Recital 16

(16) Payment institutions and electronic money institutions should meet the requirements and respect the rules of payment systems designated by Member States pursuant to Directive 98/26/EC to be allowed to participate in those systems. Given the importance of the potential contribution of payment institutions and electronic money institutions to facilitating the uptake of instant credit transfers in euro, and the importance of restoring the level playing field between banks and those institutions as soon as possible, it is necessary to grant Member States a short deadline for transposing and applying the amendments to Directive 98/26/EC, and appropriate deadlines for applying this amending Regulation to payment institutions and electronic money institutions. In order to ensure a proper level playing field for participants in systems designated by Member States pursuant to that Directive, to maintain the stability and integrity of those systems and to ensure a comprehensive risk management by payment institutions and by electronic money institutions, it is necessary to further elaborate, for payment institutions and electronic money institutions requesting participation and participating in such systems designated by Member States pursuant to Directive 98/26/EC, certain provisions of Directive (EU) 2015/2366 of the European Parliament and of the Council (7). Those provisions concern the safeguarding of users’ funds, governance arrangements and business continuity arrangements. It is anticipated that the amendments to Directive (EU) 2015/2366 will be further reviewed by the European Parliament and the Council when they consider the Commission proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives (EU) 2015/2366 and 2009/110/EC and the Commission proposal for a Regulation of the European Parliament and of the Council on payment services in the internal market and amending Regulation (EU) No 1093/2010.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.