News & Analysis as of

United Kingdom Financial Institutions Payment Services Directive

A&O Shearman

Regulatory monitoring: EU version Newsletter - September 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EC: Report on the future of European competitiveness Status: Final - The EC has published a report on the future of European competitiveness,...more

Latham & Watkins LLP

FCA Consults on Permitting Bundled Payments for Research

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The FCA is proposing to allow asset managers to rebundle payments for third-party research and trade execution. On 10 April 2024, the FCA published its much-anticipated Consultation Paper on payment optionality for...more

A&O Shearman

New UK Requirements for Payment Account Contract Terminations

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HM Treasury has published a policy note and a draft statutory instrument—The Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024—on strengthening requirements in the Payment Services...more

A&O Shearman

UK Fifth Commencement Regulations Under the Financial Services and Markets Act 2023 Published

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The Fifth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 (SI 2024/250)- under the Financial Services and Markets Act 2023 were made on February 29, 2024. One of...more

A&O Shearman

Payment Systems Regulator Publishes New Rules for Mandatory Reimbursement of Authorized Push Payment Scams

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The Payment Systems Regulator has published its Final Policy Statement on its new regime for fighting authorized push payment scams. The Financial Services and Markets Act 2023 (discussed in our client note, “A Boost for UK...more

A&O Shearman

HM Treasury Publishes Plan for Regulation of Fiat-backed Stablecoins

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HM Treasury has published a Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, setting out the next steps for the implementation of stablecoin regulation in the U.K. Fiat-backed stablecoins are (under HM...more

A&O Shearman

Financial Stability Board Issues Recommendations for Regulating Cryptoasset Activities and Markets

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The Financial Stability Board has finalized its global regulatory framework for cryptoasset activities and markets and revised the framework for global stablecoin arrangements. Both frameworks, based on the principle of "same...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU’s Proposed Revisions to the Payment Services Directive, and How They Compare to the UK’s Approach

On 28 June 2023, the European Commission (EC) published its proposals for both a revised Payment Services Directive (PSD3) and a new accompanying Payment Services Regulation (EU PSR). This package of reforms addresses certain...more

Hogan Lovells

UK FCA portfolio letter to payments firms: compliance with safeguarding is ‘top priority’

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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

Wilson Sonsini Goodrich & Rosati

UK Regulator Targets Client Money Protections in Priorities for Payments Firms

On March 16, 2023, the UK Financial Conduct Authority (the FCA) published a letter to the CEOs of UK electronic money and payment institutions (payments firms) setting out the FCA’s current priorities for the UK payments...more

A&O Shearman

Crypto-Asset Market Turmoil: Financial Stability Board Issues Statement

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The Financial Stability Board has issued a statement on international regulation and supervision of crypto-asset activities. The statement is made in light of the crypto-asset market turmoil. The statement warns crypto-asset...more

Proskauer Rose LLP

UK Financial Conduct Authority consults on payments, e-money and other firms to comply with “Consumer Duty”

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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

Hogan Lovells

And so it continues: FCA Policy Statement on changes to SCA-RTS and Payments Approach Document

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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

Hogan Lovells

Payments regulatory news, February 2021

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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

Hogan Lovells

And so it begins: FCA consults on post-Brexit changes to SCA-RTS and Payments Approach Document

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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

Hogan Lovells

Payments regulatory news, November 2020 # 2

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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, October 2020 # 2

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ISO 20022 migration: BoE revised approach The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. - ISO 20022 migration: BoE revised approach - The Bank of England (BoE) has updated...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

Proskauer Rose LLP

Regulation Round Up - March 2018

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1 March - The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more

Orrick, Herrington & Sutcliffe LLP

Jacqui Hatfield Discusses PSD2 Reporting Rules

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....more

Hogan Lovells

Hogan Lovells Global Payments Newsletter - January 2017

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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

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