Analysis of the EC proposals for PSD2: overview
The European Commission (EC) has issued a proposal to amend and restate the existing Payment Services Directive and so create a new directive (PSD2). Here is a snapshot of the key proposals.
PSD scope: the EC proposes to significantly narrow the existing commercial agent, limited network and digital device exemptions. The EC finding is that the current wording is ambiguous and is being interpreted too broadly by market participants. The EC’s focus on the overuse of these exemptions raises the prospect that going forward the Financial Conduct Authority (FCA) will provide more challenge in the UK to how firms use these exemptions…
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