EBA Final RTS On Cooperation And Exchange Of Information For Passporting Under PSD2

On December 14, 2016, the European Banking Authority ("EBA") published the regulatory technical final draft on passport notifications under the revised Payment Services Directive ((EU) 2015/2366) ("PSD2") (EBA/RTS/2016/08).

Article 28 of PSD2 requires an authorized payment institution to inform the competent authorities of its home member state if it wishes to provide payment services for the first time in one or more member states other than its home member state. Article 28(5) gives the EBA a mandate to develop draft RTS, specifying method, means and details of the cross-border cooperation between competent authorities in the context of passport notifications of payment institutions. The RTS must include the scope of information to be submitted, a common terminology and standard templates, to ensure that the process is consistent and efficient.