The National Bank of Moldova (NBM) invites payment market participants and other interested parties to participate in the development of a number of draft laws.
According to the NBM, in particular, it is in the process of elaboration of the secondary legal framework necessary for the implementation of the European directives on payment services in the domestic market (PSD2) and in the nearest future a number of draft regulations will be proposed for public consultations. In this regard, NBM invites payment services market participants and other interested parties to put forward their proposals as part of the transparency and decision-making process. As noted, on August 5, the Law on Changes to Certain Regulatory Acts, which aims to help the practical implementation of the European Directive PSD2, was published in Monitorul Oficial (the Official Journal of Moldova). NBM emphasizes that these changes are expected by the financial community of Moldova in order to increase the innovation character of payment services, to improve their security and to launch new services on the market based on open banking. The changes are of large scale and require sufficient time for implementation, which is why there are several phases of enactment of the changes introduced by this law. As noted, a limited number of provisions concerning prudential regulation of payment societies, e-money issuing societies and postal service providers operating under the Payment Services and Electronic Money Law, concerning transparency of ownership structure and rules of external audit took effect on August 5. Next year, on August 5, most of the amendments to the regulations will take effect. They continue to aim at strengthening the prudential regulation of payment societies, electronic money issuing societies and payment service providers operating under the Payment Services and Electronic Money Law. Also, the amendments are aimed at improving transparency of payment services and security of payment services. Until that date, the National Bank will adopt the documents necessary to implement the regulations to take effect. At the same time, in two years, until August 5, 2024, the rules related to provision of new payment services will take effect: payment initiation services and services of account information. In addition, the rules of strict customer authentication and related to open, unified and secure communication standards, new rules of access to customer accounts opened by payment service providers that present account management services will take effect. // 18.10.2022- InfoMarket.
