EBA published an opinion addressed to competent authorities on the transition from the existing Payment Services Directive (PSD1) to the revised Payment Services Directive (PSD2), which will apply from January 13, 2018. In its opinion, EBA clarifies a number of issues identified by market participants and competent authorities, including with regard to the transitional period foreseen under PSD2.
PSD2 has conferred on EBA the development of twelve technical standards and Guidelines covering a number of different areas, including authorization, passporting, payment security, account access, and consumer protection. However, by the application date of PSD2, January 13, 2018, some of the EBA deliverables will not yet be applicable, either because they have not been completed or because PSD2 itself envisages that certain security-related provisions will be applicable after its application date. Additionally, PSD2 foresees that some groups of providers will not have to comply with all PSD2 requirements from its application date. The EBA opinion:
- Conveys a number of views and provides advice to competent authorities on how to address these issues. For example, the opinion clarifies that even if an EBA instrument does not yet apply, the underlying provision in PSD2 does.
- Provides clarity on the EBA interpretation of PSD2, especially with regard to the transitional period under Article 115(4) from January 13, 2018 until the Technical Standards on Strong Customer Authentication and Common and Secure Communication apply, including the advice that payment services providers comply early with the requirement.
- Clarifies how and when the existing EBA Guidelines on the security of internet payments under PSD1 will be superseded by the provisions in PSD2 and the related EBA instruments.
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