Category Payment Services
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK. More information on Jonny and his appointment can be found here.
FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income retail investments investment management and wholesale financial markets It produces this review to inform its overall approach and ultimately its business plan. The studies identify where […]
UK Finance has applied on behalf of the UK to stay in SEPA. SEPA is operated by the EPC outside the EU institutional framework. UK Finance says the SEPA community would support it staying, and its own members want to do so. The final decision will be made on 7 March, but UK Finance anticipate […]
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this, the FCA has published CP19/02 on Brexit and contractual continuity. This consultation paper is aimed at such incoming firms. It consults on […]
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a hard Brexit. FCA has opened the window from 7 January to 28 March, Its website includes a guide […]
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers; consultation and discussion on the investment platforms market study remedies; policy statement on 2019/20 fees and levies; consultation on recovering the costs of […]
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and the Binding Technical Standards (BTS) that are to come within the PRA’s remit; the second relates to BTS that will come within the […]
FCA is consulting on how it proposes to make technical standards which are substantially the same as the PSD2 SCA RTS to ensure strong customer authentication and common and secure open standards of communication post-Brexit. FCA comments that some of the SCA-RTS take effect from 14 March 2019 and others not until 14 September. In […]
In September 2018, the FCA consulted on new or amended rules, directions and guidance to implement the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication; new fraud reporting requirements; and draft EBA exemption guidelines. The FCA has now published its policy statement, setting out the revised Payment Services and […]
As part of its ongoing work to tackle high cost credit, the FCA has announced proposals to restrict the charges banks are able to impose for overdrafts. The FCA is proposing a package of measures that include stopping firms from charging higher fees for unannounced overdrafts, controlling overdraft charges, and requiring firms to work more […]
Treasury has published a draft statutory instrument setting out the Financial Services Contracts Regime (FSCR) which will provide run-off mechanisms to the various temporary regimes the government and regulators are preparing to put in place for Brexit. The regime will cover firms that currently passport into the UK under FSMA, the PSRs or the EMRs, and […]
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints from SMEs who meet two of the three following criteria – fewer than 50 employees; annual […]
The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME customers of financial services, and complaints made by customers of claims management services. The consultation questions include inviting […]
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies. We have published an article that summarises and discusses these Principles.
The EBA has published its Opinion on how eIDAS certificates and be used under the SCA and CSC RTS under PSD2. The Opinion: clarifies that it is the ASPSPs that should choose whether a Qualified certificate for electronic seals (QSealC) or a qualified certificate for web authentication (QWAC) should be used for identification purposes; suggests […]
The EBA has published final Guidelines on the exemption from the fall back mechanism requirement under the RTS on Secure Customer Authentication and Common and Secure Communications (Commission Delegated Regulation (EU) 2018/389) (SCA & CSC RTS). This exemption applies to account servicing payment service providers (ASPSP) who meet the four conditions sets out in the […]
The Payment Systems Regulator (PSR) is consulting on its proposal to make general directions requiring payment service providers (PSPs) to implement a Confirmation of Payee (CoP) service. The consultation paper seeks comments on whether regulatory intervention is needed to require banks and PSPs to offer a CoP service to their customers when they make payments using […]
The Bank of England and Pay.UK are inviting expressions of interest from senior stakeholders who could represent the payments industry on a newly created Standards Advisory Panel. The new Panel will focus on the implementation of ISO20022, but also cover also payments standards for the UK. The deadline for applications is Monday 10 December 2018.
FCA’s latest Policy Development Update lists a number of publications due before the end of the year: policy statement on regulating CMCs policy statement on RTS and guidelines under PSD2 rates proposals for covering the costs of OPBAS review of permitted links for insurers in relation to Patient Capital and a discussion paper on Patient […]
As part of its preparation for the contingency of a ‘hard’ Brexit, HM Treasury has published draft onshoring legislation relating to: Payment accounts Financial markets infrastructure insolvency Central securities depositories and Investment funds and managers The changes made under these SIs are unlikely to take effect if an implementation period is agreed.
