The MFSA has launched a consultation procedure on the implementation of the EU Payment Accounts Directive (PAD). This consultation invites views on the proposed steps that the Malta Financial Services Authority will take in order to make sure that Malta meets its obligation to transpose Directive 2014/92/EU – the Payment Accounts Directive ("PAD" or "Directive").
This consultation seeks to target those who will be affected by the changes proposed. This may include payment service providers ("PSPs") such as credit institutions, financial institutions, electronic money institutions, consumers and consumer groups and other interested parties.
The Payment Accounts Directive sets common regulatory standards that Member States are required to meet in order to:
- improve the transparency and comparability of fees related to payment accounts that are used for day-to-day payment transactions
- facilitate switching of those accounts
- ensure access to bank accounts with basic features
Malta is required to transpose PAD by 18 September 2016 in order to meet its treaty obligations and avoid the risk of facing legal proceedings as a result of infraction. This requires the government to introduce new secondary legislation in virtue of enabling powers set out in the Banking Act and the Financial Institutions Act.
Feedback on the proposed regulations should reach the Authority by not later than 29 April 2016. Please send your responses by e-mail (consumerinfo@mfsa.com.mt) addressed to Geoffrey Bezzina, Director – Consumer Complaints Unit. Any queries or requests for clarification in respect of the draft regulations should be addressed to Ms Samantha Sultana (Feedback on the proposed regulations should reach the Authority by not later than 29 April 2016. Please send your responses by e-mail (consumerinfo@mfsa.com.mt) addressed to Geoffrey Bezzina, Director – Consumer Complaints Unit. Any queries or requests for clarification in respect of the draft regulations should be addressed to Ms Samantha Sultana (ssultana@mfsa.com.mt).
The consultation document is available on: https://goo.gl/8CzLpb
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
