| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 91 |
| Publication Date | 29/03/2019 |
| Content Type | Legislation |
|
Summary: Regulation of the European Parliament and of the Council of 19 March 2019 amending Regulation (EC) No 924/2009 on cross-border payments in order to extend its purpose to non-Euro countries. Further information: Consumers and businesses of the Eurozone are able to benefit from very low fees for cross-border payments in the common currency thanks to the introduction of Regulation (EC) No 2560/2001, also known as the Cross-Border Payments Regulation. Regulation (EC) No 924/2009 further determines that there is no difference for Eurozone citizens and businesses, whether they carry out Euro transactions in their own countries or with another country in the Euro area. In March 2017, the European Commission published an Action Plan aimed at strengthening the single market for consumer financial services. Ahead of any legislative initiatives, a public consultation was launched later in the year to gather views on the best way forward to complete the objective of reducing the cost of cross-border payments in the EU. In March 2018, the Commission proposed that all intra-EU cross-border payments in Euro should be priced the same - with small or zero fees - as domestic payments in the local official currency. The proposal also aimed to bring more transparency and competition to currency conversion services when consumers are buying goods in a different currency than their own. The Council of the European Union adopted its general approach on 27 June 2018, followed by the European Parliament's relevant committee on 5 November. An informal agreement between the co-legislators was reached on 11 December. The Parliament endorsed the compromise text on 14 February 2019, followed by the Council on 4 March. The adopted act was published in the Official Journal on 29 March 2019. Most of provisions became applicable as of 16 December 2019. |
|
| Source Link |
Link to Main Source
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2019.091.01.0036.01.ENG
Alternative sources
|
| Related Links |
|
| Subject Categories | Internal Markets |
| Subject Tags | Consumer Rights | Protection, Financial Services |
| International Organisations | European Union [EU] |
