---
instrument_id: psd-3
chunk_id: psd-3_t03
chunk_title: FINAL PROVISIONS
path: Title III
source_class: operative_text
document_type: proposal
normative_weight: non_binding
legal_status: council_position
jurisdiction: EU
effective_period:
  from: null
  to: null
articles_contained:
  - 39
  - 40
  - 41
  - 42
  - 43
  - 44
  - 45
  - 46
  - 47
  - 48
  - 49
  - 50
  - 51
topics:
  - payments
  - payment_services
  - final_provisions
  - authorisation
  - competent_authorities
  - crypto_assets
recitals:
  - number: 6
    text: "As evidenced in the review conducted by the Commission and given the evolution of the relevant markets, businesses and risks, it is necessary to update the prudential regime for payment institutions, including those issuing electronic money as a payment service, by requiring a single authorisation for providers of payment services which do not take deposits. The authorisation regime for payment institutions, which will replace the regime applicable to electronic money institutions, should also apply to issuers of electronic money tokens that are not credit institutions, and references in Regulation (EU) 2023/1114 of the European Parliament and of the Council[7] to electronic money institutions issuing electronic money tokens should be read as references to payment institutions issuing electronic money tokens. However, the specificities of the regime established by Regulation (EU) 2023/1114 as regards electronic money institutions issuing electronic money tokens should be maintained, taking into account Article 48(3) of that Regulation. The prudential regime applicable to payment institutions should be based on an authorisation, subject to a set of strict and comprehensive conditions, for legal persons offering payment services when they do not take deposits. The prudential regime applicable to payment institutions should ensure that the same conditions apply throughout the Union to the activity of providing payment services."
    footnotes:
      - number: 7
        text: "Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj)."
  - number: 73
    text: "The European Data Protection Supervisor has been consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered an opinion on 22 August 2023[25],"
    footnotes:
      - number: 25
        text: "OJ C, C/2023/1019, 16.11.2023, ELI: http://data.europa.eu/eli/C/2023/1019/oj."
---

# Title III - FINAL PROVISIONS

## Article 39 - Delegated acts

The Commission is empowered to adopt delegated acts in accordance with Article 40 to amend this Directive in order to update the amounts referred to in Article 5, Article 33(1), and Article 37 to take account of inflation.

## Article 40 - Exercise of the delegation

1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

2. The power to adopt the delegated acts referred to in Article 39 shall be conferred on the Commission for an indeterminate period of time from … [date of entry into force of this Directive].

3. The delegation of power referred to in Article 39 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or on a later date specified therein. It shall not affect the validity of any delegated acts already in force.

4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.

5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

6. A delegated act adopted pursuant to Article 39 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.

## Article 41 - Full harmonisation

1. Without prejudice to Article 6(3) and Articles 33, 37 and 38, insofar as this Directive contains harmonised provisions, Member States shall not maintain or introduce provisions other than those laid down in this Directive.

2. A Member State that uses any of the options referred to in Article 6(3) or Article 33, 37 or 38, shall inform the Commission thereof and of any subsequent changes. The Commission shall make the information public on a website or other easily accessible means.

3. Member States shall ensure that payment service providers do not derogate, to the detriment of payment service users, from the provisions of national law transposing this Directive except where explicitly provided for therein. However, payment service providers may decide to grant more favourable terms to payment service users.

## Article 42 - Review clause

1. The Commission shall by … [18 months from the date of entry into force of this Directive], submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the possibility of extending the scope of this Directive to the processing or the operating of digital wallets. Where appropriate, the Commission shall submit a legislative proposal together with its report.

2. The Commission shall by … [36 months from the date of entry into force of this Directive], submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the scope of this Directive, with regard in particular to payment systems, payment schemes and technical service providers. The report shall also cover the current applications of the payment service referred to in Annex I, point 8, and its key features, including in particular the distinction between accounts used to store electronic money and traditional payment accounts. Where appropriate, the Commission shall submit a legislative proposal together with its report.

