Recent regulatory developments focussed on the payments sector. See also our General regulatory news in the Related Materials links.

Contents

• Hogan Lovells Global Payments Newsletter, July 2020
• EU Regulation on cross-border payments: European Commission adopts legislative proposal

Hogan Lovells Global Payments Newsletter, July 2020

Our latest Global Payments Newsletter considers a number of recent developments of interest to the payments sector, including:

• Australia: Open banking launches with the initiation of the Consumer Data Right. Customers of Australia's four major banks can choose to share certain types of data with accredited data recipients. More banks will join the Consumer Data Right in due course;
• Singapore: Monetary Authority of Singapore (MAS) completes testing of blockchain-based multi-currency payments network prototype (Project Ubin); and
• UK: FCA publishes final guidance for payment and e-money firms on prudential risk management and arrangements for safeguarding customers' funds during COVID-19. The FCA hopes to conduct a full consultation later in 2020/21 on changes to its Payment Services and E-Money Approach Document, which are likely to include incorporation of this additional guidance.

Read the newsletter on Hogan Lovells Engage, related, here in.

EU Regulation on cross-border payments: European Commission adopts legislative proposal

The European Commission has adopted a legislative proposal for a new Regulation on cross-border payments in the EU. It has published the Annexes to the proposed Regulation separately.

The purpose of the proposed Regulation is to codify the existing Regulation on cross-border payments (924/2009), as it is the Commission's policy to codify legislative acts after they have been amended at least ten times. The new Regulation will repeal and replace the existing Regulation. It is intended to preserve the content of the existing Regulation as amended. A correlation table in Annex II to the new Regulation sets out the relationship between the Articles in the new Regulation and the existing Regulation.

The proposed Regulation will now be considered by the Council of the EU and the European Parliament, who will operate under the accelerated legislative process that applies to codification proposals. The Commission intends for the new Regulation to enter into force on 20 April 2021.

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