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1、EuropeanBankingEBIWorkingPaperSeriesDanielFoa&AntonioDavola2024-no.164AssessingtheauthorizationregimeunderPSD213/02/2024IEuropeanrnanh,nIInstituteTheEUrOPeanBankinQInStitUteTheEuropeanBankingInstitutebasedinFrankfurtisaninternationalcentreforbankingstudiesresultingfromthejointventureofEuropespreemin

2、entacademicinstitutionswhichhavedecidedtoshareandcrdinatetheircommitmentsandstructuretheirresearchactivitiesinordertoprovidethehighestqualitylegal,economicandaccountingstudiesinthefieldofbankingregulation,bankingsupervisionandbankingresolutioninEurope.TheEuropeanBankingInstituteisstructuredtopromote

3、thedialoguebetweenscholars,regulators,supervisors,industryrepresentativesandadvisorsinrelationtoissuesconcerningtheregulationandsupervisionoffinancialinstitutionsandfinancialmarketsfromalegal,economicandanyotherrelatedviewpoint.TheAcademicMembersofEBIarethefollowing:1. UniversiteitvanAmsterdam,Amste

4、rdam,TheNetherlands2. UniversiteitAntwerpen,Antwerp,Belgium3. AlmaMaterStudiorum-UniversitydiBologna,Bologna,Italy4. AcademiadeStudiiEconomicedinBucuresti(ASE)1Bucharest,Romania5. UniversitatBonn,Bonn,Germany6. TrinityCollege.Dublin,Ireland7. TheUniversityofEdinburgh,Edinburgh,Scotland8. Goethe-Univ

5、ersitat1Frankfurt,Germany9. FrankfurtSchoolofFinance&Management,Frankfurt,Germany10. UniversiteitGent,Ghent,Belgium11. Helsinginyliopisto(UniversityofHelsinki,Helsinki,Finland)12. Universiteit1.eiden,1.eiden,TheNetherlands13. KU1.euvenUniversity,1.euven,Belgium14. UniversidadeCatdlicaPortuguesa11.is

6、bon,Portugal15. Universidadede1.isboa,1.isbon,Portugal16. Univerzev1.jubljani(Universityof1.jubljana,1.jubljana,Slovenia)17. QueenMaryUniversityof1.ondon,1.ondon,UnitedKingdom18. Universitedu1.uxembourg,1.uxembourg19. UniversidadCarlosIIIdeMadrid,Madrid,Spain20. UniversidadAutonomaMadrid,Madrid,Spai

7、n21. UniversidadComplutensedeMadridZCUNEF1Madrid,Spain22. JohannesGutenbergUniversityMainz(JGU)1Mainz,Germany23. UniversityofMalta,Malta24. UniversitaCattolicadelSacroCuore,Milan,Italy25. 11v11oKu11pou(UniversityofCyprus,Nicosia,Cyprus)26. RadboudUniversiteit1Nijmegen1TheNetherlands27. BINorwegianBu

8、sinessSchool,Oslo,Norway28. Universit6Panth6on-Sorbonne(Paris1),Paris,France29. UniversityPantheon-Assas(Paris2),Paris,France30. 11v11o11pa(UniversityofPiraeus,Athens,Greece)31. StockholmsUniversitet(UniversityofStockholm,Stockholm,Sweden)32. TartuUlikool(UniversityofTartu,Tartu,Estonia)33. Universi

9、tStWien1Wien,Austria34. UniwersytetWroclawski(UniversityofWroclaw,Wroclaw,Poland)35. UniversitatZurich(UniversityofZurich,Zurich,Switzerland)SupervisoryBoardoftheEuropeanBankingInstitute:ThomasGstaedtner1PresidentoftheSupervisoryBoardoftheEuropeanBankingInstituteEnrico1.eone,ChancelloroftheEuropeanB

