BT-REQ-3972 PSD3 Impacts v6(without crop marks) RL - Flipbook - Page 12
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HL | PSD3 Impacts
6. Scope of
application and
exemptions
(PSD3 Arts 2(38), 38; PSR
Arts 2 – 3, 55a, 58, 59(5a) –
(5c), 87 & 89)
Overview
ATM deployers that do not service payment
accounts will be required to register
with NCAs and potentially be subject to
information requirements around fees
and charges.
Both the Original Commission Draft and
EP Text seek to capture technical service
providers and electronic communications
services providers within the scope of the
regulatory regime, albeit indirectly.
The scope of the commercial agent exemption
is being reduced further.
What is changing?
ATM deployers (PSD3 Art 2(38), 38)
imposed by contractual arrangements with the PSP.
PSD3 introduces a light touch registration regime
for ATM deployers (ATM operators that do not
service payment accounts).
Exemptions (PSR Arts 2-3)
The EP Text proposes a new provision requiring
ATM deployers to comply with the requirements on
transparency of fees and charges in Article 7 of the
proposed PSR, with a particular obligation to ensure
the display of those fees and charges at the very
beginning of the transaction.
Indirect extension of the regime (PSR 58, 87, 89 and
PSR 55a, 59(5a) – (5c))
All three texts reveal moves to extend the scope of
the payments regime to technical service providers
and electronic communications services providers
via indirect application.
The Original Commission Draft and Council
Text seek to make technical service providers
that provide and verify the elements of SCA
outsourced service providers (and subject to
audit and access rights).
The Council Text also removes the exemption
for services provided by technical services
providers generally.
The EP Text seeks to impose obligations on
electronic communications services providers in
connection with impersonation fraud.
In each case, none of the third parties will be
directly regulated by PSD3 or the proposed PSR, so
presumably the intention is that obligations will be
In terms of the regulatory perimeter, the PSR is
further clarifying the scope of the commercial
agent exemption, providing that the appointment
to represent only one of the payer or payee exempts
activity regardless of whether the agent is in the
flow of funds or not, but only does so where the
appointment gives the payer or payee a ‘real margin’
to negotiate with the agent or conclude a sale/
purchase.
The EP Text proposes the addition of a new
optional exemption where, for payment
transactions used for the execution of trading
and settlement services using EMTs as defined
in Article 3(1), point (7) of MiCAR, the PSP has
already been authorised as a CASP in a member
state for those services under Title V of MiCAR.
The Council Text goes one step further, proposing
to exempt:
payments transactions carried out by a CASP
intermediating between a buyer and a seller
where EMTs are exchanged for EMTs or
cryptoassets, as well as the exchange of EMTs
for funds, including EMTs, or cryptoassets
carried out by a CASP acting in its own name
as buyer or seller of such tokens;
payment transactions with EMTs, without any
intermediary involved, including transfers of
EMTs between two self-hosted addresses; and
payment transactions between CASPs for their
own account.