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR extension in December 2019. Although targeted at solo-regulated firms, the FCA notes that the guidance may also be useful for dual-regulated firms preparing or updating […]
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on : plans for the Solvency II and Insurance measures Bank Recovery and Resolution Credit Rating Agencies (FCA has also published an […]
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes to the FCA’s Handbook and to those EU Binding Technical Standards, which, it is proposed, would be incorporated directly […]
FCA has published its Thematic Review into money laundering and terrorist financing risks in the E-money sector. Its review covered 13 firms and focused on e-money products including prepaid cards and digital wallets, but not money remittance services or any services that fall outside FCA’s regulatory remit (such as exempt cards). FCA found the firms […]
The APP Scams Steering Group, set up by the PSR, is consulting on a draft industry code to reimburse victims of APP scams. The code sets standards for industry to meet to help get appropriate treatment for customers. The code proposes, among other things, that where a consumer has met their requisite level of care […]
The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April 2019. The consultation also sets out when SM&CR may apply to CMCs, and what action they will need to take. The […]
As part of its implementation of PSD2, the FCA has published a consultation on matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication (SCA-RTS) (CP18/25). Most of the SCA-RTS provisions come into effect from 14 September 2019, and certain provisions relate to measures that regulators […]
Treasury has published further drafts of Brexit-related statutory instruments: the EEA Passport Rights (Amendment, etc, and Transitional Provisions)(EU Exit) Regulations 2018 address the necessary amendments to legislation to repeal passport rights under single market directives consequent on Brexit and legislates for the temporary permissions regime for those who will lose any passports; the draft Payments […]
The Dubai Financial Services Authority (DFSA) and the Singapore Monetary Authority (MAS) have announced that they have entered into an agreement to promote the regulation of innovative businesses. The agreement allows referrals of FinTech firms between the two authorities, provides a framework for sharing information on innovation, and also records a commitment to collaborate on […]
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of electronic signatures in some cases. Consequently, the Law Commission has now published early conclusions from its review […]
The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders on issues such as: awareness and adoption of the LEI in various jurisdictions; types of private sector uses of the LEI; […]
The industry body UK Finance has developed a voluntary ‘How to’ guide on compliance with the requirements of the Funds Transfer Regulation (also referred to as the Wire Transfer Regulation). The guide aims to assist with an industry-wide harmonised approach to compliance, thereby increasing the efficiency of payment processing. The guidance’s stated aim is to […]
Commission Delegated Regulation (EU) 2018/1108 has been published in the OJ. This Regulation sets out RTS relating to the criteria for determining when it may be appropriate to require electronic money issuers and payment service providers who have certain cross-border operations to appoint a central contact point for a particular territory. The RTS also address the […]
The FCA has published a consultation paper on rules and guidance to improve conduct and communication in the payment services and e-money sectors. Currently, payment service providers and e-money issuers are subject to different regulatory requirements, as both FSMA and non-FSMA firms operate in these sectors. The FCA has recognised that this creates a mismatch […]
The Payment Systems Regulator has published a report on contactless mobile payments (CMPs). It sees this as a growth area as people become more comfortable with using it, more contactless pay-points are available and functionality improves. As a result, it wanted to be sure it understood relevant issues and the effects of the sector on […]
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking Authority’s recommendations, and changes to relevant legislation.
The FCA has published a note that summarises research conducted as part of the FCA Credit Card Market Study into helping credit card users who are only making the minimum payments increase the rate at which they repay their debt. In particular, the research describes the effectiveness (or otherwise) of a series of experiments designed […]
We have written an article on the new corporate governance reporting requirements for certain large private companies. The requirements will come into force on 1 January 2019 applying to financial years beginning on or after 1 January 2019, with reporting effectively commencing in 2020 for the previous year. We also cover the consultation launched on […]
On a new page on its website, ‘Measuring our impact before we intervene‘, the FCA has published a group of documents that aim to provide an indication of how the FCA assesses the likely impact of its policies. These documents consist of: a paper setting out the FCA’s approach to conducting cost benefit analyses for […]
The PSR has published its draft terms of reference setting out the proposed approach to the market review into the supply of card-acquiring services that it intends to carry out. The review follows concerns that the supply of these services may not be working well for merchants, and ultimately consumers. This includes, for example, concerns that there […]
On 20 July 2018, the Bank Of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and Payment Systems Regulator (PSR) published their Memorandum of Understanding in relation to payment systems (MoU). The MoU sets out the high-level framework which the regulators will use to cooperate with one another in relation to payment […]
The European Banking Authority (EBA) has published its final report on the fraud reporting guidelines under PSD2 (Guidelines). The Guidelines have been published following the consultation which took place in August 2017. Article 96(6) of PSD2 states that payment services providers must provide ‘statistical data on fraud relating to different means of payment to their competent […]
The Financial Stability Board has reported to the G20 Finance Ministers and Central Bank Governors on its work in relation to crypto-asset markets. It has worked with the CPMI to set up a framework for monitoring the financial stability implications of market developments, and has been working out the metrics for monitoring that it will […]
Charles Randell, the recently appointed Chair of the FCA and the PSR, has delivered a speech, in which he discussed the increasing dominance of algorithms in our day to day lives, and noted some of the consequent issues that will need to be grappled with, as the rise of Big Data, AI and machine learning […]
The FCA has published a revised version of its Approach Document on payment services and electronic money. The updated document includes new guidance on operational and security risks under PSD2; which can be found in chapters 13 (reporting and notifications) and 18 (operational and security risks). The FCA has also made a number of other […]
Following a consultation in October 2017, the European Payments Council has published a revised version of its mobile contactless Single Euro Payments Area (SEPA) card payments interoperability implementation guidelines (MCP). The guidelines have been updated to reflect a rapidly evolving system and address the interoperability aspects relating to the MCP application lifecycle management.
