On 16 October 2019, the European Banking Authority (EBA) published its latest opinion on the deadline for the migration to strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions. Earlier this year the EBA published an opinion providing a non-exhaustive list of the authentication approaches currently observed in … Continue Reading
On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published several updates in relation to PSD2. Exemptions from contingency mechanism: sixteen account servicing payment service providers (ASPSP) have applied with DNB for an exemption from the contingency mechanism requirement under Article 33(6) of Delegated Regulation (EU) 2018/389. DNB is currently considering these … Continue Reading
On 1 July 2019, the legislative proposal for the Bank Data Retrieval Portal Act (Wetsvoorstel verwijzingsportaal bankgegevens, the Proposal) was sent to the Dutch Parliament (Tweede Kamer). The Bank Data Retrieval Portal (BDRP) is an electronic system that allows certain Dutch authorities, including but not limited to the police, the public prosecution service (Openbaar Ministerie, OM), … Continue Reading
On 7 June 2019, the Dutch Minister sent the Amendment Decree Financial Markets 2019 (Wijzigingsbesluit financiële markten 2019, the Amendment Decree) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer). Among other things, the Amendment Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen … Continue Reading
On 28 February 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a PSD2 update on its website. In its PSD2 update, DNB points out that: the revised Payment Services Directive (PSD2) entered into force in the Netherlands on 19 February 2019 and market operators are able to apply for a PSD2 licence with … Continue Reading
On 19 February 2019, the Act implementing the revised Payment Services Directive (EU/2015/2366) (PSD2) (Implementatiewet herziene richtlijn betaaldiensten) and the Decree implementing PSD2 (Implementatiebesluit herziene richtlijn betaaldiensten) entered into force in the Netherlands. PSD2 is a directive regulating the payments of consumers and businesses. PSD2 has five primary objectives: promoting competition in the European payments … Continue Reading
On 4 December 2018, the Dutch Senate (Eerste Kamer) adopted the legislative proposal for the Act implementing the revised Payment Services Directive (PSD2, EU/2015/2366) (Implementatiewet herziene richtlijn betaaldiensten, the Implementation Act). The Implementation Act is part of the legislative package implementing PSD2 in the Netherlands. In September of this year the Dutch Minister of Finance … Continue Reading
On 17 September 2018, the Dutch Minister of Finance (the Minister) sent the legislative proposal for the Decree implementing the revised Payment Services Directive (PSD2) (Implementatiebesluit herziene richtlijn betaaldiensten, the Implementation Decree) to the Dutch Parliament (Tweede Kamer). Amongst other things, the Implementation Decree strengthens the requirements on: authorization as payment institution in the Netherlands; … Continue Reading
On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on 25 July 2018. The main aspects as referred … Continue Reading
On 27 June 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on licence applications under the Payment Services Directive (2015/2366/EU) (recast) (PSD2) and certain new publications of the European Banking Authority (EBA) on PSD2. Effective from 6 July 2018, market participants are able to submit their draft licence applications to … Continue Reading
