Among the changes introduced by the Second Consumer Credit Directive ((EU) 2023/2225) (CCD II) is an expansion of the scope of the current consumer credit regime under Directive 2008/48/EC (CCD I). The aim is to increase...more
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: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
3/7/2024
/ Bank of England ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
ECON ,
EU ,
European Securities and Markets Authority (ESMA) ,
HM Treasury ,
Payment Systems ,
Popular ,
UK ,
Virtual Currency
A recent Court of Justice of the European Union (ECJ) judgment has considered where the boundary lies between regulated payment services and e-money issuance. Read on for a more detailed look at the reasoning of the ECJ in...more
“Super Wednesday” 28 June 2023 marked the beginning of the next phase in the evolution of EU payments regulation with the European Commission’s publication of its anticipated proposals to improve the functioning of PSD2. This...more
The EU has adopted the final text of a Directive concerning financial services contracts concluded at a distance which repeals the current Distance Marketing of Financial Services Directive and transfers the consumer...more
The EU has adopted the final text of the Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II). The next step will be publication in the Official Journal of the EU and then...more
As part of the European Commission’s 2020 Retail Payments Strategy and following its 2022 review of PSD2 and related consultations, it has published legislative proposals to improve the functioning of PSD2. The first is for a...more
Following its 2022 assessment of money laundering (ML) and terrorist financing (TF) risks in the EU payment institutions (PIs) sector, the European Banking Authority (EBA) has published a report on its findings. Among other...more
HM Treasury has published the text of the awaited draft memorandum of understanding (MoU) on UK-EU regulatory co-operation in financial services, which has already been adopted by the European Commission. The focus of the MoU...more
The European Commission has published its long-delayed report to the European Parliament and Council of the EU on the application of the Payment Accounts Directive (PAD). The findings are generally positive and no legislative...more
Key developments of interest over the last month include: the UK FCA’s publication of a portfolio letter to payments and e-money firms; the U.S. Federal Reserve announcing the July 2023 launch of its FedNow Service; and...more
5/4/2023
/ AML/CFT ,
Cryptocurrency ,
Digital Assets ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Regulatory Agenda ,
Regulatory Oversight ,
Transparency
The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more
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
The Council of the EU and the European Parliament have reached provisional political agreement on the proposed Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II). The...more
Key developments of interest over the last month include: UK Financial Services and Markets Bill 2022-23 introduced to Parliament; US Treasury publishes framework for international engagement on digital assets; and European...more
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
5/31/2022
/ Cryptocurrency ,
Electronic Payment Transactions ,
EU ,
European Commission ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Payment Services Directive ,
PSD2
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
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
3/31/2022
/ Bank of England ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
European Banking Authority (EBA) ,
Executive Orders ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
HM Treasury ,
Monetary Authority of Singapore ,
PSD2 ,
Securities and Exchange Commission (SEC)
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. It is expected that the implementation...more
Due to its concerns that card-acquiring services might not be offering value for money for merchants, the PSR decided to conduct a comprehensive review of the card-acquiring sector focussing on the impact of competition and...more
Key developments of interest over the last month include: El Salvador: Bitcoin becomes legal tender European Union: European Commission proposes Path to the Digital Decade to deliver EU's digital transformation by 2030...more
9/29/2021
/ AML/CFT ,
Bank of England ,
Banking Sector ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
El Salvador ,
EU ,
European Commission ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
OCC ,
Payment Services Directive ,
Popular ,
State Administration for Market Regulation (SAMR)
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
Key developments of interest over the last month include:
United Kingdom: HM Treasury is consulting on proposed insolvency changes for payment institutions and electronic money institutions, including a bespoke special...more
Key developments of interest over the last month include:
Europe: The CJEU has found that (i) PSD2 does not restrict the type of terms that can be changed by tacit consent, but where the payment service user is a consumer the...more