Civil law

New Rules for Outsourcing by Banks, Payment Institutions and other institutions

The European Banking Authority (EBA) published a draft of the EBA Guidelines on Outsourcing and launched a public consultation. The consultation period closed on 24 September 2018. The new Guidelines are planned to enter into force on 30 June 2019 and will add further provisions and regulations with regard to outsourcing arrangements.

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PSD2 - Third party payment service providers: What effect does PSD2 have on services such as Sofort, IDeal and Trustly?

On 24th of July 2013 the European Commission published a proposal for a new Directive on payment services in the internal market (PSD2), repealing the previous payment services Directive from 13th of November 2007 (2007/64/EC – PSD1). The draft creates, among numerous other proposals, a new category of institutions requiring authorisation. The provision predominantly targets services such as German Sofort Überweisung, Dutch iDeal or Swedish Trustly.

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