The Ministry of Finance has submitted a bill to Parliament to implement the Payment Services Directive (2007/64/EG)16.
The purpose of the Directive is twofold. Firstly, to introduce a licence for those providing payment services and, secondly, it sets out rules between the provider of payment services and the consumer concerning, inter alia, the following aspects:
- cross-border automatic direct debits
- reduced processing time for cross-border transactions
- ban on value dating
- further clarity on the costs of payment instruments
- obligation of those providing payment services to provide information
- clear rules regarding reversals
- limited own risk for consumers in the event of theft or loss of the payment instrument.
The proposed bill amends the FMSA, the Prevention of Money Laundering and Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme), the Dutch Civil Code (Burgerlijk Wetboek) and the Money Transactions Offices Act (Wet inzake geldtransactiekantoren). The Directive must be implemented by 1 November 2009 at the latest.