Commission Delegated Regulation (EU) 2017/2055 enters into force on regulatory technical standards for competent authori
Original title: Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions (Text with EEA relevance. )
Commission Delegated Regulation (EU) 2017/2055 entered into force on 1 December 2017, supplementing PSD2 with regulatory technical standards for competent authorities' cooperation and information exchange. The regulation establishes procedural requirements for how EU member state authorities must cooperate when payment institutions exercise their right of establishment or freedom to provide services across borders. This ensures consistent application of PSD2 rules across the EU and facilitates the cross-border operations of payment institutions under harmonized supervisory procedures.
What changed
- Entry into force of Commission Delegated Regulation (EU) 2017/2055 on 1 December 2017, establishing regulatory technical standards for competent authorities' cooperation and information exchange under PSD2
- Regulatory technical standards specify procedures for competent authorities to exchange information related to payment institutions exercising the right of establishment and freedom to provide services across EU member states
- Standards cover cooperation mechanisms between competent authorities in the home member state and host member states for authorization, supervision, and enforcement activities concerning payment institutions
Who is affected
Competent authorities in EU member states responsible for supervising payment institutions; payment institutions operating across EU borders under PSD2; the text does not specify limitations by institution size
Summary generated by a language model; the official text prevails. Not legal advice.