The new e-money directive will introduce proportionate prudential requirements facilitating market access to newcomers. The new regulation on cross-border payments extends the principle of equal charges for national and cross-border payments.
The new E-Money Directive will introduce proportionate prudential requirements facilitating market access to newcomers. This includes a reduction of initial capital from the current EUR 1 million to EUR 350.000 and new rules on the calculation of own-funds. The Directive sets high standards of consumer protection, both in terms of protection and redemption of consumer funds.
The new rules will offer a second chance to the e-money market to take off. Its expected volume could reach up to EUR 10 billion by 2012.
The new Regulation on cross-border payments in the Community extends the principle of equal charges for national and cross-border payments to direct debits, in addition to credit transfers, electronic payments (including card transactions) and ATM cash withdrawals, which are already covered by the current version of the Regulation.
It strengthens the supervisory and complaint-solving role of the competent national authorities and provides for the establishment of out-of-court redress procedures. It also removes, up to EUR 50.000, the payments-based statistical reporting obligations that hinder the smooth flow of cross-border transactions.
In order to facilitate the launch of the SEPA direct debit scheme on 1st November 2009, the Regulation introduces temporary rules on multilateral interchange fees and reachability for direct debit transactions.
Parliament press release
Commission press release
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