PSD II – Dutch Update
On 26 October 2017 we published an update with respect to the submission to the Dutch parliament of the implementing legislative proposal of PSD II.
The main changes are:
- Dutch DPA: The supervision with respect to the protection of personal data will be conducted by the Dutch Data Protection Authority (rather than the Dutch Central Bank (DCB)).
- Definition of payment account: It is proposed that the definition of payment account (betaalrekening) is amended to refer directly to PSD II. PSD II introduces two new payment services and in practice new forms of payment accounts have come into play since PSD I, potentially resulting in unclarity on the scope of ‘payment accounts’. To remove any ambiguity, it is made clear that the purpose of PSD II is leading.
- DNO requirement for electronic money institutions: Due to overlap in requirements of directive 2009/110/EC (the EMI Directive) and PSD II, it is proposed to introduce an obligation to obtain a declaration of no-objection (DNO) for acquiring, increasing or holding a qualifying holding in an electronic money institution.
- No DNO requirement for account information services providers: It is clarified that the obligation to obtain a DNO is not required for acquiring, increasing or holding a qualifying holding in payment institutions only providing account information services.
- Passporting into the Netherlands: The legislative proposal accidently did not provide for the passport possibility for payment service providers with seat in another EEA Member State to the Netherlands. This is being rectified.
Furthermore, DCB recently announced that it will be possible to submit license applications under PSD II to DCB from 6 July 2018. To read the news item of the DCB click here.
More info? Contact your regular Loyens & Loeff advisor or FIT@loyensloeff.com / +31 20 578 50 69.
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Wendy PronkSenior Associate Attorney at law
Wendy Pronk, attorney at law, is a member of the Banking & Finance practice group in our Amsterdam office. She focuses on advice and legal proceedings in financial regulatory matters.T: +31 20 578 53 15 M: +31 6 10 61 79 95 E: email@example.com