Luxembourg has finally implemented the EU Payment Services Directive (PSD 2) through the Law of 20 July 2018. As the PSD 2 is a full harmonisation directive, most of Luxembourg's PSD 2 provisions are identical to the legal framework implemented across the European Union. Nonetheless, EU member states were given scope to decide on certain topics and the Grand Duchy seized the opportunity to define its own rules. The regulator has also adapted its procedures in view of the new framework.
This article explores the local implementation of PSD 2 and, in particular, the implementation of the open banking rules by local stakeholders.
Discover the article by experts Josée Weydert, Jad Nader and Vincent Wellens.
Source: ILO - November 2018