Chapter 4 TITLE II ‘PAYMENT SERVICE PROVIDERS’, CHAPTER 1 ‘PAYMENT INSTITUTIONS’, SECTION 3 ‘COMPETENT AUTHORITIES AND SUPERVISION’ (ARTS 22-31), SECTION 4 ‘EXEMPTIONS’ (ARTS 32-34)
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This chapter examines the EU supervisory framework as laid down by Articles 22-30, Title II, Section 3 of the PSD2, established for payment institutions and payment service providers. When compared to the number of articles that deal with prudential requirements, the ‘supervisory part’ of the Directive appears substantially shorter. Yet, by building on the governance model first established by its predecessor - the PSD1, and in line with the overarching principle of proportionality in supervision, the PSD2 succeeds in establishing a comprehensive supervisory framework. The following chapter examines salient features of this set up and points to potential supervisory ‘blind spots’. Lastly, the chapter also addresses the complementary Section 4 of the PSD2, i.e. articles 32-34, which deal with exemptions connected with a crucial precondition of supervisory efficiency - the exchange of information between home and host Member State competent authorities.

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