PSD2 National implementation status table

The interactive table below shows the current status of work on
PSD2 implementation across a range of European jurisdictions.

Click any section to read more.

Jurisdiction
Implementing regulations
Regulatory guidance

France

There is a draft bill authorising the French government to implement PSD2 by means of Ordinance. Current status: Implementing regulations expected/in draft
The French regulator is not expected to issue formal guidance in relation to PSD2. Current status: Guidance not available

Implementing regulations: Implementing regulations expected/in draft

Overview

Article 70 of French law n°2016-1691 of 9 December 2016 on transparency, fight against corruption and modernisation of the economy authorises the French government to implement PSD2 by means of Ordinance within 18 months from the date of publication of the law (i.e., within 18 months from 10 December 2016).
As PSD2 will be implemented through Ordinance, no consultation/general discussions will be held (i.e., the French government should publish a first and final version of the Ordinance of implementation of PSD2 which will be adopted without prior consultation/debate). As a result, there are no official draft documents/debates that may help to anticipate how PSD2 will be implemented in France. However, it is likely that PSD2, like PSD1, will be implemented without modification in France.
For the sake of completeness, it is emphasised that the digital download exemption (Article 3 paragraph l of PSD2) has already been implemented on a separate basis by the French law n°2016-1321 of 7 October 2016 for a digital Republic.

Contacts

Sebastien Gros

Partner

Paris
+33 1 53 67 16 23
sebastien.gros@hoganlovells.com

Franck Dupret

Associate

Paris
+33 1 53 67 18 13
franck.dupret@hoganlovells.com

Regulatory guidance: Guidance not available

Overview

The French regulator (Autorité de Contrôle Prudentiel et de Résolution – ACPR) did not issue any formal guidance for PSD1 and it is not expected that any formal guidance will be issued in relation to PSD2.

The French Banking Federation (Fédération Bancaire Française – FBF) has issued an opinion on PSD2 raising concerns about security issues in relation to AIS providers. The FBF requests that AIS providers are regulated as payment institutions. However, this opinion should not have any impact on the French implementation procedure because (i) opinions issued by the FBF – which is not a legislative body – are not binding and (ii) the French legislature would not be entitled to regulate AIS providers as payment institutions as they have a special status which is directly provided for under PSD2.

Contacts

Sebastien Gros

Partner

Paris
+33 1 53 67 16 23
sebastien.gros@hoganlovells.com

Franck Dupret

Associate

Paris
+33 1 53 67 18 13
franck.dupret@hoganlovells.com

Germany

Two draft implementing acts (one for regulatory, one for contract law aspects) have been published. Current status: Implementing regulations expected/in draft
No draft PSD2 guidance has been issued to date. Current status: Guidance not available

Implementing regulations: Implementing regulations expected/in draft

Overview

Two draft implementing acts (one for regulatory, one for contract law aspects of PSD2) were published during the week commencing 19 December 2016 and were sent to business and consumer associations for consultation.  The consultation period ended on 4 January 2017.  It is likely that the two draft acts will be combined into one PSD2 implementation act before it is submitted to the German Federal government (and then to the Federal Diet – Bundestag; and the Federal Council – Bundesrat).

Contacts

Richard Reimer

Partner

Frankfurt
+49 69 962 36 414
richard.reimer@hoganlovells.com

Verena Ritter-Döring

Senior Associate

Frankfurt
+49 69 96 23 6 232
verena.ritter-doering@hoganlovells.com

Regulatory guidance: Guidance not available

Overview

Contacts

Richard Reimer

Partner

Frankfurt
+49 69 962 36 414
richard.reimer@hoganlovells.com

Verena Ritter-Döring

Senior Associate

Frankfurt
+49 69 96 23 6 232
verena.ritter-doering@hoganlovells.com

Italy

A consultation paper on PSD2 is likely in early/mid 2017. Current status: Implementing regulations expected/in draft
The Bank of Italy is expected to amend the existing PSD Regulation to allow for implementation of PSD2. Current status: Guidance expected/in draft

Implementing regulations: Implementing regulations expected/in draft

Overview

Law No. 170 of 12 August 2016 (so-called annual European law) granted the power to the Italian Government to implement PSD2 in the domestic legal framework within 12 months from the entry into force of the Law (i.e. 16 September 2016). A consultation paper on PSD2 implementation is expected before the deadline and likely in early/mid 2017.