The Payment Systems Regulator (PSR) has issued a press release stating that the consolidation of the UK retail payment systems is now complete, following the introduction of the New Payment Systems Operator (NPSO). The NPSO took over the running and managing of cheque paper and cheque image clearing systems on 1 July 2018.
The Payment Services Regulator has published a policy statement following its review of the regulatory fees regime. It has now set out its decisions, and published a standalone document on fees figures for 2018/19.
FCA has made new rules. The changes affect several parts of the Handbook, including: miscellaneous minor and clarificatory changes, including a change to the application chapter of SYSC to clarify that certain rules in SYSC 4.3A do not apply to an AIFM investment firm that is not a CRR firm; changes to make the Handbook consistent […]
We recently wrote an article for Compliance Monitor on strong customer authentication under PSD2 and EBA Guidelines.
The Treasury, the Bank of England and the FCA have published information about how financial services legislation will be on-shored under the EU (Withdrawal) Act, in particular to ensure the (hopefully unlikely) ‘hard Brexit’ scenario is addressed, if the negotiated implementation period is not able to take effect from March 2019. The Treasury intends to lay […]
FCA is consulting on changes to complaints handling rules to help victims of authorised push payment fraud. Currently, victims cannot complain to the PSP that receives their payment when their own PSP is not at fault. FCA now proposes rule changes to require firms to handle this type of complaint, and also to allow eligible […]
The Payment Systems Regulator has published a summary of measures it is currently working on with other bodies to protect customers from authorised push payment scams – where fraudsters trick people into sending them money. These ongoing or imminent measures include the enhancement of sanctions data quality confirmation of payee guidelines for identity, verification, authentication […]
FCA statement on EBA’s draft PSD2 Guidelines and Opinion for banks and others involved in open banking
The FCA has published a statement on the European Banking Authority’s (EBA) draft PSD2 Guidelines and Opinion on the Regulatory Technical Standards (RTS) on Strong Customer Authentication and Common and Secure Communication. The FCA said that it was supportive of the views contained in the EBA Opinion and encourage firms and API initiatives to consider these […]
In the ongoing case of Bundeskammer für Arbeiter und Angestellte v ING-DiBa Direktbank Austria Niederlassung der ING-DiBa AG (Case C-191/17), the European Court of Justice has been asked for the first time to interpret the term ‘payment account’ for the purposes of the Payment Services Directive (PSD). The Advocate General’s Opinion has now been handed down, […]
The European Banking Authority (EBA) has published its annual report 2017, in which it describes the work undertaken and its achievements in 2017. The report also includes the EBA’s key areas of focus for 2018. The work undertaken by the EBA and its achievements in 2017 include: finalising important components of the Single Rulebook and […]
The EBA has published a consultation on draft Guidelines supplementing the Regulatory Technical Standards on strong customer authentication published in the OJ in March 2018, and applicable from September 2019. Article 33(6) of the RTS set out the conditions that must be met when an Account Servicing Payment Service Provider (ASPSP) wishes to provide access […]
The Payment Services Regulator (PSR) has published a Discussion Paper (DP18/1) on the use of data in the payments industry. The aim of the discussion paper is to better understand the actions the PSR may need to take in the future around the use of data in payment services. The PSR acknowledges that the UK’s payment sector is growing […]
The Bank of England (BoE) has, together with the New Payments System Operator (NSPO) and the Payment System Regulator (PSR), launched a 6 week consultation on the adoption of a common global standard, known as “ISO 20022”, for payments in the UK. The standard will be adopted across the UK’s main interbank payment systems – […]
Nicky Morgan and Andrew Bailey have exchanged letters of the problems customers faced following TSB’s IT migration. The Treasury Committee had asked about the work FCA had done in advance of the planned migration, its assessment of the problems and its views on TSB’s evidence to the Committee and its communications with customers as well […]
