The MFSA has published its feedback as well as a number of amendments to the proposed regulations based on the comments received by various stakeholders, following the completion of consultation process with regards to the implementation of the EU Payment Accounts Directive (Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment account with basic features).
The Payment Accounts Directive sets out 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, to facilitate switching of those accounts; and to ensure access to bank account with basic features.
Malta, along with all other EU Member States, is required to transpose the 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 make new secondary legislation in virtue of enabling powers set out in the Banking Act and the Financial Institutions Act.
The feedback statement is available on: https://goo.gl/58cuhb
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