The final compromise text of the proposed second Payment Services Directive and a brief procedural Note have just been published in the Official Journal of the European Union (OJ).

The final compromise text, dated 2 June 2015, was agreed at a trilogue meeting on 5 May 2015. It includes a significant number of drafting and some technical changes, when compared with the 1 December 2014 version of the text

The Permanent Representatives Committee (Coreper) is expected to approve the final compromise text, before confirming that the European Presidency can tell the European Parliament that, if the Parliament adopt’s this version of the text, the Council will approve the Parliament’s position. If that happens:

  1. The Directive will be adopted, and publication in the OJ will follow;
  2. The Directive will come into force 20 days after publication in the OJ;
  3. The Member States must transpose the Directive into their national laws and apply (almost all of) it to the payment services providers established in their jurisdiction on/from the second anniversary of publication in the OJ.

In the meantime:

  1. The European Banking Authority, the European Central Bank and the European Commission will develop Regulatory Technical Standards “to ensure an appropriate level of security for payment service users and payment service providers … ; … the safety of payment service users’ funds and personal data; … fair competition among all payment service providers; [and] technology and business-model neutrality; [and] to allow for the development of user-friendly, accessible and innovative means of payment“. (The Member States must apply the Directive’s security provisions to their payment services providers on/from the date that falls 18 months after these Technical Standards come into force); and
  2. The Commission will have the power to adopt Delegated Acts, to update some of the financial limits included in the Directive to allow for inflation.