October 18, 2021

Volume XI, Number 291

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October 18, 2021

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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.

Copyright © 2021 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume VII, Number 354
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About this Author

Angie Bamboulis, Womble Carlyle Law Firm, United Kingdom, Banking and Finance Attorney
Solicitor

Angie is a solicitor in the banking and financial services team; where she assists with providing finance and regulatory advice to a wide range of client.
Prior to qualifying and during her training contract she completed a one day secondment at a private wealth bank, UBP over a 3 month period; as well as full time secondments at the firm's key clients – AIG and Post Office.

440207-788-2306
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