FCA’s latest quarterly consultation proposes the usual minor miscellaneous changes to its Handbook, including; changes to the appointed representatives appointment firm: the changes are spurred on by IDD changes but generally require firms to make a statement that they have complied with their regulatory obligations as principal; the COBS rules for insurance distribution to ensure […]
The FOS has published its Annual Review for 2017/2018. Many of the complaints statistics highlight products that are the subject of ongoing regulatory scrutiny and activity: the FOS notes significant increases in complaints in home credit, hiring, leasing and renting, and payday loans: putting to one side PPI, one in four new complaints related to […]
FCA is consulting on guidance for firms setting out what factors under the Consumer Rights Act they should take into account when they are drafting and reviewing variation terms. The draft guidance sets out a list of things FCA says firms should take into account, which would include: how valid the reason for variation is […]
UK Finance, the Financial Data and Technology Association, the Electronic Money Association and techUK have jointly published voluntary guidelines. The guidelines are directed at account servicing payment service providers, account information and payment initiation services and technical service providers. The guidelines seek to increase customer protection in relation to ‘screen scraping’, including by promoting the […]
FCA’s latest Policy Development Update promises over the next couple of months the overdue feedback on fees and levies policy proposals with consultation on rates proposals. No dates are set for any other key papers.
The Bank of England has announced that the New Payment System Operator Limited (NPSO) has taken over responsibility for the Bacs and Faster Payment retail payment systems. This consolidation is the result of work by both the Bank of England and the Payment Systems Regulator. The objective is to develop the capability and capacity of […]
FCA has published the final list of the most representative services linked to a payment account and subject to a fee for the purposes of the Payment Accounts Regulations. Firms will have to use the terminology from 31 October. There are 15 defined services: maintaining the account arranged overdraft unarranged overdraft refusing a payment due […]
The Bank of England has announced that TransferWise, an FCA-regulated non-bank PSP has joined Faster Payments as a direct participant. This is the first non-bank PSP to join a UK payment system settling in central bank money. BoE, FCA and the Payment Systems Regulator all heralded the development.
FCA has published an insight article looking at the ongoing problems for victims of APP scams. The article looks at initiatives to minimise the risks of falling victim to these scams and, in particular, how the advent of Faster Payments brings both advantages and bigger risks to consumers. The article considers the potential safety feature […]
The Department for Business, Energy and Industrial Strategy is consulting on proposals which, among other issues, seek to to improve the consumer experience in regulated markets for utilities, telecommunications and financial services and to ensure consumers buying and selling online benefit from new technology and business models, and have appropriate protection for their personal data. […]
The Joint Committee of the European Supervisory Authorities has published its report for the second half of 2017. This report highlights the following potential sources of instability: repricing of risk premia uncertainties regarding the terms of Britain’s exit from the EU; cyber attacks; and climate change. The report urges firms and supervisory authorities to seek […]
The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]
The FCA has published a speech, by Karina McTeague, Director of Retail Banking Supervision, on opportunities offered by the Payment Services Directive (PSD2) and open banking. Highlights of the speech include: the FCA has a real interest in the Open Banking Implementation Entity’s successful delivery of the Competition and Market Authority’s open banking application programming interface […]
FCA’s latest policy development update does not promise anything particularly new. Key deadlines for the next quarter include: policy statement on regulatory fees and levies, with consulation on rates – during April; changes to rules and guidance in SUP under the PSR – now overdue; and possibly a policy statement on the FSCS funding review.
The European Banking Authority (EBA) has published a Consultation Paper on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising new institutions under the Mortgage Credit Directive (MCD) and the Payment Services Directive (PSD2). The deadline for comments is 27 May 2018.
