5.12.2007 Official Journal of the European Union L 319/1 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) DIRECTIVES DIRECTIVE 2007/64/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 November 2007 on payment services in the internal market amending Directives 97/7[EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular the first and third sentences of Arti- cle 47(2) and Article 95 thereof, Having regard to the proposal from the Commission, Having consulted the European Economic and Social Committee, Having regard to the opinion of the European Central Bank (1), Acting in accordance with the procedure laid down in Article 251 of the Treaty (%), Whereas: (1) It is essential for the establishment of the internal market that all internal frontiers in the Community be dismantled so as to enable the free movement of goods, persons, services and capital. The proper operation of the single market in payment services is therefore vital. At present, however, the lack of harmonisation in this area hinders the operation of that market. (2) Currently, the payment services markets of the Member States are organised separately, along national lines and the legal framework for payment services is fragmented into 27 national legal systems. () 0J C 109, 9.5.2006, p. 10. () Opinion of the European Parliament of 24 April 2007 (not yet published in the Official Journal) and Council Decision of 15 October 2007. 3) Several Community acts have already been adopted in this area, namely Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers () and Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 Decem- ber 2001 on cross-border payments in euro (%), but these have not sufficiently remedied this situation any more than have Commission Recommendation 87/598/EEC of 8 December 1987 on a European Code of Conduct relating to electronic payment (relations between financial institu- tions, traders and service establishments, and con- sumers) (°), Commission Recommendation 88/590/EEC of 17 November 1988 concerning payment systems, and in particular the relationship between cardholder and card issuer (%), or Commission Recommendation 97/489/EC of 30 July 1997 concerning transactions by electronic payment instruments and in particular the relationship between issuer and holder (7). These measures continue to be insufficient. The co-existence of national provisions and an incomplete Community framework gives rise to confusion and a lack of legal certainty. It is vital, therefore, to establish at Community level a modern and coherent legal framework for payment services, whether or not the services are compatible with the system resulting from the financial sector initiative for a single euro payments area, which is neutral so as to ensure a level playing field for all payment systems, in order to maintain consumer choice, which should mean a consider- able step forward in terms of consumer cost, safety and efficiency, as compared with the present national systems. That legal framework should ensure the coordination of national provisions on prudential requirements, the access of new payment service providers to the market, informa- tion requirements, and the respective rights and obligations OJ L 43, 14.2.1997, p. 25. OJ L 344, 28.12.2001, p. 13. OJ L 365, 24.12.1987, p. 72. OJ L 317, 24.11.1988, p. 55. OJ L 208, 2.8.1997, p. 52.