Adoption of EU payment laws passed on to next Parliament

Jaume Duch Guillot, the European Parliament's chief spokesperson, confirmed on the 29 January 2014 that time had run out for the European Parliament to adopt the to proposal to update the Payment Services Directive.

One of the key challenges of the proposal were, according to EurActiv, cultural matters rather than regulatory.

In July 2013 the European Commission had adopted a legislative package in the field of the EU payments framework. This package proposed a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs). The aim was to help the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtured competition, innovation and security to the benefits of all stakeholders and consumers in particular.

• Primary Source

ESO: Background information: New payment services lack security standards, officials warn / EU Commission delays Single Euro Payments Area by 6 months http://www.europeansources.info/record/new-payment-services-lack-security-standards-officials-warn-eu-commission-delays-single-euro-payments-area-by-6-months/

ESO: Background information: Council sets out its position on payment accounts http://www.europeansources.info/record/press-release-council-sets-out-its-position-on-payment-accounts/

European Commission: DG Internal Market and Services: Free movement of services: Financial Services: Payment services: New legal framework http://ec.europa.eu/internal_market/payments/framework/index_en.htm

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