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European Union › PSD2 › Payment Services Directive

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Latham & Watkins LLP

UK Government Launches Consultation on Deregulating Commercial Agents

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The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more

Hogan Lovells

PSD3: European Parliament adopts amended PSD3 and PSR texts at first reading

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On 23 April 2024, the European Parliament announced its adoption at first reading of amended texts of the European Commission’s June 2023 legislative proposals for a Directive on payment services and electronic money services...more

Hogan Lovells

UK government reviews Payment Services Regulations and Payment Card Interchange Fee Regulations

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HM Treasury has published a review and call for evidence on the Payment Services Regulations 2017, as well as the outcome of a post-implementation review of the Payment Card Interchange Fee Regulations 2015. Both...more

Latham & Watkins LLP

E-Money, Payment Services, and Insolvency

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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

Hogan Lovells

Global Payments Newsletter, May 2022

Hogan Lovells on

Key developments of interest over the last month include: Queen's Speech 2022 announces forthcoming Financial Services and Markets Bill; European Commission consultations and calls for evidence on PSD2 review and open...more

Hogan Lovells

Snapshot of recent EU regulatory developments relevant to retail banking and payments

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There has been a recent flurry of EU developments relating to a number of ongoing initiatives relevant to firms in the retail banking and payments sectors, including some movement on the European Commission's review of PSD2...more

A&O Shearman

European Banking Authority Seeks to Address Divergence on Use of Strong Customer Authentication Exemption

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The European Banking Authority is consulting on draft Regulatory Technical Standards to amend the existing RTS on strong customer authentication and common and secure open standards of communication under the EU Payment...more

Hogan Lovells

Global Payments Newsletter, July 2021

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Key developments of interest over the last month include: Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2 UAE: Central bank issues Retail Payment Services and Card Schemes Regulation United...more

Hogan Lovells

Payments regulatory news, July 2021 #2

Hogan Lovells on

PSD2: EBA consults on guidelines on limited network exclusion The European Banking Authority (EBA) is consulting on guidelines on the limited network exclusion (LNE) under the revised Payment Services Directive (PSD2)....more

Hogan Lovells

Bank of Italy implements PSD2 provision on the obligation to inform consumers of their rights

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On 1 July 2021, the Bank of Italy transposed into the Italian legal framework Article 106 of PSD2 regarding the obligation for payment service providers to inform consumers of their rights in the context of the provision of...more

Hogan Lovells

Payments regulatory news, November 2020 # 2

Hogan Lovells on

Payment Services and Electronic Money (Amendment) Regulations 2020 published - The Payment Services and Electronic Money (Amendment) Regulations 2020 (SI 2020/1275) have been published, together with an explanatory...more

Hogan Lovells

Payments regulatory news, June 2020

Hogan Lovells on

Request to Pay: Pay.UK launches rules and standards framework - Pay.UK has launched the Request to Pay Framework — the message standards, rules, and terms and conditions for the development of Request to Pay services. The...more

Hogan Lovells

Italian news on PSD2

Hogan Lovells on

Please find below a brief summary of two Italian developments on PSD2. More specifically: on 6 April 2020, the Italian Government approved a draft Legislative Decree introducing corrective and supplementary provisions to...more

A&O Shearman

Revised EU Guidelines on Fraud Reporting Under the Payment Services Directive Published

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The European Banking Authority has published amendments to the 2018 Guidelines on fraud reporting under the revised Payment Services Directive (known as PSD2). The Regulatory Technical Standards on "strong customer...more

BCLP

PSD2 Open Banking update and operational issues with regulators’ registers

BCLP on

The open banking requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) are now in force, under which an account servicing payment service provider (“ASPSP”) must grant an authorised third party service...more

Latham & Watkins LLP

Readiness for PSD2: APIs Fall Short, but More Time for SCA

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While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more

A&O Shearman

European Banking Authority Publishes Report on FinTech's Impact on Payment and Electronic Money Institutions' Business Models

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The European Banking Authority has published a report on the impact of financial technology on the business models of payment and electronic money institutions. The report aims to provide an overview of the current FinTech...more

White & Case LLP

EU Banking Authority reports on FinTech banking and payments licensing regimes across Europe

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On 18 July 2019 the European Banking Authority (EBA) published a report on the EU regulatory perimeter, national regulatory status and EU national regulators' (NCAs') authorisation approaches for FinTech firms conducting...more

King & Spalding

Avoiding the Cliff Edge - Immediate Steps for Firms and Groups with Financial Services Businesses in Europe Involving the UK

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The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more

A&O Shearman

UK Conduct Regulator Consults on its Approach to Technical Standards and Guidelines Under the Revised Payment Services Directive

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The U.K. Financial Conduct Authority has launched a consultation on its approach to implementing Regulatory Technical Standards and related Guidelines developed by the European Banking Authority to supplement provisions of...more

A&O Shearman

Final Draft EU Technical Standards on Home-Host Regulatory Cooperation Under the Revised Payment Services Directive

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The European Banking Authority has published a final report and final draft Regulatory Technical Standards under the revised Payment Services Directive on cooperation between national regulators in home and host states of a...more

A&O Shearman

UK Conduct Regulator Issues Statement on PSD2 Strong Customer Authentication and Common and Secure Communication Provisions

A&O Shearman on

Following the publication by the European Banking Authority of an Opinion and draft Guidelines on Regulatory Technical Standards under the revised Payment Services Directive for strong customer authentication and common and...more

A&O Shearman

Corrigendum to the Revised Payment Services Directive Published

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A two-page corrigendum to the revised Payment Services Directive has been published in the Official Journal of the European Union. The corrigendum makes 11 corrections to the text of the PSD2 across one recital and eight of...more

Jones Day

EU Regulatory Technical Standards for Strong Customer Authentication Enter Into Force

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The Situation: The second EU Payment Services Directive requires banks to give third-party payment service providers ("TPPs") access to the bank accounts of their customers (with their consent), in order to enable TPPs to...more

A&O Shearman

EU Legislation on Strong Customer Authentication Published

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A Commission Delegated Regulation has been published in the Official Journal of the European Union. The Delegated Regulation supplements the revised Payment Services Directive with Regulatory Technical Standards for strong...more

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