What has happened?
The legislative decree implementing PSD2 in Italy has been published in the Official Gazette.
What does this mean?
Following the publication of the consultation paper last summer, on 13 January 2018, the Legislative Decree ("PSD2 Decree") implementing PSD2 was published in the Italian Official Gazette.
The PSD2 Decree also sets out rules for the application of the EU Regulation on interchange fees for card-based payment transactions ("IFR") in Italy.
The PSD2 Decree entered into force on 13 January 2018.
It amended, among other things, the Italian Consolidated Banking Act and the Legislative Decree setting out the Italian payment services legal framework.
The PSD2 Decree also amended domestic sanctions for violations of the SEPA Regulation and of EU Regulation on cross-border payments and repealed the Ministerial Decree concerning fees charged to merchants in connection with payment card transactions.
The PSD2 Decree provides for specific provisions regarding the transitional period.
More specifically, among other things:
- IFR: rules regarding the applicability of lower interchange fees for consumer domestic debit and credit card transactions of less than €5 apply from 1 April 2018;
- Security measures: the security measures regarding the confirmation on the availability of funds, strong customer authentication and rules applicable to third-party providers will be effective 18 months after the entry into force of the Regulatory Technical Standards ("RTS") pursuant to Article 98 of PSD2;
- Bank of Italy secondary rules: until the entry into force of the RTS, the Bank of Italy secondary rules currently in force governing the related matters continue to be effective. During this transitional period, the Bank of Italy may amend and repeal the above mentioned secondary rules in order to ensure consistency with the PSD2 Decree;
- Amendments to existing agreements: payment services providers must notify their customers within 12 March 2018 of the proposal of amendments to the existing agreements necessary to comply with the PSD2 Decree. Customers may withdraw from agreements without charge within 60 days from the notification.
It should also be noted that, on 19 December 2017, the European Banking Authority published an Opinion on the transition from PSD1 to PSD2.
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