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On 28 June 2023, the EU Commission published its long-awaited package of reforms to the EU payments regulatory regime. Deeming the package an “evolution not a revolution” of the EU payments framework, the Commission has published proposals for:
These proposals seek to achieve four specific objectives:
On the whole, the proposals represent a step change in regulatory oversight of payments across the EU. While the changes proposed by the Commission are all evolutionary in movement, the structural reorganisation of the framework, with a merger of the payments and e-money regimes and direct application of conduct obligations, will lead to significantly enhanced oversight for the industry. With an implementation period of 18 months proposed, payments and e-money firms affected by the potential changes should begin to consider what they mean for their businesses.
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