Guideline 5: Provision of services under Article 3(k) of PSD2 by regulated entities

5.1. Competent authorities should take into account that payment service providers as referred to in Article 1 of PSD2 and electronic money issuers can provide services based on specific payment instruments that can be used only in a limited way, provided that the requirements under Article 3(k) of PSD2 and these Guidelines are met.

5.2. Competent authorities should ensure that in the cases where payment service providers or electronic money issuers also provide services under Article 3(k) of PSD2, these entities distinguish the regulated payment services/electronic money from the services excluded under Article 3(k) of PSD2 in a clear and easily recognisable way, including through the provision of a specific visual manifestation.

5.3. Competent authorities should ensure that payment service providers and electronic money issuers inform the user of the specific payment instrument in a simple and clear way that the provided services are not regulated and supervised, and that users do not benefit from the protection for payment service users under PSD2.

5.4. Where during the assessment of the notification referred to in Article 37(2) of PSD2, the competent authority arrives at the view that

• a) the distinction between the regulated payment services and/or electronic money and the services excluded under Article 3(k) of PSD2 is not sufficiently clear or appropriate, including the transparency of the communication with the users of the specific payment instrument set out in Guidelines 5.2 and 5.3, and/or
• b) the services excluded under Article 3(k) of PSD2 are likely to impair either the financial soundness of the payment service provider/electronic money issuer or the ability of the competent authority to monitor compliance with the legal requirements in PSD2 and/or EMD2,

the competent authority should take supervisory actions accordingly.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/