(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations transpose into domestic law the provisions of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market (the “revised Payment Services Directive” or “PSD2”). These Regulations revoke the European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009), which transposed the original Payment Services Directive (Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007.
The objective of PSD2 is to set a common legal framework for payment services, providing a consistent set of rights and obligations for businesses and consumers making and receiving payments.
The main elements of the Regulations are:
• Part 1 covers preliminary matters such as important definitions and the scope of the Regulations. The scope has expanded now that PSD2 extends to payment
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