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Reff & Associates: The law transposing PSD 2 is finally here

Reff & Associates: The law transposing PSD 2 is finally here

What is specific for Romania?

On November 13, 2019, the Law no. 209/2019 on payment services that transposes PSD 2 (the Directive 2015/2366 of the European Parliament and of the Council 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) was published in the Official Gazette of Romania.

A much expected piece of legislation by local fintechs, the law will enter into force within 30 days as of November 13, 2019.

By the end of year it is expected that the secondary legislation will also enter into force and most likely, by January 2020, Romania will have the first licenses as TPPs pending authorities’ approval.

Read here the key changes introduced by the new law and some highlights of the Romanian specifics.