What is this about?
The EU Commission has published two legislative proposals which would repeal and replace the current Payment Services Directive 2 (PSD2) and the E-Money Directive (EMD). These would be replaced by a Directive (PSD3), which contains the authorisation and prudential requirements for both Payment Institutions (PIs) and E-Money Institutions (EMIs) and an EU Regulation (PSR) which would contain the conduct rules for PIs and EMIs. The Proposals are still under debate in the EU.