3. The Commission shall, by … [seven years from the date of entry into force of this Directive], submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the application and impact of this Directive, and in particular on:

   (a) the appropriateness of the scope of this Directive, in particular regarding the possibility of extending it to certain services, including the operation of payment systems and the provision of technical services, which are not covered in the scope;

   (b) the impact of the revision of Directive 2014/49/EU on the safeguarding of customer funds by payment institutions;

   (c) the provisions on services whereby cash is provided in retail stores without a purchase, especially on the need of further harmonisation of these provisions;

   (d) the total number and market share of payment service providers authorised under this Directive, classified per Member State.

Where appropriate, the Commission shall submit a legislative proposal together with its report.

## Article 43 - Transitional provisions

1. Member States shall allow payment institutions that have been authorised pursuant to Article 11 of Directive (EU) 2015/2366 by … [21 months from the date of entry into force of this Directive] to continue to provide and execute the payment services for which they have been authorised, without having to seek a new authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive until … [27 months from the date of entry into force of this Directive].

Member States shall require the payment institutions referred to in the first subparagraph to submit to the competent authorities the information necessary for those competent authorities to assess, by … [27 months from the date of entry into force of this Directive], either of the following:

   (a) whether those payment institutions comply with Article 3(3), points (c) to (f), (h), (q) and (r), and, where they do not, which measures need to be taken to ensure compliance;

   (b) whether the authorisation should be withdrawn.

The payment institutions referred to in the first subparagraph which, upon verification by the competent authorities, comply with Title II shall be deemed to be authorised as payment institutions pursuant to Article 13 and shall be entered in the registers referred to in Articles 17 and 18. Where those payment institutions do not comply with the requirements laid down in Title II by … [27 months from the date of entry into force of this Directive], they shall be suspended from providing payment services until they provide to the relevant competent authority the necessary information which ensures their compliance with Title II and until the competent authority has verified and confirmed the accuracy of that information.

2. By way of derogation from paragraph 1, second subparagraph, of this Article, Member States shall provide for the payment institutions referred to in paragraph 1 to be authorised automatically and to be entered in the register referred to in Article 17 if the competent authorities have evidence that those payment institutions already comply with Articles 3 and 13. The competent authorities shall inform the payment institutions concerned of such automatic authorisation before it is granted.

3. Member States shall allow natural or legal persons who benefited from an exemption pursuant to Article 32 of Directive (EU) 2015/2366 by … [21 months from the date of entry into force of this Directive], and provided payment services as referred to in Annex I to that Directive, to do any of the following:

   (a) to continue to provide those services within the Member State concerned until … [27 months from the date of entry into force of this Directive];

   (b) to obtain an exemption pursuant to Article 33 of this Directive; or

   (c) to comply with the other provisions laid down or referred to in Title II of this Directive.

Any natural or legal person referred to in the first subparagraph who has not, by … [27 months from the date of entry into force of this Directive], been authorised or exempted under this Directive shall be suspended from providing payment services until that person provides the relevant competent authority with the necessary information and that competent authority has verified and confirmed the accuracy of that information. Article 33(7) shall apply.

4. By way of derogation from paragraph 3, first subparagraph, point (b), Member States may provide for natural and legal persons who benefited from an exemption pursuant to Article 32 of Directive (EU) 2015/2366 to be exempted pursuant to Article 33 of this Directive and to be entered in the registers referred to in Articles 17 and 18 of this Directive where the competent authorities have evidence that the requirements laid down in Article 33 of this Directive are met. The competent authorities shall inform the payment institutions concerned thereof.

5. Member States shall ensure that ATM deployers not servicing payment accounts that are operating in the market pursuant to Article 3, point (o), of Directive (EU) 2015/2366 by … [21 months from the date of entry into force of this Directive] are able to continue to provide that service without having to seek registration in accordance with Article 36 of this Directive or to comply with the other provisions laid down or referred to in Title II until … [27 months from the date of entry into force of this Directive].

