The European Blanking authority (EBA) has published an opinion (EBA/Op/2017/16) on the transition from the Payment Services Directive (2007/64/EC) (PSD) to the revised Directive on payment services in the internal market ((EU) 2015/2366) (PSD2), which will apply from 13 January 2018.
The EBA clarifies a number of issues identified by market participants and competent authorities, including:
- exemptions to the immediate requirement to be PSD2 authorised;
- the re-authorisation of existing payment institutions and electronic money institutions;
- providers of account information services or payment initiation services benefiting from the exemption under Article 115(5) PSD2;
- accessing payment account information during transitional period II under PSD2;
- application of the EBA Guidelines on the security of internet payments under PSD1;
- cross-border services in the event of delayed transposition of PSD2 in a Member State; and
- the EBA’s proposed supervisory actions in 2018 to support the transition.