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

The Ordinance implementing PSD2 was published on 10 August 2017, completed by seven Decrees (2 September 2017) and confirmed by a Law on 5 August 2018. Current status: Implementing regulations in force
The French regulator is not expected to issue formal guidance in relation to PSD2. Current status: Guidance not available

Implementing regulations: Implementing regulations in force

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).

The Ordinance (n° 2017-1252) implementing PSD2 was published on 10 August 2017. The Ordinance directly amends the relevant provisions of the French Monetary and Financial Code ("MFC") in which French provisions implementing PSD1 had been initially consolidated. The Ordinance has been completed by seven (7) Decrees published on 2 September 2017 and finalising the implementation of PSD2. The Decrees concern in particular prudential requirements that apply to payment institutions or mandatory information to be included in framework contracts.

The Ordinance and the Decrees entered into force on 13 January 2018 but the French government has introduced a transitory period with respect to (i) the methods of communication between PSPs and TPPs (Article 66 §3 d) and §4 a) and Article 67 §2 c) and §3 a) of PSD2) and (ii) strong customer authentication requirements (Article 97 §1, 2 3 and 4 of PSD2). Such provisions will only enter into force 18 months following the entry into force of the RTS on strong customer authentication and secure communication.

Law n° 2018-700 of 3 August 2018 approving the Ordinance implementing PSD2 was published on 5 August 2018. The purpose of the Law is primarily to confirm the Ordinance. It also introduces slight amendments to the text of the Ordinance, including in particular: (i) implementation of the cashback exemption (Article 3 (e) PSD2) which had not previously been implemented in France; (ii) full reintroduction of the own account exemption (Article 3 (m) PSD2) which had been partially removed by mistake by the Ordinance; and (iii) introduction of a provision allowing the French government to adopt a Decree to implement the RTS on secure communication before their entry into force.

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

The PSD2 implementation act entered into force on 13 January 2018. Current status: Implementing regulations in force
Explanatory note to draft implementing act and BaFin guidance note published. Current status: Guidance available

Implementing regulations: Implementing regulations in force

Overview

The PSD2 implementation act entered into force on 13 January 2018. Payment services are governed by the Act on the Prudential Supervision of Payment Services and the civil law provision in Section 675c et seq of the German Civil Code.

The draft implementing act was supplemented by an explanatory note which discusses the German legislator's view of PSD2 and understanding of key PSD2 provisions. In addition, BaFin published a Guidance Notice on the German Act on the Prudential Supervision of Payment Services on 27 November 2017. This Guidance Notice is similar to the UK Perimeter Guidance and mainly details the scope of PSD2 (including exemptions).

Contacts

Richard Reimer

Partner

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

Regulatory guidance: Guidance available

Overview

The draft implementing act was supplemented by an explanatory note which discusses the German legislator's view of PSD2 and understanding of key PSD2 provisions. In addition, BaFin published a Guidance Notice on the German Act on the Prudential Supervision of Payment Services on 27 November 2017. This Guidance Notice is similar to the UK Perimeter Guidance and mainly details the scope of PSD2 (including exemptions).

Contacts

Richard Reimer

Partner

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

Italy

Primary implementing legislation is in force. Draft secondary implementing legislation has been published for consultation. Current status: Secondary implementing regulations in draft
The Bank of Italy is expected to amend the existing PSD Regulations to allow for implementation of PSD2. Current status: Guidance expected/in draft

Implementing regulations: Secondary implementing regulations in draft

Overview

Following the consultation paper published in July 2017, on 13 January 2018 Legislative Decree No. 218 of 15 December 2017 implementing PSD2 in Italy ("PSD2 Decree") at a primary level of legislation was published in the Italian Official Gazette and entered into force on the same day. The PSD2 Decree is available here (in Italian only).

