Public consultation on the implementation of the revised CBM Directive

The Central Bank of Malta has launched a public consultation on its implementation of the proposed text of the revised Directive relating to the Provision and Use of Payment Services in Malta.

The proposed Directive will repeal CBM Directive No. 1 (Ref: CBM 01/2009) and is modelled on the requisites of the Directive (EU) 2015/2366 on payment services in the internal market (PSD2).

The proposed text of the revised Directive reflects the natural process of adaptation to embrace the technological developments that have affected the European payments landscape over the last few years.

It expands the scope of services offered by the Payment Services Providers in order to meet the expectations of the Payment Services Users and also fosters competition in the market, giving PSUs further opportunities to choose the best providers and services.

This public consultation is open for all interested stakeholders, including the general public. Responses should be submitted on email regulation@ centralbankmalta. org by 7 July.

Comments submitted after this deadline, or submitted via other means may not be processed. The Public Consultation Paper, including the proposed draft transposition text of the revised CBM Directive No. 1, can be found on the Central Bank of Malta website: https://www.centralbankmalta. org/ en/ publicconsultation.

This public consultation is in line with the provisions of Directive No. 6 on consultation exercises with stakeholders. More information can be found on http://www.konsultazzjoni.gov.mt