The European Commission has issued a press release stating that political agreement has been reached on the revised Payment Services Directive and that formal adoption is expected later this year.

The press release also notes that the European Banking Authority will be asked to issue guidelines and draft regulatory technical standards in various fields, for example to ensure the establishment of adequate security measures or in order to clarify the rules on ‘passporting’ for payment institutions operating in several Member States. Passporting would allow firms to conduct business anywhere in the EU, provided they fulfil the relevant EU rules.

View Commissioner Hill welcomes agreement on the revised Payment Services Directive, 5 May 2015