New Guidelines On Major Incident Reporting Under PSD 2

The European Banking Authority has published new Guidelines on major incident reporting, under Directive (EU) 2015/2366 (PSD2). Article 96 PSD2 requires payment services providers to establish a framework to maintain effective incident management procedures, including for the detection and classification of major operational or security incidents. The new Guidelines set out criteria for payment services providers to determine what constitutes a major incident (and therefore identify incidents which must be notified to the competent authority) and sets out the criteria for competent authorities to use when assessing the relevance of reported incidents and how to share these incidents with other domestic authorities.