The Second Payment Services Directive

Abstract

This study offers a succinct overview, from a legal and regulatory standpoint of Directive (EU) 2015/2366 on payment services (PSD2). It begins by describing the general aspects of the PSD2 within its considerable geographical, transitional, regulatory framework of reference together with its legislative policy purpose and its regulatory background. Next the study sets out the regulatory structure of payment services in the EU under the PSD2 which consists of the parties involved, namely the different types of service providers and users, and defined payment services, which are classified by identifying those that are included and those that are excluded. The study is completed with a description of how payment services function in the EU under the PSD2, starting with the proper identification of the agreements arising from those services, followed by a description of the rules on transparency and the legal status of the parties involved comprising their rights and obligations when payment transactions are authorised and carried out.