De la PSD2 la PSD3: transformări în reglementarea serviciilor de plată prin prisma analizei economice a dreptului

Dr. Ioan ŞUMANDEA-SIMIONESCU

Bogdan DUINEA

Universitatea "Babeş-Bolyai", Facultatea de Drept

ABSTRACT

The study analyzes the new European regulatory framework for payment services (PSD3) using the tools of economic analysis of law. Starting from previous legislative developments, from Directive 2007/64/EC (PSD) and PSD2 to the current proposal for a Regulation, the study highlights the essential changes regarding the liability of payment service providers, particularly in the context of identity fraud (spoofing and phishing). We argue that the new strict liability regime proposed by PSD3 risks upsetting the contractual relationship between banks and users, disproportionately transferring losses to providers and reducing customers’ incentives to take precautionary measures. Applying the bilateral accident model developed by Steven Shavell, the study shows that such a regulatory...