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 market;
- improving consumer protection;
- facilitating innovations in the payments system;
- strengthening the security of payments; and
- contributing to a single European payments market.
EU Member States were required to transpose PSD2 into their own national legislation ultimately by 13 January 2018. In the Netherlands PSD2 has been primarily implemented through changes incorporated in the Act on the Financial Supervision (Wet op het financieel toezicht) and the Dutch Civil Code (Burgerlijk Wetboek). The implementation process was significantly delayed in the Netherlands mainly due to lengthy parliamentary discussions and the fact that PSD2 gives rise to a number of privacy-related issues, including a suitable division of supervisory powers between the Dutch Central Bank (De Nederlandsche Bank) and the Dutch Data Protection Authority (Autoriteit Persoonsgegevens). This resulted in extensive discussions between the two regulatory authorities (who until now had not formally worked together) causing delay.
View the Act implementing PSD2 (Dutch only).
View the Decree implementing PSD2 (Dutch only).