Uitvoeringsbesluit grensoverschrijdende betalingen codificatie

The Decree of 4 September 2023 to amend the implementation of EU Financial Market Regulations was published in the Dutch Official Gazette.
The Decree aims to amend the Implementation of EU Financial Markets Regulations in relation to the incorporation of certain provisions from Regulation (EU) 2021/1230 of the European Parliament and the Council dated 14 July 2021 regarding cross-border payments within the Union. This Regulation is a codification of the previous Regulation (EC) No. 924/2009 concerning cross-border payments, without making substantive changes.
The key features of Regulation (EU) 2021/1230 include the principle of equal charges for cross-border euro payments and equivalent domestic payments within a member state. It also includes rules regarding transparency in currency exchange costs and information requirements. The Decree designates the Autoriteit Financiële Markten (AFM) as the supervisory authority responsible for ensuring compliance with the Regulation. It empowers the AFM to impose penalties, including fines and coercive measures for violations.
Furthermore, the Decree assigns the Dutch Institute for Financial Disputes (Kifid) with the extrajudicial resolution of disputes arising from this Regulation between beneficiaries and their payment service providers. Unlike the previous Regulation, Regulation (EU) 2021/1230 allows member states to make extrajudicial dispute resolution accessible to both consumers and SMEs. This change is reflected in the Decree by introducing a new second clause to Article 3 of the Implementation of EU Financial Markets Regulations. As extrajudicial dispute resolution is now also open to SMEs, the Consumer Extrajudicial Dispute Resolution Implementation Act and of the Financial Institutions (Conduct of Business) Decree has been declared to apply by analogy, as well as by Regulation (EU) No 2015/751 (interchange fees for card-based payment transactions), now that SMEs are not consumers.
Lastly, the Decree updates references to the 2009 Regulation and subsequent amendments to align them with the corresponding articles of Regulation (EU) 2021/1230, which came into effect on 19 August 2021.
Given that this amendment concerns the codification of an existing regulation, there are no significant (side) effects for implementing and enforcing authorities.