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    • Clarifies how and when the existing EBA Guidelines on the security of internet payments under PSD1 will be superseded by the provisions in PSD2 and the related EBA instruments.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

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Consults on Revised Technical Standards on Supervisory Reporting

    EBA launched a consultation on the revised implementing technical standards, or ITS, on supervisory reporting.

    October 16, 2019 WebPage Regulatory News
    News

    BoE and FCA Examine Use of Machine Learning in Financial Sector in UK

    BoE and FCA published a report on the results of a joint survey by BoE and FCA in 2019 to better understand the use of machine learning in the financial services sector in UK.

    October 16, 2019 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel Framework

    BCBS published the seventeenth progress report on adoption of Basel regulatory framework.

    October 16, 2019 WebPage Regulatory News
    News

    APRA Proposes Measures to Strengthen Capital for Bank Depositors

    APRA proposed changes to APS 111, which is the prudential standard on measuring capital adequacy and establishes the criteria for regulatory capital requirements of authorized deposit-taking institutions.

    October 15, 2019 WebPage Regulatory News
    News

    EIOPA Consults on Technical Advice for the 2020 Review of Solvency II

    EIOPA is consulting on an opinion that sets out technical advice for the 2020 review of Solvency II.

    October 15, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3981