PSD2 adopted by the EU Council on 16 November

The PSD2 was finalised by the Council of Ministers on 16 November 2015.

As stated in the press release from the Council of the European Union:

The regulation was adopted at a meeting of the Agriculture and Fisheries Council, without discussion.

For more information on the key issues covered by PSD, please note the following:

• The regulation of new business models known as “Third Party Payment Service Providers”

• Closing off the ‘commercial agent’ exclusion for e-commerce platform providers

• Restricting the use of the ‘telco’ / ‘digital device’ exclusion

• The continued lack of clarity on the use of the ‘limited network’ / ‘limited goods and services’ exclusion

• The rules around Third Party Payment Service Providers being granted access to customer accounts held with other PSPs.
• The increase in security obligations.