As announced in our earlier newsletter 'Netherlands finally implements PSD2', the Dutch Senate approved the legislative proposal transposing the second Payment Services Directive (Directive 2015/2366 – PSD2) into Dutch law on 4 December 2018. At that time, it was expected that the effective date of this legislation would be 1 January 2019 (acknowledging that the draft decree implementation PSD2 (dealing with changes in lower regulation) was still pending at that time).
However, this took somewhat longer, in anticipation of the advice from the Council of State (Raad van State) on the the draft decree implementation PSD2. Earlier this month, the Council of State submitted its advice to the Ministry of Finance and today, 18 February 2019, the final decree was published and the effective date of both the law and the decree implementing PSD2 into Dutch law announced: this will be 19 February 2019. In line with article 115 paragraph 4 of PSD2, the provisions implementing the safety measures pursuant to articles 65, 66, 67 and article 97 PSD2 (covering the technicalities of open banking and strong customer authentication, respectively) will become effective per 14 September 2019.
Our team of financial regulatory and data protection experts is more than happy to answer any questions you may have about the transposition of PSD2 into Dutch law and the rest of the EU.