EBA欧洲银行-EBA-Opinion-on-the-transition-from-PSD1-to-PSD2-28EBA-Op-2017-1629_11页_302kb

Summary of EBA Opinion on the Transition from PSD1 to PSD2

Core Content

The European Banking Authority (EBA) issued Opinion of the European Banking Authority on the transition from PSD1 to PSD2 on 19 December 2017. This document outlines the implications of the delayed finalisation and adoption of EBA technical standards and guidelines under the revised Payment Services Directive (PSD2), which came into effect on 13 January 2018. The EBA aims to support a smooth and consistent transition across all 28 EU Member States by providing guidance to competent authorities (CAs) and market participants.

Main Points and Key Information

1. EBA's Competence and Role

• The EBA's authority to issue this opinion is based on Article 29(1)(a) of Regulation (EU) No 1093/2010.
• The EBA is tasked with developing 12 technical standards and guidelines to support the implementation of PSD2.
• By December 2017, 10 of the 12 instruments had been finalised, with the remaining 2 expected to be completed in early 2018.

2. Application Dates of EBA Instruments

• The application date of EBA instruments varies depending on whether they are technical standards (RTS) or guidelines (GLs).
• RTS require adoption by the European Commission and publication in the Official Journal of the European Union (OJEU), with the application date set either by the RTS or 20 days after publication.
• GLs apply only once published in all official EU languages.
• The RTS on SCA and CSC is expected to apply from the second half of 2019, 18 months after publication in the OJEU.

3. Transitional Periods and Compliance Obligations

• There are two transitional periods:

  • Transitional period I (until 13 July 2018): For re-authorisation of existing PIs and EMIs under PSD2.
  • Transitional period II (until the application of the RTS on SCA and CSC): For providers of AIS and PIS-like services.

• During transitional period II, some PSD2 requirements, such as strong customer authentication (SCA) and secure communication (CSC), do not apply yet, but other EBA guidelines and requirements may still be in effect.

4. Application of EBA Guidelines on Internet Payment Security

• The EBA will not repeal the existing EBA Guidelines on the security of internet payments (EBA-GL-2014-12) immediately with the application of PSD2 on 13 January 2018.
• Parts of the guidelines will continue to apply until superseded by new PSD2 instruments or until the EBA formally repeals them.
• The EBA provides a table showing which parts of the guidelines are superseded and when.

5. Exemptions and Authorisation Requirements

• Three exemptions are provided for providers under PSD2:
  • Exemption under Article 115(5) for providers offering AIS or PIS-like services before 12 January 2016.
  • Exemption under Article 109 for existing PIs and EMIs to re-authorise until 13 July 2018.
  • Exemption under Article 109(3) for PIs and EMIs who were exempt under PSD1 until 13 January 2019.
• CAs are advised to encourage providers to apply for authorisation or registration without undue delay.

6. Cross-border Services and Passporting

• Passporting is allowed even if a host Member State has not transposed PSD2 by 13 January 2018.
• PSPs that were already authorised under PSD1 and have valid passport notifications can continue to provide services in host Member States.
• CAs must follow the EBA RTS on passporting (EBA-RTS-2016-08) when processing passporting notifications.

7. EBA's Supervisory Support in 2018

• The EBA is planning to extend its Q&A tool to cover PSD2, starting in spring 2018.
• This initiative aims to reduce uncertainty, increase transparency, and support regulatory convergence.
• The EBA also considers other options to provide clarity, such as engaging with industry initiatives and offering early interpretations of the RTS on SCA and CSC.

Conclusion

This opinion provides a comprehensive overview of the transition from PSD1 to PSD2, highlighting the delayed application of some EBA instruments, the exemptions for certain providers, the continued applicability of some EBA guidelines, and the supervisory support the EBA will offer in 2018. The EBA encourages CAs and market participants to comply early with the new requirements to ensure a smooth and orderly transition across the EU.