PSD2

Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (PSD2) and the related legal instruments adopted at the level of the European Union and the European Banking Authority (EBA) put into place a new framework for the further development of a better integrated internal market for electronic payments within the EU, aiming also to lead to greater efficiency, choice and transparency on payment services. One further distinctive feature of the new framework is that it is opening the EU market to new services and providers.

The new framework amends the existing framework by replacing Directive 2007/64/EC on payment services in the internal market (PSD1) and by modifying Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions.

PSD2 and the related legal instruments adopted at the level of the European Union have been published in the Official Journal of the European Union and the technical standards, guidelines and recommendations related to PSD2 are all available under the following link:

http://www.eba.europa.eu/regulation-and-policy/payment-services-and-electronic-money/-/activity-list/MgjX6aveTl7v/more

Regardless of the fact that the Luxembourg legislative process to transpose PSD2 is still ongoing and in order to facilitate the timely assessment of application files with the new requirements under PSD2, applicants may already introduce application or registration files, including information to be provided as part of an application or registration under the PSD2 regime. Such applications or registrations should be filed on the basis of the new application or registration forms published hereunder. It should nevertheless be noted that licenses or registrations under the new framework of PSD2 may only be delivered after the transposition law has been voted.