1. What are the sources of payments law in your
jurisdiction?
Payment services in Gibraltar are primarily regulated under the
Financial Services (Payment Services) Regulations 2020
("PSR"). The PSR transpose the Payment Services Directive
EU 2015/2366 ("PSD 2") into Gibraltar law. See Question
14 for further information on the applicability of EU law insofar
as Gibraltar law in concerned.
The PSD 2 makes provisions for the transparency of payment
services and requirements for both users and providers in the
provision of payment services. It replaced the first Payment
Services Directive (2007/64/EC) and increased the scope and
application capturing transactions in any currency and "one
leg out" transactions. PSD 2 is able to capture new services
and providers, these include the newly defined "payment
initiation services providers" and "account information
services providers".
