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Can you summarize Consolidated text: EU 2015/2366?
European Union - Consolidated Texts - Directives > Consolidated text: Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA relevance) (23/12/2015)
Short Summary
Directive (EU) 2015/2366 of the European Parliament and of the Council governs payment services in the internal market of the European Union. It applies to various entities involved in payment transactions. The directive sets rules for distinguishing between different categories of payment service providers and establishes transparency requirements for payment services. It provides exemptions for certain payment transactions and certain payment service providers. The document does not specify any penalties for non-compliance.
Whom does it apply to?
The directive applies to various entities such as credit institutions, electronic money institutions, post office giro institutions, payment institutions, the ECB and national central banks, Member States or their regional or local authorities, payment service providers, settlement agents, central counterparties, clearing houses, central banks, investment firms, credit institutions, collective investment undertakings, asset management companies, technical service providers, providers of electronic communications networks or services, providers of cash withdrawal services, payment service users, payers, payees, and other relevant entities involved in payment transactions.
What does it govern?
Directive (EU) 2015/2366 of the European Parliament and of the Council governs payment services in the internal market of the European Union.
What are exemptions?
The directive provides exemptions for certain payment transactions, such as those made exclusively in cash, payment transactions through a commercial agent, and non-professional cash collection and delivery within a non-profit or charitable activity. It also exempts certain payment service providers from certain procedures and conditions if the monthly average of the preceding 12 months' total value of payment transactions does not exceed a limit set by the Member State (not exceeding EUR 3 million) and none of the responsible natural persons have been convicted of certain financial crimes.
What are the Penalties?
The document does not specify any penalties for non-compliance.
Jurisdiction
European Union