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ARTICLE · 28 SEPTEMBER 2016

EBA Consults On Guidelines On Minimum Professional Indemnity Insurance Under PSD2

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EBA published a consultation paper (EBA/CP/2016/12) on draft guidelines in relation to professional indemnity insurance (PII) and the criteria competent authorities should follow...

United StatesFinance and Banking
Shaun Malone
Shaun Malone
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On September 22, 2016, the European Banking Authority (EBA) published a consultation paper (EBA/CP/2016/12) on draft guidelines in relation to professional indemnity insurance (PII) and the criteria competent authorities should follow when stipulating the minimum monetary amount of the PII or comparable guarantees for undertakings that apply to provide payment initiation services or account information services under PSD2 (the Directive on payment services in the internal market ((EU) 2015/2366)). The EBA was mandated to produce the guidelines under Article 5(4) of PSD2. The consultation on the draft guidelines closes on November 30, 2016.

As well as setting out the proposed criteria, the EBA also:

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