Publication of the near-final legal texts on PSD3 and PSR – the legislative package in the home straight
On 21 October 2026, the Council published a legally and linguistically revised version of the Payment Services Regulation (PSR) and the third Payment Services Directive (PSD3). This means that the near-final legal texts for the legislative package are now available. On 29 October 2026, the Council then formally adopted its position.
On 21 October 2026, the Council published a legally and linguistically revised version of the Payment Services Regulation (PSR) and the third Payment Services Directive (PSD3). This means that the near-final legal texts for the legislative package are now available. On 29 October 2026, the Council then formally adopted its position.
Previously, following the publication of the compromise text agreed in the trilogue in the spring and its subsequent approval by the ECON Committee, things had initially gone quiet regarding the PSR and PSD3. The legislative package is now in the final stages of the legislative process.
What happens next:
- 14 December 2026: Planned second reading and final adoption of the PSR and PSD3 by the European Parliament.
- January 2027: Expected publication in the Official Journal of the European Union (taking into account the festive break).
- End of January 2027 – February 2027: Entry into force of the legal acts on the 20th day following publication.
- From late November 2027 to late November 2028 (9–21 months): Phased submission of the final drafts for regulatory technical standards (RTS) and adoption of guidelines by the EBA.
- End of November 2028 (21 months after entry into force): Immediate commencement of the PSR and expiry of the deadline for transposing PSD3 into national law.
- End of Mai 2029 (27 months after entry into force): End of the transitional period and of the regulatory review of all existing PSD2 institutions (payment institutions and e-money institutions) for compliance with the new requirements.
1. Overview of Level 2/3 legal acts under the PSR
No. | Implementation of | Type | Content | Deadline |
1 | Article 2(8) | Guidelines | Exemption for payment transactions carried out by commercial agents | 1 year |
2 | Article 2(9) | RTS | Conditions for Limited Network Exclusion (exceptions for specific payment instruments) | 1 year |
3 | Art. 33(7) | RTS | Format of notification and decision in the event of refusal to open a payment account | 1 year |
4 | Art. 39(5) | RTS | Availability and performance of interfaces (quarterly statistics, recovery times) | 9 months |
5 | Section 40(2) | RTS | Criteria for exemption from the interface obligation (size, turnover, payment volume) | 1 year |
6 | Article 49(9) | RTS | Provision of data to competent authorities (methodology, frequency) | 18 months |
7 | Art. 86(4) | RTS | Statistical data on fraud (number/value of refunded transactions, reasons for refusal) | 1 year |
8 | Article 86(5) | ITS | Standard forms and templates for the submission of fraud data to the EBA | 1 year |
9 | Article 91(10) | Guidelines | Assessment of the independence of inherent elements in SCA | 18 months |
10 | Article 97(1) | RTS | Authentication, communication, transaction monitoring (SCA requirements, exemptions, security measures, outsourcing, communication standards) | 1 year |
11 | Article 100(3) | Guidelines | Complaints procedure (channels for submission, information requirements, disclosure) | 21 months |
12 | Article 32(4) | Delegated act | Information obligations of card payment schemes towards acquirers | 15 months |
13 | Article 63(6) | Delegated act | Adjustment of the payer’s liability limit | no time limit |
14 | Article 71(4) | Delegated act | Rules for payments using e-money tokens | no time limit |
15 | Article 114(8) | Delegated act | Criteria for the EBA’s powers of intervention | no time limit |
2. Overview of Level 2/3 legal acts under PSD3
No. | Execution of | Type | Content | Deadline |
1 | Art. 3(6) | RTS | Authorisation, licensing procedure | 1 year |
2 | Art. 7(6) | RTS | Criteria for business models involving a small number of high-value transactions | 1 year |
3 | Art. 9(8) | RTS | Safeguarding (risk management, segregation, identification, reconciliation, calculation) | 1 year |
4 | Art. 13(1) | Guidelines | Corporate governance and internal control mechanisms of payment institutions | 1 year |
5 | Article 18(5) | RTS | Operation of the central EBA register and access | 18 months |
6 | Article 18(6) | ITS | Content, structure, data standards and formats of reports | 18 months |
7 | Art. 29(5) | RTS | Cooperation between the country of origin and the host country | 18 months |
8 | Articles 39 and 40 | Delegated act | Inflation adjustment of the amounts in Article 5, Article 33(1) and Article 37 | No time limit |
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