This proposal for a directive is still being considered by the Council.

Second , the proposed directive does not address the different categories of risks associated with payment services .

Under Article 2 , the proposed directive applies to an exhaustive list of business activities defined as payment services and listed in the Annex to the proposed directive .

The recent proposal by Michel Barnier, the European Commissioner for the Internal Market and Services, is an effort to implement this solution.

The proposed directive is a very welcome initiative , as it establishes a comprehensive legal framework for payment services in the EU .

The ECB also supports the planned feasibility studies concerning compiling services turnover variables at a monthly frequency .

28 April 2006 The European Central Bank opinion on the proposed directive on payment services in the internal market

Under the proposed directive , payment institutions may receive funds from the public for the provision of payment services .

The last indent of Article 1 of the proposed directive provides that central banks acting as monetary authorities and public authorities which provide payment services are not considered to be payment service providers .

General observations 1.1 The proposed directive is a very welcome initiative , as it establishes a comprehensive legal framework for payment services in the EU .

CONTEXT OF THE PROPOSAL Objectives of the proposal

EN This proposed amendment of the CRD complements the Commission Recommendation on remuneration policies in the financial services sector .

In particular , the proposed regulation requires the production of an import price index for industrial products and an output price index for services .

The Commission departments are currently in contact with the US administration with regard to the technical aspects and scope of President Bush's proposal.

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Community statistics concerning balance of payments , international trade in services and foreign direct investment

Management and support services

Since the objectives of the proposed action , that is to say , the establishment of a single market in payment services , cannot be sufficiently achieved by the Member States because it requires the harmonisation of a multitude of different rules currently existing in the legal systems of the various Member States and can therefore be better achieved at Community level , the Community may adopt measures , in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty .

Personal , cultural , and recreational services Audiovisual and related services Other personal , cultural , and recreational services Education services Health services Other Government services , n.i.e. Embassies and consulates Military units and agencies Other government services Memorandum items Audiovisual transactions Postal services Courier services

LEGAL ELEMENTS OF THE PROPOSAL Summary of the proposed action

Any change in the contractual conditions communicated to the payment service user pursuant to Article 31 ( 1 ) shall be proposed by the payment service provider in the same way as provided for in Articles 30 ( 1 ) and 31 ( 2 ) and not less than one month before the date of its proposed application .

Postal activities under universal service obligation Other postal and courier activities

Management and central support services

Where the code of conduct is concerned, I would ask Mr Lannoye once again to read the judgment of the European Court of Justice, which he quoted and about which I am very pleased.

3 ) LEGAL ELEMENTS OF THE PROPOSAL 305

1 ) CONTEXT OF THE PROPOSAL 110

Summary of the proposed action

3 ) LEGAL ELEMENTS OF THE PROPOSAL 305

3 ) LEGAL ELEMENTS OF THE PROPOSAL 305

Why, then, was the European Commission s proposed services directive, which would ensure freedom to supply services across the Union to all EU companies, vilified as the Frankenstein directive ?

The proposed Investment Services Directive ( ISD ) 4 will only work effectively and be a success if this new set of regulatory transparency requirements are in place at the same time .

Assessed compensation amount

Drafting proposal

Postal and Courier Services ( code 246 ) Comprises Postal Services ( 958 ) and Courier Services ( 959 ) .

3 OT H E R I S S U E S 3 3.1 OTHER ISSUES PAYMENT SERVICES DIRECTIVE SWIFT TRANSPOSITION INTO NATIONAL LAW IS NOW NEEDED The Eurosystem therefore urges Member States to transpose the PSD into national law as soon as possible , so as to pave the way for a successful and timely introduction of SEPA payment instruments .

Moreover , it is a major step forward towards the establishment of essential monthly and quarterly turnover and output price statistics on services .

Moreover , the proposed regulation will set a date up until which the list of service activities covered by output price statistics may be modified ( Annex , Part D ) .

Communication services ( code 245 ) They comprise Postal and Courier Services ( code 246 ) and Telecommunication Services ( code 247 ) .

EXPLANATORY MEMORANDUM 1 ) CONTEXT OF THE PROPOSAL 110

EXPLANATORY MEMORANDUM 1 ) CONTEXT OF THE PROPOSAL Grounds for and objectives of the proposal

EXPLANATORY MEMORANDUM 1 ) CONTEXT OF THE PROPOSAL 110

Computer and information services ( code 262 ) Comprises Computer services ( code 263 ) and Information services ( code 264 ) .

Code

The objective of the draft Regulation is to define the methodological details for the inclusion of products in the health , education and social protection sectors and the timetable for the inclusion of certain items ( in particular hospital services , social protection services and retirement homes ) . 7 .

Depending on existing national legislation , payment service providers that currently offer paper based services might find it more costly to introduce more efficient electronic versions of their products , as they would then fall under the proposed directive , which might therefore delay the generally desirable introduction of electronic payment services .

The European Central Bank ( ECB ) has adopted its opinion , as requested by the Council of the European Union , on the proposed directive on payment services in the internal market .