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European Union Council Passes PSD2

European Union Council passed the Payments Service Directive 2 (PSD2) on November 16, 2015. The directive incorporates and repeals directive 2007/64/EC, which provided the legal basis for the creation of an EU-wide single market for payment services. The regulation was adopted at a meeting of the Agriculture and Fisheries Council, and the member states will have two years to transpose the directive into their national laws and regulations.

The revised Union legal framework on payment services is compl ...

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