Limited Network Exemption Under PSD2 – EBA Consults On Draft Guidelines

The consultation is open for comments until 15 October 2021. The EBA plans that the Draft Guidelines will apply from 1 October 2022.

The provision of payment services and e-money services is subject to a prior licence of the relevant EU Member State's NCA (in Austria, the Financial Market Authority (FMA)) unless entities can rely on an available exemption. Many companies rely or intend to rely on the limited network exemption (LNE) under the Payment Service Directive 2 (PSD2). For those it is highly recommended to review the EBA's Draft Guidelines in detail, as they propose significant changes (including more restrictive views) to the current interpretation of the scope of the LNE.