10、ankingInstituteEBlWOrkingPaDerSerieSEBIWorkingPaperSeriesareaprojectoftheEuropeanBankingInstitutee.V.EBIWorkingPaperSeriesrepresentaselectionofacademicresearchesintotheareaofbankingregulation,bankingsupervisionandbankingingeneralwhichhavebeendraftedbyprofessorsandresearchersofEBIAcademicMembersandse

11、lectedbytheEditorialBoard.EditOrialBOardWolf-GeorgRinge(chair),ThierryBonneau,GuidoFerrarini1ChristosHadjiemmanuil1PeterMulbert1IgnacioTirado,EddyWymeersch2016-2023EuropeanBankingInstitutee.V.,FrankfurtamMainGermany(*,EB,)TheEuropeanBankingInstituteisaCingetragenerVerein(e.V.)underGermanlaw(21ofGerm

12、anCivilCode)registeredinFrankfurtamMainrGermany.EBIisanon-profitorganisationestablishedexclusivelyanddirectlyforcharitablepurposesMgemeinnut2igwithinthemeaningofnSteuerbegunstigteZwecke*intheGermantaxadministrationcode(Abgabenordnung).Allrightsreserved.AssessingtheauthorizationregimeunderPSD2:do(dif

13、ferent)supervisorypracticespreventtheachievementofalevelplayingfieldintheEU?DANlE1.FoA&AntonioDAVOla*AbstractTheresearchaimsatempiricallyinvestigatingwhetheracorrelationcanbeidentifiedbetweenthepresenceofpaymentinstitutionsande-moneyinstitutionsauthorizedineachMemberStateandtherestrictivenessoftheSU

14、PerViSorypracticesofindividualNCAs.Inparticular,theanalysisisaimedatascertainingwhetherthesamerisks,samerules,samesupendsionprinciplecanbedeemedtobefulfilledwithintheEuropeanpaymentsendeessectorand-ifnot-whatcountermeasurescanbetakentoreestablishcompliancewithit.BuildingonthedataavailableinthePeerre

15、vievonauthorisationsunderPSD2ReportpublishedbytheEBA,theresearchinspectstheimpactofdifferentSUPerViSQrypoliciestogetherwithelementssuchastheoveralluFinTechfriendliness“oftheconsideredMemberStates-ontheamountofauthorizationgrantedindifferentMemberStates,andtriestoidentifywhetherthedifferentvariablesc

16、onsideredareIikClytohaveanimpactintermsofpotentialSUPCrViSoryarbitrage,henceforthreducingtheeffectivenessoftheharmonizationinterventionsintheSingleMarket.Thiswillbefunctionaltoidentifythoseareasinwhichproceduralharmonizationmightbeadvisable,aswellastopinpointweaknessesinthelevelplayingfieldmodel,asi

17、tiscurrentlyimplemented.KeyWords:PaymentServices;Authorisation;PSD2;1.evelplayingfield;Supervision;NationalAuthorities.Summary:I.Introduction-H.Regulatoryrcompetition-III.AnalyzingtheimpactonsupervisorypracticesonthedevelopmentoftheMemberStates,paymentsendeesmarketIV.Substantiveandproceduralauthoriz

18、ationrequirementsunderPSD2V.Data,methodologyrandhypotheses-V1.AnalysisoftheimpactofSUPerViSOrypracticesonthenumberofauthorisationsgrantedbyeachMemberStates-VII.Mainfindingsandconcludingremarks.“DanielFoaisPosl-DocloralResearcherinEconomic1.awalUniversityofMilan441.uigiBocconi;AntonioDavolaisAssistan

19、tProfessorinEconomic1.awalUniversityofBarittAldoMoro”.TheAuthorscontributedequallytothepaper;DanielFoacontributedmostlytoSections2,3and6.AntonioDavolacontributedmostlytoSection4and5.TheauthorscontributedequallytoSections1and7.1I. IntroductionThePaymentSendeesDirective2(DirectiveUE2015/2366-PSD2)prov

