On February 19, the European Revised Payment Services Directive, better known as PSD2, was finally implemented into Dutch legislation. The long-awaited implementation - the ultimate transposition date as laid down in PSD2 was January 13, 2018 (!) – was not met by the Dutch legislator. The Netherlands was the only Member State that had not yet transposed PSD2 into national legislation.

PSD2 is a European directive that has stirred things up and raised a lot of questions. The directive defines three particular objectives: (1) strengthening a well-functioning internal market within the European Union for card payments, internet payments and mobile payments; (2) stimulating and facilitating innovations by regulating 'new' payment services (which have emerged after the implementation of the first European directive on payment services, also called PSD1), and (3) repairing defects under PSD, among other things by reformulating outdated definitions and tightening permit conditions.

It now appears that the implementation of PSD2 did not only take place too late, but it is also lacking in terms of substance and therefore incorrect. Not just the technical rules for access to the account were postponed, but also the principle that consumers have the right to use payment initiation services and account information services. In other words, the core of PSD2 has erroneously been excluded. This added insult to injury, and means that the Netherlands is violating European rules once more.

A spokesperson for the Ministry of Finance has acknowledged the painful failure and a quick correction should be implemented shortly, the Dutch Financial Times (Het Financieele Dagblad) reported last Monday.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.