The Malta-EU Steering and Action Committee (MEUSAC), together with the Ministry for Finance and the Central Bank of Malta organised a consultation session on two legislative proposals.
The consultation session on the ‘Proposal for a Regulation of the European Parliament and of the Council on interchange fees for card-based payment transactions’, focused on the review of the EU payments framework, especially the Payment Services Directive (PSD). Such a review would help the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security.
This consultation session also dealt with the ‘Proposal for a Directive of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features’. In fact, the three main areas that the Proposal is mainly concerned with are: the comparability of payment accounts, switching between payment accounts and access to payment accounts. The three areas are closely related. The measures on comparability of payment account fees allow consumers to have a complete overview of the offers on the market, and the measures on switching make it easy for them to change their account if a better offer is available.
The consultation session was held on Tuesday, November 26, 2013 at the MEUSAC offices in Valletta.