What is the PSD ?

24 April 2007 Payment Services Directive

This proposal for a directive is still being considered by the Council.

Joint statement on the adoption of the Payment Services Directive

As to an alert mechanism, the Services Directive (Directive 2006 123 EC) already foresees alert obligations for certain but not all professionals providing professional services.

ered to be payment service providers .

This is a proposal of a Directive for modifying a basic Directive providing for harmonisation of authorisation conditions in order to ensure effective freedom of establishment and free provision of services ( coordination directive ) .

As well as addressing e services, the Directive also changed the place of taxation for radio and television broadcasting.

Save where otherwise provided , this Directive shall apply to payment services made in any currency .

Why, then, was the European Commission s proposed services directive, which would ensure freedom to supply services across the Union to all EU companies, vilified as the Frankenstein directive ?

At EU level, this requirement is adequately covered by the Professional Qualifications Directive2 and by specific regulations such as the Establishment Directive and Services Directive for lawyers3 or the Statutory Audit Directive4.

Under Article 2 , the proposed directive applies to an exhaustive list of business activities defined as payment services and listed in the Annex to the proposed directive .

In the Netherlands, the banning of asbestos is being very seriously discussed.

Second , the proposed directive does not address the different categories of risks associated with payment services .

3 OT H E R I S S U E S 3 3.1 OTHER ISSUES PAYMENT SERVICES DIRECTIVE SWIFT TRANSPOSITION INTO NATIONAL LAW IS NOW NEEDED The Eurosystem therefore urges Member States to transpose the PSD into national law as soon as possible , so as to pave the way for a successful and timely introduction of SEPA payment instruments .

You can't keep thwarting the popular desire for freedom by tinkering with the Rules of Procedure.

It is appropriate to limit the application of this Directive to payment service providers that issue electronic money .

The freedom to provide services, in dependent brokers, are clearly regulated in Regulation 77 299.

There are hundreds of brokers in Ireland and if we do not have brokers there is no need for a service directive.

The PSD will reinforce the rights and protection of all users of payment services , whether consumers , retailers , large or small companies , or public authorities .

They are also prohibited from accepting deposits from payment service users and are permitted to use funds received from payment service users only for providing the payment services listed in the Annex to the Payment Services Directive .

The PSD was adopted by the European Parliament and the EU Council in 2007 .

They can also be equities ( traded on a regulated market as defined in the Investment Services Directive ( 51 ) .

The Eurosystem regards the adoption of the PSD as a decisive step towards the realisation of SEPA .

other relevant authorities designated under this Directive and other Community legislation applicable to payment service providers .

The proposed directive is a very welcome initiative , as it establishes a comprehensive legal framework for payment services in the EU .

As the services covered by the Directive become increasingly mobile this may become a more significant issue.

28 April 2006 The European Central Bank opinion on the proposed directive on payment services in the internal market

Under the proposed directive , payment institutions may receive funds from the public for the provision of payment services .

The Payment Services Directive provides the legal foundation for the creation of an EU wide single market for payments .

Option 5 ( repeal the Directive ) would create legal uncertainty and hinder the development of new electronic money services .

The Directive will introduce clear and succinct information requirements for payment services replacing 25 sets of national rules .

Article 1 ( 1 ) of the PSD sets out categories of payment service providers , including the ECB and NCBs when not acting in their capacity as monetary authorities .

General observations 1.1 The proposed directive is a very welcome initiative , as it establishes a comprehensive legal framework for payment services in the EU .

A common position was adopted in December by the ECOFIN Council with regard to the proposal for a new directive on markets in financial instruments , which would replace the existing Investment Service Directive dating back to 1993 .

The last indent of Article 1 of the proposed directive provides that central banks acting as monetary authorities and public authorities which provide payment services are not considered to be payment service providers .

The PSD will give payment institutions the possibility of offering a broad range of payment services .

This Directive shall not apply to services based on instruments that can be used to acquire goods or services only in the premises used by the issuer or under commercial agreement with the issuer , either within a limited network of service providers or for a limited range of goods or services .

Joint statement by the European Central Bank and the European Commission welcoming the European Parliament 's adoption of the Payment Services Directive

The PSD will reinforce the rights and protection of all the users of payment services ( consumers , retailers , large and small companies and public authorities ) .

Given the desired alignment to the Payment Service Directive and the fact that all provisions have been amended , the existing Electronic Money Directive will be repealed and replaced by the new proposal .

of the Directive .

of the Directive ..

Credit institutions , regulated under the Capital Requirements Directive , can also issue electronic money within the framework of the Electronic Money Directive .

As the first step towards the internal market for EU postal services, the Postal Directive only required a limited harmonisation across Member States.