Press Release: European Commission welcomes the European Parliament’s adoption of two proposals in the area of payments (on e-money and cross-border payments)

On 24 April, 2009, the European Parliament adopted two legislative proposals revising the current rules governing cross-border payments and the conditions for issuing electronic money in the EU. Both legal texts will now be forwarded to the EU Council for final adoption. The new Regulation on cross-border payments will apply as from 1st November 2009, the final deadline for the transposition of the Payment Services Directive. As for the new E-Money Directive, the Member States should transpose the Directive by 2011 at the latest into national law.