Consultation of the European Banking Authority on the draft guidelines on the exclusion of limited networks under PSD2

The European Banking Authority (EBA) has today launched a public consultation on draft guidelines aimed at clarifying the application of the restricted network exclusion requirements, from which certain payment instruments could benefit, as provided for in the Directive on payment services (PSD2). These payment instruments include store cards, fuel cards, public transport cards and meal vouchers. Given the significant inconsistencies the EBA has identified on how this exclusion is applied across the EU, the proposed guidelines aim to clarify specific aspects of its application, including how a network of service providers or a range of goods and services must be assessed to qualify as "restricted", the use of payment instruments within restricted networks, the provision of excluded services by regulated financial institutions and the submission of notification to authorities authorities (AC). The consultation is open until October 15, 2021.

In accordance with its statutory objective of contributing to the convergence of supervisory practices, the EBA considered that it should publish own-initiative guidelines aimed at fostering convergence on a number of issues related to the application of this exclusion. .

In particular, the draft guidelines propose requirements, and where appropriate, criteria and indicators, aimed at ensuring that excluded payment instruments are used in a limited way, thus reducing the potential risks that may arise for users of the system. these instruments.

In addition, in order to address concerns about a possible circumvention of PSD2 requirements and to increase transparency for consumers who may not be aware that they do not benefit from the protection PSD2 provides to regulated services, the project of guidelines proposes requirements for the provision of excluded services by regulated companies.

Finally, to ensure the transparency of the provision of excluded services, the draft guidelines provide clarification on the calculation of the thresholds set in Article 37 (2) of the PSD2, on the submission of the corresponding notifications to the competent authorities and on the information to be included in the description of the excluded activity in the national registers and in that of the EBA.

However, the proposed guidance cannot address all the inconsistencies that EBA has identified, as EBA is not in a position to change the definitions or modify the legal requirements set out in PSD2.