Thu. Aug 22nd, 2019

Planet Compliance

Innovation & Regulation in Finance

EBA consults on Guidelines on professional indemnity insurance or comparable guarantee for payment initiation and account information services providers

2 min read
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The European Banking Authority (EBA) launched today a consultation on its draft Guidelines on the criteria Competent Authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service Directive (PSD2).
The consultation runs until 30 November 2016.
The PSD2 recognises new types of payment services that have emerged in the area of internet payments, such as payment initiation (PIS) and account information (AIS).
The draft Guidelines set out criteria, indicators, calculation methods and a formula Competent Authorities should use when granting authorisation to undertakings applying for the provision of (PIS) and/or approving the registration of undertakings applying for the provision of AIS.
The EBA statement and related information can be found here.

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