Contacts

Jeffrey Greenbaum

Partner

Rome
+39 06 6758231
jeffrey.greenbaum@hoganlovells.com

Elisabetta Zeppieri

Associate

Rome
+39 06 6758 23 1
elisabetta.zeppieri@hoganlovells.com

Regulatory guidance: Guidance expected/in draft

Overview

The Bank of Italy has not issued any draft guidance on PSD2 as yet.

The Bank of Italy did not issue formal or informal guidance for PSD1. However, after the implementation of PSD1 by primary legislation, the Bank issued a Regulation providing for the secondary implementing measures. This Regulation is quite detailed and comprehensive and provides some guidance mainly regarding the positive and negative scope of PSD1. It is expected that the Regulation will be amended for the implementation of PSD2.

Contacts

Jeffrey Greenbaum

Partner

Rome
+39 06 6758231
jeffrey.greenbaum@hoganlovells.com

Elisabetta Zeppieri

Associate

Rome
+39 06 6758 23 1
elisabetta.zeppieri@hoganlovells.com

Netherlands

Draft legislation is due before the Dutch parliament in early 2017, with the aim of enactment by January 2018. As at mid-January 2017, a public consultation on the draft legislation has closed. Current status: Implementing regulations expected/in draft
No draft PSD2 guidance has been issued to date. Current status: Guidance not available

Implementing regulations: Implementing regulations expected/in draft

Overview

A public consultation on draft implementing legislation has taken place and is now closed. The minister responsible has announced that he intends to send draft legislation to the Dutch parliament in the beginning of 2017, with the aim of enactment by January 2018.

Contacts

Victor De Vlaam

Partner

Amsterdam
+31 20 55 33 600
victor.devlaam@hoganlovells.com

Regulatory guidance: Guidance not available

Overview

Contacts

Victor De Vlaam

Partner

Amsterdam
+31 20 55 33 600
victor.devlaam@hoganlovells.com

Spain

A draft Bill for the implementing Act for PSD2 is expected to be published by the Ministry of Treasury in the coming months. Current status: Implementing regulations expected/in draft
No draft PSD2 guidance has been issued to date. Current status: Guidance not available

Implementing regulations: Implementing regulations expected/in draft

Overview

A public consultation on draft implementing legislation has taken place and is now closed. The Ministry of Treasury is expected to publish a draft Bill for the implementing Act for PSD2 in the coming months, which is likely to be passed by the Spanish Parliament in late 2017 or early 2018.

Contacts

Joaquin Ruiz Echauri

Partner

Madrid
+34 91 349 82 74
joaquin.ruiz-echauri@hoganlovells.com

Jaime Bofill

Counsel

Madrid
+34 91 349 81 90
jaime.bofill@hoganlovells.com

Regulatory guidance: Guidance not available

Overview

No draft PSD2 guidance has been published to date.

For PSD1, the regulator published a Guide in 2007, before transposition (only available in Spanish). However, the document only summarises PSD1.

Contacts

Joaquin Ruiz Echauri

Partner

Madrid
+34 91 349 82 74
joaquin.ruiz-echauri@hoganlovells.com

Jaime Bofill

Counsel

Madrid
+34 91 349 81 90
jaime.bofill@hoganlovells.com

Poland

No official documentation has been published to date. Current status: Implementing regulations expected/in draft
No draft PSD2 guidance has been published to date. Current status: Guidance not available.

Implementing regulations: Implementing regulations expected/in draft

Overview

According to the Polish government website, a draft act (No. UC81) has been discussed and the planned date of acceptance by the Council of Ministers is Q2 2017. However, nothing has been officially published. The draft act could be published soon because the legislative process usually involves public consultations before a draft act is submitted to Parliament.

Contacts

Beata Balas-Noszczyk

Partner

Warsaw
+48 22 529 29 24
beata.balasnoszczyk@hoganlovells.com

Bartosz Romanowski

Senior Associate

Warsaw
+48 22 529 86 08
bartosz.romanowski@hoganlovells.com

Regulatory guidance: Guidance not available.

Overview

No draft PSD2 guidance has been published to date.