20、idesforacomprehensiveregulationofpaymentsendees,Foranin-depthanalysisofthesubjectseeBankofItaly,CompetitionandPtiymentSenwesConferencePapersBancad,ltaia,Rome,16-17Junc2022CollectionofcontributionsandwritingsbyVinccnzaProfcta,QuadcrnidiRiccrcaGiuridicadellaConsulcnza1.egale,Number93-December2022;G.Gi

21、migliano-M.BozinaBcros(editedby),ThepaymentsendeesdirectiveII.Acommentay.Edgarcommentariesinfinanciallaw,2021;1.Jeng,OpenBanking,OxfordUniversityPress,2021;BankofItaly,Psd2eOpenBankingnuoviwodellidibusinesse出CbiemerentiyNovember2021;J.Casanova-M.Savoie-A.Twist,Regulationofpaymentsystews,inJ.Casanova

22、-M.Savoie(editedby),PaymentScniccs.1.awandPractice,ElgarFinancial1.awandPracticeseries,2022.TheDirectivefindsitsrootsintheobservationthatthetechnologicalinnovationandthedevelopmentofthedigitalenvironmenthaveasignificantimpactonthepaymentsector,allowingfortheintroductionofnewservicesandfornewsubjects

23、toenterthemarket.Inparticular,assomeofthenewentitiesthatenteredinthedigitalpaymentsendeemarkethavebeenseenasoperatingoutsideofthescopeofthepreviouslyexistingregime(PSDDirective2007/64/ECoftheEuropeanParliamentandoftheCouncilof13November2007onpaymentsendeesintheinternalmarket,OJ1.319,5.12.2007,p.136(

24、Dateofendofvalidity:12/01/2018).),anewregulatoryframeworkwasneededsotoensurethestabilityofthepaymentindustryandthelevelplayingfieldamongmarketplayers.Currently,PSD2-regulatcdpaymentservicesincludetraditionalsendeesaswellasmoreinnovativeones(e.g.accountinformationandpaymentinitiationservrices,whichar

25、eexpressionoftheopenbankingecosystem);boththecategoriesofsendeescanonlybeprovidedbyPaymentInstitutions(PIs)-inadditiontobanksande-moneyinstitutions(EMIs)AccordingtotheArticle4(4)ofPSD2apaymentinstitutionisalegalpersonthathasbeengrantedauthorisationinaccordancewithArticle11toprovideandexecutepayments

26、ervicesthroughouttheUnion;instead,anElectronicmoneyinstitution*isdefinedindefinedinArticle2(1)ofEMD2asalegalpersonthathasbeengrantedauthorisationunderTitleIItoissueelectronicmoney.,postofficegiroinstitutions,theECBandnationalcentralbanks,MemberStatesortheirregionalorlocalauthorities-beingtheactivity

27、rese11red.WithreferencetotheobligationsarisingfromthePSD2,theDirectiveembracesamaximumharmonisationmodelinordertominimizedifferencesintranspositionacrossMemberStates.Nonetheless,withintheEUcountries,notallmemberStateshavetransposedtheDirectiveinidenticalterms;thishasbeeninfluencedfirstandforemostbyn

28、ationaltraditionsandtheregulatoryframeworksalreadyinplaceand-probablytoalesserextent-bythelevelofmaturityoftheFintechecosystemineachcounttyThehypothesisissuggested,interalia,inI.Romanovaetal.,ThePaymentSensesDiredhvIIandCompetitiveness:TbePerSPeCtiVeofEuropeanVintecbCompaniesyinEuropeanResearchStudi

29、esJournalVolumeXXI,Issue2,2018,3-22.ForthePUrPOSCSoftheanalysisconductedhere,WCembracethebroadernotionoffintcchaccordingtowhichHnTecbreferstotheallapplicationsoftechnologytofinance(seeD.W.Arner-J.Barberis-R.P.Buckley,7EvolutionofFinTech:ANewPost-CrisisParadir/?,2016,availableatParadigm).However,itsh

