Consumer Composite InvestmentsThe FCA plans to publish a consultation paper in H2 and a policy statement in H1 2025. Long Term Investment FundsThe FCA will review responses to its consultation on removing references to LTIF...more
The U.K. Financial Conduct Authority had published a consultation on proposals to address weaknesses in the safeguarding regime for payments and e-money firms. The FCA explains that there remain poor practices across the...more
In its February 2023 discussion paper (DP23/2) relating to the UK regulatory regime for asset management, the UK’s Financial Conduct Authority (“FCA”) briefly touched on fund tokenisation as an area of technological drive and...more
The EU Markets in Crypto-Assets Regulation (MiCAR) was published in the Official Journal of the European Union on 9 June 2023. MiCAR is a the major, step toward an EU-wide uniform code governing crypto-assets, such as BTC,...more
The EBA has launched a consultation on two RTS and ITS on the functioning of supervisory colleges under the CRD. These new technical standards will ensure that the Level 2 framework for the functioning of supervisory colleges...more
ECB in focus is our blog dedicated to the banking supervisory activities of the European Central Bank (ECB). We report on key developments in European banking regulation led by the ECB as part of the Single Supervisory...more
The FCA has published a Portfolio letter setting out its priorities for payments and e-money firms amidst tightening economic conditions and the cost-of-living crisis. Among the three outcomes that it has set for firms in...more
Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more
The Italian Ministry of Economy and Finance issued the long-awaited decree regarding the Italian register of payment services agents, e-money distributors and central contact points for AML supervision....more
A draft report on the impact of crypto and blockchain on taxation was tabled before the European Parliament sub-committee on tax matters on 25 April 2022. The draft report consists of a motion for a European Parliament...more
On 7 December 2021, the FCA published a second consultation paper (CP21/36) on the proposed "Consumer Duty" (the "Second Consultation"). The FCA's first consultation on this topic (CP21/13) was published in May 2021 and...more
Following on from the consultation paper issued in January 2021, the FCA has now published a Policy Statement setting out the amendments which will be made to the SCA-RTS and to the guidance in the Payment Services and...more
The Italian Ministry of Economy and Finance launched a public consultation on the long-awaited draft decree for the establishment of the Italian register of payment services agents, e-money distributors and central contact...more
Key developments of interest over the last month include: Hong Kong: FSTB publishes consultation conclusions on virtual asset services providers licensing regime Europe: European Commission publishes proposal for Regulation...more
The last five years have seen a substantial increase in the number and variety of regulated firms operating in the United Kingdom, with the development in particular of financial services provided by new technology firms,...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
Barely a month since the end of the post-Brexit transition period, the FCA is consulting on changes to the onshored SCA-RTS and to the guidance in its Payment Services and E-Money Approach Document (and PERG). ...more
Please see Chart below for more information. ...more
HM Treasury has released proposals to amend the U.K.’s financial promotion rules to subject unregulated crypto-assets to the financial promotions regime. The Government proposals aim to enhance consumer protection, ensure...more
The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19. On 9 July 2020, the FCA published its...more
COVID-19: FCA consults on updated temporary guidance for motor finance and HCSTC agreements - On 3 July 2020, the UK Financial Conduct Authority (FCA) published for consultation updated temporary guidance for firms, which...more
CHAPS enhanced ISO 20022 messages: BoE industry review - The Bank of England (BoE) has published an industry review of the CHAPS enhanced ISO 20022 messages....more
Electronic money or e-money has been subject to regulation in the EU since April 2002 when the first Electronic Money Directive 2000/46/EC (“EMD1”) established the regulatory framework. However, there have been difficulties...more
The UK Financial Conduct Authority (FCA) has published Sector Views, its annual report examining how each financial sector is performing....more
Upgraded legislation creates an enhanced regulatory framework for the new age of payments, including e-money and digital payment tokens. After much anticipation, and following consultations with the industry at large, the...more