# Directive (EU) 2015/2366 (PSD2) URL: https://consilena.com/coverage/laws/ksrc_96vc0a84pxhm884n - Jurisdiction: European Union - Type: Directive - Short name: PSD2 - Identifier: 32015L2366 - Current as of: 12 January 2016 - Provisions: 117 - Official text: https://eur-lex.europa.eu/eli/dir > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **Reasons and communication**: 1. Any measure taken by the competent authorities pursuant to Article 23, 28, 29 or 30 involving penalties or restrictions on the… - **Abnormal and unforeseeable circumstances**: No liability shall arise under Chapter 2 or 3 in cases of abnormal and unforeseeable circumstances beyond the control… - **Addresses**: This Directive is addressed to the Member States. - **Information and conditions**: 1. Member States shall ensure that the following information and conditions are provided or made available by the payment service… - **Scope**: 1. This Section applies to: (a) payment transactions in euro; (b) national payment transactions in the currency of the Member State outside the euro… - **ADR procedures**: and penalties — Article 102 — ADR procedures 1. Member States shall ensure that adequate, independent, impartial, transparent and effective ADR procedures for… - **Supervision**: 1. Member States shall ensure that the controls exercised by the competent authorities for checking continued compliance with this Title are… - **Authentication**: 1. Member States shall ensure that a payment service provider applies strong customer authentication where the payer: (a) accesses its payment… - **Withdrawal of authorisation**: 1. The competent authorities may withdraw an authorisation issued to a payment institution only if the institution: (a) does not… - **Prohibition of persons other than payment service providers from providing payment services and duty of notification**: 1. Member States shall prohibit natural or… - **Management of operational and security risks**: 1. Member States shall ensure that payment service providers establish a framework with appropriate mitigation… - **Subject matter**: 1. This Directive establishes the rules in accordance with which Member States shall distinguish between the following categories of payment… - **Full harmonisation**: 1. Without prejudice to Article 2, Article 8(3), Article 32, Article 38(2), Article 42(2), Article 55(6), Article 57(3), Article 58(3)… - **Information for payer’s account servicing payment service provider in the event of a payment initiation service**: Where a payment order is initiated through a… - **Amendment to Directive 2013/36/EU**: In Annex I to Directive 2013/36/EU, point (4) is replaced by the following: ‘(4) Payment services as defined in point (3) of… - **Notification and rectification of unauthorised or incorrectly executed payment transactions**: 1. The payment service user shall obtain rectification of an… - **Professional secrecy**: 1. Member States shall ensure that all persons who work or who have worked for the competent authorities, as well as experts acting on… - **Designation of competent authorities**: 1. Member States shall designate as the competent authorities responsible for the authorisation and prudential supervision… - **Currency and currency conversion**: 1. Payments shall be made in the currency agreed between the parties. 2. Where a currency conversion service is offered prior… - **Termination**: of the framework contract shall be free of charge for the payment service user except where the contract has been in force for less than 6 months. Charges, if… - **Measures in case of non-compliance, including precautionary measures**: 1. Without prejudice to the responsibility of the competent authorities of the home Member… - **Confirmation on the availability of funds**: 1. Member States shall ensure that an account servicing payment service provider shall, upon the request of a payment… - **Additional financial compensation**: Any financial compensation additional to that provided for under this Section may be determined in accordance with the law… - **Prior general information**: 1. Member States shall require that before the payment service user is bound by a single payment service contract or offer, the… - **Payment service provider’s liability for unauthorised payment transactions**: 1. Member States shall ensure that, without prejudice to Article 71, in the case of… - **Applications for authorisation**: 1. For authorisation as a payment institution, an application shall be submitted to the competent authorities of the home Member… - **Repeal**: Directive 2007/64/EC is repealed with effect from 13 January 2018. Any reference to the repealed Directive shall be construed as a reference to this… - **Amendments to Directive 2002/65/EC**: In Article 4 of Directive 2002/65/EC, paragraph 5 is replaced by the following: ‘5. Where Directive (EU) 2015/2366 of the… - **Regulatory technical standards on authentication and communication**: 1. EBA shall, in close cooperation with the ECB and after consulting all relevant… - **Information for the payee after execution**: Immediately after the execution of the payment transaction, the payee’s payment service provider shall provide the… - **Account information service providers**: 1. Natural or legal persons providing only the payment service as referred to in point (8) of Annex I shall be exempt… - **Payer’s liability for unauthorised payment transactions**: 1. By way of derogation from Article 73, the payer may be obliged to bear the losses relating to any… - **Granting of authorisation**: 1. Member States shall require undertakings other than those referred to in points (a), (b), (c), (e) and (f) of Article 1 - **Obligations of the payment service user in relation to payment instruments and personalised security