The deadline is fast approaching for in-scope financial entities and their ICT service providers to conform to the EU’s new digital operational resilience regulation.
With effect from 17 January 2025, a broad range of EU...more
9/30/2024
/ Cloud Service Providers (CSPs) ,
Compliance ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
European Digital Strategy ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Hardware ,
Internet Service Providers (ISPs) ,
Risk Management ,
Software ,
Technology ,
Third-Party Service Provider
The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more
8/20/2024
/ Agents ,
Consultation ,
Deregulation ,
E-Commerce ,
EU ,
European Commission ,
Online Marketplace ,
Payment Services Directive ,
Payment Systems ,
PSD2 ,
UK
Online retailers storing credit card data for the sole purpose of facilitating further purchases will likely need to obtain consumer consent.
Online shopping has boomed in recent years. In 2020, the European statistics...more
7/8/2021
/ Credit Cards ,
Data Collection ,
Data Processors ,
Data Storage ,
E-Commerce ,
EU ,
European Data Protection Board (EDPB) ,
General Data Protection Regulation (GDPR) ,
Internet Retailers ,
New Guidance ,
PCI-DSS Standard ,
Prior Express Consent ,
Retailers
Beyond creative works and consumer products, NFTs open up new avenues for IP monetisation in the technology, life sciences, and pharmaceutical industries.
Non-fungible tokens (NFTs), one-of-a-kind cryptoassets stored on...more
6/25/2021
/ Anti-Money Laundering ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
Know Your Customers ,
Life Sciences ,
MiFID ,
Non-Fungible Tokens (NFTs) ,
Technology Sector ,
Token Sales ,
UK
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
As contactless transactions boom, EU regulators publish draft guidelines on the interplay between the GDPR and PSD2.
Last year, more than half of all payments in the UK were made by card and contactless methods, while cash...more
11/4/2020
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Data Protection ,
EU ,
European Data Protection Board (EDPB) ,
Financial Institutions ,
General Data Protection Regulation (GDPR) ,
Member State ,
New Guidance ,
Payment Systems ,
Personal Data ,
PSD2
The report encourages the G20 to consider a broad set of supervisory principles when evaluating global stablecoin arrangements.
On April 14, 2020, the G20’s Financial Stability Board (FSB) published a consultation on the...more
Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services -
The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more
10/21/2019
/ Compliance ,
Digital Currency ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider ,
UK
The BoE is seeking feedback on the Introductory Phase of the ISO 20022 migration, that will create a common language for payments data globally.
In 2018, the Bank of England (BoE) consulted on the adoption of ISO 20022 — a...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
8/25/2019
/ APIs ,
Dear CEO Letter ,
E-Commerce ,
Electronic Payment Transactions ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Internet Retailers ,
Payment Services Directive ,
PSD2 ,
UK
GDPR and PSD2 are two legal initialisms that have both generated a great deal of press coverage in recent months, but they are seldom considered together.
There were around 122 billion non-cash payments in the European...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
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
Latest milestones in the transformation of the payment services market: final text of the RTS and the member states’ implementation of PSD2.
Key Points:
..The EC has adopted the final text of the RTS, which includes...more
The European Banking Authority (EBA) has published its consultation document on security measures for operational and security risks under the revised Payment Services Directive (PSD2).
The WannaCry ransomware attack that...more
On April 28th, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report about Fintech and the influence of technology on the future of the financial sector. The report, prepared by Cora...more
New directive disrupts the EU payments regulatory regime. A series of Client Alerts will follow ongoing developments related to PSD2.
Key Points:
..By expanding the accessibility of customer account information,...more