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In September 2006, the European Parliament unanimously approved the report by MEP Jean-Paul Gauzès, after attaching a total of 640 amendments. The report made significant improvements, but some points must still be ironed out to guarantee sufficient protection of consumers and healthy competition.
Among the main improvements approved by Parliament is the field of application, which is limited to payments made in a member state currency and between two EU-established payment service providers.
Similarly, the prudential system for payment establishments has been strengthened.
They are subject to minimum capital adequacy rules that vary according to the business actually being done, and furthermore come under the supervision of banking oversight authorities. This helps to avoid confusing the consumer, who might not have the same level of security with one operator as with another. These payment institutions come under a new status created by the draft directive and co-exist alongside banks. A plenary session vote by Parliament, initially planned for late 2006, has been postponed to February 2007.
Source : www.fbf.fr
Among the main improvements approved by Parliament is the field of application, which is limited to payments made in a member state currency and between two EU-established payment service providers.
Similarly, the prudential system for payment establishments has been strengthened.
They are subject to minimum capital adequacy rules that vary according to the business actually being done, and furthermore come under the supervision of banking oversight authorities. This helps to avoid confusing the consumer, who might not have the same level of security with one operator as with another. These payment institutions come under a new status created by the draft directive and co-exist alongside banks. A plenary session vote by Parliament, initially planned for late 2006, has been postponed to February 2007.
Source : www.fbf.fr
