The CEO of one of Denmark's biggest banks recently described the existing business models of banks and other established payment service providers as a "burning platform" in the light of the developments in payment services, digitalisation and financial disruption for the past ten years.

The Council adopted the second Directive on Payment Services (PSD2) on 17 November 2015 as a part of the legal answer to such development. The Directive aims at establishing legal framework conditions for the development in and the supply of payment services in Denmark and the EU for many years to come, including not least the often conflict-ridden relations between the established payment service providers and the new Internet-based and mobile-based disruptors.

PSD2 introduces a number of new market players such as payment initiation services providers and account information services providers and the regulation of known structures such as limited networks and a number of other issues, including not least IT security, has been changed and made stricter. At this morning meeting Attorney-at-Law Rasmus Mandøe Jensen will review the most important changes and innovations in PSD2.

Main points

• The new market players such as payment initiation services providers and account information services providers and their relations with users and banks.
• Tightening of the requirements as to limited networks and the digital download exemption
• Changes in the liability rules and a new unconditional right of charge back in connection with certain direct debits
• Tightening of the IT security requirements including the requirements of strong customer authentication
• Change in the division of the regulatory authority between the home country and the host country in connection with cross-border activities

Speaker

Attorney-at-Law Rasmus Mandøe Jensen.

Registration

Please note that the seminar will be in Danish. Please visit our Danish website if you wish to register for the seminar.