Featured Product

    EBA Publishes Opinion on Transition from PSD1 to PSD2

    December 19, 2017

    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    • Clarifies how and when the existing EBA Guidelines on the security of internet payments under PSD1 will be superseded by the provisions in PSD2 and the related EBA instruments.

     

    Related Link: Press Release

    Keywords: Europe, EU, Banking, PMI, PSD2, Passporting, EBA

    Related Articles
    News

    APRA Publishes Proposal to Increase Transparency of Banking Data

    APRA proposed to substantially increase the volume and breadth of data it makes publicly available on authorized deposit-taking institutions, including banks, credit unions, and building societies.

    December 05, 2019 WebPage Regulatory News
    News

    ESMA Consults on Guide to Internal Controls for Credit Rating Agencies

    ESMA launched a consultation on the guidelines on internal controls for credit rating agencies (CRAs).

    December 05, 2019 WebPage Regulatory News
    News

    EU Finalizes Directive and Prudential Rules for Investment Firms

    EU published, in the Official Journal of the European Union, the Directive (2019/2034) and Regulation (2019/2033) on the prudential requirements and supervision of investment firms.

    December 05, 2019 WebPage Regulatory News
    News

    OSFI Revises Guideline on Principles for Management of Liquidity Risk

    OSFI finalized Guideline B-6 on the principles for the management of liquidity risk.

    December 05, 2019 WebPage Regulatory News
    News

    PRA Consults on Framework to Manage Outsourcing and Third-Party Risk

    PRA published a consultation paper CP30/19 that sets out proposals to modernize the regulatory framework on outsourcing and third-party risk management.

    December 05, 2019 WebPage Regulatory News
    News

    BoE, PRA, and FCA Consult to Strengthen Operational Resilience

    BoE, PRA, and FCA published a shared policy summary and coordinated consultation papers on new requirements to strengthen operational resilience in the financial services sector.

    December 05, 2019 WebPage Regulatory News
    News

    EC Amends Rule on Mapping of External Credit Assessment Institutions

    EC published the implementing regulation (EU) 2019/2028, which amends Regulation 2016/1799, regarding the mapping tables specifying correspondence between the credit risk assessments of external credit assessment institutions (ECAIs) and the credit quality steps set out in the Capital Requirements Regulation.

    December 04, 2019 WebPage Regulatory News
    News

    EBA Issues Second Part of Advice on Implementation of Basel III in EU

    EBA published the second part of its advice on the implementation of Basel III in EU, which complements the report published on August 05, 2019.

    December 04, 2019 WebPage Regulatory News
    News

    EU Approves European Council Proposal on CCP Recovery and Resolution

    EU ambassadors approved the position of European Council on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties.

    December 04, 2019 WebPage Regulatory News
    News

    OSFI Releases Guideline on Foreign Bank Branch Deposit Requirements

    OSFI released the final version of Guideline A-10 on foreign bank branch deposit requirements, along with guideline impact analysis statement.

    December 04, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4268