Restitution and Liability in the Multilevel Regulatory Framework of Unauthorized Digital Payment Transactions

Abstract

The matter of payment services and, especially, the liability regime for unauthorized digital payment transaction(s) is regulated by a multi-level system of rules, comprising European legislative acts (Directive 2015/2366 second Payment Services Directive (PSD2) and the national rules transposing the EU rules), European non-legislative acts (regulatory agencies: Delegated Regulations, Regulatory Technical Standards [RTS], Guidelines, Opinions, Questions and Answers), and the pre-existing general national rules on private relationships. The matter is subject to multiple potential observation points: the tension and coexistence of national rules and supranational regulations; the effect the variety of sources and the fragmentation of governance in the financial market have on the interplay of sources and the theory of interpretation; the regulatory force of soft law.