Electronic money: Eu directive
European Commission welcomes the European Parliament’s adoption of two proposals in the area of payments (on e-money and cross-border payments) the European Parliament adopted two legislative proposals revising the current rules governing cross-border payments and the conditions for issuing electronic money in the EU. Both legal texts will now be forwarded to the EU Council for final adoption. The new Regulation on cross-border payments will apply as from 1st November 2009, the final deadline for the transposition of the Payment Services Directive. As for the new E-Money Directive, the Member States should transpose the Directive by 2011 at the latest into national law. Commissioner McCreevy said: “We are just a few months away from the final deadline for the transposition of the Payment Services Directive into the domestic law of the Member States. These two measures, alongside the noteworthy efforts of the payments industry to develop SEPA products, will be a crucial and timely step towards the completion of the single market for payments. They will, together with the PSD, complete the legal basis which is indispensable to provide clarity, certainty and stability to the market”. European Commission welcomes the European Parliament’s adoption of two proposals in the area of payments (on e-money and cross-border payments) the European Parliament adopted two legislative proposals revising the current rules governing cross-border payments and the conditions for issuing electronic money in the EU. Both legal texts will now be forwarded to the EU Council for final adoption. The new Regulation on cross-border payments will apply as from 1st November 2009, the final deadline for the transposition of the Payment Services Directive. As for the new E-Money Directive, the Member States should transpose the Directive by 2011 at the latest into national law. Commissioner McCreevy said: “We are just a few months away from the final deadline for the transposition of the Payment Services Directive into the domestic law of the Member States. These two measures, alongside the noteworthy efforts of the payments industry to develop SEPA products, will be a crucial and timely step towards the completion of the single market for payments. They will, together with the PSD, complete the legal basis which is indispensable to provide clarity, certainty and stability to the market”. European Commission welcomes the European Parliament’s adoption of two proposals in the area of payments (on e-money and cross-border payments) the European Parliament adopted two legislative proposals revising the current rules governing cross-border payments and the conditions for issuing electronic money in the EU. Both legal texts will now be forwarded to the EU Council for final adoption. The new Regulation on cross-border payments will apply as from 1st November 2009, the final deadline for the transposition of the Payment Services Directive. As for the new E-Money Directive, the Member States should transpose the Directive by 2011 at the latest into national law. Commissioner McCreevy said: “We are just a few months away from the final deadline for the transposition of the Payment Services Directive into the domestic law of the Member States. These two measures, alongside the noteworthy efforts of the payments industry to develop SEPA products, will be a crucial and timely step towards the completion of the single market for payments. They will, together with the PSD, complete the legal basis which is indispensable to provide clarity, certainty and stability to the market”.
