CRM code for APP scams: LSB update The Lending Standards Board (LSB) has published a press release setting out the next steps for the contingent reimbursement model code (CRM code) for authorised push payment (APP) scams. ...more
Confirmation of Payee Phase 2: PSR letter to Specific Direction 10 banks and UK Finance The Payment Systems Regulator (PSR) has published a letter it has sent to the UK's six biggest banking groups (directed under the PSR's...more
ISO 20022 payment messages: Pay.UK and BoE collaboration The Bank of England (BoE) and Pay.UK have published a joint press release announcing collaboration on ISO 20022 payment messages. The BoE and Pay.UK are implementing...more
Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) The Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) have been published, together with an explanatory...more
Hogan Lovells Global Payments Newsletter: June 2021 We have published our latest Global Payments Newsletter which reports on key developments of interest to the payments sector over the last month, including ...more
Proposed codified EU Regulation on cross-border payments: JURI draft report -
The European Parliament's Legal Affairs Committee (JURI) has published a draft report containing a draft European Parliament legislative...more
PSRs 2017: FCA deadline extension for implementing SCA -
The UK Financial Conduct Authority (FCA) has announced that it is providing firms with a further six months to implement strong customer authentication (SCA) for...more
Systemically important payment systems: ECB Regulation and Decisions -
European Central Bank (ECB) Regulation (EU) 2021/728, which amends the Regulation on oversight requirements for systemically important payment systems...more
Draft Payment and Electronic Money Institution Insolvency Regulations -
Recent regulatory developments focussed on the payments sector. See also our Financial institutions general regulatory news of broad relevance in the...more
Recent regulatory developments focussed on the payments sector. Reports on a BoE update on its policy for omnibus accounts in its RTGS service, and an LSB update on the CRM Code for APP scams. ...more
Omnibus accounts for payment systems operators and prefunding accounts: BoE update - The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in...more
Strategic trends -
Pay.UK report and Knowledge Hub Pay.UK has announced the publication of a report exploring the key trends that are shaping the future of retail payments. ...more
Contactless payments: FCA PS21/2 on amendments to single and cumulative transaction thresholds -
Following its consultation in CP21/3, the UK Financial Conduct Authority (FCA) has published a policy statement ...more
SEPA direct debit schemes: EPC guidelines for appearance of mandates -
The European Payments Council (EPC) has published revised guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit...more
COVID-19: PRA statement on COVID-19 regulatory reporting amendments -On 5 February 2021, the UK Prudential Regulation Authority (PRA) has published a further statement on COVID-19 regulatory reporting amendments. ...more
New Payments Architecture: PSR CP21/2 The UK Payment Systems -
Regulator (PSR) has published a consultation paper, CP21/2, on the options for reducing risks to the successful delivery of the New Payments Architecture (NPA)....more
UK contactless card payments limit: FCA consults on increase - In a COVID-19 update on mortgages, consumer credit, banking and payments, the UK Financial Conduct Authority (FCA) announced that it intends to consult on...more
PIs and EMIs: HM Treasury consults on a new special administration regime -
HM Treasury is consulting on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a...more
UK payment systems: Pay.UK recommendations for adopting ISO 20022 -
Pay.UK published a report containing conclusions and recommendations relating to adopting the common global messaging standard for UK payments, known as...more
12/7/2020
/ AML/CFT ,
Anti-Money Laundering ,
Basel Committee on Banking Supervision (BCBS) ,
Cross-Border Transactions ,
Customer Due Diligence (CDD) ,
EU ,
European Central Bank ,
FATF ,
Financial Services Industry ,
Payment Systems ,
SEPA ,
UK
PSD2: EBA proposes changes to Guidelines on major incident reporting after latest review -
Following the European Banking Authority's (EBA's) latest required review of its July 2017 Guidelines on major incident reporting...more
Payments landscape review: FMLC response to HM Treasury call for evidence -
The Financial Markets Law Committee (FMLC) has published response to HM Treasury's call for evidence, launched in July 2020 as part of the payments...more
ISO 20022 migration: BoE revised approach The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. -
ISO 20022 migration: BoE revised approach -
The Bank of England (BoE) has updated...more
Future strategy review: PSR requests input on three themes -
The UK Payment Systems Regulator (PSR) is working on defining its future strategy. It has published webpages requesting input on three themes...more
We have published the September 2020 edition of our Global Payments Newsletter. Key developments of interest over the last month include:
United Kingdom: the Payment Systems Regulator (PSR) has published its interim report...more
Card-acquiring services: PSR interim report -
The Payment Systems Regulator (PSR) has published its interim report on the supply of card-acquiring services. The PSR's market review follows concerns that the supply of...more