BSP Newsletter: June - September 2013

Mondaq Business BriefingLuxembourg Articles in EnglishFinance and Banking (2013)

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BSP Newsletter: June - September 2013

BANKING & FINANCE

NEW RULES ON PAYMENT SERVICES

On July 24th 2013 the European Commission (the "Commission") presented its proposal for a new directive on payment services ("PSD2") and a proposal for a regulation on interchange fees for card-based payment transactions.

The revised PSD2 will amend the previous payment services directive of 2007. The new directive aims to create higher levels of security and to improve consumers' protection to combat fraud and abuse. In addition, the proposal seeks to promote the introduction of new, innovative low-cost payment services, mainly internet-based services (without the use of a credit card). Consumers will be better protected against fraud, abuse and payment errors. Consumers may be required to face only very limited losses (up to maximum of 50 EUR - versus 150 EUR currently) in the case of an unauthorised credit card payment. Interchange fees are charged by card companies to retailers who in turn pass on the cost to the consumer. They are common in particular when purchasing airline tickets. Surcharges are additional charges imposed by some retailers when using certain payment cards. The Commission believes that capping the interchange fees will reduce costs for retailers and consumers and help to create an EU-wide payments' market. The regulation on interchange fees aims to introduce a cap on fees for cross-border transactions involving consumer debit and credit cards together with a ban on surcharges on these types of cards. After a transition period of 22 months, the caps will also apply to domestic transactions. The caps are set at 0.2% of the value of the transaction for debit cards and 0.3% for credit cards. CAPITAL MARKET

RECENT DEVELOPMENTS IN EU LEGISLATION

Transparency Directive

The proposal for a directive amending Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC was adopted by Parliament in first-reading on June 12th 2013 and by the Council on June 21st 2013. The text has not yet been published in the Offi...

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