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
Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more
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
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
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
Key developments of interest over the last month include: Brazil: The Central Bank of Brazil has confirmed that open banking regulations will begin to be implemented from November 2020. The implementation will consist of...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 Bank of Israel recently led several important developments in the Israeli payments market. These developments are designed to encourage competition in the payment services market and to advance the implementation of...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
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
The European Banking Authority (“EBA”) has published its revised guidelines on outsourcing arrangements (“New Outsourcing Guidelines”). The New Outsourcing Guidelines are now awaiting to be officially translated into member...more
The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report is in response to the European Commission's request in its FinTech...more
The European Banking Authority has published final Guidelines on complaints procedures for alleged infringements by payment service providers of the Payments Services Directive 2. PSD2 provides for payment service users and...more
SEC Proposes Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure - On October 11, 2017, the Securities and Exchange Commission (SEC) proposed amendments "to modernize and simplify disclosure...more
OCC Solicits Public Comments on Revising the Volcker Rule - On August 2, 2017, the Office of the Comptroller of the Currency ("OCC") issued a public notice that it is seeking public input on revising the final regulation...more
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
FHFA Issues Final Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets - On December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule implementing the Duty to Serve provisions...more
Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more
On 12 January 2016, the long-awaited revised Payment Services Directive (“PSD2”) came into force in Europe. This replaces the Payment Services Directive (“PSD”) that has been in place since 2007. The deadline for EU member...more