A new wind blowing in PSD2 implementation
Short update on the Dutch implementation of PSD2
In this blog we would like to briefly update you on new changes surrounding the Dutch implementation of PSD2.
Peter Kits , Maria van Duijvenbode & Anastasiya Milshina - 4 July 2018
Just before the start of the summer recess, the PSD2 implementation silence has been broken with the following new exciting developments:
1. New memorandum of alterations to the PSD2 implementation act: battle of authorities
In our previous article on PSD2 and GDPR we have informed you on the implementation of the PSD2 in Dutch legislation, in the light of data protection and specifically the GDPR. As explained in this article, one of the key implementation issues regarded the battle of the relevant authorities. Where PSD2 and GDPR overlap, especially with regard to explicit consent of the data subject when using AISP and/or PISP services, it was unclear whether the Data Protection Authority (“DPA”) or De Nederlandsche Bank (“DNB”) should, or was allowed to, take the supervising lead.
In the latest amendment on the Dutch PSD2 Implementation Act (published on June 19 2018), the legislator has finally cut the knot and provided useful clarification on this matter: the DPA will be the exclusive authority with regard to the consent obligation for AISP and/or PISP service, as the AP is considered to be best equipped for this task.
To read more on the other proposed changes in the memorandum of alterations to the PSD2 implementation act, please consult the official statement via this link.
2. DNB opens procedure for PSD2-paymentservices
DNB has recently announced that as of the 6th of July, 2018, companies will be able to submit a concept-application for an AISP and/or PISP license under PSD2, even before the Dutch PSD2 implementation act will come into effect (according to the latest forecasts Q3 2018). As of the 6th of July, the concept-application form and explanatory notes will be available as well.
Deloitte is monitoring these changes and the impact of these changes closely. With our experienced (international) regulatory experts and vast knowledge of and contacts with financial as well as privacy regulators, we are able to assist you in your PSD2 application procedure from beginning to end. Please do not hesitate to contact use for any information or questions regarding PSD2.
Do you want to know more on PSD2? Please contact Maria van Duijvenbode at +31882884164