WG-REQ-1516 Word-to-A4-PPT-portrait PSD3 IMPACTS-STAGE-3 PRINT3mmBLEED - Flipbook - Page 23
HL | PSD3 Impacts
15 EBA Powers of
Intervention
(Article 104)
Overview
§
The EBA will have temporary intervention
powers to prohibit or restrict a certain type or
a specific feature of a payment service or
instrument or an electronic money service or
instrument where certain conditions apply.
§
Any such action taken by the EBA must be
reviewed at least every 3 months to see if it is
still necessary.
What9s the impact?
The EBA will be able to restrict or prohibit a
certain product or product feature where:
§ doing so addresses a significant number of
payment services users or electronic money
services users or a threat to the orderly
functioning of the payment or electronic
money markets, and the integrity of those
markets or to the stability of the whole or
part of these markets in the Union;
§ current regulatory requirements that apply
do not address the threat; and
Any prohibition or restriction must be published
by the EBA on its website. In doing so the EBA
must specify when the measures will take effect.
The EBA is required to review a prohibition or
restriction at appropriate intervals and at least
every 3 months, with the prohibition or
restriction expiring if it is not renewed.
The Commission will specify criteria and factors
to be considered by the EBA in determining
when it is right to intervene, which shall include:
§ the relevant NCA(s) have not taken action to
address the threat or, where they have, the
actions do not adequately address the threat.
§ the degree of complexity of a service or
instrument and the relation to the type of
users, including consumers, to whom they are
offered;
The EBA must ensure that any action:
§ the level of risk for consumers;
§ must not have a detrimental effect on the
efficiency of the payments market or
electronic money services market or on
payment services or electronic money service
providers that is disproportionate to the
benefits of the action;
§ the possible use by fraudsters;
§ does not create a risk of regulatory arbitrage;
and
It will be interesting to see if this power to
intervene marks the start of a more
interventionist approach by the EBA (and
national authorities as a result) given the speed
with which digitalised payment services or
products can reach scale on a cross-border basis
3 and the extent to which this reflects concerns
that certain regulators are perceived as
