The Payment Services Directive (PSD)

These details are provided in relation to the services provided by the J.P. Morgan Treasury Services business in the European Economic Area countries, and in particular to the account and associated services ("Account"), and the commercial card services ("Commercial Card").

In November 2007, the European Parliament introduced a regulatory initiative, the Payment Services Directive (PSD), to regulate payment services and payment service providers within the European Economic Area (EEA). The EEA comprises the 27 Member States of the European Union plus Iceland, Liechtenstein and Norway. Note that the PSD does not apply to Switzerland.

The Directive, due to be passed into national law in all EEA countries by November 1, 2009, provides a single legal framework for the provision of payment services within the EEA, promoting increased competition amongst existing payment services providers. Although consumer-driven, and many of the provisions are directed at that market, the Directive is also applicable to our Account and Commercial Card clients to whom we offer services in Europe. Implementation of the Directive has not negatively impacted the way in which we previously provided services to you. Based on the Directive, a change to your current Terms and Conditions is required. Starting in September 2009, we began mailing important information regarding this legislation to our impacted clients. This mailing includes the PSD contract changes and documents providing additional information on the PSD.

All required Commercial Card mailing and other actions were completed for November 1, 2009. For Account services, we are unable to mail the changes for each relevant country until its legislation has been finalised and we have prepared the necessary documents. A number of countries did not pass their legislation by November 1, 2009 and thus we have been unable to mail the associated changes. We will do so as soon as we are able. However, as of November 1, 2009, we did implement our generic service changes in all of our EEA Account locations – we expect this to be beneficial for clients.

In addition to the mailing, this Web site contains useful information and particularly links to the relevant legislation and other relevant official Web sites. Please bookmark this Web site and visit it frequently. It will be updated as additional information becomes available, including links to relevant legislation which is passed in the future.

  • The Payment Services Directive and certain additional information is available on the European Commission Weblinking Practices Web site.

  • United Kingdom: The UK PSD implementing provisions are contained in Source of UK Legislation Weblinking Practices. The provisions implementing Title III and IV of the PSD (relating to transparency of conditions and information requirements for payment services and rights and obligations in relation to the provision and use of payment services) can be found in Parts 5 and 6 of that document, read in conjunction with the relevant parts of Part 1, the Introductory Provisions. More general information about the PSD can be found on the UK Financial Services Authority Weblinking Practices Web site.

  • Germany: Source of German Legislation Weblinking Practices – The civil law aspects of the PSD have been implemented in Germany through the Act on the implementation of the Consumer Credit Directive, the Civil Law Aspects of the Payment Service Directive and the Reform of Law of Consumer's Withdrawal Rights (Gesetz zur Umsetzung der Verbraucherkreditrichtlinie, des zivilrechtlichen Teils der Zahlungsdiensterichtlinie sowie zur Neuordnung der Vorschriften über das Widerrufs- und Rückggaberecht).

  • France: Source of France Legislation Weblinking Practices – The PSD implementing provisions are contained in the Code monétaire et financier. The provisions implementing Title III and IV of the PSD (relating to transparency of conditions and information requirements for payment services and rights and obligations in relation to the provision and use of payment services) can be found in Articles L. 112-1, L. 112-12, 133-1 to L. 133-28, L. 312-1-1, L. 314-1 to L. 314-16 and L. 315-1 of the Code monétaire et financier.

  • Ireland: Source of Ireland Legislation Weblinking Practices – The PSD implementing provisions are contained in The European Communities (Payments Services) Regulations 2009. The provisions implementing Title III and IV of the PSD (relating to transparency of conditions and information requirements for payment services and rights and obligations in relation to the provision and use of payment services) can be found in Parts 4 and 5 of that document, read in conjunction with the relevant parts of Part 1, the Introductory Provisions. More general information about the PSD can be found on the Irish Financial Services Regulatory Authority Weblinking Practices site.

  • Netherlands: The Dutch PSD implementing provisions are contained in the Dutch Act on Financial Supervision (Wet op het financieel toezicht) as well as the Dutch Civil Code (Burgerlijk Wetboek) which can be accessed on Overheid.nl Weblinking Practices. More general information about the PSD can be found on the Dutch Central Bank Weblinking Practices site.

  • Belgium: The Belgian provisions implementing Title III and IV of the Payment Services Directive (relating to transparency of conditions and information requirements for payment services and rights and obligations in relation to the provision and use of payment services) are contained in the Payment Services Law (Wet betreffende de betalingsdiensten / Loi relative aux services de paiement) of 10 December 2009, which can be accessed on Belgian Titles III & IV (in Dutch) Weblinking Practices, Belgian Titles III & IV (in French) Weblinking Practices.

  • Italy: The Italian PSD implementing provisions are contained in the Legislative Decree n. 11 of January 27, 2010 Weblinking Practices (the PSD Decree), the Bank of Italy Ruling of February 15, 2010 and in the Legislative Decree n. 385 of September 1, 1993 Weblinking Practices. The provisions implementing Title III and IV of the PSD (relating to transparency of conditions and information requirements for payment services and rights and obligations in relation to the provision and use of payment services) can be found in Title II and Title IV of the PSD Decree. More general information about the PSD can be found on the Bank of Italy site Weblinking Practices.

  • Spain: The Spanish PSD implementing provisions are contained in the Law 16/2009, of November 13, of payment services, Royal Decree 712/2010, of May 28, of the legal regime for the payment services and the payment entities, and Ministerial Order EHA/1608/2010, of June 14, about transparency of the conditions and information requirements applying to the payment services. More information about the PSD can be found in the Bank of Spain and Public Treasury site at www.bde.es Weblinking Practices and www.tesoro.es Weblinking Practices.

Contact Information:
Should you be unable to find the answer to your question using the materials available on this site, please call or e-mail your Client Services Representative. Alternatively, please submit your questions directly to J.P. Morgan using the form below.

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