30、ouldbenotedthatothersadoptastricternotionoffintcchaccordingtowhichttHnTecbisdefinedastech11olo-enabkdinnovationinfinancialservicesthatcouldresultinnewbusinessmodels,applications,processesOrproducfswithanassociatedmaterialeffect2,beingasoftodaymostpaymentservicesdigital.Inthisregard,itshouldbepointed

31、outthatbyadoptingabroadnotionoffintech3,allthosefinancialservicesthathavedigitalelements-orthataremoreingeneralprovidedthroughdigitalplatforms-areincluded6.Yet,itisgenerallyacknowledgedthat,inthefuture,eventhosespaceswhicharenotyetdefinitivelyconqueredbyfintechwilllikelybeprogressivelyfilledand,thus

32、,thatfintechattractivenesswillfurtherariseasasubstantivedriverinassessingtheenvironmentwithinthroughwhichpaymentservicescanbeoffered.Insuchanenvironment,MemberStates,NationalCompetentAuthorities(NCAs)areinchargeofverifyingthatmarketactorsoperatingunderPSD2-regulatedsendeesdorespectalltherequirements

33、thattheDirectivemandates.Theirauthorizationis,therefore,asubstantiveenablertoenterandoperateinthepaymentSerViCesector,aswellasanessentialtooltoallowforharmonizationacrosstheSingleMarketII. RegulatoryrcompetitionTheallocationofcompetenciesattheNCAslevelmayresultindiscrepanciesintreatmentandthusfirmsc

34、anengageinregulator5arbitrage.Theworkinghypothesis,asemergingfromthedatadiscussedbelow,isthatdifferentMemberStatesdoofferindeeddifferentconditions(inrelationtosupe11ision,beingtheregulatorydisciplinelargelyhomogeneousthroughouttheEuropeanUnion)andeconomicactorsbasetheirdecisionsastowheretoseekauthor

35、ization,consideringwheresupervisoryauthoritiesadoptlessrestrictiveapproaches.Inthisregard,itisObSerVCdthatthereanumberofsendeeprovidersdecidetoestablishtheirregisteredoffice(andthusapplyforauthorisation)incountrieswheretheyCarryoutaminimalpartoftheiractivities,evenintheabsenceofadistinctiveconnectio

36、nbetweenthatCoUntryandthepromotersoftheentrepreneurialventure.Inthesamevein,itisnotuncommonforentitiesregulatedunderthePSD2toofferareducednumberofservicesinthehomeCOUntrycomparedtothoseofferedinotherMemberStates.Infact,asizeablenumberoffirmsauthorisedinspecificcountriesarelargelycross-borderinnature

37、andgenerateasignificantpercentageoftheirrevenuesabroad8.ThiscanbeObSerVedevenmoreclearlywithregardto“fintechrelated,serviceproviders(e.g.thirdpartyproviders:AISPsandPISPs9).Oneofthereasonsthatmightexplainitisactuallythelessstringentapproachofthesuperviso11rauthoritiesinthesecountries.ontheprovisiono

38、ffinancialserviced(FSB,FinancialStabilityImplicationsfromFinTechSUPerViSOryandRegulatory*IssuesthatMeritAuthorities,AttcntionJunc27,h2017,7).6 Itshouldhoweverbespecifiedthatamongpaymentservices,therearesomeinwhichthefintechcomponentismoreprominent,whileothersbelongtothemoretraditionalsendeesCategory

39、creditcards,moneyremittance,etc.)thatarebythewayinmostcasesprovidedusingtechnologicaltools.7 EuropeanBankingAuthority,OpinionoftheRmnpeanBankingAuthorityonitstechnicaladviceonthereviewofDirective(EU)2075/2366onpaymentservicesintheinternalmarket(PSD2),EBA/Op/2022/06,June23rd2022,at6,18,30.8 Inthissec

