Proposed PSD3 and Payment Services Regulation (PSR): Bird & Bird’s initial thoughts
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After much anticipation, the European Commission (EC) has published one week ago, on 28 June, its proposed revisions to EU payment services legislation, as well as a proposal on Open Finance/data access in the financial services sector beyond open banking/payment accounts in the form of a new Open Finance framework called “FIDA”.
The proposals are available here along with other various documents, including Impact Assessments, etc.
This is now the beginning of the EU legislative process in relation to those texts. It isn’t clear how long this legislative process will take, but it is possible that they would not be adopted in final form before at least Q2 2025.
