The EU Commission’s proposal for PSD3 and PSR

On 28 June 2023, the EU Commission presented proposals for a Payment Services Directive 3 (“PSD3“) and a Payment Services Regulation (“PSR“). Whilst we have already positioned PSD3 and PSR within the existing regulatory framework in our article “The new EU payment service regulation – Kick-off of our PSD3 series” of 3 July 2023, we will now provide a brief overview of the main content of PSD3 and PSR as well as major innovations compared to PSD2 and the E-Money Directive.