Regulation

Strong Customer Authentification under PSD2 and SecuRe Pay Internet

Both, EU Commission and ECB are particularly engaged to make internet payments more secure. The ECB formed a forum of European central banks and supervisory authorities, called SecuRe Pay, to discuss and eventually agree on a set of rules for the enhancing of security of internet payments, one of the most important of such rules being the strong customer authentification when making internet payments or accessing payment data. The rules were finally issued as recommendations of the ECB in January 2014.
The EU Commission included in July 2014 the same basic rule on strong customer authentification within its proposal for a Second Payment Services Directive (PSD2).

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German Federal Financial Supervisory Authority (BaFin) publishes guidance on Bitcoins

Following recent legal developments regarding Bitcoins, such as the US court decisions in the cases of “Bitcoin Foundation” and “Trendon Savers & Bitcoin Savings Trust”, a US Congress hearing on Bitcoins, the prohibition of the receipt of Bitcoins by financial service providers in China as well as the warnings issued by the French National Bank and the European Financial Supervisory Authority, the German Federal Financial Supervisory Authority (BaFin) has also issued a circular on Bitcoins on 19 December 2013 in order to clarify potential risks for con-sumers as well as authorisation requirements for Bitcoin traders and online platforms.

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PSD2 – Lieferheld & Co – No more handling of payments by eCommerce platforms?

As is generally known, the supervisory authorities have had to decide on numerous negative clearances regarding eCommerce platforms over the past two years. These were – in their own understandable interest – intending to collect payments from end-consumers for vendors of goods and services offered on the platform. In most cases these companies were relying on an exemption from the authorisation requirement created by PSD1 which applied to payment transactions through a commercial agent authorised to negotiate or conclude the sale or purchase of goods or services on behalf of the payer or the payee. On 24th of July 2013 the European Commission published a proposal for a new Directive on payment services in the internal market (PSD2), in which the Commission argues for a stricter assessment of such exception rule.

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PSD2 – Future authorisation requirements for department store cards, gift vouchers, petrol cards and stadium cards? The new limited network exception

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). Within the framework of PSD2 the Commission has closely reviewed the exception for limited networks. was considered necessary due to the increasing application of the exception to large networks with high payment volumes and a broad spectrum of goods and services extending beyond the purpose of the exception, and thus leading to large payment volumes being outside of regulation and creating a disadvantage in competition for players in regulated markets.

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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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