Two Regulations regarding payment and electronic money services have been approved

The Council of Ministers has approved, on the proposal of head of Finances Jordi Cinca, the Regulations for payment and electronic money services, whereby certain European regulatory aspects are incorporated into the Andorran legal system in the areas of payment services and the issuance of electronic money.

It has also approved the Regulation on rules applicable to payment service providers, notably on measures to facilitate the automation of cross-border payments between the Principality of Andorra and the Member States of the European Union, as well as the technical requirements for money transfers and direct debit payments in euros within the framework of the Single Euro Payments Area.

Both are outlined in the Monetary Agreement and are derived from the Law on payment and electronic money services, approved by the General Council last May. With these Regulations, compliance with the requirements for Andorra to become a member of the Single Euro Payments Area (SEPA) is foreseen. The Regulation on payment and electronic money services, develops the content requirements included in the aforementioned Law. In this regard, this Regulation governs in detail the legal framework for payment services in two major sections: the first section, dedicated to the transparency of the conditions and the information requirements; and the second section, where the rights and obligations related to the provision and use of payment services are regulated. Regarding the Regulation on rules applicable to payment service providers, it is notably expected to govern measures to facilitate the automation of cross-border payments between the Principality of Andorra and the Member States of the European Union, as well as technical requirements for money transfers and direct debit payments in euros within the framework of the Single Euro Payments Area, and it is also expected to regulate the accessibility of cross-border payments, the fees imposed on users of these payments, as well as money transfers and direct debit payments within the SEPA framework.

Source: The Government of Andorra´s Department of Communication