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Directive 2015/2366/EU - Payment Services Directive (PSD2)RecitalsTitle I Subject matter, scope and definitions (arts. 1-4)Article 1 Subject matterArticle 2 ScopeArticle 3 ExclusionsArticle 4 DefinitionsTitle II Payment Service Providers (arts. 5-37)Chapter 1 Payment institutions (arts. 5-34)Section 1 General rules (arts. 5-18)Article 5 Applications for authorisationArticle 6 Control of the shareholdingArticle 7 Initial capitalArticle 8 Own fundsArticle 9 Calculation of own fundsArticle 10 Safeguarding requirementsArticle 11 Granting of authorisationArticle 12 Communication of the decisionArticle 13 Withdrawal of authorisationArticle 14 Registration in the home Member StateArticle 15 EBA registerArticle 16 Maintenance of authorisationArticle 17 Accounting and statutory auditArticle 18 ActivitiesSection 2 Other requirements (arts. 19-21)Article 19 Use of agents, branches or entities to which activities are outsourcedArticle 20 LiabilityArticle 21 Record-keepingSection 3 Competent authorities and supervision (arts. 22-31)Article 22 Designation of competent authoritiesArticle 23 SupervisionArticle 24 Professional secrecyArticle 25 Right to apply to the courtsArticle 26 Exchange of informationArticle 27 Settlement of disagreements between competent authorities of different Member StatesArticle 28 Application to exercise the right of establishment and freedom to provide servicesArticle 29 Supervision of payment institutions exercising the right of establishment and freedom to provide servicesArticle 30 Measures in case of non-compliance, including precautionary measuresArticle 31 Reasons and communicationSection 4 Exemption (arts. 32-34)Article 32 ConditionsArticle 33 Account information service providersArticle 34 Notification and informationChapter 2 Common provisions (arts. 35-37)Article 35 Access to payment systemsArticle 35a Conditions for requesting participation in designated payment systemsArticle 36 Access to accounts maintained with a credit institutionArticle 37 Prohibition of persons other than payment service providers from providing payment services and duty of notificationTitle III Transparency of conditions and information requirements for payment services (arts. 38-60)Chapter 1 General rules (arts. 38-42)Article 38 ScopeArticle 39 Other provisions in Union lawArticle 40 Charges for informationArticle 41 Burden of proof on information requirementsArticle 42 Derogation from information requirements for low-value payment instruments and electronic moneyChapter 2 Single payment transactions (arts. 43-49)Article 43 ScopeArticle 44 Prior general informationArticle 45 Information and conditionsArticle 46 Information for the payer and payee after the initiation of a payment orderArticle 47 Information for payer's account servicing payment service provider in the event of a payment initiation serviceArticle 48 Information for the payer after receipt of the payment orderArticle 49 Information for the payee after executionChapter 3 Framework contracts (arts. 50-58)Article 50 ScopeArticle 51 Prior general informationArticle 52 Information and conditionsArticle 53 Accessibility of information and conditions of the framework contractArticle 54 Changes in conditions of the framework contractArticle 55 TerminationArticle 56 Information before execution of individual payment transactionsArticle 57 Information for the payer on individual payment transactionsArticle 58 Information for the payee on individual payment transactionsChapter 4 Common provisions (arts. 59-60)Article 59 Currency and currency conversionArticle 60 Information on additional charges or reductionsTitle IV Rights and obligations in relation to the provision and use of payment services (arts. 61-103)Chapter 1 Common provisions (arts. 61-63)Article 61 ScopeArticle 62 Charges applicableArticle 63 Derogation for low value payment instruments and electronic moneyChapter 2 Authorisation of payment transactions (arts. 64-77)Article 64 Consent and withdrawal of consentArticle 65 Confirmation on the availability of fundsArticle 66 Rules on access to payment account in the case of payment initiation servicesArticle 67 Rules on access to and use of payment account information in the case of account information servicesArticle 68 Limits of the use of the payment instrument and of the access to payment accounts by payment service providersArticle 69 Obligations of the payment service user in relation to payment instruments and personalised security credentialsArticle 70 Obligations of the payment service provider in relation to payment instrumentsArticle 71 Notification and rectification of unauthorised or incorrectly executed payment transactionsArticle 72 Evidence on authentication and execution of payment transactionsArticle 73 Payment service provider's liability for unauthorised payment transactionsArticle 74 Payer's liability for unauthorised payment transactionsArticle 75 Payment transactions where the transaction amount is not known in advanceArticle 76 Refunds for payment transactions initiated by or through a payeeArticle 77 Requests for refunds for payment transactions initiated by