In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]
The Payment Systems Regulator’s annual report says 2017 was a record-breaking year for new participants, and it expects many more PSPs to join in 2018. Its early projections suggest 11 PSPs could become direct participants in CHAPS, Faster Payments and Bacs during the year, as opposed to 4 new joiners in 2016. It also reports […]
Commission publishes Delegated Regulation on RTS on strong customer authentication and common and secure communication under PSD2
The Commission has published the Commission Delegated Regulation (EU) 2018/389, supplementing the revised Payment Services Directive with regard to regulatory technical standards (RTS) for strong customer authentication and common and secure open standards of communication. It will apply from 14 September 2019, with the exception of Article 30(3) and (5), which will apply from 14 March […]
As part of its ongoing work on culture and governance, the FCA has published a discussion paper, comprising a series of essays from academics and industry thought leaders covering: what a ‘good’ culture might look like; the role of regulation and regulators; how firms might go beyond incentives; and how to change behaviour for the […]
As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which, following Brexit, can no longer rely on their passporting rights to do business in the UK. The FCA has published a survey to […]
The Payment Services Regulator (PSR) has announced the outcome of its consultation on the introduction of a contingent reimbursement model for victims of authorised push payment (APP) scams. In summary: an industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection; consumer groups and […]
The Bank of England has published a report on its supervision of financial market infrastructures (FMI). The report measures performance against its 2017 annual report, as well as looking ahead. The report: Defines FMIs and their importance; Explains BoE’s supervisory role and BoE’s interaction with national and international regulators; Reports on BoE’s supervision over the […]
FCA’s new-look update on its service standards shows that it met most of its targets for various regulatory tasks, including authorisations, passport notifications, dealing with queries and customer satisfaction. However, it did fall slightly short on some applications, particularly consumer-credit related ones, and some of its work on passports.
The European Commission has updated its website to provide information on how Brexit will affect banking and finance rules. Separate pages address: markets in financial instruments banking and payment services post-trade issues asset management credit rating agencies insurance and reinsurance and statutory audit Each page looks at the impact of withdrawal on authorisations, contracts and […]
FCA has published a “Dear CEO” letter emphasising the work required to combat authorised push payment (APP) fraud. This follows the Which? super-complaint in September 2017, and the Payment Systems Regulator’s response in November. FCA explains combating APP fraud and financial crime in general is a priority articulated in its 2017/2018 Business Plan. FCA hopes […]
The EBA has written to the European Commission following the Commission’s adoption of the RTS on strong customer authentication under PSD2. The EBA welcomes the adoption, appreciates the note the Commission took of some of EBA’s concerns and says it appreciates the Commission’s decision not to take note of some others. However, it questions why […]
The European Commission has published a report on the implementation and impact of the second Electronic Money Directive (EMD2). The report focuses on the application of prudential requirements for electronic money institutions and discusses the relationship between EMD2 and the Fourth Money Laundering Directive. The European Commission concluded that: the overall assessment of the EMD2 […]
FCA has opened a consultation on plans to provide more small businesses with access to FOS. The changes proposed would allow FOS complaints redress to approximately 16,000 SMEs, charities and trusts, by changing the eligibility criteria to access FOS. Under the proposals, eligible businesses would be those that satisfy the following criteria: Under 50 employees; […]
The Payment Systems Regulator (PSR) has published a letter sent by it to the Chair of the Treasury Select Committee regarding the UK’s ATM network. The letter sets out the PSR’s continued commitment to ensuring access to ‘free to use’ ATMs, and describes its ongoing program of work on the ATMs network. The letter also […]
The Joint Committee of the European Supervisory Authorities (ESA) has published its final guidelines under the Wire Transfer Regulation (Regulation (EU) 2015/847) in each of the official languages of the EU. The guidelines were first published in September 2017 and include measures that payment service providers should take to detect missing or incomplete information on the […]
We have written an article for Compliance Monitor summarising the key changes PSD2 brings to UK law.
FCA’s latest Policy Development Update promises, among other things: policy statement on regulatory fees and levies by the end of March; the delayed policy statement on further implementation of the FAMR; consultation on the Money Market Funds Regulation in January; the final policy statement and near final IDD rules, also in January; and consultation in […]
Charles Randell CBE has been appointed the new chair of FCA and the PSR with effect from 1 April.
Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit
Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]
Earlier this year, the Competition and Markets Authority (CMA) published the results of a market study into the use of digital comparison tools in a number of sectors, including car insurance, home insurance and credit cards. The findings of the market study included strong concern about the use of ‘most favoured nation’ clauses, which can […]
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: […]