The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more
Crypto-asset firms are increasingly focused on the impact of MiCA on their businesses both from the perspective of high-level strategy and in relation to changes to their day-to-day compliance arrangements. MiCA represents a...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 paper identifies potential gaps in protections for consumers, with a focus on consumer-to-business payments via the Faster Payments System. In November, Pay.UK, the retail payments authority, released a summary paper...more
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
Key developments of interest over the last month include: United Kingdom: HM Treasury publishes Call for Evidence for Payments Landscape Review, seeking industry input on how payment systems could be improved. The deadline...more
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
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
2 September - The Financial Conduct Authority ("FCA") updated its webpage relating to its guidance consultation on the fair treatment of vulnerable customers. The European Securities and Markets Authority ("ESMA")...more
European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit. Complex payment processing chains comprise multiple entities operating behind the scenes...more
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
Under Article 74 of the Payment Services Directive (EU) 2015/2366 (“PSD2”), a payer may be required to bear the losses of unauthorised payment transactions up to a maximum of €50 provided the specified conditions are met....more
From 14 September 2019, certain electronic and remote payments must be subjected to two-factor, or “strong customer authentication” (SCA), under regulatory standards covering the European Economic Area (EEA) relating to the...more
This post is the first in a series discussing open banking, its implementations, and its implications. “Open banking” is a phrase that has been coined to capture a current theme in financial sector innovation – one that...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more
It is yet unclear if and when the House of Commons will again decide about the Withdrawal Agreement and whether the date for the UK leaving the EU will be changed. Under the current circumstances, a hard Brexit on 29 March...more
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
The House of Commons recently rejected the Withdrawal Agreement. While the UK Parliament is still debating how to leave the EU, a hard Brexit remains an option. To prepare for this possibility, the UK, EU Commission and EU27...more
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
The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech. On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing...more
With about one year to go until the European Banking Authority's Regulatory Technical Standards come into force, join us for a live webinar on 20 September to discuss the opportunities and challenges facing banks and...more
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
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more
BREXIT - UK Government response to HoL EU Committee report on Brexit and future of financial regulation and supervision - On 9 May, the UK Government published its response to the HoL EU Sub-Committee on Financial...more
In recent years, PE firms have been paying to play in the payment processing sector. From Worldpay and Nets, to Bambora and Paysafe, payment processing companies have proven to be attractive investments for European PE....more