FIN.

Opinion of the EBA on the transition from PSD1 to PSD2

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.

 

 

FIN. Team