credentials**: 1. The payment service user entitled to use a… - **Payment service providers’ liability for non-execution, defective or late execution of payment transactions**: 1. Where a payment order is initiated directly by… - **Conditions**: 1. Member States may exempt or allow their competent authorities to exempt, natural or legal persons providing payment services as referred to in… - **Information for the payee on individual payment transactions**: 1. After the execution of an individual payment transaction, the payee’s payment service provider… - **Absence of payee’s payment account with the payment service provider**: Where the payee does not have a payment account with the payment service provider, the… - **Limits of the use of the payment instrument and of the access to payment accounts by payment service providers**: 1. Where a specific payment instrument is used… - **Registration in the home Member State**: 1. Member States shall establish a public register in which the following are entered: (a) authorised payment… - **Communication of the decision**: Within 3 months of receipt of an application or, if the application is incomplete, of all of the information required for the… - **Information for the payer and payee after the initiation of a payment order**: In addition to the information and conditions specified in Article 45, where a… - **Access to accounts maintained with a credit institution**: Member States shall ensure that payment institutions have access to credit institutions’ payment… - **Obligations of the payment service provider in relation to payment instruments**: 1. The payment service provider issuing a payment instrument shall: (a) make… - **Safeguarding requirements**: 1. The Member States or competent authorities shall require a payment institution which provides payment services as referred to in… - **Exclusions**: This Directive does not apply to the following: (a) payment transactions made exclusively in cash directly from the payer to the payee, without any… - **Calculation of own funds**: 1. Notwithstanding the initial capital requirements set out in Article 7, Member States shall require payment institutions, except… - **Right to apply to the courts**: 1. Member States shall ensure that decisions taken by the competent authorities in respect of a payment institution pursuant to… - **Charges for information**: 1. The payment service provider shall not charge the payment service user for providing information under this Title. 2. The payment… - **Competent authorities**: 1. Member States shall designate competent authorities to ensure and monitor effective compliance with this Directive. Those competent… - **Payment transactions to a payment account**: 1. Member States shall require the payer’s payment service provider to ensure that after the time of receipt as… - **Penalties**: 1. Member States shall lay down rules on penalties applicable to infringements of the national law transposing this Directive and shall take all… - **Value date and availability of funds**: 1. Member States shall ensure that the credit value date for the payee’s payment account is no later than the business day… - **Maintenance of authorisation**: Where any change affects the accuracy of information and evidence provided in accordance with Article 5, the payment institution… - **Consent and withdrawal of consent**: 1. Member States shall ensure that a payment transaction is considered to be authorised only if the payer has given consent… - **Control of the shareholding**: 1. Any natural or legal person who has taken a decision to acquire or to further increase, directly or indirectly, a qualifying… - **Scope**: 1. This Chapter applies to single payment transactions not covered by a framework contract. 2. Where a payment order for a single payment transaction is… - **Obligation to inform consumers of their rights**: 1. By 13 January 2018, the Commission shall produce a user-friendly electronic leaflet, listing in a clear and… - **Own funds**: 1. The payment institution’s own funds, shall not fall below the amount of initial capital as referred to in Article 7 or the amount of own funds as… - **Exchange of information**: 1. The competent authorities of the different Member States shall cooperate with each other and, where appropriate, with the ECB and… - **Information for the payer on individual payment transactions**: 1. After the amount of an individual payment transaction is debited from the payer’s account or… - **National payment transactions**: For national payment transactions, Member States may provide for shorter maximum execution times than those provided for in this… - **Exercise of the delegation**: 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The… - **Access to payment systems**: 1. Member States shall ensure that the rules on access of authorised or registered payment service providers that are legal persons… - **Rules on access to and use of payment account information in the case of account information services**: 1. Member States shall ensure that a payment service user… - **Other provisions in Union law**: The provisions of this Title are without prejudice to any Union law containing additional requirements on prior information… - **Cash placed on a payment account**: Where a consumer places cash on a payment account with that payment service provider in the currency of that payment account… - **Accessibility of information and conditions of the framework contract**: At any time during the contractual relationship the payment service user shall have a… - **Dispute resolution**: 1. Member States shall ensure that payment service providers put in place and apply adequate and effective complaint resolution procedures… - **Activities**: 1. Apart from the provision