Contacts

Beata Balas-Noszczyk

Partner

Warsaw
+48 22 529 29 24
beata.balasnoszczyk@hoganlovells.com

Bartosz Romanowski

Senior Associate

Warsaw
+48 22 529 86 08
bartosz.romanowski@hoganlovells.com

United Kingdom

The Treasury consultation on draft Payment Services Regulations 2017 was launched on 2 February 2017. It closed on 16 March 2017. Current status: Implementing regulations expected/in draft
The FCA published a consultation on revised guidance for PSD2 on 13 April 2017. A 'small follow-up' consultation on draft authorisation and reporting forms under PSD2 was published on 13 July 2017. Current status: Guidance expected/in draft

Implementing regulations: Implementing regulations expected/in draft

Overview

A 6-week Government (HM Treasury) consultation on draft implementing regulations, the Payment Services Regulations 2017, was launched on 2 February 2017. It closed on 16 March 2017. The Government aimed to lay the final form Regulations before Parliament in early 2017 (now expected in July 2017).

The FCA Payment Services Stakeholder Liaison Group was re-established in July 2016 to 'ensure productive liaison between the FCA…and the payment services sector in order to support the successful implementation' of PSD2. The Group normally meets every 6 weeks. Agenda and minutes are available from the FCA payments and e-money stakeholder liaison groups webpage.

PSD1 was implemented via the Payment Services Regulations 2009 (SI 2009/209).

Contacts

Emily Reid

Partner

London
+44 20 7296 5362
emily.reid@hoganlovells.com

Roger Tym

Partner

London
+44 20 7296 2470
roger.tym@hoganlovells.com

Jonathan Chertkow

Partner

London
+44 20 7296 2191
jonathan.chertkow@hoganlovells.com

Julie Patient

Counsel

London
+44 20 7296 5790
julie.patient@hoganlovells.com

James Black

Senior Associate

London
+44 20 7296 5898
james.black@hoganlovells.com

Regulatory guidance: Guidance expected/in draft

Overview

The UK regulator, the Financial Conduct Authority (FCA), published a consultation (CP17/11) on revised guidance and Handbook rule changes for PSD2 on 13 April 2017, together with a draft revised Approach Document. There is a dedicated webpage for the consultation.

The UK Payment Systems Regulator has also published a separate draft Approach Document on the aspects of the draft UK implementing regulations, the Payment Services Regulations 2017 (PSRs 2017), for which it is solely responsible.

The consultation for both Approach Documents is being co-ordinated through the FCA and closed on 8 June 2017. The FCA intends to publish its final rules and revised Approach Document in a Policy Statement in Q3 2017, after HM Treasury finalises the PSRs 2017, so that it can take into account any further changes to the implementing legislation.

The FCA's proposed changes would take effect from 13 January 2018, unless stated otherwise in the consultation paper.

The FCA published another consultation (CP17/22) on draft authorisation and reporting forms under PSD2 on 13 July 2017. The FCA describes this as a 'small follow-up Consultation Paper on authorisation, registration and reporting forms' under PSD2 after the main PSD2 implementation consultation CP17/11. In CP17/22, the FCA is consulting on some changes to its Handbook to introduce new reporting and record keeping requirements for PSPs. It is also consulting on some registration and authorisation forms to be used by payment institutions and e-money institutions to reflect new authorisation and registration requirements under PSD2. This includes forms for existing payment institutions and e-money institutions who will need to be re-authorised or re-registered under PSD2. The consultation closes on 18 August 2017 and the final forms will be published in September 2017. A Policy Statement is expected in Q3 2017. There is a dedicated webpage for the consultation.

A further FCA consultation on matters related to the EBA mandates under PSD2 (such as the Regulatory Technical Standards on strong customer authentication and common and secure communication) will also be issued and the proposals finalised in autumn 2017, subject to progress on the various EBA workstreams.

The main sources of guidance on PSD1 are the FCA Approach Document to the Payment Services Regulations 2009 and the Guidance on the Scope of the Payment Services Regulations 2009 (PERG 15) in the FCA's Perimeter Guidance Manual.

Contacts

Emily Reid

Partner

London
+44 20 7296 5362
emily.reid@hoganlovells.com

Roger Tym

Partner

London
+44 20 7296 2470
roger.tym@hoganlovells.com

Jonathan Chertkow

Partner

London
+44 20 7296 2191
jonathan.chertkow@hoganlovells.com

Julie Patient

Counsel

London
+44 20 7296 5790
julie.patient@hoganlovells.com

James Black

Senior Associate

London
+44 20 7296 5898
james.black@hoganlovells.com