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ARTICLE · 29 AUGUST 2013

New "Payments Legislative Package" Adopted By The European Commission

Wildgen
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On July 24th, 2013 the European Commission published the awaited proposal for a revised Payment Services Directive having for its purpose to complete and recast the Payment Services Directive implemented in the Grand Duchy of Luxembourg by the Law of November 10th 2009 on payment services.

LuxembourgFinance and Banking
Wildgen
Wildgen
Luis Marques Guilherme
Luis Marques Guilherme
Michel Bulach
Michel Bulach
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On July 24th, 2013 the European Commission published the awaited proposal for a revised Payment Services Directive ("PSD2")1 having for its purpose to complete and recast the Payment Services Directive (N° 2007/64/EC, "PSD1") implemented in the Grand Duchy of Luxembourg by the Law of  November 10th 2009 on payment services.2
 

The aims of the PSD1, which were the harmonisation of the legislation on payment services throughout the European Union (and extended to the EEA area), the implementation of new payment products (based on the SEPA products) allowing cross-border payments in Euro as simple and secure as domestic payments, and the improvement of the protection of the payment services users ("PS users"), are found in the PSD2.

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