of payment services, payment institutions shall be entitled to engage in the following activities: (a) the provision of… - **Data protection**: — Article 94 — Data protection 1. Member States shall permit processing of personal data by payment systems and payment service providers when necessary to… - **Information and conditions**: Member States shall ensure that the following information and conditions are provided to the payment service user: 1. on the payment… - **Transitional provision**: 1. Member States shall allow payment institutions that have taken up activities in accordance with the national law transposing… - **Derogation for low value payment instruments and electronic money**: 1. In the case of payment instruments which, according to the framework contract, solely… - **Right of recourse**: 1. Where the liability of a payment service provider under Articles 73 and 89 is attributable to another payment service provider or to an… - **Information on additional charges or reductions**: 1. Where, for the use of a given payment instrument, the payee requests a charge or offers a reduction, the… - **Incorrect unique identifiers**: 1. If a payment order is executed in accordance with the unique identifier, the payment order shall be deemed to have been… - **Changes in conditions of the framework contract**: 1. Any changes in the framework contract or in the information and conditions specified in Article 52 shall be… - **Requests for refunds for payment transactions initiated by or through a payee**: 1. Member States shall ensure that the payer can request the refund referred to… - **Prior general information**: 1. Member States shall require that, in good time before the payment service user is bound by any framework contract or offer, the… - **Initial capital**: Member States shall require payment institutions to hold, at the time of authorisation, initial capital, comprised of one or more of the items… - **Scope**: 1. This Directive applies to payment services provided within the Union. 2. Titles III and IV apply to payment transactions in the currency of a Member… - **Information for the payer after receipt of the payment order**: Immediately after receipt of the payment order, the payer’s payment service provider shall provide… - **Receipt of payment orders**: 1. Member States shall ensure that the time of receipt is when the payment order is received by the payer’s payment service provider… - **Incident reporting**: 1. In the case of a major operational or security incident, payment service providers shall, without undue delay, notify the competent… - **Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions**: 1. Where a payment order is… - **Liability**: 1. Member States shall ensure that, where payment institutions rely on third parties for the performance of operational functions, those payment… - **Scope**: 1. This Title applies to single payment transactions, framework contracts and payment transactions covered by them. The parties may agree that it shall… - **Refusal of payment orders**: 1. Where the payment service provider refuses to execute a payment order or to initiate a payment transaction, the refusal and, if… - **Accounting and statutory audit**: 1. Directives 86/635/EEC and 2013/34/EU, and Regulation (EC) No 1606/2002 of the European Parliament and of the Council (34)… - **Amendments to Regulation (EU) No 1093/2010**: Regulation (EU) No 1093/2010 is amended as follows: - **Evidence on authentication and execution of payment transactions**: 1. Member States shall require that, where a payment service user denies having authorised an… - **Amounts transferred and amounts received**: 1. Member States shall require the payment service provider(s) of the payer, the payment service provider(s) of the… - **Complaints**: 1. Member States shall ensure that procedures are set up which allow payment service users and other interested parties including consumer… - **Refunds for payment transactions initiated by or through a payee**: 1. Member States shall ensure that a payer is entitled to a refund from the payment service… - **Derogation from information requirements for low-value payment instruments and electronic money**: 1. In cases of payment instruments which, according to the… - **Amendments to Directive 2009/110/EC**: Directive 2009/110/EC is amended as follows: (1) Article 3 is amended as follows: (a) paragraph 1 is replaced by the… - **Transposition**: 1. By 13 January 2018, Member States shall adopt and publish the measures necessary to comply with this Directive. They shall immediately inform… - **Irrevocability of a payment order**: 1. Member States shall ensure that the payment service user shall not revoke a payment order once it has been received by the… - **Record-keeping**: Member States shall require payment institutions to keep all appropriate records for the purpose of this Title for at least 5 years, without… - **Information before execution of individual payment transactions**: In the case of an individual payment transaction under a framework contract initiated by the… - **Settlement of disagreements between competent authorities of different Member States**: 1. Where a competent authority of a Member State considers that, in a… - **Burden of proof on information requirements**: Member States shall stipulate that the burden of proof lies with the payment service provider to prove that it has… - **EBA register**: 1. EBA shall develop, operate and maintain an electronic, central register that contains the information as notified by the competent authorities… - **Rules on access to payment account in the case of payment initiation services**: 1. Member States shall ensure that a payer has the right to make use of a payment… - **Scope**: This Chapter applies to