EBA Publishes Opinion on Transition from PSD1 to PSD2
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- Clarifies how and when the existing EBA Guidelines on the security of internet payments under PSD1 will be superseded by the provisions in PSD2 and the related EBA instruments.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
Previous Article
EBA Regulatory Standards Related to Recovery and Resolution PlanningNext Article
DNB Issues Insurance Newsletter for December 2017Related Insights
|
News
US Agencies Propose Revisions to FFIEC Reports 031, 041, 051, and 101US Agencies (FDIC, FED, and OCC) propose to extend for three years, with revision, FFIEC 031, FFIEC 041, FFIEC 051, and FFIEC 101.
February 21, 2019
WebPage
Regulatory News
|
|
News
OFR Adopts Data Collection Rule on Centrally Cleared Repo TransactionsOFR adopted a final rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.
February 20, 2019
WebPage
Regulatory News
|
|
News
FHFA Finalizes Rule on Federal Home Loan Bank Capital RequirementsFHFA published, in Federal Register, the final rule to adopt, as its own, portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks.
February 20, 2019
WebPage
Regulatory News
|
|
News
PRA Publishes PS4/19 on Loss-Absorbency Mechanism Under Solvency IIPRA published a policy statement (PS4/19) that provides feedback on responses to the consultation paper (CP27/18) on adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down under Solvency II.
February 20, 2019
WebPage
Regulatory News
|
|
News
SRB Publishes Framework for Performing Valuations in ResolutionThe framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.
February 19, 2019
WebPage
Regulatory News
|
|
News
BIS Paper on Effect of Securities Lending on OTC Market LiquidityBIS published a working paper that studies how securities lending affects over-the-counter market (OTC) liquidity.
February 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Extend Consultation Period for the Proposed SA-CCRUS Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.
February 18, 2019
WebPage
Regulatory News
|
|
News
FED Extends Consultation Period for Stress Testing RuleFED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.
February 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for February 2019EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.
February 15, 2019
WebPage
Regulatory News
|
|
News
SEC Proposes Rule on Risk Mitigation Techniques for Uncleared SBSSEC proposed a rule that would require the application of specific risk-mitigation techniques to portfolios of security-based swaps (SBS) that are not submitted for clearing.
February 15, 2019
WebPage
Regulatory News
|
