Regulatory Alerts2018-04-06
Regulation of the Financial Market Authority on Consumer Payment Account Services (VZKDV)
The Austrian Financial Market Authority issued this regulation to transpose Directive 2014/92/EU into national law by defining the most representative services linked to consumer payment accounts. It establishes precise legal definitions for terms such as account, account provider, and transaction to ensure regulatory clarity. The document mandates that providers disclose a specific list of core services, including online banking, credit transfers, and debit card usage, which entered into force on 30 April 2018.
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