Edited by Gabriella Gimigliano, Assistant Professor, Business and Law Department, University of Siena, Italy and Marta Božina Beroš, Associate Professor, Faculty of Economics and Tourism “Dr. Mijo Mirković”, Juraj Dobrila University of Pula, Croatia

• Contents:Foreword: Introduction to the PSD2 Commentary xxviAcknowledgements xxviiiPART I1 Introduction to The Payment Services Directive II: A Commentary 2Gabriella Gimigliano and Marta Božina Beroš2 Title I: ‘Subject matter, scope and definitions’ (Art. 1–Art. 4): The regulated field (object and subject) 5Benjamin Geva3 Title II, Chapter 1, ‘Payment institutions’ (Arts 5–21) 31Ciro G. Corvese4 Title II, Chapter 1, Section 3–4, ‘Competent authorities and supervision’ (Arts 22–30), ‘Exemptions’ (Arts31–34) 66Marta Božina Beroš5 Title II, Chapter 2, ‘Common Provisions’ (Arts 35–37) 86Nikita Divissenko and Gabriella Gimigliano6 Title III, Chapters 1, 2, 3 (Arts 38–58) 103Gabriella Gimigliano7 Title III, Chapter 4 (Arts 59–60) 122Noah Vardi8 Title III, Chapter 1 (Arts 61–63) 133Gabriella Gimigliano9 Title III, Chapter 2, ‘Authorisation of payment transactions’ (Arts 64–77) 146Gabriella Gimigliano10 Title IV, Chapter 3, ‘Rights and obligations in relation to the provision and use of payment services:execution of payment transactions’ (Arts 78–93) 163Benjamin GevaNikita Divissenko12 Title IV, Chapter 5, ‘Operational and security risks and authentication’ (Arts 95–98) 190Ruth Wandh.fer13 Title IV, Chapter 6, ‘ADR procedures for the settlement of disputes’ (Arts 99–103) 210Arno R. Lodder14 Title IV, ‘Delegated acts and regulatory technical standards’ (Arts 104–106) 223Martin Miernicki15 Title VI, ‘Final provisions’ (Arts 107–117) 232Gabriella GimiglianoPART II16 Implementation of the PSD2 in Austria 246Martin Miernicki17 Transposition of the PSD2 into Croatian national legislation 265Ivana Parać Vukomanović18 Transposition of PSD2 into Czech law 283Petr Kot.b, Jiř. Moravec and Jan Škrabka19 PSD2 implementation in Estonia 305Nikita Divissenko20 Implementation of the PSD2 in Finland: a Nordic view on payment services regulation 319Jyri Ter.maa21 The transposition of the PSD2 into French law 338Evelina Gratianu and Myriam Roussille22 Transposition of PSD2 into German law with special consideration of the regulatory and civil law changes357Christian Conreder23 The transposition of the PSD2 in Italy: policies and rules 387Costanza Iacomini and Simone Mezzacapo24 Spain’s implementation of PSD2 408Fernando Zunzunegui25 PSD2, Brexit and the financial regulation of payment systems in the UK 426Daniele D’Alvia, Katrien Morbee and Rodrigo Olivares CaminalAppendix 445Index

Edited by Gabriella Gimigliano, Assistant Professor, Business and Law Department, University of Siena, Italy and Marta Božina Beroš, Associate Professor, Faculty of Economics and Tourism “Dr. Mijo Mirković”, Juraj Dobrila University of Pula, Croatia

