Introduction
Whilst there has been a great deal of attention on the MiFID II and MiFIR review another equally important legislative measure is currently making its way through the EU legislative process. In the summer of 2023, the European Commission (Commission) issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for Financial Data Access (FIDAR). The Commission issued this legislative package in response to an EU payment services market which is constantly growing with new providers providing, in particular, ‘open banking’ services whilst at the same time more sophisticated types of fraud have emerged which puts consumers at risk.
In this briefing note we provide a summary of some of the key changes made by the PSD3, PSR and FIDAR. We also touch on
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