PSD1 established, amongst other things, the following key principles:
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2 The Payment Services Directive ( PSD1 ) is a key piece of payments-related legislation that, amongst other things, sets the basis for a harmonized, integrated payments market throughout the European Economic Area ( EEA ). The PSD was published in 2007 and transposed into national laws in It regulates certain payment services and, in particular, payment transactions where the Payment Service Providers ( PSP ) of both the payer and the payee are in the EEA and the transaction is in euro or another Member State currency. The second Payment Services Directive ( PSD2 ) builds on PSD1 by expanding the scope, introducing new payment services (to regulate activities of so-called third party payment service providers ( TPPs ) and introducing new security requirements). PSD2 was published on 23 December 2015 and came into force on 12 January Member States are required to transpose PSD2 into their national laws with effect from 13 January Certain Member States are still in the process of transposing PSD2 into their national laws. 2
3 PSD1 established, amongst other things, the following key principles: Payments must be made on the basis of SHA charging, meaning that the payer and the payee must pay the charges levied by their own PSP. Payments not involving a currency conversion must be transferred by a payer s PSP to a payee s PSP s account at the latest by the end of the business day following the date a payment order is received (i.e. the socalled D+1 basis). Funds cannot be debited from a payer s account prior to the value date specified. Payments must be value dated and credited to the payee s account by a payee s PSP at the latest by the end of the business day following receipt. Some of the key changes introduced by PSD2 are: All payments, irrespective of the currency, will be regulated by PSD2 to the extent that all or part of a payment transaction is carried out between PSPs in the EEA (including where only one PSP is located in the EU). PSD2 introduces a new regime for TPPs, namely providers of payment initiation services and account information services. PSD2 brings providers of payment initiation services ( PISPs ) and account information services ( AISPs ) within scope of regulation and promotes competition for these services by facilitating their operation. PSPs must put in place adequate and effective internal complaints handling and dispute resolution procedures, including responding fully to complaints in writing within 15 business days and, where applicable, making alternative dispute resolution procedures available. PSPs must apply strong customer authentication when a payer accesses a payment account online, initiates an electronic payment transaction or carries out any action through a remote channel which may imply a risk of payment fraud or other abuses. This applies from the date falling 18 months after the relevant Regulatory Technical Standards (RTS) have been published (expected imminently). The final version published may result in some further changes to some of the technical interfaces delivered under PSD2. PSPs must report major operational and security incidents to authorities in accordance with the Network and Information Security Directive. 3
4 How have we responded to these changes? The applicable provisions of PSD2 and the updated terms and conditions governing your accounts ( Account Agreements ) will be applied to your payment transactions with effect from 13 January 2018, including in relation to execution times and charges. TPPs (including PISPs and AISPs) With effect from 13 January 2018, in relation to accounts maintained for you in an EEA Member State, and in accordance with any procedural guidance and other information we make available to you from time to time, you may appoint a TPP to provide you with account information or payment initiation services in relation to such accounts which are accessible online. We may permit TPPs which you have appointed to access to your online accounts, which may include accessing your transactional and other data and, in the case of a PISP, the ability to initiate payment transactions from your account. Your relationship with any appointed TPP is separate from our relationship with you. All other functionality and capability within Bank of America CashPro Online remains unchanged. Account Agreement Your Account Agreements will be updated with effect from 13 January 2018 to give effect to PSD2. Additional details have been included as a result of the new regime for TPPs. Is any action required on your part? While PSD2 facilitates the use of TPPs, it is not mandatory for you to use them. As a result, there is no requirement for you to take any action or change your existing arrangements. In other words, the products and services we currently provide to you will be unaffected and we remain focused on delivering and enhancing products which meet your needs. 4
5 Denmark DKK Norway NOK Sweden SEK PSD2 applies to all EEA countries and regulates, amongst other things, payment transactions in respect of those parts which are carried out in the EEA. These countries are as follows: USA USD Iceland ISK United Kingdom GBP Rep. of Ireland France Germany Belgium Luxembourg The Netherlands Finland Estonia Latvia Lithiuania Poland PLN Romania RON Czech Rep. CZK Austria EU EEA Rest of world Portugal Spain Switzerland CHF Liechtenstein CHF Italy Malta Croatia HRK Hungary HUF Greece Bulgaria BGN Slovakia Slovenia Cyprus 5
6 PSP AISPs EEA European Economic Area PISP Payment Initiation Service Provider These provide a PSU with payment initiation services as that term is defined in PSD2 Payment Service Provider These provide a payer or a payee with a payment service regulated under PSD1 or PSD2 Account Information Service Provider These provide a PSU with account information services as that term is defined in PSD2 SCA TPPs Third Party Payment Providers These include PISPs and AISPs 6 PSU Payment Service User This refers to a person making use of a payment service in the capacity of either payer or payee or both Strong Customer Authentication Secure customer authentication is based on the use of two or more of the following elementsknowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others and is designed in such a way as to protect the confidentiality of the authentication data
7 Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ( Investment Banking Affiliates ), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed. This document is intended for information purposes only and does not constitute a binding commitment to enter into any type of transaction or business relationship as a consequence of any information contained herein. These materials have been prepared by one or more subsidiaries of Bank of America Corporation solely for the client or potential client to whom such materials are directly addressed and delivered (the Company ) in connection with an actual or potential business relationship and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. We assume no obligation to update or otherwise revise these materials, which speak as of the date of this presentation (or another date, if so noted) and are subject to change without notice. Under no circumstances may a copy of this presentation be shown, copied, transmitted or otherwise given to any person other than your authorized representatives. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America, N.A. We are required to obtain, verify and record certain information that identifies our clients, which information includes the name and address of the client and other information that will allow us to identify the client in accordance with the USA Patriot Act (Title III of Pub. L , as amended (signed into law October 26, 2001)) and such other laws, rules and regulations. We do not provide legal, compliance, tax or accounting advice. For more information, including terms and conditions that apply to the service(s), please contact your Bank of America Merrill Lynch representative. Investment Banking Affiliates are not banks. The securities and financial instruments sold, offered or recommended by Investment Banking Affiliates, including without limitation money market mutual funds, are not bank deposits, are not guaranteed by, and are not otherwise obligations of, any bank, thrift or other subsidiary of Bank of America Corporation (unless explicitly stated otherwise), and are not insured by the Federal Deposit Insurance Corporation ( FDIC ) or any other governmental agency (unless explicitly stated otherwise). This document is intended for information purposes only and does not constitute investment advice or a recommendation or an offer or solicitation, and is not the basis for any contract to purchase or sell any security or other instrument, or for Investment Banking Affiliates or banking affiliates to enter into or arrange any type of transaction as a consequent of any information contained herein. With respect to investments in money market mutual funds, you should carefully consider a fund s investment objectives, risks, charges, and expenses before investing. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. The value of investments and the income derived from them may go down as well as up and you may not get back your original investment. The level of yield may be subject to fluctuation and is not guaranteed. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favourable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation Bank of America Corporation Bank of America N.A., Member FDIC, Equal Housing Lender. 7
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