Payments regulatory news, June 2021

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Recent UK regulatory developments focussed on the payments sector.

Contents

  • Proposed codified EU Regulation on cross-border payments: JURI draft report
  • Enhancing cross-border payments: FSB consults on quantitative targets

Following a short break, the next update will be published on 21 June 2021.

Proposed codified EU Regulation on cross-border payments: JURI draft report

The European Parliament's Legal Affairs Committee (JURI) has published a draft report containing a draft European Parliament legislative resolution on the European Commission's legislative proposal for a Regulation on cross-border payments in the EU, to codify and replace the existing Regulation on cross-border payments.

According to the Consultative Working Party of the legal services of the European Parliament, the Council of the EU and the Commission, the proposed Regulation contains a straightforward codification of the existing texts without any change in their substance. The Parliament therefore adopted its position at first reading. The next step is for the draft report to be adopted. The European Parliament's procedure file for the proposed Regulation indicates that it will be considered in plenary on 23 June 2021.

Enhancing cross-border payments: FSB consults on quantitative targets

The Financial Stability Board (FSB) has published a consultative document setting out proposals on quantitative targets for addressing the challenges faced by cross-border payments.

The consultation document:

  • describes the principles, and key design features underpinning, the targets and target metrics;
  • proposes three market segments for which targets be set across the four challenges;
  • considers factors in setting the targets; and
  • proposes a set of targets that are high-level, simple, small in number and focused on end-users.

Comments can be made on the consultation paper until 16 July 2021. The final recommendations will be delivered for endorsement at the G20 Summit in October 2021.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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