Subject matter

These Guidelines specify the application of the exclusion under Article 3(k) of Directive (EU) 2015/2366 on payment services in the internal market (PSD2)² .

² It is further noted that, in accordance with Article 1(4) of Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2)the Directive does not apply to monetary value stored on instruments excluded under Article 3(k) of PSD2.

In addition, these Guidelines specify details on the notification process under Article 37(2) of PSD2 and on the description of the activity made publicly available under Article 37(5) of PSD2.