Timeline for PSD2 Transposition in Poland – FinTech and Banks Save the Date!

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During the first meeting at the Polish Ministry of Finance, relating to the launch of public consultations process – which I attended on 16 January 2017 – a draft timeline for Payment Services Directive 2 (PSD2) transposition (implementation) into Polish law has been unveiled.PSD2 Directive is key for the development of European FinTech scene and open banking concept.One year before the deadline for transposing PSD2 into local law (i.e. by 13 January 2018) the Polish Ministry of Finance (which shall be the authority responsible for preparing a relevant draft amendment to the current Polish Payment Services Act) estimates that the transposition works will be finalised on time.This already ambitious, yet still possible, timeline looks as follows:

  • Mid-February 2017 – Internal Ministry of Finance’s works and public consultations of the working draft of legislation under the umbrella of Financial Market Development Council (RRRF) (including with market players and public authorities).
  • March – April 2017 – External consultations.
  • June – August 2017 – Works within the govenment.
  • September 2017 – Forwarding the final draft to the Parliament.
  • Mid-November 2017 – Parliamentary works and passing the amendment to the Payment Services Act.
  • December 2017 – Signing of the new law by the president and publication,
  • 13 January 2018 – Entry into force of the Polish transposition of PSD2.

Apart from the above timeline, during the meeting the so-called national options under PSD2, possibilities for “regulatory sandbox” under PSD2 and transitional provisions were also discussed.

 

This article was also published on my LinkedIn profile and can be found here.