10/12/2021

Central Bank of Malta updates the CBM Directive No. 1 on the Provision and Use of Payment Services

The Central Bank of Malta published today an updated text of the CBM Directive No. 1 on the Provision and Use of Payment Services which implements the provisions of Titles III and IV of the revised Payment Services Directive (PSD2): Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC, originally published on 9 January 2018.

On 10 June 2021, the European Banking Authority published the revised Guidelines on major incident reporting under PSD2, which will repeal the previous Guidelines.

To this effect, the Bank has amended Annex 1 of the CBM Directive No. 1 which now reflects the new requirements. The revisions aim to optimise and simplify the reporting process and the standardised template. Furthermore, the amendments will concentrate on incidents with significant impact to payment service providers (PSPs) and will improve the relevance of the information to be reported. The changes will also remove unnecessary steps from the reporting process and reduce the reporting burden for PSPs.

The amendments will come into force as of 1 January 2022. 

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