January 13, 2018 Marks the Start of a New Era in the Payment Industry
An Overview of the Status Quo of the Implementation of the PSD2 in Europe
Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EC and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (“PSD2”) had to be transposed by the Member States by 13 January 2018. It replaces Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market, amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (“PSD1”), which for the first time established a harmonised legal framework for non-cash payments in the internal market. The PSD2 aims to further develop the single European market for non-cash payments. Like PSD1, PSD2 also provides for full harmonisation: As a matter of principle, Member States are not allowed to maintain or introduce national legislation which deviates from the content of the Directive.
With the Act on the Implementation of the Second Payment Services Directive of 17 July 2017 (Zahlungsdiensteumsetzungsgestz (ZDUG) – BGBl. I p. 2446), Germany has transposed the PSD2 into national law. We have already reported on this.
Among our colleagues, we have asked what the situation is with regard to implementation in their countries. Specifically, we have asked our colleagues the following questions:
- How far is the implementation process of PSD 2 in your country?
- Can the directive be expected to be transposed in due course?
- Are there any specialties concerning the implementation?
With regard to question no. 3 we further asked to clarify the following:
- With regard to question no. 3 we further asked to clarify the following:From our point of view, it would be in particular interesting, whether there are specialities with regard to regulations of the PSD2, which the member states can implement, but do not have to (e.g. Art. 2 para. 5, Art. 8 paragraph 3, Art. 24 paragraph 3, Art. 29 para. 4, Art. 32 par. 1 and 4 , Art. 38 para. 2, Art. 42 para. 2, Art. 57 para. 3, Art. 58 para. 3, Art. 62 para. 2,3 and 5, Art. 63 para. 2 and 3, Art. 74 para. 1, Art. 76 para. 4, Art. 86, Art. 101 para. 2, Art. 109 para. 2 and 4).
- And also if there are uncertainties after the PSD2 has been implemented in your country. Just one example from Germany: “It is unclear whether AIS and PIS are obliged entities for purposes of Anti Money Laundering (AML) compliance. The German AML Act provides that all payment institutes are considered obliged entities with regard to AML-requirements (cf. Sec. 2 (1) Nr. 2 GwG). This would also include AIS and PIS (cf. Sec. 1 (1) No 1 ZDUG). However, the current AML law refers to a paragraph in the German payment law the numbering of which will not exist any longer after the PSD2 transposition law (ZDUG) takes effect. Therefore, the legislator will have to make some adjustments.”
So far, colleagues from the following countries have replied: Austria, Italy, Latvia, Luxembourg, Poland and The Netherlands. We would like to express our sincere thanks to our colleagues (you can find the contact details under the respective country). In the coming weeks we will continue to supplement this EU map. If you have any questions about the PSD2, please check PayTechLaw or contact us. If you have any questions about the implementation of the PSD2, our colleagues in the respective countries will be happy to help you. The contact details can be found under the respective countries on the EU map.
For getting to know the status of the respective country, simply click on the corresponding flag on the EU map. Have fun discovering.
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