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International In-house Counsel Journal logoInternational In-house Counsel Journal logo

PSD II: Modernizing the EU Payment Services Landscape Through Effective Competition and Consumer Protection

Abstract

On July 24, 2013, the European Commission (“the Commission”) issued a legislative proposal to update the existing Payments Services Directive (“PSD I”), which has been in force since 2007. The new legislative package includes a revised Payment Services Directive, along with a new Regulation on Multilateral Interchange Fees (both referred to as “PSD II”) and intends to establish a new reliable regulatory framework for payment services. PSD I needed to be updated in order to modernize retail payments, as also provided by the Commission Single Market Act II, promote innovation in the market, reduce transaction costs and increase protection for consumers, while removing barriers to entry for new payment services providers (“PSPs”) strengthening, thus, effective competition in the relevant market. When adopted, PSD I was a very innovative initiative setting the foundations for the establishment and development of a unified European payments market. In fact, PSD I, as transposed in the different EU Member States achieved relatively quickly more secure efficient and easier domestic and cross-border payments. The payments market, although still in its infancy attracted new entrants and considerable investment to the direct benefit of consumers throughout the EU.

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Authors

Portrait image of Emmanouela Nikolakopoulou
Emmanouela Nikolakopoulou
Associate Legal Counsel, Swift, Belgium

Emmanouela Nikolakopoulou is associate legal counsel at SWIFT, where she manages regulatory matters, procurement and product liability issues. Ms. Nikolakopoulou has also worked at the European Commission and with law firm in Athens. Ms. Nikolakopoulou is a member of the Athens Bar Association and the Belgian Institute of Company Lawyers. She holds LL.M. degrees from the University of Athens and the University of Aix Marseille III in France and is currently pursuing a third LL.M degree on Competition Law and Economics.

Portrait image of Orestis Omran
Orestis Omran
Counsel, Dentons, Belgium

• Orestis Omran is a Counsel at Dentons. Admitted in New York, Brussels and Athens, Mr. Omran advises on regulatory financial services, banking laws, derivatives and collective investment, hedge and pension funds. He is also often involved in transnational litigation and international commercial and investment arbitration proceedings around the world. Mr. Omran is a graduate of the University of Chicago Law School. He is regularly invited to participate as a speaker in business and academic conferences in Europe and the United States and is often published in all above areas of law. Prior to joining McKenna Long & Aldridge, Mr. Omran worked with the Legal Service of the European Commission.

Companies

Swift logo

Swift

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 financial institutions and corporations in more than 200 countries and territories. SWIFT enables its users to exchange automated, standardized financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

Dentons logo

Dentons

• Dentons is a global law firm driven to provide a competitive edge in an increasingly complex and interconnected world. A top 20 firm on the Acritas 2014 Global Elite Brand Index, Dentons is committed to challenging the status quo in delivering consistent and uncompromising quality in new and inventive ways. Dentons' clients now benefit from 3,000 lawyers and professionals in more than 80 locations spanning 50-plus countries. With a legacy of legal experience that dates back to 1742 and builds on the strengths of our foundational firms—Salans, Fraser Milner Casgrain (FMC), SNR Denton and McKenna Long & Aldridge—the Firm serves the local, regional and global needs of private and public clients.

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