German payments companies are headed for a period of uncertainty as the country’s financial regulator BaFin considers its plans for implementing new European rules.
Under the revised Payment Services Directive (PSD2), Germany is expected to update its national laws by January 2018, when the reforms will take effect.
However, BaFin has so far not published any plans for transposing the rules and repeatedly declined to provide PaymentsCompliance with any directions on how it would proceed.
Jens H. Kunz, a partner and banking expert with European law firm Noerr, added that lawmakers in Germany had yet to begin transforming PSD2 into German law.
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