Draft law amending the Act on Payment Institutions and E-Money Institutions and the Act on Payment and Settlement Systems (634 SE) – second reading
Session: 15th Riigikogu, 5th session, plenary sitting
Date: 2025-06-11 23:56
Participating Politicians:
Total Speeches: 3
Membership: 15
Agenda Duration: 1m
AI Summaries: 3/3 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
Agenda item eight concerns an amendment to the government-initiated bill 634: the second reading of the Act on Payment Institutions and E-money Institutions and the Act on Payment and Settlement Systems. The bill aims to open up instant payments (multiple, with funds available 24/7 and functioning faster than usual), which have previously been primarily available to banks through access to the Bank of Estonia's settlement accounts. Within the framework of this bill, the possibility will be created for other payment and e-money institutions to offer similar services, increasing competition and payment accessibility for consumers and businesses.
During the second reading, five amendment proposals were made in collaboration with the Ministry of Finance and the Financial Supervisory Authority, and the linguistic and technical content of the Act was clarified. Additionally, there is a planned change regarding the date of entry into force: the general entry into force will occur on the 10th day after publication in the State Gazette (not according to the previous date of July 1, 2025). It was decided by consensus to place the bill on the agenda for June 11th, to conclude the second reading, and upon completion, to submit a proposal to place the bill on the agenda of the plenary session and to conduct a final vote on June 18, 2025. Amendment proposals no. 1 through no. 6 were considered in their entirety and it was decided that they should be regarded as a whole.
Decisions Made 2
The draft will be taken up on the agenda on Wednesday, June 11, 2025; to conclude the second reading; if the second reading is concluded, to propose taking the draft onto the plenary agenda and to conduct a final vote on June 18, 2025.
Amendment proposals no. 1–no. 6, to be fully considered by the finance committee's leading committee decision.
Most Active Speaker
Speaker: Mart Võrklaev, Member of the Finance Committee of the Riigikogu. Positional role: other (member of the Finance Committee; not indicated as a left- or right-wing party position).
Aseesimees Toomas Kivimägi
AI Summary
Under the eighth item on the agenda, the second reading of Government-initiated Draft Bill 634 – the amendment to the Payment Institutions and E-money Institutions Act and the Payment and Settlement Systems Act – will be considered, and Mart Võrklaev, a member of the Finance Committee, is invited to present the report.
Mart Võrklaev
Profiling Eesti Reformierakonna fraktsioonAI Summary
The presentation explains that the purpose of the bill is to grant payment and e-money institutions the opportunity to offer an instant payment service, which transfers funds from the payer’s account to the recipient’s account within a few seconds, 24/7. It further notes that currently, only banks can offer this service due to their access to settlement accounts. The committee drafted five amendments based on the proposals received from the Financial Supervisory Authority. Furthermore, the law’s entry into force was changed to the 10th day after its publication in the State Gazette, following the general procedure. The inclusion of the bill on the agenda is planned for June 11, with the conclusion of the second reading and the final vote scheduled for June 18, 2025.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi thanks the presenter for the report, opens and closes the debate, and proceeds to review six amendments from the Finance Committee, which the lead committee has decided to fully accept. He then announces that the second reading of Draft Act 634 is concluded and the processing of the eighth item on the agenda begins.