Yesterday, the PSD2 implementation act was promulgated in the Dutch Government Gazette (Staatsblad). The PSD2 implementation act enters into effect on 19 February 2019. The Act and Explanatory Memorandum (both in Dutch) can be found here.
To promote the development and use of innovative payment services, PSD2 regulates two new types of payment services: account information services and payment initiation services. In addition, PSD2 aims to enhance customer protection, security and competition between payment service providers. We have highlighted some key items:
- introduction of a licence requirement for (i) account information services and (ii) payment initiation services;
- the introduction of the requirement to obtain a declaration of no objection for holders of an indirect or direct ‘qualifying holding’ (10 per cent. or more) in a payment institution;
- rules on access to payment systems and access to and use of payment account information;
- the payment service provider's liability for unauthorised payment transaction;
- a ban on surcharges for consumer debit and credit card payments; and
- enhanced rules on the protection of personal data.
This means that parties that provide account information services and payment initiation services, now require a licence from the Dutch Central Bank and that parties that hold a direct or indirect qualifying holding in any Dutch payment institutions must obtain a declaration of no objection from the Dutch Central Bank.