• On 4 June 2014, the European Savings and Retail Banking Group (ESBG) published its position paper containing key remarks to the Council’s Working Group and participants in the trialogue on those parts of the PSD2 text adopted by the European Parliament. The ESBG expresses concerns over a range of dispositions in PSD2 concerning the right of a payer to select a third party provider and the consequences of such choice notably in case of loss.
  • On 30 June 2014, the Presidency of the Council of the EU published its first compromise proposal (dated 27 June 2014) relating to PSD2. The cover note for the compromise proposal states that changes and deletions to the text of the European Commission's legislative proposal have been marked up. The Council of the EU has given notice that its Working Party on Financial Services will meet on Wednesday, 9 July 2014 to continue its examination of the Commission’s proposal for PSD2. We will be reporting on the changes and deletions contained in the Council’s first compromise proposal.
  • On 2 July 2014, the Council of the EU also published a note setting out its provisional agenda for Council meetings for the second half of 2014. The note includes a meeting for the Economic and Financial Affairs Council on 7 November 2014 to discuss the Council’s General Approach on PSD2 and exchange of views on the proposed MIF Regulation.

What this means for you

The Council Presidency moved over to Italy on 1 July 2014, which has scheduled three working group meetings in July 2014 (two on PSD2 and one on MIF Regulation). The Italians are keen to make progress by end of year, so we might see a common position by then. When a member state takes over the presidency, its representatives come to the Parliament plenary sessions to announce their government’s priorities for the six-month period. On 2 July, it was Italy’s prime minister Matteo Renzi who discussed in the Parliament plenary what he sees as the most important issues the EU should deal with in the next six months. Italian ministers will later discuss these priorities in detail in EP committee meetings. It will be interesting to see if the payments package is identified as a priority.