Payments regulatory news, March 2021 # 4

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Recent regulatory developments focussed on the payments sector. See also our Financial institutions general regulatory news of broad relevance in the Related Materials links.

Contents

  • PSR annual plan and budget for 2021/22
  • Instant payments: European Commission consultation
  • EU Retail Payments Strategy: Council of EU adopts conclusions

PSR annual plan and budget for 2021/22

The Payment Systems Regulator (PSR) has published its annual plan and budget for 2020/21, together with an accompanying factsheet. The plan sets out a summary of the PSR's key aims and activities for 2021/22 and its expected operating costs.

Instant payments: European Commission consultation

The European Commission has published a consultation paper on instant payments, together with its strategy for the initiative on instant payments in the EU. The consultation aims to inform the Commission on remaining obstacles, as well as possible enabling actions that it could take, to ensure a wide availability and use of instant payments in the EU. Comments can be made on the consultation until 2 June 2021.

The findings from the consultation will be used to promote, as part of the Commission's vision for the EU's retail payments market, the availability of competitive home-grown and pan–European payment solutions.

EU Retail Payments Strategy: Council of EU adopts conclusions

The Council of the EU has adopted conclusions relating to the European Commission's Retail Payments Strategy. The Council has also published the outcome of proceedings, which set out its conclusions on the Commission's communication for the further development of the retail payments market in the EU, which was published in September 2020.

The Council gives the Commission a strong political mandate for pushing forward its retail payments initiatives and for presenting legislative proposals, where appropriate, after an impact assessment. This includes a comprehensive review of the Payments Services Directive to take account of developments in the market and the challenges encountered in its implementation.

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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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