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The PSD2 is a full harmonization directive regulating retail payment services in the EU: the room left for differences in national transposition is therefore rather limited. In order to ensure to the maximum possible extent its consistent implementation, the Directive has entrusted the European Banking Authority (EBA) with the task of developing so-called Regulatory Technical Standards (RTS) or Guidelines (GL) on a number on certain specific aspects (the so-called twelve ‘mandates’). The resulting set of secondary regulation further reduces Member States’ leeway in transposing the Directive into national law. Nevertheless, some substantial different national regimes on the matter are still possible due to the fact that: i) the PSD2 allows Member States with a number of regulatory options, thus paving the way for possible differences in national implementations; ii) a number of aspects not thoroughly disciplined at EU level shall be regulated in detail by resorting to existing or ad-hoc national laws and regulations; iii) PSD2 lists certain activities that, because of their characteristics, are excluded from its scope of application and therefore are left subject to national regulation by Member States (i.e. the PSD2 negative scope). This analysis focuses specifically on the choices made in the implementation of PSD2 in Italy in these three cases.

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