or through a payeeChapter 3 Execution of payment transactions (arts. 78-93)Section 1 Payment orders and amounts transferred (arts. 78-81)Article 78 Receipt of payment ordersArticle 79 Refusal of payment ordersArticle 80 Irrevocability of a payment orderArticle 81 Amounts transferred and amounts receivedSection 2 Execution time and value date (arts. 82-87)Article 82 ScopeArticle 83 Payment transactions to a payment accountArticle 84 Absence of payee's payment account with the payment service providerArticle 85 Cash placed on a payment accountArticle 86 National payment transactionsArticle 87 Value date and availability of fundsSection 3 Liability (arts. 88-93)Article 88 Incorrect unique identifiersArticle 89 Payment service providers' liability for non-execution, defective or late execution of payment transactionsArticle 90 Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactionsArticle 91 Additional financial compensationArticle 92 Right of recourseArticle 93 Abnormal and unforeseeable circumstancesChapter 4 Data protection (art. 94)Article 94 Data protectionChapter 5 Operational and security risks and authentication (arts. 95-98)Article 95 Management of operational and security risksArticle 96 Incident reportingArticle 97 AuthenticationArticle 98 Regulatory technical standards on authentication and communicationChapter 6 ADR procedures for the settlement of disputes (arts. 99-103)Section 1 Complaint procedures (arts. 99-100)Article 99 ComplaintsArticle 100 Competent authoritiesSection 2 ADR procedures and penalties (arts. 101-103)Article 101 Dispute resolutionArticle 102 ADR proceduresArticle 103 PenaltiesTitle V Delegates acts and regulatory technical standards (arts. 104-106)Article 104 Delegated actsArticle 105 Exercise of the delegationArticle 106 Obligation to inform consumers of their rightsTitle VI Final provisions (arts. 107-116)Article 107 Full harmonisationArticle 108 Review clauseArticle 109 Transitional provisionArticle 110 Amendments to Directive 2002/65/ECArticle 111 Amendments to Directive 2009/110/ECArticle 112 Amendments to Regulation (EU) No 1093/2010Article 113 Amendment to Directive 2013/36/EUArticle 114 RepealArticle 115 TranspositionArticle 116 Entry into forceArticle 117 AddressesAnnex I Payment servicesAnnex II Correlation tableDone at
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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Published date: 23 December 2015

Directive 2015/2366/EU - Payment Services Directive (PSD2)

There are proposed amendments for this document.
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⚠
⚠ Recitals
Title I Subject matter, scope and definitions (arts. 1-4)
⚠ Article 1 Subject matter
⚠ Article 2 Scope
⚠ Article 3 Exclusions
⚠ Article 4 Definitions
Title II Payment Service Providers (arts. 5-37)
Chapter 1 Payment institutions (arts. 5-34)
Section 1 General rules (arts. 5-18)
⚠ Article 5 Applications for authorisation
⚠ Article 6 Control of the shareholding
⚠ Article 7 Initial capital
⚠ Article 8 Own funds
⚠ Article 9 Calculation of own funds
⚠ Article 10 Safeguarding requirements
⚠ Article 11 Granting of authorisation
⚠ Article 12 Communication of the decision
⚠ Article 13 Withdrawal of authorisation
⚠ Article 14 Registration in the home Member State
⚠ Article 15 EBA register
⚠ Article 16 Maintenance of authorisation
⚠ Article 17 Accounting and statutory audit
⚠ Article 18 Activities
Section 2 Other requirements (arts. 19-21)
⚠ Article 19 Use of agents, branches or entities to which activities are outsourced
⚠ Article 20 Liability
⚠ Article 21 Record-keeping
Section 3 Competent authorities and supervision (arts. 22-31)
⚠ Article 22 Designation of competent authorities
⚠ Article 23 Supervision
⚠ Article 24 Professional secrecy
⚠ Article 25 Right to apply to the courts
⚠ Article 26 Exchange of information
⚠ Article 27 Settlement of disagreements between competent authorities of different Member States
⚠ Article 28 Application to exercise the right of establishment and freedom to provide services
⚠ Article 29 Supervision of payment institutions exercising the right of establishment and freedom to provide services
⚠ Article 30 Measures in case of non-compliance, including precautionary measures
⚠ Article 31 Reasons and communication
Section 4 Exemption (arts. 32-34)
⚠ Article 32 Conditions
⚠ Article 33 Account information service providers
⚠ Article 34 Notification and information
Chapter 2 Common provisions (arts. 35-37)
⚠ Article 35 Access to payment systems
⚠ Article 35a Conditions for requesting participation in designated payment systems
⚠ Article 36 Access to accounts maintained with a credit institution
⚠ Article 37 Prohibition of persons other than payment service providers from providing payment services and duty of notification
Title III Transparency of conditions and information requirements for payment services (arts. 38-60)
Chapter 1 General rules (arts. 38-42)
⚠ Article 38 Scope
⚠ Article 39 Other provisions in Union law
⚠ Article 40 Charges for information
⚠ Article 41 Burden of proof on information requirements
⚠ Article 42 Derogation from information requirements for low-value payment instruments and electronic money
