Commission Delegated Regulation (EU) 2021/1722 enters into force, specifying RTS for regulatory cooperation and informat

Original title: Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards specifying the framework for cooperation and the exchange of information between competent authorities of the home and the host Member States in the context of supervision of payment institutions and electronic money institutions exercising cross-border provision of payment services (Text with EEA relevan

Commission Delegated Regulation (EU) 2021/1722 supplements PSD2 by establishing regulatory technical standards that specify the framework for cooperation and information exchange between home and host Member State competent authorities in the context of supervising payment institutions and electronic money institutions providing cross-border payment services. This regulation sets harmonized procedures and requirements for supervisory authorities across the EU to effectively oversee cross-border payment service providers. Payment institutions and electronic money institutions operating across Member State borders must ensure their supervisory authorities comply with the information exchange and cooperation protocols established under this regulation.

What changed

• Commission Delegated Regulation (EU) 2021/1722 enters into force on 18 October 2021, supplementing PSD2 with regulatory technical standards for supervisory cooperation between competent authorities of home and host Member States.
• The regulation establishes a framework for exchange of information between competent authorities regarding payment institutions and electronic money institutions engaged in cross-border provision of payment services.
• Harmonized procedures for cooperation are specified to ensure consistent supervision of cross-border payment service providers across the EU.

Who is affected

Payment institutions and electronic money institutions providing cross-border payment services within the EU; competent authorities in all EU and EEA Member States responsible for payment services supervision.

Summary generated by a language model; the official text prevails. Not legal advice.