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Minister for Finance Issues New Statutory Instrument which Amends Irish Transposition of PSD2
In June of this year, the Minister for Finance gave effect to the European Union (Payment Services) (Amendment) Regulations 2019 (the “Payment Services Regulations”). The Payment Services Regulations make a number of minor amendments to other pieces of legislation, set out below.
The Payment Services Regulations make the following amendments to the European Union (Payment Services) Regulations 2018:
- They amend the Method C own funds calculation formula, correcting a previous drafting error.
- They make the Competition and Consumer Protection Commission, rather than the Central Bank of Ireland, responsible for the enforcement of the prohibition on surcharging contained in Regulation 86(6) where the payee is a trader but not a regulated financial service provider.
- They make it clear that any contractual provision that seeks to breach the Payment Services Directive 2015 (“PSD2”) surcharge prohibition is unenforceable.
The Payment Services Regulations also amend the European Communities (E-Money) Regulations 2011 to reflect PSD2 changes to the limited network and electronic communications exemptions.
These changes can be welcomed, introducing greater clarity and consistency to the law in this area.
This article was co-authored by Financial Institutions Group partner Joe Beashel, Financial Services Regulatory lawyer Ian O'Mara and Financial Institutions Group trainee Maeve McDonough