Finland: Financial Regulator Announces Commencement of Application Period for Banks Seeking Exemption from Fall-Back

On March 28, 2019, the Finnish Financial Supervisory Authority (FIN-FSA) announced the commencement of the time framework within which account servicing payment service providers (ASPSPs) will be able to submit an application to be granted an exemption from the obligation to maintain a contingency mechanism under Article 33(6) of EU Regulation 2018/389 on regulatory technical standards for strong customer authentication (RTS on SCA).

The authority clarified that the deadline for accepting any application for an exemption will be June 3, 2019. However, it is noted that applicants will be able to supplement their application with any relevant information or documentation at a later point after the deadline if need be.

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