Entry into force PSD2
On 18 February 2019, the Implementation Decree (link, in Dutch) and the Decree on the entry into force (link, in Dutch) with respect to the revised Payment Services Directive (No. 2015/2366, also called Payment Services Directive 2, PSD2) have been published in the Bulletin of Acts and Decrees. The Implementation Act (published in the Bulletin of Acts and Decrees on 27 December 2018, link in Dutch) and the Implementation Decree together form the Dutch transposition of PSD2.
Most provisions will take effect – as shown in the Decree on the entry into force – on 19 February 2019. However, some provisions will enter into force simultaneously with the technical regulatory standards (No. 2018/389) for strong customer authentication and common and secure open standards of communication. These standards will apply from 14 September 2019.
The implementation of PSD2 will, inter alia, entail that for the users of the exception for ‘limited use’ will be subject to a reporting obligation. In case the total value of the transactions carried out by such parties exceeds the amount of EUR 1 million (measured over the previous twelve months), they must report to DNB. Parties that already exceed this limit must provide notification to DNB (link) within six months (i.e. no later than 18 August 2019).