TRANSPOSITION OF THE PSD : STATE OF PLAY

According to the European Commission, at the end of March 2010, 16 Member States have transposed the Directive and 7 other member States have transposed it partially. Infringement proceedings were launched at end January against all those Member States lagging behind

On the basis of the data provided by 13 Member States, the Commission services informed that, at the end of march, 71 payment institutions licenses have already been granted(most of them are in UK) . In addition, 467 entities have been waived under Article 26 most of them are in UK). (Article 26 = Small PIs – license is not needed when the total amount of transactions does not exceed 3 million Euros a month, this was on option of the PSD, This was an option in the directive which has not been accepted by the French parliament during the transposition)