Romania is issued reasoned opinion regarding enactment of Payment Services Directive

The European Commission issued reasoned opinions for Romania and more seven EU countries, asking them to fully implement the Payment Services Directive in the national laws, so that the EU citizens may fully benefit from the advantages of the internal EU market.

Romania needs additional or secondary laws in order it should be able to enact several provisions of the Directive, particularly those regulating the prudential circumstances for the market institutions. The deadline for the Directive’s implementation was November 2009. The Directive’s goal is to make sure that the e-payments within the EU states, mainly the credit transfers, the direct debts or the payments by card become similarly efficient, easy and safe like the internal payments in any other EU state.

The Directive will guarantee that all the e-payments in euro or on the domestic market are concluded, at the longest in one day after the payment order is issued, and it is to supply the legal basis for the cross-border direct debt schemes, and it should also lead to price cuts and several choices for the buyers. While most of the EU countries have implemented the Directive, the above mentioned EU states, Romania included, still have to transpose the Directive, in their national laws, partly or entirely.

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