Bird & Bird’s initial thoughts
Introduction
After much anticipation, the European Commission (EC) has published one week ago, on 28 June, its
proposed revisions to EU payment services legislation, as well as a proposal on Open Finance/data access
in the financial services sector beyond open banking/payment accounts in the form of a new Open Finance
framework called “FIDA”. The proposals are available here along with other various documents, including
Impact Assessments, etc.
This is now the beginning of the EU legislative process in relation to those texts. It isn’t clear how long this
legislative process will take, but it is possible that they would not be adopted in final form before at least Q2
2025.
Following their adoption in final form (which may differ quite substantially from the drafts published by the
EC) and their publication in the Official Journal of the EU, the texts will “enter into force” 20 days later. Then
it is proposed that:
• Member States would have 18 months to implement PSD3 into their national legal order;
• Market participants would have 18 months to comply with the PSR (no need for the PSR to be
implemented into national laws since it is a Regulation and therefore is directly applicable), with the
exception of the rules on confirmation of payee/”matching service” in relation to which payment service
providers (PSPs) would be given 24 months to comply.
Over the last week, we were able to review the proposals and provide our initial thoughts below on the
proposed PSD3 and PSR. By definition, those are not exhaustive, are subject to change, and as always do
not constitute legal advice.
We will publish a separate client alert on FIDA.
On that same day, the EC also released a proposal regarding the Digital Euro, that we will cover in a
separate client alert.
