Coming Soon: A New Regulatory Framework for Payment Service Providers (McCann FitzGerald)
The revised Payment Services Directive 2015/2366 (“PSD2”) has entered into force and Member States have until 13 January 2018 to transpose it into national law. PSD2 introduces a number of key changes to the current regulatory framework for payment services as set out in Directive 2007/64 (“PSD”). Among other things, it brings into scope payment service providers (“PSPs”) that were previously unregulated and raises conduct of business standards in a number of important areas. PSD2 will have implications for all PSPs as well as for consumers.