Revised Directive on Payment Services (PSD2)

There is new activity within the project to update and amend the provisions of the Directive on Payment Services. On 5 May 2015, the Parliament and Council agreed on a new proposal for a revised version of the Directive on Payment Services following trilogue negotiations between the Commission, the European Parliament and the Council of Ministers.

Already in July 2013, the Commission had drafted a proposal for a “Directive of the European Parliament and of the Council on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU and 2009/110/EC and repealing Directive 2007/64/EC” (so-called PSD2).

According to this proposal some actual regulated exemptions of the current German Payment Services Act would be limited. The German Payment Services Act is based on the current available EU-Regulation (PSD) which will be repealed by the new one.

That means, companies which are currently allowed to use an exemption, might need a regulatory licence to provide their services in future. In case of a licence requirement these companies would be under the supervision of BaFin. This would lead to massive consequences for the company. Hence the respective company should take care of the possible consequences and changes at a very early stage.

Although the new directive needs to be implemented into German law first – since an EU directive is not directly applicable in Germany – in the past, the German legislator has been constantly making efforts to transform EU directives into German law faithfully.

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