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19 February 2019 Supervision Supervision label Factsheet

Question:

When does the exemption for commercial agents under PSD2 apply?

Answer:

Some specific payment transactions between payer and payee are exempted under PSD2 and are therefore excluded from its scope. these exemptions also existed under PSD1 and were implemented into Dutch law.

An example is the exemption applying to commercial agents. The application of this exemption will be further elaborated in the implementation of PSD2. The exemption for commercial agents applies in the following situations:

“payment transactions from the payer to the payee through a commercial agent authorised via an agreement to negotiate or conclude the sale or purchase of goods or services on behalf of only the payer or only the payee”.

We can distil the following three elements from the definition and its elaboration in PSD2 that must apply simultaneously. The exemption only applies:

  • If the commercial agent acts on behalf of only the payer or only the payee
  • If there is an agreement proving that the commercial agent is authorised by the payer or payee and that they are acting on behalf of only the payer or only the payee, and
  • If the commercial agent negotiates or concludes the sale or purchase of goods or services between the payer and the payee.

Authors

  • Payment institutions