The Commission is pleased Parliament has approved its proposals for amendments to the E-money Directive and Cross-Border Payments Regulation. Council now needs to approve the changes. The Commission plans the new Cross-Border Payments Regulation to apply from 1 November, the implementation deadline for the PSD. The new Regulation extends the existing rules to direct debits. The new E-Money Directive would take effect by the end of 2011. The main change in the Directive is to introduce proportionate prudential requirements, and remove the "exclusivity" restriction so e-money issuers can engage in other business activities too.