Activities of Michiel HOOGEVEEN related to 2022/0341(COD)
Plenary speeches (2)
Instant payments in euro (debate)
Instant payments in euro (debate)
Reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro
Amendments (7)
Amendment 17 #
Proposal for a regulation
Recital 3
Recital 3
(3) Regulation (EU) No 260/2012 established technical and business requirements for credit transfers and direct debits in euro. Instant credit transfers in euro are a relatively new category of credit transfers in euro which emerged on the market only after the adoption of that Regulation. It is therefore necessary to provide for specific requirements for instant credit transfers in euro, in addition to the general requirements applicable to all credit transfers, to ensure the proper functioning and strengthening of the internal market, as well as guaranteeing interoperability.
Amendment 18 #
Proposal for a regulation
Recital 4
Recital 4
(4) A number of national regulatory solutions have already been adopted or proposed to increase the uptake of instant credit transfers in euro, including by strengthening PSUs’ protection from sending funds to an unintended payee or specifying the process of compliance with obligations flowing from Union sanctions. The differences in those national regulatory solutions pose a risk of fragmentation of the internal market, thus increasing the compliance costs due to different sets of national regulatory requirements, and making the execution of cross-border instant credit transfers more difficult. Uniform rules for cross-border instant credit transfers should therefore be introduced to prevent such obstacles.
Amendment 30 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Due to not all non-electronic payment initiation channels being open 24/7 (as in the case of certain branches), the time of receipt of a non-electronic payment order should in such cases be considered to take place at the moment the payment order is inserted into the payer’s PSP’s IT-system. This should take place as soon as such payment initiation channels open. In the situation when a PSU submits a request for bulk payments to its PSP, that PSP should immediately start to debulk that package into individual instant credit transfer transactions. The time of receipt of a payment order submitted in a bulk order should be the moment when each individual payment transaction has been unpacked. The payer’s PSP should immediately transmit the individual instant credit transfer transactions ensuing from a bulk order either simultaneously or in sequence. That should be done without prejudice to possible solutions to be provided by retail payment systems which would allow for the conversion of bulk orders into individual instant payment transactions. In cases where a payment order for an instant credit transfer in euro is submitted from a payment account that is not denominated in euro, the time of receipt should the moment when the PSP, immediately upon receiving that payment order, converts the amount of transaction from the currency in which the payment account is denominated into euro.
Amendment 69 #
Proposal for a regulation
Recital 14
Recital 14
(14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make funds or economic resources available to it, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU (listed persons or entities). Union law, however, does not lay down rules on the procedure or tools to be used by PSPs to ensure their compliance with those obligations. PSPs thus apply various methods, based on their individual choice or on the guidance provided by the national authorities concerned. The practice of complying with obligations stemming from Union sanctions by screening the payer and the payee involved in each credit transfer transaction, either national or cross-border, leads to a very high number of credit transfers being flagged as potentially involving listed persons or entities. However, the large majority of such flagged transactions turn out, after verification, not to involve any such persons or entities. Due to the nature of instant credit transfers, it is impossible for PSPs to verify, within short time limits, such flagged transactions instantly and, as a result, they are rejected. That situation creates operational challenges for PSPs to offer instant credit transfers to their PSUs across the Union in a reliable and predictable way. To provide for greater legal certainty, increase the efficiency of PSPs’ efforts to comply with their obligations stemming from Union sanctions in the context of instant credit transfers in euro, and to prevent unnecessary hindering of such transactions, PSPs should thus verify, at least daily, whether their PSUs are listed persons or entities, and should no longer apply transaction-based screening. The specific obligation of periodic verification of PSUs is only related to listed persons or entities.
Amendment 126 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 2 – point b
Article 5a – paragraph 2 – point b
(b) after receiving a payment order for an instant credit transfer, they shall immediately verify whether all the necessary conditions for processing the payment are met and whether the necessary funds are available, reserve the amount on the account of the payer and instantly send the payment transaction to the payee’s PSP; and provide, within 10 seconds from the time of receipt, their PSU, as well as, where applicable, the payment initiation service provider intermediary involved, with confirmation of an executed or rejected instant credit transfer free of charge;
Amendment 163 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 4a (new)
Article 5a – paragraph 4a (new)
(4a) In the event of any future amendments to the definition of ‘participant’ referred to in point (f) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council resulting in the inclusion in that definition of PSPs referred to in the second subparagraph of the first paragraph of this article, the Commission shall be empowered to adopt a delegated act in accordance with Article 14a to amend that subparagraph accordingly.
Amendment 275 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 260/2012
Article 14a (new)
Article 14a (new)