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Introduction Directive 2015/2366 on payment services in the internal market (hereinafter PSD II) was published in the Official Journal today, 23 December 2015, repealing Directive 2007/64/EC on payment services in the internal market (hereinafter PSD I). The principal aim of PSD I, adopted in 2007, was to regulate the payments industry and to enhance consumer protection. However, PSD I is not an accurate reflection of how some payment methods operate, and its application is not always clear. The European Commission was concerned that many payment service providers (hereinafter PSPs) have escaped regulation under the current PSD I and, also due to the rapid technological changes in this sector, proposed a second iteration of this legislation. PSD II is part of the legislative package in the field of the EU payments framework, adopted by the European Commission on 24 July 2013, which also includes the new Regulation 2015/751 on interchange fees for card­based payment transactions (hereinafter the MIF Regulation). PSD II covers both public law aspects, relating to the prudential supervision of PSPs, and private law aspects, relating to the rights and obligations related to the offering and use of payment services.

This new Directive will enter into force twenty days after its publication, i.e., on 13 January 2016 and should be transposed into national law by all Member States two years after the date of entry into force, i.e., 13 January 2018. This client alert provides a summarizing overview of the main changes under PSD II.

Scope of application 2.1 E x tension of the scope a. General PSD I applies to all types of payment services carried out in EU currencies provided within the EU, to the extent that both the payer's PSP and the payee's PSP are, or the sole PSP in the payment transaction is, located in the EU ( 'both legs in the EU').

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Introduction The European Commission is concerned that many payment service firms have escaped regulation under the current Payment Services Directive. One of the main objectives of the new legislation is therefore to bring more firms within the scope of regulation. On 3 April 2014, in the last month of the 2009-14 term, the European Parliament voted to adopt a number of to the European Commission proposals for a recast, better known as the Payment Services Directive ( 'PSD 2'), and its accompanying ( 'the Regulation'). This was not, however, the end of the process of writing these proposals into law; instead, it was just another step in the negotiations over PSD 2 that have carried on since last July. The impetus behind PSD 2 was both to improve the level of consumer protection in place, and also to increase competition. It follows on from the European Commission green paper ‘’ (published in January 2012) and is also part of the wider EU proposal for regulatory reform of payment services, which includes the proposed, covering card fees, account switching, and basic bank accounts.

We have summarised the main points of PSD 2 and its accompanying Regulation below. PSD 2: extension of scope and removal of exemptions Third-party Payment Initiation Services PSD 2 would expressly cover new Payment Initiation Services ( ‘PI services’). PI services are an alternative to card payments offered by companies like PayPal: third party providers that allow consumers to make payments from their accounts, typically by electronic means.

This development is intended both to benefit consumers – PI services are currently unregulated in some Member States, but under PSD 2 would be subject to various consumer protection measures – and also PI services as well. PSD 2 seeks to reduce barriers for new market entrants offering PI services; and, in particular, would oblige payment service providers ( ‘PSPs’) such as banks to let their customers use PI services provided by third party providers. It would also oblige PSPs to let their customers use third party Account Information Services: software that displays consolidated information on a consumer’s different payment accounts. PI services would be required to be licensed, registered and supervised, like any other payment institution.