Regulation 2021/1230 - Cross-border payments in the Union (codification) - Main contents
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official title
Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union (codification)| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2021/1230 |
| Original proposal | COM(2020)323  |
| CELEX number i | 32021R1230 |
| Document | 14-07-2021; Date of adoption |
|---|---|
| Publication in Official Journal | 30-07-2021; OJ L 274 p. 20-31 |
| Effect | 19-08-2021; Entry into force Date pub. +20 See Art 16 |
| Deadline | 19-04-2022; See Art 14.1 |
| End of validity | 31-12-9999 |
30.7.2021 |
EN |
Official Journal of the European Union |
L 274/20 |
REGULATION (EU) 2021/1230 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 14 July 2021
on cross-border payments in the Union
(codification)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
Regulation (EC) No 924/2009 of the European Parliament and of the Council (4) has been substantially amended several times (5). In the interests of clarity and rationality, that Regulation should be codified. |
(2) |
For the proper functioning of the internal market and in order to facilitate cross-border trade within the Union, it is essential that the charges for cross-border payments in euro are the same as for corresponding payments within a Member State. |
(3) |
It is not advisable to apply the principle of equality of charges for payment instruments which are mainly or exclusively paper-based, such as cheques, since, by their very nature, they cannot be processed as efficiently as electronic payments. |
(4) |
The principle of equality of charges should apply to payments initiated or terminated on paper or in cash which are processed electronically in the course of the payment execution chain, excluding cheques, and to all charges linked directly or indirectly to a payment transaction, including charges linked to a contract. Indirect charges include charges for setting up a permanent payment order or fees for using a payment card or debit or credit card, which should be the same for national and cross-border payment transactions within the Union. |
(5) |
In order to prevent the fragmentation of payment markets, it is appropriate to apply the principle of equality of charges. For that purpose, a national payment having the same characteristics as, or very similar characteristics to, the cross-border payment should be identified for each category of cross-border payment transaction. It should be possible, inter alia, to use the following criteria to identify the national payment corresponding to a cross-border payment: the channel used to initiate, execute and terminate the payment, the degree of automation, any payment guarantee, customer status and relationship with the payment service provider, or the payment instrument used, as defined in point (14) of Article 4 of Directive (EU) 2015/2366 of the European Parliament and of the Council (6). Those criteria should not be considered to be exhaustive. |
(6) |
Competent authorities should issue guidelines to identify corresponding payments where they consider it necessary. The Commission, assisted, where appropriate, by the Payments Committee established by Article 85(1) of Directive 2007/64/EC of the European Parliament and of the Council (7), should provide adequate guidance and assist the competent authorities. |
(7) |
In order to facilitate the functioning of the internal market and to avoid inequalities between payment service users in the euro area and non-euro area Member States in respect of cross-border payments in euro, it is necessary to ensure that charges for cross-border payments in euro within the Union are aligned with charges for corresponding national payments made in the national currency of the Member State in which the payment service provider of the payment service user is located. A payment service provider is... |
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