HM Treasury has published a consultation paper on implementation of the revised Payment Services Directive (PSD2). In the consultation paper, HM Treasury:
- explains the scope of PSD2 and the key provisions of PSD2 that represent a change to the provisions of the PSD;
- sets out the government’s proposed approach to implementation;
- consults on options for implementation, where there is discretion for member states under PSD2; and
- provides stakeholders with a list of questions to assist preparation of their written input into the consultation process.
A list of specific consultation questions is included in Appendix A to the consultation paper. Appendix B to the consultation paper contains a draft version of the Payment Services Regulations 2017 which is the statutory instrument the government will use to make the legislative changes required to implement PSD2 in the UK. The government has indicated that its approach to implementation will be to amend and update the existing Payment Services Regulations 2009, and will continue to exercise relevant derogations in the implementation of PSD2.
The government is required to implement the PSD2 in the UK from 13 January 2018 to meet its treaty obligations and avoid the risk of facing infraction proceedings. The deadline for comments on the consultation paper is 16 March 2017.
View HM Treasury consults on PSD2 implementation, 2 February 2017