The Payment Services Directive (PSD) provided the legal foundation for the creation of a single market for payments in the European Union. The PSD aimed to establish a modern and comprehensive set of rules applicable to all payment services and to provide the legislative framework for the Single Euro Payments Area (SEPA) initiative. The PSD has been updated with the introduction of the Payment Services Directive II (PSD2) which was published on 12 January 2016. As a result, Member States would have to transpose the directive into National Law by 13th January 2018. While the foundation of PSD has been retained, an additional layer of responsibilities has been introduced on Payment Service Providers.
This course aims to outline the main requirements of the PSD as transposed into Ireland by the Payment Services Regulations in 2009 and PSD2. While looking at the technical provisions, this course will also provide an understanding of how regulated firms should implement the Regulations.
Where do firms obligations come from?
High level obligations
PSD & PSD2 overview
Obligations firms must consider
Information firms must provide
Offences and penalties
Who should attend?
Anyone entering the payments sector or requiring a refresh of the latest directive including:
Heads of Compliance
Introduction to Financial Services Regulation in Ireland – Half Day