On 17 November 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal implementing the revised Payment Services Directive (PSD II) (the Proposed Act). The Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet op het financieel toezicht) and the Dutch Civil Code (Burgerlijk Wetboek).
PSD II has three objectives. First, it aims to strengthen an internal market in respect of payments. Secondly, encouraging and facilitating innovation; among other things, by regulating the different payment services that have originated after the publication of the first Payment Services Directive (PSD I). Finally, PSD II aims to amend problems that have risen as a result of the publication of PSD I. PSD II sets out rules for, among other things, payment transactions where only one payment services provider is located in the EU and regulating two new payment services: initiation of payment services and account information services.
The consultation period will end on 15 December 2016.
View the Proposed Act (Dutch only), 17 November 2016.
View the Explanatory Memorandum to the Proposed Act (Dutch only), 17 November 2016.