payment transactions covered by a framework contract. - **Notification and information**: If a Member State applies an exemption pursuant to Article 32, it shall, by 13 January 2018, notify the Commission of its decision… - **Payment transactions where the transaction amount is not known in advance**: 1. Where a payment transaction is initiated by or through the payee in the context of… - **Definitions**: For the purposes of this Directive, the following definitions apply: (1) ‘home Member State’ means either of the following: (a) the Member State in… - **Charges applicable**: 1. The payment service provider shall not charge the payment service user for fulfilment of its information obligations or corrective and… - **Application to exercise the right of establishment and freedom to provide services**: 1. Any authorised payment institution wishing to provide payment services… - **Scope**: 1. Where the payment service user is not a consumer, the payment service user and the payment service provider may agree that Article 62(1), Article… - **Supervision of payment institutions exercising the right of establishment and freedom to provide services**: 1. In order to carry out the controls and take the… - **Delegated acts**: The Commission shall be empowered to adopt delegated acts in accordance with Article 105 concerning: (a) adapting the reference to… - **Review clause**: The Commission shall, by 13 January 2021, submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee… - **Use of agents, branches or entities to which activities are outsourced**: 1. Where a payment institution intends to provide payment services through an agent it… - **Entry into force**: This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. - **Dispute resolution**: 3. The payment service provider shall inform the payment service user about at least one ADR entity which is competent to deal with disputes… - **Definitions**: (10) ‘payment service user’ means a natural or legal person making use of a payment service in the capacity of payer, payee, or both; (11) ‘payment… - **Calculation of own funds**: (8), or both, of Annex I, to hold, at all times, own funds calculated in accordance with one of the following three methods, as… - **Limits of the use of the payment instrument and of the access to payment accounts by payment service providers**: 5. An account servicing payment service provider… - **Supervision of payment institutions exercising the right of establishment and freedom to provide services**: 3. The competent authorities shall provide each other… - **Rules on access to payment account in the case of payment initiation services**: (1); (e) not store sensitive payment data of the payment service user; (f) not… - **Incident reporting**: 3. By 13 January 2018, EBA shall, in close cooperation with the ECB and after consulting all relevant stakeholders, including those in the… - **Transitional provision**: 3. This paragraph applies to natural or legal persons who benefited under Article 26 of Directive 2007/64/EC before 13 January 2018, and… - **Control of the shareholding**: (4) of Directive 2013/36/EU. 3. Member States shall require that where the influence exercised by a proposed acquirer, as referred… - **Regulatory technical standards on authentication and communication**: 3. The exemptions referred to in point (b) of paragraph 1 shall be based on the following… - **Conditions**: (9) and Articles 28, 29 and 30 shall not apply to them. 4. Member States may also provide that any natural or legal person registered in accordance… - **Applications for authorisation**: (1), a description of the measures taken for safeguarding payment service users’ funds in accordance with Article 10; (e) a… - **Management of operational and security risks**: 4. Taking into account experience acquired in the application of the guidelines referred to in paragraph 3, EBA… - **Payment service providers’ liability for non-execution, defective or late execution of payment transactions**: 87. Where a payment transaction is executed late… - **Exclusions**: not party to the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes; (v) paper-based vouchers; (vi)… - **Activities**: (9) and Article 28 shall be repaid within a short period which shall in no case exceed 12 months; (c) such credit shall not be granted from the… - **Amendments to Directive 2009/110/EC**: (2) in Article 18, the following paragraph is added: ‘4. Member States shall allow electronic money institutions that have… - **Competent authorities**: 5. Member States shall notify the Commission of the designated competent authorities referred to in paragraph 1 as soon as possible and… - **Supervision**: (2) and Article 9, Member States shall ensure that the competent authorities are entitled to take steps described under paragraph 1 of this Article… - **Information and conditions**: (1); (g) in the case of co-badged, card-based payment instruments, the payment service user’s rights under Article 8 of Regulation… - **Application to exercise the right of establishment and freedom to provide services**: 2. Within 1 month of receipt of all of the information referred to in… - **Derogation from information requirements for low-value payment instruments and electronic money**: (1); (c) it may be agreed that, by way of derogation from… - **Payment service provider’s liability for unauthorised payment transactions**: (1), the burden shall be on the payment initiation service provider to prove that… - **Changes in conditions of the framework contract**: (1), unless the parties have agreed on a specific frequency or manner in which the information is to be… - **Safeguarding requirements**: 2. Where a payment institution is required to safeguard funds under paragraph 1 and a portion of those funds is to be used for future… - **Granting of authorisation**: (1) and other than natural or legal persons benefiting from an exemption pursuant to Article 32 or 33, who intend to provide payment… - **Use of agents, branches or entities to which activities are outsourced**: 4. If, after taking action to verify the information, the competent authorities are not… - **Amendments to Regulation (EU) No 1093/2010**: (1) in Article 1, paragraph 2 is replaced by the following: ‘2. The Authority shall act within the powers conferred… - **Refunds for payment transactions initiated by or through a payee**: (3)(b) of Article 52 was applied. 