The Department of Finance has recently published a consultation paper together with draft regulations on the implementation of the Payment Services Directive (PSD). The draft European Communities (Payment Services) Regulations 2009 (the Regulations) are due to be implemented by the end of July. For the most part the Regulations implement the PSD verbatim, however the Department of Finance is inviting submissions in relation to certain national discretions.

The aim of the PSD is to provide the regulatory framework for a single payments market in the EU, so that electronic payments within the EU can be made as simply, cheaply and securely as domestic payments within a Member State. The PSD introduces an EU-wide regulatory regime for "payment institutions" (firms other than credit institutions and other regulated entities that provide payment services). It also imposes obligations on all payment service providers (PSPs) through new information requirements and conduct of business rules.

A link to the draft regulations and the consultation paper is attached.

Draft Regulations and Consultation Paper (0.48 MB, Adobe PDF)