the list in Article 2(2) thereof, or ii. a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366, or iii. a e-money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or iv. an investment firm as defined in point 2 of Article 1 of Directive 93/22/EEC (2 ) excluding the institutions set out in the list in Article 2(2)(a) to (k) thereof, or v. public authorities and publicly guaranteed undertakings, or vi. any undertaking whose head office is outside the Community and whose functions correspond to those of the Community credit institutions, payment institutions, e-money institutions and investment firms as defined in the first, second, third and fourth indent, which participates in a system and which is responsible for discharging the financial obligations arising from transfer orders within that system. If a system is supervised in accordance with national legislation and only executes transfer orders as defined in the second indent of (i), as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph and that such a decision is warranted on grounds of systemic risk;”
Amendment 284 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Directive 98/26/EC
Article 2 – point b
Article 2 – point b
Article 2a Amendment of Directive 98/26/EC In Article 2, point (b) of the Directive 98/26/EC, the following points are added: - a payment institution as defined in Article 4 (4) of Directive (EU) 2015/2366, or - an electronic money institution as defined in Article 2 (2) of Directive 2009/110/EC."
Amendment 286 #
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Article 2b Transposition of amendments of Directive 98/26/EC Member States shall adopt, publish and apply, by 18 months after the date of entry into force of this Regulation, the laws, regulations and administrative provisions necessary to comply with Article 2a.