6. Member States shall ensure that in relation to the institutions referred to in paragraphs 1 to 4 of this Article, the register referred to in Article 17 is updated … [27 months + 1 week from the date of entry into force of this Directive].

7. Pursuant to Article 18, competent authorities shall provide EBA, in relation to the institutions referred to in paragraph 6 of this Article, with the information entered in their register referred to in Article 17, immediately after the update of that register pursuant to paragraph 6 of this Article.

## Article 44 - Transitional provision – electronic money institutions authorised under Directive 2009/110/EC

1. Member States shall allow electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC that have taken up, before … [21 months from the date of entry into force of this Directive], activities in accordance with national law transposing Directive 2009/110/EC as electronic money institutions in the Member State in which their head office is located in accordance with that national law, to continue those activities in that Member State or in another Member State until … [27 months from the date of entry into force of this Directive without having to apply for a new authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive.

2. Member States shall require the electronic money institutions referred to in paragraph 1 to submit to the competent authorities all information necessary for those competent authorities to assess, by … [27 months from the date of entry into force of this Directive], whether those electronic money institutions comply with Article 3(3), points (c) to (f), (h),
   (q) and (r). Where such assessment reveals that those electronic money institutions do not comply with those requirements, the competent authorities shall decide which measures need to be taken to ensure such compliance, or to withdraw the authorisation.

The electronic money institutions referred to in the first subparagraph which, upon verification by the competent authorities, comply with Title II shall be deemed to be authorised as payment institutions pursuant to Article 13 and shall be entered in the registers referred to in Articles 17 and 18. Where those electronic money institutions do not comply with the requirements laid down in Title II by … [27 months from the date of entry into force of this Directive], they shall be suspended from providing payment services until they provide to the relevant competent authority the necessary information and that competent authority has verified and confirmed the accuracy of that information. Article 33(7) shall apply.

3. By way of derogation from paragraph 2, first subparagraph, Member States shall allow the electronic money institutions referred to in paragraph 1 to be authorised automatically as payment institutions and entered in the register referred to in Article 17 where the competent authorities have evidence that the electronic money institutions concerned comply with this Directive. The competent authorities shall inform the electronic money institutions concerned thereof before such automatic authorisation is granted.

4. Member States shall allow legal persons that have taken up, before … [21 months from the date of entry into force of this Directive], activities in accordance with national law transposing Article 9 of Directive 2009/110/EC, to continue those activities within the Member State concerned in accordance with that Directive until … [27 months from the date of entry into force of this Directive], without being required to apply for a new authorisation under Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive. The electronic money institutions referred to in paragraph 1 which, during that period, have been neither authorised nor exempted within the meaning of Article 33 of this Directive, shall be suspended from providing payment services until they provide to the relevant competent authority the necessary information and that competent authority has verified and confirmed the accuracy of that information. Article 33(7) shall apply.

## Article 45 - Extension period

Where a payment institution or electronic money institution has provided the information required pursuant to Articles 43 and 44, as applicable, but the competent authority has not been able to process it within the applicable deadline, that competent authority may exceptionally decide to extend, by no longer than three months, the period beyond which the payment institution or electronic money institution, as applicable, is prohibited from providing services.

## Article 46 - Amendment to Directive 98/26/EC

In Article 2 of Directive 98/26/EC, point (b) is replaced by the following:

‘(b) “institution” shall mean:

– a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council*, including the entities listed in Article 2(5) of Directive 2013/36/EU of the European Parliament and of the Council**;

– an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council***, excluding the institutions set out in Article 2(1) thereof;

– public authorities and publicly guaranteed undertakings; or

– any undertaking whose head office is outside the Union and whose functions correspond to those of the Union credit institutions or investment firms as defined in the first and second indent, which participates in a system and which is responsible for discharging the financial obligations arising from transfer orders within that system;

– a payment institution as defined in Article 3, point (13), of Regulation (EU) 2026/… of the European Parliament and of the Council****, excluding the payment institutions benefitting from an exemption pursuant to Articles 33, 35 and 36 of Directive (EU) 2026/… of the European Parliament and of the Council*****, which participates in a system whose business consists of the execution of transfer orders as defined in point (i), first indent, and which is responsible for discharging the financial obligations arising from such transfer orders within that system.

