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The Central Bank of Malta updates CBM Directive Nos. 1 and 2

The Central Bank of Malta published today an update of the CBM Directive No. 1 on the provision and use of payment services and CBM Directive No. 2 on payment and securities settlement systems.

With the introduction of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA), any major incidents by reporting entities should now be reported to the Malta Financial Services Authority (MFSA). In view of this, the European Banking Authority (EBA) repealed the EBA Guidelines on major incident reporting under Directive (EU) 2015/2366. Furthermore, the EBA also amended the Guidelines on ICT and security risk management under Directive (EU) 2015/2366 to avoid duplication of reporting.

Furthermore, Regulation (EU) 2024/886 on instant credit transfers in euro (IPR) introduced a number of amendments to Directive (EU) 2015/2366 on payment services in the internal market (PSD2) and Directive 98/26/EC on settlement finality in payment and securities settlement systems (SFD). With these changes, non-bank payment service providers are able to access payment systems designated under the SFD.

The above amendments were incorporated in CBM Directive Nos. 1 and 2.