3. It may be agreed in a framework contract between the… - **Payer’s liability for unauthorised payment transactions**: 2. Where the payer’s payment service provider does not require strong customer authentication, the… - **Derogation for low value payment instruments and electronic money**: (2) of Article 2 of Directive 2009/110/EC, except where the payer’s payment service provider… - **EBA register**: 2017. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with… - **Measures in case of non-compliance, including precautionary measures**: 3. Any precautionary measures under paragraph 2 shall be appropriate and proportionate to… - **Confirmation on the availability of funds**: (1). 3. In accordance with Directive 95/46/EC, the confirmation referred to in paragraph 1 shall consist only in a… - **Rules on access to and use of payment account information in the case of account information services**: (1); and (b) treat data requests transmitted through the… - **Applications for authorisation**: (32), a description of the internal control mechanisms which the applicant has established in order to comply with those… - **Transitional provision**: (3) of the Annex I to this Directive where, by 13 January 2020, the competent authorities have the evidence that the requirements laid… - **Use of agents, branches or entities to which activities are outsourced**: 6. Where a payment institution intends to outsource operational functions of payment… - **Exclusions**: at the request of an undertaking or a public sector entity and regulated by a national or regional public authority for specific social or tax… - **Information and conditions**: (2); 4. on communication: (a) where applicable, the means of communication, including the technical requirements for the payment… - **Application to exercise the right of establishment and freedom to provide services**: 3. Within 3 months of receipt of the information referred to in paragraph 1… - **Amendments to Regulation (EU) No 1093/2010**: Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation… - **Granting of authorisation**: (7) of Annex I and, at the same time, is engaged in other business activities, the competent authorities may require the… - **Definitions**: (20) ‘consumer’ means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his or her… - **Supervision of payment institutions exercising the right of establishment and freedom to provide services**: 4. Those draft regulatory technical standards shall… - **Payment service providers’ liability for non-execution, defective or late execution of payment transactions**: (3), and Article 93, be liable to the payee for… - **Calculation of own funds**: factor defined in point (b) and by the scaling factor k defined in paragraph 2. (a) The relevant indicator is the sum of the… - **Use of agents, branches or entities to which activities are outsourced**: 8. Payment institutions shall communicate to the competent authorities of their home… - **Definitions**: (27) ‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by… - **Calculation of own funds**: (6) of Annex I; (b) 1 where the payment institution provides any of the payment services as referred to in any of points (1) to (5) of… - **Exclusions**: a payment account, on condition that those providers do not conduct other payment services as referred to in Annex I. Nevertheless the customer… - **Amendments to Regulation (EU) No 1093/2010**: (2) of Article 3 of Directive (EU) 2015/849;’. - **Application to exercise the right of establishment and freedom to provide services**: 5. EBA shall develop draft regulatory technical standards specifying the… - **Applications for authorisation**: (33); (p) the applicant’s legal status and articles of association; (q) the address of the applicant’s head office. For the… - **Payment service providers’ liability for non-execution, defective or late execution of payment transactions**: 87. Where the payee’s payment service provider is… - **Information and conditions**: (1); (b) the secure procedure for notification of the payment service user by the payment service provider in the event of suspected… - **Applications for authorisation**: (8) of Annex I, as a condition of their registration, to hold a professional indemnity insurance covering the territories in… - **Definitions**: (33) ‘unique identifier’ means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider… - **Payment service providers’ liability for non-execution, defective or late execution of payment transactions**: the payee, the payee’s payment service provider… - **Definitions**: (39) ‘branch’ means a place of business other than the head office which is a part of a payment institution, which has no legal personality and… - **Applications for authorisation**: (8) of Annex I, the number of clients that make use of the account information services; (d) the specific characteristics of… - **Definitions**: (45) ‘issuing of payment instruments’ means a payment service by a payment service provider contracting to provide a payer with a payment… --- Consilena is a software provider, not a law firm. 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