评估PSD2授权制度与监管策略(英).pdf
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1、 EBI Working Paper Series Daniel Fo&Antonio Davola Assessing the authorization regime under PSD2 13/02/2024 2024 no.164 Electronic copy available at:https:/ 2016-2023 European Banking Institute e.V.,Frankfurt am Main Germany(“EBI”)The European Banking Institute is a eingetragener Verein(e.V.)under G
2、erman law(21 of German Civil Code)registered in Frankfurt am Main,Germany.EBI is a non-profit organisation established exclusively and directly for charitable purposes gemeinnutzig within the meaning of Steuerbegunstigte Zwecke in the German tax administration code(Abgabenordnung).All rights reserve
3、d.The European Banking Institute The European Banking Institute based in Frankfurt is an international centre for banking studies resulting from the joint venture of Europes preeminent academic institutions which have decided to share and coordinate their commitments and structure their research act
4、ivities in order to provide the highest quality legal,economic and accounting studies in the field of banking regulation,banking supervision and banking resolution in Europe.The European Banking Institute is structured to promote the dialogue between scholars,regulators,supervisors,industry represen
5、tatives and advisors in relation to issues concerning the regulation and supervision of financial institutions and financial markets from a legal,economic and any other related viewpoint.The Academic Members of EBI are the following:1.Universiteit van Amsterdam,Amsterdam,The Netherlands 2.Universite
6、it Antwerpen,Antwerp,Belgium 3.Alma Mater Studiorum Universit di Bologna,Bologna,Italy 4.Academia de Studii Economice din Bucureti(ASE),Bucharest,Romania 5.Universitt Bonn,Bonn,Germany 6.Trinity College,Dublin,Ireland 7.The University of Edinburgh,Edinburgh,Scotland 8.Goethe-Universitt,Frankfurt,Ger
7、many 9.Frankfurt School of Finance&Management,Frankfurt,Germany 10.Universiteit Gent,Ghent,Belgium 11.Helsingin yliopisto(University of Helsinki,Helsinki,Finland)12.Universiteit Leiden,Leiden,The Netherlands 13.KU Leuven University,Leuven,Belgium 14.Universidade Catlica Portuguesa,Lisbon,Portugal 15
8、.Universidade de Lisboa,Lisbon,Portugal 16.Univerze v Ljubljani(University of Ljubljana,Ljubljana,Slovenia)17.Queen Mary University of London,London,United Kingdom 18.Universit du Luxembourg,Luxembourg 19.Universidad Carlos III de Madrid,Madrid,Spain 20.Universidad Autnoma Madrid,Madrid,Spain 21.Uni
9、versidad Complutense de Madrid/CUNEF,Madrid,Spain 22.Johannes Gutenberg University Mainz(JGU),Mainz,Germany 23.University of Malta,Malta 24.Universit Cattolica del Sacro Cuore,Milan,Italy 25.(University of Cyprus,Nicosia,Cyprus)26.Radboud Universiteit,Nijmegen,The Netherlands 27.BI Norwegian Busines
10、s School,Oslo,Norway 28.Universit Panthon-Sorbonne(Paris 1),Paris,France 29.Universit Panthon-Assas(Paris 2),Paris,France 30.(University of Piraeus,Athens,Greece)31.Stockholms Universitet(University of Stockholm,Stockholm,Sweden)32.Tartu likool(University of Tartu,Tartu,Estonia)33.Universitt Wien,Wi
11、en,Austria 34.Uniwersytet Wrocawski(University of Wrocaw,Wrocaw,Poland)35.Universitt Zrich(University of Zrich,Zrich,Switzerland)Supervisory Board of the European Banking Institute:Thomas Gstaedtner,President of the Supervisory Board of the European Banking Institute Enrico Leone,Chancellor of the E
12、uropean Banking Institute EBI Working Paper Series EBI Working Paper Series are a project of the European Banking Institute e.V.EBI Working Paper Series represent a selection of academic researches into the area of banking regulation,banking supervision and banking in general which have been drafted
13、 by professors and researchers of EBI Academic Members and selected by the Editorial Board.Editorial Board Wolf-Georg Ringe(chair),Thierry Bonneau,Guido Ferrarini,Christos Hadjiemmanuil,Peter Mlbert,Ignacio Tirado,Eddy Wymeersch Electronic copy available at:https:/ 1 Assessing the authorization regi
14、me under PSD2:do(different)supervisory practices prevent the achievement of a level playing field in the EU?DANIEL FO&ANTONIO DAVOLA*Abstract The research aims at empirically investigating whether a correlation can be identified between the presence of payment institutions and e-money institutions a
15、uthorized in each Member State and the restrictiveness of the supervisory practices of individual NCAs.In particular,the analysis is aimed at ascertaining whether the same risks,same rules,same supervision principle can be deemed to be fulfilled within the European payment services sector and-if not
16、-what countermeasures can be taken to re-establish compliance with it.Building on the data available in the Peer review on authorizations under PSD2 Report published by the EBA,the research inspects the impact of different supervisory policies together with elements such as the overall“FinTech frien
17、dliness”of the considered Member States on the amount of authorization granted in different Member States,and tries to identify whether the different variables considered are likely to have an impact in terms of potential supervisory arbitrage,henceforth reducing the effectiveness of the harmonizati
18、on interventions in the Single Market.This will be functional to identify those areas in which procedural harmonization might be advisable,as well as to pinpoint weaknesses in the level playing field model,as it is currently implemented.Keywords:Payment Services;Authorisation;PSD2;Level playing fiel
19、d;Supervision;National Authorities.Summary:I.Introduction II.Regulatory competition III.Analyzing the impact on supervisory practices on the development of the Member States payment services market IV.Substantive and procedural authorization requirements under PSD2 V.Data,methodology and hypotheses
20、VI.Analysis of the impact of supervisory practices on the number of authorisations granted by each Member States VII.Main findings and concluding remarks.*Daniel Fo is Post-Doctoral Researcher in Economic Law at University of Milan“Luigi Bocconi”;Antonio Davola is Assistant Professor in Economic Law
21、 at University of Bari“Aldo Moro”.The Authors contributed equally to the paper;Daniel Fo contributed mostly to Sections 2,3 and 6.Antonio Davola contributed mostly to Section 4 and 5.The authors contributed equally to Sections 1 and 7.Electronic copy available at:https:/ 2 I.Introduction The Payment
22、 Services Directive 2(Directive UE 2015/2366 PSD2)provides for a comprehensive regulation of payment services1.The Directive finds its roots in the observation that the technological innovation and the development of the digital environment have a significant impact on the payment sector,allowing fo
23、r the introduction of new services and for new subjects to enter the market.In particular,as some of the new entities that entered in the digital payment service market have been seen as operating outside of the scope of the previously existing regime(PSD2),a new regulatory framework was needed so t
24、o ensure the stability of the payment industry and the level playing field among market players.Currently,PSD2-regulated payment services include traditional services as well as more innovative ones(e.g.account information and payment initiation services,which are expression of the open banking ecos
25、ystem);both the categories of services can only be provided by Payment Institutions(PIs)-in addition to banks and e-money institutions(EMIs)3,post office giro institutions,the ECB and national central banks,Member States or their regional or local authorities being the activity reserved.With referen
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- 关 键 词:
- 评估 PSD2 授权 制度 监管 策略
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