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In this Newsletter:
- Regulatory Developments
- Payment Market Developments
- Surveys and Reports
Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2
On 15 July 2021, the EBA published a consultation paper (EBA/CP/2021/28) proposing guidelines on the limited network exclusion (LNE) under PSD2.
The EBA explains that Article 3(k) of PSD2 introduced an exclusion for services based on specific payment instruments that can be used only in a limited way. It believes that the implementation and application of the LNE requirements diverges significantly between member states, which impedes the single market for payment services in the EU and creates opportunities for regulatory arbitrage. The EBA also believes that consumers are sometimes unaware that they do not benefit from the protection envisaged under PSD2.
It is therefore proposing guidelines to bring about convergence on a number of aspects of the LNE. In particular:
- The draft guidelines look at the requirements for each type of limited network exclusion under Article 3(k) of PSD2, including, where relevant, criteria and indicators on how to assess limited network of service providers and the meaning of a limited range of goods and services.
- The guidelines also cover the EBA’s expectations on the use of payment instruments within a limited network, the application of the LNE by regulated PSPs and electronic money issuers, and the application of the notifications to competent authorities.
The deadline for responses is 15 October 2021. The EBA will publish final guidelines after the end of the consultation period.
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UAE: Central bank issues Retail Payment Services and Card Schemes Regulation
On 17 July 2021, the Central Bank of the UAE (CBUAE) announced the introduction of the new Retail Payment Services and Card Schemes Regulation (the Regulation). This is the fourth regulation in the UAE’s “enhancement journey” towards an improved digital payments infrastructure.
The Regulation introduces a licensing regime for payment services providers (PSPs) providing, or wishing to provide, one or more of nine payment services or payment card schemes in the UAE:…