PSD II: Modernizing the EU Payment Services Landscape Through Effective Competition and Consumer Protection

Orestis Omran, Counsel, McKenna Long & Aldridge LLP and SWIFT SCRL, Belgium
Emmanouela Nikolakopoulou, Associate Legal Counsel, Swift, Belgium

On July 24, 2013, the European Commission (“the Commission”) issued a legislative proposal to update the existing Payments Services Directive (“PSD I”), which has been in force since 2007. The new legislative package includes a revised Payment Services Directive, along with a new Regulation on Multilateral Interchange Fees (both referred to as “PSD II”) and intends to establish a new reliable regulatory framework for payment services. PSD I needed to be updated in order to modernize retail payments, as also provided by the Commission Single Market Act II, promote innovation in the market, reduce transaction costs and increase protection for consumers, while removing barriers to entry for new payment services providers (“PSPs”) strengthening, thus, effective competition in the relevant market.

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Belgium Regulation Banking & Finance May 2015 Vol. 8, No. 31, Spring 2015

Orestis Omran

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Orestis Omran is a Counsel with McKenna Long and Aldridge. Admitted in New York, Brussels and Athens, Mr. Omran advises on regulatory financial services, banking laws, derivatives and collective investment, hedge and pension funds. He is also often inv

Emmanouela Nikolakopoulou

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Emmanouela Nikolakopoulou is associate legal counsel at SWIFT, where she manages regulatory matters, procurement and product liability issues. Ms. Nikolakopoulou has also worked at the European Commission and with law firm in Athens. Ms. Nikolakopoulo

McKenna Long & Aldridge LLP and SWIFT SCRL

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McKenna Long & Aldridge LLP is an international law firm with 500 attorneys and public policy advisors in 15 offices and 13 markets. The firm is uniquely positioned at the intersection of law, business and government, representing clients in the areas o

Swift

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SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 financial institutions and corporations in more than 200 countries and territories. SWIFT enables its users to exchange aut

Belgium Regulation Banking & Finance May 2015 Vol. 8, No. 31, Spring 2015

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