ECB’s Opinion on the proposed new cross-border payments regulation now published

Today, official publication has been made of the Opinion of the European Central Bank of 25 January 2021 on a proposal for a regulation on cross-border payments in the Union (which aims to codify the cross-border payments Regulation 924/2009, as last amended by Regulation 2019/518).

This Opinion, which had been requested by the Council of the EU on 15 October 2020, welcomes the proposed codification exercise, but notes that the instruments affected by the codification do not contain substantive changes, but only formal amendments as required by the codification exercise itself.

However, the Opinion assesses the content of Article 4(1) of the proposed regulation, which requires payment service providers and parties providing