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ARTICLE · 23 FEBRUARY 2018

Opinion Of The EBA On Transition From PSD1 To PSD2

ELVINGER HOSS PRUSSEN, société anonyme
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On 19 December 2017, the European Banking Authority ("EBA") published an Opinion addressed to national competent authorities on the transition from the first payment service directive ...

LuxembourgFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

On 19 December 2017, the European Banking Authority ("EBA") published an Opinion addressed to national competent authorities on the transition from the first payment service directive ("PSD1") to the revised payment service directive ("PSD2").

The intention of the EBA Opinion is to clarify transitional issues and their implications for payment service providers and competent authorities resulting from transitional periods provided for in PSD2 as well as from the delayed adoption of some of the guidelines and technical standards developed by the EBA under PSD2. The EBA also proposes certain supervisory actions to support the transition.

The Opinion clarifies in particular the exemptions from the immediate requirement for PSD2 authorisation. In a nutshell:

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