If a system is supervised in accordance with national legislation and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within that system, can be considered institutions, provided that at least three participants of that system are covered by the categories referred to in the first subparagraph of this point and that such a decision is warranted on grounds of systemic risk;

________________ * Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1, ELI: http://data.europa.eu/eli/reg/2013/575/oj). ** Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338, ELI: http://data.europa.eu/eli/dir/2013/36/oj). *** Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj).

**** Regulation (EU) 2026/… of the European Parliament and of the Council of … on payment services in the internal market and amending Regulations (EU) No 1093/2010, (EU) No 260/2012, (EU) 2017/2394 and (EU) 2021/1230 (OJ L, …, ELI: …). ***** Directive (EU) 2026/… of the European Parliament and of the Council of … on

payment services in the internal market amending Directive 98/26/EC and Regulation (EU) 2023/1114 and repealing Directives 2009/110/EC and (EU) 2015/2366 (OJ L, …, ELI: …).’.

## Article 47 - Amendment to Regulation (EU) 2023/1114

In Article 60 of Regulation (EU) 2023/1114, the following paragraph is inserted:

‘4a. A payment institution may provide crypto-asset services in relation to e-money tokens for the purposes of providing payment services, where such crypto-asset services are deemed equivalent to those payment services for which the payment institution has been authorised under Directive (EU) 2026/… of the European Parliament and of the Council*, if it notifies the competent authority of the home Member State of the information referred to in paragraph 7 of this Article at least 40 working days before providing those crypto-asset services for the first time.

For the purposes of this paragraph:

(a) providing custody and administration of crypto-assets on behalf of clients is deemed equivalent to the payment service of enabling cash to be placed on or withdrawn from a payment account referred to in point (1) of Annex I to Directive (EU) 2026/…;

(b) the exchange of crypto-assets for funds and other crypto-assets is deemed equivalent to the payment service of execution of payment transactions referred to in point (2) of Annex I to Directive (EU) 2026/…;

(c) providing transfer services for crypto-assets on behalf of clients is deemed equivalent to the payment service of execution of payment transactions referred to in point (2) of Annex I to Directive (EU) 2026/…;

(d) the execution of orders for crypto-assets on behalf of clients is deemed equivalent to the payment service of execution of payment transactions referred to in point (2) of Annex I to Directive (EU) 2026/…;

(e) the reception and transmission of orders for crypto-assets on behalf of clients is deemed equivalent to the payment initiation services referred to in point (6) of Annex I to Directive (EU) 2026/….

________________ * Directive (EU) 2026/… of the European Parliament and of the Council of … on payment services in the internal market amending Directive 98/26/EC and Regulation (EU) 2023/1114 and repealing Directives 2009/110/EC and (EU) 2015/2366 (OJ L, …, ELI: …).’.

## Article 48 - Repeal

Directives 2009/110/EC and (EU) 2015/2366 are repealed with effect from … [21 months from the date of entry into force of this Directive].

References to the repealed Directives shall be construed as references to this Directive or to Regulation (EU) 2026/… and shall be read in accordance with the correlation table in Annex II to this Directive.

## Article 49 - Transposition

1. Member States shall adopt and publish, by … [21 months from the date of entry into force of this Directive] the laws, regulations and administrative provisions necessary to comply with this Directive. They shall immediately inform the Commission thereof.

They shall apply those measures from … [21 months from the date of entry into force of this Directive].

When Member States adopt those measures, they shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.

2. Member States shall communicate to the Commission the text of the main measures of national law which they adopt in the field covered by this Directive.

## Article 50 - Entry into force

This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

## Article 51 - Addressees

This Directive is addressed to the Member States.