Chapter 2 Single payment transactions (arts. 43-49)
⚠ Article 43 Scope
⚠ Article 44 Prior general information
⚠ Article 45 Information and conditions
⚠ Article 46 Information for the payer and payee after the initiation of a payment order
⚠ Article 47 Information for payer's account servicing payment service provider in the event of a payment initiation service
⚠ Article 48 Information for the payer after receipt of the payment order
⚠ Article 49 Information for the payee after execution
Chapter 3 Framework contracts (arts. 50-58)
⚠ Article 50 Scope
⚠ Article 51 Prior general information
⚠ Article 52 Information and conditions
⚠ Article 53 Accessibility of information and conditions of the framework contract
⚠ Article 54 Changes in conditions of the framework contract
⚠ Article 55 Termination
⚠ Article 56 Information before execution of individual payment transactions
⚠ Article 57 Information for the payer on individual payment transactions
⚠ Article 58 Information for the payee on individual payment transactions
Chapter 4 Common provisions (arts. 59-60)
⚠ Article 59 Currency and currency conversion
⚠ Article 60 Information on additional charges or reductions
Title IV Rights and obligations in relation to the provision and use of payment services (arts. 61-103)
Chapter 1 Common provisions (arts. 61-63)
⚠ Article 61 Scope
⚠ Article 62 Charges applicable
⚠ Article 63 Derogation for low value payment instruments and electronic money
Chapter 2 Authorisation of payment transactions (arts. 64-77)
⚠ Article 64 Consent and withdrawal of consent
⚠ Article 65 Confirmation on the availability of funds
⚠ Article 66 Rules on access to payment account in the case of payment initiation services
⚠ Article 67 Rules on access to and use of payment account information in the case of account information services
⚠ Article 68 Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
⚠ Article 69 Obligations of the payment service user in relation to payment instruments and personalised security credentials
⚠ Article 70 Obligations of the payment service provider in relation to payment instruments
⚠ Article 71 Notification and rectification of unauthorised or incorrectly executed payment transactions
⚠ Article 72 Evidence on authentication and execution of payment transactions
⚠ Article 73 Payment service provider's liability for unauthorised payment transactions
⚠ Article 74 Payer's liability for unauthorised payment transactions
⚠ Article 75 Payment transactions where the transaction amount is not known in advance
⚠ Article 76 Refunds for payment transactions initiated by or through a payee
⚠ Article 77 Requests for refunds for payment transactions initiated by or through a payee
Chapter 3 Execution of payment transactions (arts. 78-93)
Section 1 Payment orders and amounts transferred (arts. 78-81)
⚠ Article 78 Receipt of payment orders
⚠ Article 79 Refusal of payment orders
⚠ Article 80 Irrevocability of a payment order
⚠ Article 81 Amounts transferred and amounts received
Section 2 Execution time and value date (arts. 82-87)
⚠ Article 82 Scope
⚠ Article 83 Payment transactions to a payment account
⚠ Article 84 Absence of payee's payment account with the payment service provider
⚠ Article 85 Cash placed on a payment account
⚠ Article 86 National payment transactions
⚠ Article 87 Value date and availability of funds
Section 3 Liability (arts. 88-93)
⚠ Article 88 Incorrect unique identifiers
⚠ Article 89 Payment service providers' liability for non-execution, defective or late execution of payment transactions
⚠ Article 90 Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions
⚠ Article 91 Additional financial compensation
⚠ Article 92 Right of recourse
⚠ Article 93 Abnormal and unforeseeable circumstances
Chapter 4 Data protection (art. 94)
⚠ Article 94 Data protection
Chapter 5 Operational and security risks and authentication (arts. 95-98)
⚠ Article 95 Management of operational and security risks
⚠ Article 96 Incident reporting
⚠ Article 97 Authentication
⚠ Article 98 Regulatory technical standards on authentication and communication
Chapter 6 ADR procedures for the settlement of disputes (arts. 99-103)
Section 1 Complaint procedures (arts. 99-100)
⚠ Article 99 Complaints
⚠ Article 100 Competent authorities
Section 2 ADR procedures and penalties (arts. 101-103)
⚠ Article 101 Dispute resolution
⚠ Article 102 ADR procedures
⚠ Article 103 Penalties
Title V Delegates acts and regulatory technical standards (arts. 104-106)
⚠ Article 104 Delegated acts
⚠ Article 105 Exercise of the delegation
⚠ Article 106 Obligation to inform consumers of their rights
Title VI Final provisions (arts. 107-116)
⚠ Article 107 Full harmonisation
⚠ Article 108 Review clause
⚠ Article 109 Transitional provision
⚠ Article 110 Amendments to Directive 2002/65/EC
⚠ Article 111 Amendments to Directive 2009/110/EC
⚠ Article 112 Amendments to Regulation (EU) No 1093/2010
⚠ Article 113 Amendment to Directive 2013/36/EU
⚠ Article 114 Repeal
⚠ Article 115 Transposition
⚠ Article 116 Entry into force
⚠ Article 117 Addresses
⚠ Annex I Payment services
⚠ Annex II Correlation table
⚠ Done at
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