On 11 July 2018, the Bank of Italy published for public consultation a set of draft rules implementing PSD2 at a secondary level of legislation. More specifically, the following draft rules have been published: (i) a draft amended version of the Banking Transparency Rules implementing, among other things, Title III (Transparency of conditions and information requirements for payment services) of Directive (EU) 2015/2366 ("PSD2"). The consultation is open until 10 September and is available here (in Italian only); and (ii) a draft amended version of the Supervisory Instructions for Payment Institutions and E-Money Institutions implementing, among other things, the PSD2 provisions on authorisation, passporting and prudential requirements. The consultation is open until 10 September and is available here (in Italian only).

Take a look at our client alert on the draft secondary legislation here.

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

Revised draft implementing regulations are still awaiting approval by the Dutch Lower Parliament (Tweede Kamer). They will then be submitted to the Dutch Higher Parliament (Eerste Kamer), which is the final step of the implementation procedure Current status: Implementing regulations in draft and awaiting approval by Dutch Lower and Higher Parliaments
No draft PSD2 guidance has been issued to date. Current status: Guidance not available

Implementing regulations: Implementing regulations in draft and awaiting approval by Dutch Lower and Higher Parliaments

Overview

On 22 September 2017, the Dutch government announced that it would not be possible for the Netherlands to implement PSD2 by 13 January 2018.

The announcement on timing was followed by publication of the first draft of the implementing decree for consultation on 26 September 2017. The consultation closed on 25 October 2017. The decree would amend the existing Decree on Conduct of Business Supervision of Financial Undertakings, the Decree on Prudential Rules for Financial Undertakings and the Decree on Market Access of Financial Undertakings. The implementing decree contains delegated legislation and will, together with the draft implementing act which was published on 17 November 2016, ensure that the relevant provisions of PSD2 will be implemented in Dutch national legislation.

On 23 October 2017 the Dutch draft implementing regulations, together with advice of the Council of State and of the Dutch Data Protection Authority, were submitted to the Dutch Lower Parliament (Tweede Kamer).

On 19 June 2018, the Dutch government published (i) a memorandum of reply (nota naar aanleiding van het verslag) and (ii) a memorandum of amendment (nota van wijziging).

The memorandum of reply includes responses of the Ministry of Finance to the questions raised during the parliamentary discussions on the draft revised PSD2 implementing regulations. These questions mainly related to privacy and the protection of personal data. The memorandum of amendment includes certain amendments and additions to the draft implementing regulations, in which the privacy aspects are better safeguarded. The government also added certain provisions in respect of payment services agents.

The revised Dutch draft implementing regulations are still pending to be approved by the Dutch Lower Parliament (Tweede Kamer). After adoption by the Dutch Lower Parliament, the draft implementing legislation will be submitted to the Dutch Higher Parliament (Eerste Kamer), which is the final step of the implementation procedure.

Take a look at this article on HL Engage for more on the latest Dutch PSD2 developments.

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

The draft Bill for the implementing Act for PSD2 has been approved by the Council of Ministers. The final Act implementing PSD2 is expected to be approved by the Spanish Parliament during the second half of 2018. Current status: Implementing regulations in draft
No draft PSD2 guidance has been issued to date. Current status: Guidance not available

Implementing regulations: Implementing regulations in draft

Overview

On 21 May 2018, the Spanish Council of Ministers finally approved the draft Bill on the Payment Services Market (implementing PSD2) after the public hearing phase.  No changes have been introduced since the last version of the Bill which was published by the Ministry of Treasury and can be accessed here (only in Spanish).  The Bill is now expected to go to both chambers of the Spanish Parliament (Congreso and Senado) for its final approval during the second half of 2018.  After it has been passed by the Spanish Parliament and published in the Official Gazette, market operators will be granted another three month transitional period in order to adapt to the new obligations set out in the final Act.

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

The Act implementing PSD2 is in force. Current status: Implementing regulations in force
No draft PSD2 guidance has been published to date. Current status: Guidance not available.

Implementing regulations: Implementing regulations in force

Overview

On 20 June 2018, the Polish Act implementing PSD2 entered into force. Payment services are now governed by the revised Act dated 19 August 2011 on payment services.

