EEA and United Kingdom.
JvHAM acts against regulated payment service providers authorised in any Member State of the European Economic Area or the United Kingdom. Counsel of record is engaged on a per-jurisdiction basis. The table below records the prudential supervisor for payment institutions and electronic money institutions, the separate conduct-of-business or markets supervisor where the regulatory architecture is split, and the PSD2 / EMD2 transposition framework.
European Union Member States.
Twenty-seven Member States. PSD2 and EMD2 are transposed into national law in each jurisdiction; the competent authority for payment institution and electronic money institution licensing varies between unified financial supervisors and central banks acting in a prudential capacity.
| Jurisdiction | PI / EMI supervisor | Conduct & markets | Framework |
|---|---|---|---|
| Austria | FMA (Finanzmarktaufsicht) | unified | PSD2 (Zahlungsdienstegesetz 2018) · EMD2 (E-Geldgesetz 2010) |
| Belgium | NBB (National Bank of Belgium) | FSMA | PSD2 (Loi du 11.03.2018) · EMD2 |
| Bulgaria | BNB (Bulgarian National Bank) | FSC (Financial Supervision Commission) | PSD2 (LPSPS 2018) · EMD2 |
| Croatia | HNB (Hrvatska Narodna Banka) | HANFA (markets) | PSD2 (Payment System Act) · EMD2 |
| Cyprus | CBC (Central Bank of Cyprus) | CySEC (markets) | Payment Services and Access to Payment Systems Law · Electronic Money Law |
| Czech Republic | CNB (Czech National Bank) | unified | PSD2 (Act on Payment Systems 370/2017) · EMD2 |
| Denmark | Finanstilsynet (Danish FSA) | unified | PSD2 (Payments Act 652/2017) · EMD2 |
| Estonia | Finantsinspektsioon | unified | PSD2 (Payment Institutions and E-Money Institutions Act) · EMD2 Operationally independent; uses Eesti Pank infrastructure. |
| Finland | FIN-FSA (Finanssivalvonta) | unified | PSD2 (Payment Institutions Act 297/2010) · EMD2 Operates within Bank of Finland. |
| France | ACPR (under Banque de France) | AMF (markets) | PSD2 (Code monétaire et financier) · EMD2 |
| Germany | BaFin (Federal Financial Supervisory Authority) | unified | PSD2 (ZAG 2018) · EMD2 (ZAG 2018) |
| Greece | Bank of Greece | HCMC (markets) | PSD2 (Law 4537/2018) · EMD2 |
| Hungary | MNB (Magyar Nemzeti Bank) | unified | PSD2 (Act CCXXXV of 2013) · EMD2 Consolidated PSZÁF into MNB in 2013. |
| Ireland | Central Bank of Ireland | unified | European Union (Payment Services) Regulations 2018 · European Communities (Electronic Money) Regulations 2011 |
| Italy | Banca d’Italia | CONSOB (markets) | PSD2 (Legislative Decree 218/2017) · EMD2 (Legislative Decree 45/2012) |
| Latvia | Latvijas Banka | unified | PSD2 (Law on Payment Services and Electronic Money) · EMD2 Absorbed FCMC functions in 2023. |
| Lithuania | Bank of Lithuania | unified | PSD2 (Law on Payments) · EMD2 (Law on Electronic Money and Electronic Money Institutions) |
| Luxembourg | CSSF (Commission de Surveillance du Secteur Financier) | unified | PSD2 (Law of 20 July 2018) · EMD2 (Law of 10 November 2009) |
| Malta | MFSA (Malta Financial Services Authority) | unified | Financial Institutions Act · Banking Act |
| Netherlands | DNB (De Nederlandsche Bank) | AFM (conduct, MiCA) | PSD2 (Wft) · EMD2 (Wft) DNB supervises EMIs / PIs / credit institutions prudentially; AFM supervises conduct of business and acts as competent authority for MiCA-related activity. |
| Poland | KNF (Komisja Nadzoru Finansowego) | unified | PSD2 (Ustawa o uslugach platniczych) · EMD2 |
| Portugal | Banco de Portugal | CMVM (markets) | PSD2 (Decree-Law 91/2018) · EMD2 |
| Romania | BNR (National Bank of Romania) | ASF (non-bank financial supervision) | PSD2 (Law 209/2019) · EMD2 |
| Slovakia | NBS (National Bank of Slovakia) | unified | PSD2 (Act 492/2009 as amended) · EMD2 |
| Slovenia | Bank of Slovenia | ATVP (markets) | PSD2 (Payment Services Act) · EMD2 |
| Spain | Banco de España | CNMV (markets) | PSD2 (Royal Decree-Law 19/2018) · EMD2 (Law 21/2011) |
| Sweden | Finansinspektionen (FI) | unified | PSD2 (Payment Services Act 2010:751) · EMD2 (Electronic Money Act 2011:755) |
EEA, non-EU.
EEA Member States outside the European Union apply the PSD2 and EMD2 frameworks through their EEA implementation obligations.
| Jurisdiction | PI / EMI supervisor | Conduct & markets | Framework |
|---|---|---|---|
| Iceland | Central Bank of Iceland | unified | PSD2 (Act 114/2021) · EMD2 FME (Financial Supervisory Authority) consolidated into the Central Bank in 2020. |
| Liechtenstein | FMA Liechtenstein | unified | PSD2 (Payment Services Act ZDG) · EMD2 (E-Money Act EGG) |
| Norway | Finanstilsynet | unified | PSD2 (Finansforetaksloven §2-3, Forskrift om systemer for betalingstjenester) · EMD2 |
United Kingdom.
The United Kingdom is no longer an EU or EEA Member State. Its payment services framework continues to align materially with PSD2 in substance, with split supervision between the Financial Conduct Authority (electronic money institutions, payment institutions, conduct of business, smaller banks) and the Prudential Regulation Authority within the Bank of England (systemic prudential).
| Jurisdiction | PI / EMI supervisor | Systemic prudential | Framework |
|---|---|---|---|
| United Kingdom | FCA (conduct, EMIs, payment institutions, small banks) | PRA (Bank of England, systemic prudential) | Payment Services Regulations 2017 · Electronic Money Regulations 2011 |
Counsel and forum.
Forum selection follows any exclusive jurisdiction clause in the underlying merchant services agreement. Counsel of record is engaged on a per-jurisdiction basis from a panel of senior commercial litigators with prior payment-services-side or merchant-side engagement. Supervisory engagement is conducted with the prudential authority for the counterparty's home Member State; conduct or markets authorities are notified separately where the regulatory split is operationally relevant.