40、tor,thisoftenhappenswithouteventheneedtosetupbranches,asoperationsaremostlydigitalandonline.9 AccountInformationSendeeProviders(AISPs)andPaymentInitiationSendeeProviders(PISPs)arePSD2-regulatedentitiesthatoffertechnology-drivenservicesthatareinstrumentaltothetraditionalfundstransferservices.3Thus,pr

41、imafacie,thereappearstoexistanissueofheterogeneityofapproachesbyNCAs,resultingincompetitionbetweenjurisdictionswithintheEuropeansinglemarket(whichshouldinsteadbecharacterisedbyhomogeneity).Naturally,shouldthisPrelirninaryhypothesis-alsohighlightedbyempiricalevidence10-beconfirmed,thisfragmentationne

42、edstobeaddressed.Thiswouldeitherpromptagreaterharmonisationofrules(includingonenforcement,eliminatinganyresidualdiscretioninoperatingmethodsbytheNCAs)orafurthercentralisationofcompetences,withdirectSupendsionattributedtoEuropeanauthorities,asalreadyoccursinotherareasoffinancialsupervision(e.g.theSin

43、gleSUPerViSoryMechanisminthebankingsupervision).Thefirstsolution,however,risksbeingineffective,asthemaindiscrepanciesamongtheNCAsareprimarilynotattributabletotheapplicationofdifferentrules,buttothevaluativeapproachemployed.Aslongasthesuperdsorycompetencesareattributedatnationallevel,theEUhardlycanin

44、terveneonthespecificitiesofnationalproceduralrulesandareasoftechnicaldiscretion.Therefore,theproblemlurksinthefoldsofthesystem.Thesecondsolution-furthercentralizationofSUPerViSorycompetencesatEuropeanlevel-facesresistancefromMemberStates,whichareobviouslyjealousoftheirareasofsovereignty.However,ther

45、ehavebeennumerousattemptstocentralisesupervisorycompetenciesinthefinancialsectorinrecenttimes.Mostnotably,thereisaproposalfortherealizationoftheCapitalMarketsUnion11thatisongoingbyseveralyearsnow.Thepaymentservicessectorisnotimmunetoattemptstocentralisation,eveniftheseprojectsare,atpresent,not“horiz

46、ontal”.Indeed,aformofpartialcentralisation(albeitformallyjustifiedbytheexistenceofspecificrisks)hasbeenimplementedbytheMICARegulation,whichattributestoEBAdirectSUPerViSQrycompetencesoversignificante-moneytokens(andsignificantasset-referencetokens)issuers12.Thisisanareaofinterestforourpurposes,asitin

47、volvesformsofsupe11dsionbytheEBAonsomeserviceprovidersincludedinthescopeofPSD2.Hence,toremedytheunevenSUPCrViSOryapproaches,thatmaybemotivated-amongtheotherthingsbythedesiretomakeaCOUntry-SyStemmoreattractivetostart-upsandotherfinancialSerViCeproviders,centralisationmodelsmayrepresentthemosteffectiv

48、eanddefinitivesolution.Notwithstandingthis-andawareofthecurrentarchitecturethatallocatessignificantcompetencestonationalauthorities-10 SccthefollowingSectionsfordiscussion.11 firstproposalwasformulatedbytheEUCommissionin2015,thenfollowedbythe2020ActionPlan(EuropeanCommission,Communication,ACapitalMarketsUnionforPersonsandBusinesses-ANenActionPlantCOM2020590final,September24th2020).Recently,onthesubject,C.1.agarde,AKantianTnmfortheCapitalMarketsUnion,SpeechattheEuropeanBankingCongress.BankingCongress,FrankfurtamMain,November17,h2023).12 Regulation(EU)2023/1114oftheEuropeanParliamentando