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

Majority of requirements in UK Payment Services Regulations 2017 applicable from 13 January 2018. Current status: Implementing regulations in force
The FCA has published a policy statement (PS17/19) containing final form updates to its Payment Services Approach Document, Handbook and Perimeter Guidance Manual (PERG) to reflect PSD2 and the Payment Services Regulations 2017. Current status: Finalised guidance available

Implementing regulations: Implementing regulations in force

Overview

On 19 July 2017, HM Treasury published the final form Payment Services Regulations 2017 (SI 2017/752), together with an explanatory memorandum and transposition table.  Market participants need to comply with the majority of the requirements in the Regulations from 13 January 2018.  HM Treasury has also published (i) a paper on expectations for the TPP access provisions in PSD2 (in conjunction with the FCA) and (ii) its response to its February 2017 consultation on implementing PSD2.

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: Finalised guidance available

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. The UK Payment Systems Regulator 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 was co-ordinated through the FCA and closed on 8 June 2017. 

The FCA published another consultation (CP17/22) on draft authorisation and reporting forms under PSD2 on 13 July 2017. The FCA described 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 consulted on some changes to its Handbook to introduce new reporting and record keeping requirements for PSPs. It also consulted 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 closed on 18 August 2017 and the final forms will be published in September 2017. There is a dedicated webpage.

On 19 September 2017, the FCA published a policy statement (PS17/19) containing final form updates to its Payment Services Approach Document, Handbook and Perimeter Guidance Manual (PERG) to reflect PSD2 and the PSRs 2017. Following industry feedback to its 2016 Call for Input on the existing guidance, responses to its April and July 2017 consultations and publication of the final form PSRs 2017, the FCA's revised Approach Document also:

  • combines FCA guidance on payment services and e-money into one document;
  • provides clarifications on existing guidance as well as new guidance on dealing with legislative and regulatory changes introduced since publication of the current Approach Document, including UK implementation of the Payment Accounts Directive; and
  • takes into account amendments for recent technological and other market developments, such as new technologies and business models.

The changes also cover new directions for those providers whose activities do not constitute regulated payment services business, referred to as excluded services.

In addition, the Payment Systems Regulator (PSR) has published a separate new Approach Document on the aspects of the PSRs 2017 for which it is solely responsible.

Most of the FCA's changes took effect from 13 January 2018.

The FCA application period for those firms which will need to become registered or authorised for the first time as a result of PSD2, as well as existing payment institutions and e-money institutions which will need to be re-registered or re-authorised, began on 13 October 2017.

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

Luxembourg

The law implementing PSD2 has been published in the Luxembourg Official Journal Mémorial A and enters into force on 29 July 2018. Current status: Implementing regulations published and entering into force on 29 July 2018
Awaiting draft guidance from the Luxembourg government. Current status: Draft guidance awaited

Implementing regulations: Implementing regulations published and entering into force on 29 July 2018

Overview

On 25 July 2018, the Luxembourg law implementing PSD2 was published in the Luxembourg Official Journal Mémorial A. It enters into force on 29 July 2018.  The new law will fully amend and restate the Luxembourg law dated 10 November 2009 on payment services and e-money institutions.

Contacts

Pierre Reuter

Office Managing Partner

Luxembourg
+352 26 4 26 201
pierre.reuter@hoganlovells.com

Agathe Laissus

Associate

Luxembourg
+352 26 4 26 132
agathe.laissus@hoganlovells.com

Regulatory guidance: Draft guidance awaited

Overview

The Luxembourg regulator intends to publish guidance on the interpretation of the PSD2 implementation framework.  The draft guidance is awaited.

Contacts

Pierre Reuter

Office Managing Partner

Luxembourg
+352 26 4 26 201
pierre.reuter@hoganlovells.com

Agathe Laissus

Associate

Luxembourg
+352 26 4 26 132
agathe.laissus@hoganlovells.com