On 19 December 2017 the European Banking Authority (EBA) published its opinion, addressed to the competent authorities, on the transition from the existing Payment Services Directive (PSD1) to the revised Directive (PSD2). PSD2 will apply from 13 January 2018.
In the opinion, the EBA sheds some light on a number of issues identified by market participants and competent authorities regarding the transitional period foreseen under PSD2.
In addition to some general remarks on the progress made on instruments, the preparation of which are the EBA's responsibility, the opinion expands on the following topics and aims to help market participants understand them better:
- exemptions to the immediate requirement to be PSD2 authorised
- 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
- the EBA's proposed supervisory actions in 2018 to support the transition
Please reach out to our PSD2 experts if you have any further questions, and watch this blog for more updates on PSD2.
The original document published by the EBA can be found here: EBA Opinion on the transition from PSD1 to PSD2 (EBA-Op-2017-16)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
