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Level 2 legal acts in relation to PSD 2

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Procedure 2013/0264/COD

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PSD 2 Tool Payment Services Directive (PSD 2)

Payment Services Directive (PSD 2)

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA relevance)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-4)Article 1 - Subject matter Q&A Article 2 - Scope Q&A Article 3 - Exclusions ITSQ&AGL Article 4 - Definitions Q&A

TITLE II - PAYMENT SERVICE PROVIDERS (Article 5-37)

CHAPTER 1 - Payment institutions (Article 5-34)

Section 1 - General rules (Article 5-18)Article 5 - Applications for authorisation Q&AGL Article 6 - Control of the shareholding Q&A Article 7 - Initial capital Q&A Article 8 - Own funds Q&A Article 9 - Calculation of own funds Q&AGL Article 10 - Safeguarding requirements Q&A Article 11 - Granting of authorisation Q&AGL Article 12 - Communication of the decision Article 13 - Withdrawal of authorisation Q&A Article 14 - Registration in the home Member State Q&A Article 15 - EBA register ITSRTSQ&A Article 16 - Maintenance of authorisation Q&A Article 17 - Accounting and statutory audit Article 18 - Activities Q&A

Section 2 - Other requirements (Article 19-21)Article 19 - Use of agents, branches or entities to which activities are outsourced Q&A Article 20 - Liability Article 21 - Record-keeping

Section 3 - Competent authorities and supervision (Article 22-31)Article 22 - Designation of competent authorities Article 23 - Supervision Article 24 - Professional secrecy Q&AGL Article 25 - Right to apply to the courts Article 26 - Exchange of information Article 27 - Settlement of disagreements between competent authorities of different Member States Article 28 - Application to exercise the right of establishment and freedom to provide services RTSQ&A Article 29 - Supervision of payment institutions exercising the right of establishment and freedom to provide services RTS Article 30 - Measures in case of non-compliance, including precautionary measures Article 31 - Reasons and communication

Section 4 - Exemption (Article 32-34)Article 32 - Conditions ITSQ&A Article 33 - Account information service providers Q&AGL Article 34 - Notification and information

CHAPTER 2 - Common provisions (Article 35-37)Article 35 - Access to payment systems Article 35a - Conditions for requesting participation in designated payment systems Article 36 - Access to accounts maintained with a credit institution Article 37 - Prohibition of persons other than payment service providers from providing payment services and duty of notification GL

TITLE III - TRANSPARENCY OF CONDITIONS AND INFORMATION REQUIREMENTS FOR PAYMENT SERVICES (Article 38-60)

CHAPTER 1 - General rules (Article 38-42)Article 38 - Scope Article 39 - Other provisions in Union law Article 40 - Charges for information Article 41 - Burden of proof on information requirements Article 42 - Derogation from information requirements for low-value payment instruments and electronic money GL

CHAPTER 2 - Single payment transactions (Article 43-49)Article 43 - Scope Article 44 - Prior general information Q&A Article 45 - Information and conditions Q&A Article 46 - Information for the payer and payee after the initiation of a payment order Q&A Article 47 - Information for payer’s account servicing payment service provider in the event of a payment initiation service Article 48 - Information for the payer after receipt of the payment order Article 49 - Information for the payee after execution

CHAPTER 3 - Framework contracts (Article 50-58)Article 50 - Scope Article 51 - Prior general information Article 52 - Information and conditions Q&A Article 53 - Accessibility of information and conditions of the framework contract Article 54 - Changes in conditions of the framework contract Q&A Article 55 - Termination Article 56 - Information before execution of individual payment transactions Article 57 - Information for the payer on individual payment transactions Article 58 - Information for the payee on individual payment transactions Q&A

CHAPTER 4 - Common provisions (Article 59-60)Article 59 - Currency and currency conversion Article 60 - Information on additional charges or reductions

TITLE IV - RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES (Article 61-103)

CHAPTER 1 - Common provisions (Article 61-63)Article 61 - Scope Article 62 - Charges applicable Article 63 - Derogation for low value payment instruments and electronic money

CHAPTER 2 - Authorisation of payment transactions (Article 64-77)Article 64 - Consent and withdrawal of consent Q&A Article 65 - Confirmation on the availability of funds GL Article 66 - Rules on access to payment account in the case of payment initiation services Q&A Article 67 - Rules on access to and use of payment account information in the case of account information services Q&A Article 68 - Limits of the use of the payment instrument and of the access to payment accounts by payment service providers Q&A Article 69 - Obligations of the payment service user in relation to payment instruments and personalised security credentials Q&A Article 70 - Obligations of the payment service provider in relation to payment instruments Q&A Article 71 - Notification and rectification of unauthorised or incorrectly executed payment transactions Article 72 - Evidence on authentication and execution of payment transactions Q&A Article 73 - Payment service provider’s liability for unauthorised payment transactions Q&A Article 74 - Payer’s liability for unauthorised payment transactions Q&AGL Article 75 - Payment transactions where the transaction amount is not known in advance Q&A Article 76 - Refunds for payment transactions initiated by or through a payee Article 77 - Requests for refunds for payment transactions initiated by or through a payee

CHAPTER 3 - Execution of payment transactions (Article 78-93)

Section 1 - Payment orders and amounts transferred (Article 78-81)Article 78 - Receipt of payment orders Article 79 - Refusal of payment orders Article 80 - Irrevocability of a payment order Q&A Article 81 - Amounts transferred and amounts received

Section 2 - Execution time and value date (Article 82-87)Article 82 - Scope Article 83 - Payment transactions to a payment account GL Article 84 - Absence of payee’s payment account with the payment service provider Article 85 - Cash placed on a payment account Article 86 - National payment transactions Article 87 - Value date and availability of funds Q&A

Section 3 - Liability (Article 88-93)Article 88 - Incorrect unique identifiers Article 89 - Payment service providers’ liability for non-execution, defective or late execution of payment transactions Article 90 - Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions Article 91 - Additional financial compensation Article 92 - Right of recourse Article 93 - Abnormal and unforeseeable circumstances

CHAPTER 4 - Data protection (Article 94)Article 94 - Data protection Q&A

CHAPTER 5 - Operational and security risks and authentication (Article 95-98)Article 95 - Management of operational and security risks Q&AGL Article 96 - Incident reporting Q&AGL Article 97 - Authentication RTSQ&A Article 98 - Regulatory technical standards on authentication and communication RTSQ&A

CHAPTER 6 - ADR procedures for the settlement of disputes (Article 99-103)

Section 1 - Complaint procedures (Article 99-100)Article 99 - Complaints GL Article 100 - Competent authorities GL

Section 2 - ADR procedures and penalties (Article 101-103)Article 101 - Dispute resolution GL Article 102 - ADR procedures Article 103 - Penalties

TITLE V - DELEGATED ACTS AND REGULATORY TECHNICAL STANDARDS (Article 104-106)Article 104 - Delegated acts Article 105 - Exercise of the delegation Article 106 - Obligation to inform consumers of their rights

TITLE VI - FINAL PROVISIONS (Article 107-117)Article 107 - Full harmonisation Article 108 - Review clause Article 109 - Transitional provision Article 110 - Amendments to Directive 2002/65/EC Article 111 - Amendments to Directive 2009/110/EC Article 112 - Amendments to Regulation (EU) No 1093/2010 Article 113 - Amendment to Directive 2013/36/EU Article 114 - Repeal Article 115 - Transposition Article 116 - Entry into force Article 117 - Addresses

ANNEX I Q&A ANNEX II

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