The Payment Services Directive 2 (PSD2)  has been implemented in the Payment Services Act (Zahlungsdiensteaufsichtsgesetz– ZAG) effective as of 13 January 2018.

BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has now issued a guidance notice for the purpose of giving early information on the future scope of application of the ZAG, in particular information on

• the payment services (section 1 para. 1 sentence 2 ZAG), the exemptions (section 2 para. 1 ZAG),
• the e-money business (section 1 para. 2 sentences 2 to 4 ZAG), the activities authorised for institutions (section 3 ZAG),
•  the obligation for payment and e-money institutions to obtain a permit (sections 10 para. 1 sentence 1, 11 para. 1 sentence 1 ZAG),
• the registration obligation for account information services (not providing other services) (section 34 para. 1 sentence 1 ZAG),
• on the notification obligation pursuant to section 2 para. 2 and 3 ZAG and
• and on disclosure and information pursuant to section 2 para. 4 ZAG.

The guidance notice can be viewed here.