On 29 September 2015, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published a supplementary report on PSD2.

The report was adopted by ECON on 15 June 2015. It contains a draft Parliament legislative resolution setting out proposed amendments to the European Commission's original PSD2 proposal.

What this means for you

In previous editions of Payment Matters, we highlighted that the EU Council has been conducting negotiations in respect of PSD2 with the European Parliament with a view to reaching an agreement. The European Parliament is now expected to consider PSD2 in its plenary session to be held from 5 to 8 October 2015. Publication in the OJ is expected in late 2015. It will then enter into force 20 days later. Member States will be required to transpose PSD2 into national law 24 months after publication. It is therefore essential that the industry now considers the technical and compliance challenges that are posed by PSD2 and how they will respond.