The legislative process to revise the PSD2 has reached its next
stage: the Council published its stance on the draft legislation.
The latest draft amendment introduces, among others, new exemptions
for payment services, strengthens fraud prevention measures,
clarifies the interplay between MiCAR and PSR and enhances the
provisions for Account Information Services and Payment Initiation
Services.
In June 2023, the European Commission
("EC") published proposals for the
amendment of the revised Payment Services Directive (Directive (EU)
2015/2366 – "PSD2"). As part of
the proposals, PSD2 will be updated to PSD3, and PSD3 is
supplemented with a Payment Service Regulation
("PSR"). The European Parliament
("EP") adopted the proposals from the EC
in April 2024, with certain proposed amendments
("Parliament Draft Amendment"). On 18
June 2025, the Council of the European Union
("Council") has published its stance
("Council Stance" or
"PSR-D") on the Parliament
