PSD2: Bank of Italy’s regulation on limited network exclusion
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Partner
Italy
I'm a partner in our Finance & Financial Regulation Group based in Milan and co-head of our International Financial Services Group.
Senior Associate
Italy
I am a senior associate in our Banking & Finance and Financial Services groups, working across Rome and Milan.
Counsel
Italy
I work as a counsel in our Finance & Financial Regulation practice in Milan where I advise banks, asset management companies, financial intermediaries, investment firms and listed companies.
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Following the "Guidelines on the limited network exclusion under PSD2" published on 24 February by the European Banking Authority, on 14 April 2022 the Regulation of the Bank of Italy of 5 April 2022 was published in the Official Gazette of the Italian Republic.
This regulation concerns the notifications due - among others - by entities issuing so-called "limited payment instruments" and it is aimed at simplifying the obligations of the recipients by removing the obligation, hitherto envisaged, to make a notification on an annual basis.
Moreover, for entities that have already issued "limited payment instruments", Bank of Italy will have to carry out a new assessment of all the instruments already notified to it. To this end, issuers already registered in the special section of the register of payment institutions will have to file with Bank of Italy - between 1 June and 1 September 2022 - a specific communication explaining once again the operations carried out and their eligibility for the exclusion under PSD2.
