Comments on the European Commission's legislative proposals of 28 June 2023

The European Commission has presented its proposals on the draft legislation for the revision of the second EU Payment Services Directive (PSD2) on 28 June 2023. The German Banking Industry (DK) welcomes the fact that essential provisions of the previous regulations will be retained. On the one hand, the European Commission is thus ensuring stability and investment security and creating essential prerequisites for future innovations in payment transactions. However, contrary to the announcement that only a further development of the payment services law would be aimed at, a surprisingly large number of changes have been made in detail compared to the previous regulatory texts. All in all, these changes lead to a higher complexity and contain potentially unwanted interactions. DK will actively participate in the upcoming legislative process at European and national level. In this context, the interactions with other legislative initiatives must also be evaluated.