Orrick's Jacqui Hatfield recently spoke with PaymentsCompliance magazine about the new proposed rules governing how national regulators cooperate and exchange information under the revised Payment Services Directive.

Jacqui noted that although there were no radical proposals in the document, it was nonetheless a text that will toughen requirements on regulated financial firms.

"Payment institutions should read it and comment on it because there is a compliance burden to it - there are notification requirements, although they are on an annual basis and it's information that payment institutions should have," she said.

Jacqui added that "the new regulatory technical standards are useful in that they clarify the position from the point of view of the payments institution, it helps regulators collaborate with one another and also provides comfort to payment service users that they're going to be treated the same wherever they are operating."