PSD2 - Luxembourg implementation

At last, the Luxembourg law of 20 July 2018 implementing PSD2 (“PSD2 Law”) entered into force on 29 July 2018.  The Luxembourg legislator chose to maintain their approach of a single law governing payment services and e-money institutions. That’s why the Luxembourg law of 10 November 2009 has been thoroughly amended by the PSD2 Law rather than replaced. 

An Industry friendly implementation … 

As explained in our blog dated 3 November 2017 the PSD2 Law is mainly a copy-out of the directive, implementing only a limited number of the options provided by the directive. The Luxembourg legislator chose an industry friendly implementation in line with the Luxembourg government’s digital strategy. 

A business minded Regulator ...

In order to be as efficient as possible the Luxembourg Regulator updated their forms to meet the requirements of the directive and accepted applications or registration files, including information to be provided as part of an application or registration under PSD2, before the legislative process was completed. Licences and registrations under PSD2 were of course only capable of grant, once the legislative process was completed on 29 July 2018. 

What more can one ask for? 

More information, tailor made advice, … 

Get in touch with our Regulatory team!  

For more information on the implementation in other jurisdictions check out our PSD2 National Implementation Status Table.

For more information on the implementation in other jurisdiction check out our PSD2 Implementation table

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