• Contents:Foreword: Introduction to the PSD2 Commentary xxviAcknowledgements xxviiiPART I1 Introduction to The Payment Services Directive II: A Commentary 2Gabriella Gimigliano and Marta Božina Beroš2 Title I: ‘Subject matter, scope and definitions’ (Art. 1–Art. 4): The regulated field (object and subject) 5Benjamin Geva3 Title II, Chapter 1, ‘Payment institutions’ (Arts 5–21) 31Ciro G. Corvese4 Title II, Chapter 1, Section 3–4, ‘Competent authorities and supervision’ (Arts 22–30), ‘Exemptions’ (Arts31–34) 66Marta Božina Beroš5 Title II, Chapter 2, ‘Common Provisions’ (Arts 35–37) 86Nikita Divissenko and Gabriella Gimigliano6 Title III, Chapters 1, 2, 3 (Arts 38–58) 103Gabriella Gimigliano7 Title III, Chapter 4 (Arts 59–60) 122Noah Vardi8 Title III, Chapter 1 (Arts 61–63) 133Gabriella Gimigliano9 Title III, Chapter 2, ‘Authorisation of payment transactions’ (Arts 64–77) 146Gabriella Gimigliano10 Title IV, Chapter 3, ‘Rights and obligations in relation to the provision and use of payment services:execution of payment transactions’ (Arts 78–93) 163Benjamin GevaNikita Divissenko12 Title IV, Chapter 5, ‘Operational and security risks and authentication’ (Arts 95–98) 190Ruth Wandh.fer13 Title IV, Chapter 6, ‘ADR procedures for the settlement of disputes’ (Arts 99–103) 210Arno R. Lodder14 Title IV, ‘Delegated acts and regulatory technical standards’ (Arts 104–106) 223Martin Miernicki15 Title VI, ‘Final provisions’ (Arts 107–117) 232Gabriella GimiglianoPART II16 Implementation of the PSD2 in Austria 246Martin Miernicki17 Transposition of the PSD2 into Croatian national legislation 265Ivana Parać Vukomanović18 Transposition of PSD2 into Czech law 283Petr Kot.b, Jiř. Moravec and Jan Škrabka19 PSD2 implementation in Estonia 305Nikita Divissenko20 Implementation of the PSD2 in Finland: a Nordic view on payment services regulation 319Jyri Ter.maa21 The transposition of the PSD2 into French law 338Evelina Gratianu and Myriam Roussille22 Transposition of PSD2 into German law with special consideration of the regulatory and civil law changes357Christian Conreder23 The transposition of the PSD2 in Italy: policies and rules 387Costanza Iacomini and Simone Mezzacapo24 Spain’s implementation of PSD2 408Fernando Zunzunegui25 PSD2, Brexit and the financial regulation of payment systems in the UK 426Daniele D’Alvia, Katrien Morbee and Rodrigo Olivares CaminalAppendix 445Index

Edited by Gabriella Gimigliano, Assistant Professor, Business and Law Department, University of Siena, Italy and Marta Božina Beroš, Associate Professor, Faculty of Economics and Tourism “Dr. Mijo Mirković”, Juraj Dobrila University of Pula, Croatia

• Contents:Foreword: Introduction to the PSD2 Commentary xxviAcknowledgements xxviiiPART I1 Introduction to The Payment Services Directive II: A Commentary 2Gabriella Gimigliano and Marta Božina Beroš2 Title I: ‘Subject matter, scope and definitions’ (Art. 1–Art. 4): The regulated field (object and subject) 5Benjamin Geva3 Title II, Chapter 1, ‘Payment institutions’ (Arts 5–21) 31Ciro G. Corvese4 Title II, Chapter 1, Section 3–4, ‘Competent authorities and supervision’ (Arts 22–30), ‘Exemptions’ (Arts31–34) 66Marta Božina Beroš5 Title II, Chapter 2, ‘Common Provisions’ (Arts 35–37) 86Nikita Divissenko and Gabriella Gimigliano6 Title III, Chapters 1, 2, 3 (Arts 38–58) 103Gabriella Gimigliano7 Title III, Chapter 4 (Arts 59–60) 122Noah Vardi8 Title III, Chapter 1 (Arts 61–63) 133Gabriella Gimigliano9 Title III, Chapter 2, ‘Authorisation of payment transactions’ (Arts 64–77) 146Gabriella Gimigliano10 Title IV, Chapter 3, ‘Rights and obligations in relation to the provision and use of payment services:execution of payment transactions’ (Arts 78–93) 163Benjamin GevaNikita Divissenko12 Title IV, Chapter 5, ‘Operational and security risks and authentication’ (Arts 95–98) 190Ruth Wandh.fer13 Title IV, Chapter 6, ‘ADR procedures for the settlement of disputes’ (Arts 99–103) 210Arno R. Lodder14 Title IV, ‘Delegated acts and regulatory technical standards’ (Arts 104–106) 223Martin Miernicki15 Title VI, ‘Final provisions’ (Arts 107–117) 232Gabriella GimiglianoPART II16 Implementation of the PSD2 in Austria 246Martin Miernicki17 Transposition of the PSD2 into Croatian national legislation 265Ivana Parać Vukomanović18 Transposition of PSD2 into Czech law 283Petr Kot.b, Jiř. Moravec and Jan Škrabka19 PSD2 implementation in Estonia 305Nikita Divissenko20 Implementation of the PSD2 in Finland: a Nordic view on payment services regulation 319Jyri Ter.maa21 The transposition of the PSD2 into French law 338Evelina Gratianu and Myriam Roussille22 Transposition of PSD2 into German law with special consideration of the regulatory and civil law changes357Christian Conreder23 The transposition of the PSD2 in Italy: policies and rules 387Costanza Iacomini and Simone Mezzacapo24 Spain’s implementation of PSD2 408Fernando Zunzunegui25 PSD2, Brexit and the financial regulation of payment systems in the UK 426Daniele D’Alvia, Katrien Morbee and Rodrigo Olivares CaminalAppendix 445Index