Chapter 24 SPAIN’S IMPLEMENTATION OF PSD2
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This chapter analyses the implementation in Spain of Directive (EU) 2015/2366 on payment services (PSD2). After introducing the background, the chapter addresses the specific transposition rules of PSD2 stated in Royal Decree-Law 19/2018 on payment services and its regulatory development. The chapter deals with national exceptions, while examining the technical nuances on legal framework for payment institutions and their information requirements, as well as on the rules applicable to the authorisation and execution of payment transactions. It also goes over the rules on data protection, risks management, authentication and case-law doctrine on liability of payment service providers. Spain has opted to transcribe PSD2 without the necessary adaptation to domestic law. All that is added is a few nuances, except regarding two essential questions. On the one hand, the right to terminate the framework contract with an anti-competitive regulation that could constitute an incorrect transposition. On the other hand, there is no real alternative dispute resolution (ADR) system.

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