Vote on Future EPC Newsletter Topics! Which European Union Regulatory ...

Vote on Future EPC Newsletter Topics! Which European Union Regulatory Action Impacting Euro Payments is Most Important to You?

25 October 13

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The launched the quarterly online Newsletter (see links below) in January 2009 offering information on Single Euro Payments Area ( ) developments and activities. The is keen to ensure that this newsletter always meets the information needs of its readers. At the end of 2010, we asked with the Newsletter reader survey: 'What information would you like to see more of?' (see links below to learn about the detailed findings of this survey). In July 2012, we invited readers to participate in an Poll designed to identify the and related topics covered in the Newsletter and on the Blog which were most relevant to them. This poll was open until the end of September 2012. The feedback received confirms the preferences which readers articulated previously: they are particularly interested in information on the Credit Transfer and Direct Debit Schemes, followed by news on political, regulatory and legal developments impacting the process (see links below to learn about the detailed results of this 2012 Poll). We will therefore continue to regularly report on these topics.

To identify areas of particular interest with regards to relevant regulatory and legal developments, we launched the Poll 'Vote on future Newsletter topics! Which European Union regulatory action impacting euro payments is most important to you?' in January 2013. This poll will be open until mid April 2013. Please let us know which item listed in the poll matters most to you:

Proposal for a Regulation on electronic identification and trusted services for electronic transactions in the internal market: the proposal was published by the European Commission (the Commission) in June 2012. The legislative process leading to the adoption of this Regulation will probably take between one and two years.

Revision of the Payment Services Directive (PSD): the PSD, which was implemented by most European Union ( ) Member States by November 2009, is being reviewed by the Commission. Article 87 of the PSD requires the Commission to present a report on the implementation and impact of the Directive, together with proposals for its revision by November 2012. To date the Commission presented neither the report nor the proposal. In the meantime it has been suggested that the ' ' proposals will be published before the summer of 2013, although it should be noted that this has not been officially confirmed.

Revision of the legal framework on the protection of personal data: the Commission Communication 'Safeguarding Privacy in a Connected World - a European Data Protection Framework for the 21st Century', published in January 2012, envisages the introduction of a single set of rules on data protection for the whole . Related proposals for legislative action are currently being considered by the European Parliament and the Council representing Member States.

governance review: Recital 5 of the 'Regulation ( ) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' (the Regulation) states that the Commission should "review the governance arrangements of the whole project before the end of 2012 and where necessary make a proposal. This review should examine, inter alia, the composition of the European Payments Council ( ), the interaction between the and an overarching governance structure, such as the Council, and the role of this overarching structure." The Council, which brings together representatives of both the demand and supply sides of the payments market including the , was established by the Commission and the European Central Bank (ECB) in June 2010 (for information, refer to the links below). The proposal for a revised governance structure remains outstanding. It is now expected that the Commission will table a related communication before the summer of 2013.

ECB recommendations for the security of internet payments (SecuRe Pay): in January 2013, the ECB released a comprehensive set of 'Recommendations for the security of internet payments', following a two-month public consultation carried out in 2012. The related press release issued by the ECB on 31 January 2013 (see link below), comments: "The Recommendations represent the first achievement of the European Forum on the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative between relevant authorities from the European Economic Area ( ) - supervisors of payment service providers and overseers in particular - formed with the objective of facilitating common knowledge and understanding of issues related to the security of electronic retail payment services and instruments and, where necessary, issuing recommendations. Comments from 17 countries were received during the public consultation. The resulting harmonised, minimum security recommendations constitute an important set of guidelines in the fight against payment fraud and aim to increase consumer trust in internet payment services. The core recommendation is that the initiation of internet payments as well as access to sensitive payment data should be protected by strong customer authentication to ensure that it is a rightful user, and not a fraudster, initiating a payment."

For more information on the items listed in the poll, refer to the Newsletter articles ' is Just a Piece in the Puzzle: Additional European Union Regulatory Initiatives Now in the Pipeline Will Have a Profound Impact on the Payments Market' and 'The 2013 Euro Payments Outlook: Communication by the European Commission on its Vision for 2.0 Remains Pending' (see links below).

Subject, in particular, to the Commission making available information on relevant dossiers in the pipeline, the Newsletter will deliver additional information in line with readers' preferences identified with this poll. The next edition of the Newsletter goes live at the end of April 2013.

In case you did not vote yet, please take a minute and participate in this poll!

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