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Briefing - Financial Regulatory Group (Payment Services Directive), August 2008

  • The aim of the Payment Services Directive is, in essence, to create the regulatory framework for a single payments market in the EU. In doing so, the Directive will introduce a new EU-wide regulatory regime for "payment institutions" and impose new obligations on all payment service providers through information requirements and conduct of business rules. The deadline for national implementation of the Directive is 1 November 2009. In February 2008, the Department of Finance issued a consultation paper on implementation of the Directive in Ireland, and a draft Heads of Bill is expected shortly.
      
  • 22.08.2008