Guideline 6: Notifications under Article 37(2) of PSD2

6.1. Competent authorities should take into account that the notification under Article 37(2) of PSD2 should be submitted by the issuer to the competent authority in each Member State where the users of the payment instrument are located and where the threshold set out in Article 37(2) of PSD2 is exceeded in the particular Member State. 6.2. Competent authorities should take into account that the notification under Article 37(2) of PSD2 should be submitted by the issuer for any given period shorter than 12 months when the total value of payment transactions executed exceeds the amount of EUR 1 million for that period.

6.3. Competent authorities should take into account that the notification under Article 37(2) of PSD2 should contain information about the type of exclusion under which the activity is carried out and the description of the activity.

6.4. The description of the activity referred to in Guideline 6.3 should include information:

• a) on whether the goods and/or services that can be acquired are physical and/or digital;
• b) about other Member States where the service under Article 3(k) of PSD2 covered by the notification to the competent authority is provided by the same issuer; and
• c) any other information allowing competent authorities to assess the notification against these Guidelines.

6.5. Competent authorities should take into account that the notification under Article 37(2) of PSD2 is to be submitted by the issuer only once. An additional new notification should be submitted to the competent authority when any information related to the same specific payment instrument(s) as provided with the initial notification has changed substantially.

6.6. Competent authorities should take into account that the substantial changes referred to in Guideline 6.5 can include but are not limited to situations where:

• a) the provision of the excluded services has terminated;
• b) the issuer intends to increase the number of providers of goods and/or services under Guideline 2.1(b);
• c) the issuer intends to expand the specific geographical area for the provision of goods and/or services under Guideline 2.2(a); or
• d) the issuer intends to offer services under Article 3(k)(i) or (ii) of PSD2 based on an instrument not covered in the original notification; or
• e) the previously notified specific category of goods and/or services with a common purpose referred to in Guideline 4.2 is intended to be changed.

6.7. In any case, competent authorities can request issuers to submit a new notification with updated information if they consider this necessary to establish whether or not the information the issuer had provided with the initial notification has changed. 6.8. Competent authorities should take into account that the calculation of the threshold under Article 37(2) of PSD2 is to be carried out at the level of each issuer. Where a single issuer provides services based on more than one specific payment instrument under Article 3(k)(i) and/or (ii) of PSD2, the calculation of the threshold should be carried out by combining all payment transactions executed in the respective Member State with all specific payment instruments offered by the same issuer.

6.9. Competent authorities should include the issuer in their national register under Article 14 of PSD2 and the central register of the EBA under Article 15 of PSD2 only once and reflect in a concise manner the description of the activities carried out with each specific payment instrument under Article 3(k)(i) and/or (ii) of PSD2. Competent authorities should also include in the description of activities in the registers the information about other Member States where the same issuer provides services under Article 3(k)(i) and/or (ii) of PSD2.

6.10. Competent authorities should ensure that the information provided by an issuer with the notification under Article 37(2) of PSD2 allows them to assess whether the activity falls under the scope of Article 3(k)(i) and/or (ii) of PSD2 or whether it will require authorisation as a payment service provider or an issuer of electronic money. In case the information provided with the notification is incomplete, vague or ambiguous, the competent authority should request from the issuer additional information or clarification to the information already provided in order to take the decision.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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