Payments Services Directive II (EU 2015/2366)
PSD2 replaces the first Payment Services Directive (Directive 2007/64/EC) (“PSD1”). Whilst some of the PSD1 content remains, PSD2 represents a substantive evolution of the existing regulation for the payments industry. Various requirements have been enhanced or supplemented, particularly those relating to consumer protection and security. The new content also addresses the emergence of new types of payment services by bringing them into scope of the Directive’s regulatory remit.
The GFSC has contacted all firms to work with them through the next stages such as the re-authorisation approach and incident reporting.
The GFSC has had a working group to discuss various areas and any general queries should be directed via the working group or via e-mail to PSDII@gfsc.gi
You can find a summary of PSD II by clicking on this link to European Commission Law.