European regulators have handed a major lifeline to card firms and retailers by giving them more time to comply with incoming security reforms, but experts say more work will be needed at national level to clarify how any extension will work in practice.
The European Banking Authority (EBA) issued an opinion on Friday stating that firms would be permitted to approach their national regulator with a “migration plan” for complying with regulatory technical standards on strong authentication, which take legal effect on September 14.
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