A clear distinction must be made between the expected outlook and developments and the corrective actions taken or planned in the framework of the above-mentioned controls. Examples for outlook and developments: Migration to SEPA for credit transfers and direct debits, the launch of a virtual or prepaid card, withdrawal of a payment instrument, etc. Important remark concerning mutual banking groups In the case of a company affiliated to a central body that issues and/or manages a cashless payment instrument (responsible for overall risk analysis): the central body alone should produce risk analysis in this Annex. The affiliated company is therefore relieved of this task. It must nevertheless mention it refers to the central body’s “that decisions in the area of risk analysis and risk mitigation measures”. The risks specific to the company itself, which have not been described in the analysis provided by the central body, must nevertheless be specified by the affiliated company. this also applies to the periodic control function. If this function is exercised under the central body’s responsibility and described by this body in the control” section, only the controls specific “periodic to the affiliated company should be provided by the latter. lastly, this applies to the description of expected developments. The affiliated company should only describe the developments specific to it and not addressed by the central body. In the case where the central body neither issues nor manages payment instruments, but remains responsible for the control function (in particular controls focusing on payment instruments): the affiliated company should describe, clearly and accurately, all controls focusing on payment instruments implemented by the central body and should at no time refer to the central body’s internal control report (which does not include an annex on the security of payment instruments).
A clear distinction must be made between the expected outlook and developments and the corrective actions taken or planned in the framework of the above-mentioned controls. Examples for outlook and developments: Migration to SEPA for credit transfers and direct debits, the launch of a virtual or prepaid card, withdrawal of a payment instrument, etc. Important remark concerning mutual banking groups In the case of a company affiliated to a central body that issues and/or manages a cashless payment instrument (responsible for overall risk analysis): the central body alone should produce risk analysis in this Annex. The affiliated company is therefore relieved of this task. It must nevertheless mention “that it refers to the central body’s decisions in the area of risk analysis and risk mitigation measures”. The risks specific to the company itself, which have not been described in the analysis provided by the central body, must nevertheless be specified by the affiliated company. this also applies to the periodic control function. If this function is exercised under the central body’s responsibility and described by this body in the “periodic control” section, only the controls specific to the affiliated company should be provided by the latter. lastly, this applies to the description of expected developments. The affiliated company should only describe the developments specific to it and not addressed by the central body. In the case where the central body neither issues nor manages payment instruments, but remains responsible for the control function (in particular controls focusing on payment instruments): the affiliated company should describe, clearly and accurately, all controls focusing on payment instruments implemented by the central body and should at no time refer to the central body’s internal control report (which does not include an annex on the security of payment instruments).