Details on these requirements are set out in chapter 13 of our document Payment Services and Electronic Money - Our Approach. Payment service providers must comply with conduct of business requirements set out in the PSRs 2017. These provisions include developing regulatory technical standards (RTS) and guidelines. Payment services are listed in Schedule 1 to the Payment Services Regulations 2017 (PSRs 2017). Guidance on the implementation and interpretation of the law . However, when the Commission published its review of EMD1 (SEC 2008/2573) (the “Commission Review”), it named a few examples such as Proton and Mondex (both pre-paid cards) as among the products that were intended by EMD1. National Competent Authorities in EU Member States are required to notify the EBA of whether or not they intend to comply with EBA Guidelines. The RTS specify the framework for cooperation and the exchange of information between competent authorities of the home and host Member States. If one looks at money deposited in a conventional bank current account that has online banking/payment functionality, that money seem to fall squarely within the definition: What “electronically (or magnetically) stored” may mean, has never been satisfactorily clarified. Become your target audience’s go-to resource for today’s hottest topics. These RTS specify the requirements, under PSD2, of the strong customer authentication (SCA), the exemptions from the application of SCA, the requirements with which security measures have to comply in order to protect the confidentiality and the integrity of the payment service users’ personalised security credentials, and the requirements for common and secure open standards of communication (CSC). The ITS specify the type of information that will be contained in the register from a pre-defined list of institutions that is provided by the PSD2 itself, including: RTS on Strong Customer Authentication and common and secure communication under Article 98 of Directive 2015/2366 (PSD2). On 27 November 2017 the European Commission published a draft Commission Delegated Regulation. Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA relevance). So what seems to be the problem with the e-money definition? E-money institutions under EMD1 were also treated as “credit institutions” (i.e. Guidelines on procedures for complaints of alleged infringements of Directive (EU) 2015/2366. This Notice 1.2. The implementation date for PSD2 is 13 January 2018. The RTS on strong customer authentication and common and secure communication became applicable on 14 September 2019. The original Payment Services Directive (PSD) was introduced in 2007 and became UK law in 2009 through the Payment Services Regulations (PSRs). There is no specific guidance on what “issue” means for these purposes. the account bank) for that monetary value. a typical debit card) would allow a customer to access money held elsewhere but not on the instrument itself and transactions via the instrument would have to be routed to the issuer for authentication. To better explore the problem, it is necessary to go back in time briefly. Directive (EU) 2015/2366 of the European Parliament and of the Council, See the EU version of this legislation on EUR-Lex, See an archived version from EUR-Lex in the web archive, Use of agents, branches or entities to which activities are outsourced, Settlement of disagreements between competent authorities of different Member States, Application to exercise the right of establishment and freedom to provide services, Supervision of payment institutions exercising the right of establishment and freedom to provide services, Measures in case of non-compliance, including precautionary measures, Access to accounts maintained with a credit institution, Prohibition of persons other than payment service providers from providing payment services and duty of notification, Burden of proof on information requirements, Derogation from information requirements for low-value payment instruments and electronic money, Information for the payer and payee after the initiation of a payment order, Information for payer’s account servicing payment service provider in the event of a payment initiation service, Information for the payer after receipt of the payment order, Information for the payee after execution, Accessibility of information and conditions of the framework contract, Changes in conditions of the framework contract, Information before execution of individual payment transactions, Information for the payer on individual payment transactions, Information for the payee on individual payment transactions, Information on additional charges or reductions, Derogation for low value payment instruments and electronic money, Confirmation on the availability of funds, Rules on access to payment account in the case of payment initiation services, Rules on access to and use of payment account information in the case of account information services, Limits of the use of the payment instrument and of the access to payment accounts by payment service providers, Obligations of the payment service user in relation to payment instruments and personalised security credentials, Obligations of the payment service provider in relation to payment instruments, Notification and rectification of unauthorised or incorrectly executed payment transactions, Evidence on authentication and execution of payment transactions, Payment service provider’s liability for unauthorised payment transactions, Payer’s liability for unauthorised payment transactions, Payment transactions where the transaction amount is not known in advance, Refunds for payment transactions initiated by or through a payee, Requests for refunds for payment transactions initiated by or through a payee, Payment transactions to a payment account, Absence of payee’s payment account with the payment service provider, Payment service providers’ liability for non-execution, defective or late execution of payment transactions, Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions, Management of operational and security risks, Regulatory technical standards on authentication and communication, Obligation to inform consumers of their rights, Amendments to Regulation (EU) No 1093/2010, the original print PDF of the as adopted version that was used for the EU Official Journal, lists of changes made by and/or affecting this legislation item, links to related legislation and further information resources, the original print PDF of the as adopted version that was used for the print copy, confers power and blanket amendment details.
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