News & Analysis as of

Payment Services Directive

Latham & Watkins LLP

UK Government Launches Consultation on Deregulating Commercial Agents

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The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more

A&O Shearman

Bank of England Discussion Paper on Approach to Innovation in Money and Payments

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Central bank money could interact with programmable platforms through the use of so-called "wholesale central bank digital currency" (wCBDC) technologies. To inform this work, the BoE proposes a program of experiments to test...more

BCLP

Navigating Legal Challenges In French Civil Fraud Cases: An In-depth Analysis

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In recent years, banking fraud in France has surged, driven by advanced technology and the integration of payment methods and mobile banking. We do a deep dive into the legislation to help our clients stay informed and...more

BCLP

Unauthorised Transactions: Exclusive Application of the PSP Liability Regime

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In a ruling dated 27 March 2024 (no. 22-21.200), the French Supreme Court (‘Cour de Cassation’) - citing European case law - held that a payment service provider can only be held liable for an unauthorised or incorrectly...more

Hogan Lovells

PSD3: European Parliament adopts amended PSD3 and PSR texts at first reading

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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

McDermott Will & Emery

Von Zahlungsdienstleistern bis zu Profifußballvereinen: Neue EU-Vorschriften zur Bekämpfung von Geldwäsche verabschiedet

McDermott Will & Emery on

Das Europäische Parlament hat am 24. April 2024 ein neues Gesetzespaket zur Geldwäschebekämpfung verabschiedet, welches das Instrumentarium der EU zur Bekämpfung von Geldwäsche und Terrorismusfinanzierung stärken soll....more

Latham & Watkins LLP

FCA Consults on Permitting Bundled Payments for Research

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The FCA is proposing to allow asset managers to rebundle payments for third-party research and trade execution. On 10 April 2024, the FCA published its much-anticipated Consultation Paper on payment optionality for...more

A&O Shearman

New UK Requirements for Payment Account Contract Terminations

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HM Treasury has published a policy note and a draft statutory instrument—The Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024—on strengthening requirements in the Payment Services...more

A&O Shearman

UK Fifth Commencement Regulations Under the Financial Services and Markets Act 2023 Published

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The Fifth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 (SI 2024/250)- under the Financial Services and Markets Act 2023 were made on February 29, 2024. One of...more

Wilson Sonsini Goodrich & Rosati

Payments Playbook Series: The Embedded Payments Playbook

As payments innovation continues to accelerate, Wilson Sonsini is publishing a series of pragmatic playbooks to help companies navigate the legal complexities in the highly regulated payments space. In this first installment,...more

A&O Shearman

One Step Closer to a Mandated Reference Checks Regime: the MAS finalises its proposals for the regime

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The Monetary Authority of Singapore (MAS) has recently finalised its proposals on mandating reference checks. The finalised proposals are substantially in line with those initially proposed in its Consultation Paper on...more

A&O Shearman

Amendments Proposed to Global Standard for Banks’ Exposures to Crypto-Assets

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Following publication of the final bank prudential requirements for exposures to crypto-assets, the Basel Committee on Banking Supervision is consulting on proposed amendments to the requirements for exposures to stablecoins....more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, December 2023 / January 2024

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Key developments of interest over the last two months include: the UK's Payment Systems Regulator (PSR) publishing the final policy statement and implementing legal instruments relating to its new mandatory reimbursement...more

A&O Shearman

Payment Systems Regulator Publishes New Rules for Mandatory Reimbursement of Authorized Push Payment Scams

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The Payment Systems Regulator has published its Final Policy Statement on its new regime for fighting authorized push payment scams. The Financial Services and Markets Act 2023 (discussed in our client note, “A Boost for UK...more

A&O Shearman

UK Regulators Propose Rules for Supervising Critical Third Parties

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Following feedback to their July discussion paper, the U.K. regulators—the Bank of England, Prudential Regulation Authority and Financial Conduct Authority—have launched a joint consultation proposing rules and regulatory...more

Wilson Sonsini Goodrich & Rosati

CFPB Proposes New Examination Authority over “Larger Participants” in the Digital Wallet and Consumer Payment App Markets

In a shot across the bow to the digital payments industry, the U.S. Consumer Financial Protection Bureau (the Bureau) has issued a proposed rule to expand its oversight authority to nonbank providers of consumer payment apps....more

Cadwalader, Wickersham & Taft LLP

The UK Government Announces Plans for the Regulation of Fiat-Backed Stablecoins

The UK’s Treasury has released an Update on Plans for the Regulation of Fiat-backed Stablecoins. Following up on its January 2021 consultation on the UK regulatory approach to cryptoassets and stablecoins, the government’s...more

A&O Shearman

HM Treasury Publishes Plan for Regulation of Fiat-backed Stablecoins

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HM Treasury has published a Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, setting out the next steps for the implementation of stablecoin regulation in the U.K. Fiat-backed stablecoins are (under HM...more

A&O Shearman

Financial Stability Board Issues Recommendations for Regulating Cryptoasset Activities and Markets

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The Financial Stability Board has finalized its global regulatory framework for cryptoasset activities and markets and revised the framework for global stablecoin arrangements. Both frameworks, based on the principle of "same...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU’s Proposed Revisions to the Payment Services Directive, and How They Compare to the UK’s Approach

On 28 June 2023, the European Commission (EC) published its proposals for both a revised Payment Services Directive (PSD3) and a new accompanying Payment Services Regulation (EU PSR). This package of reforms addresses certain...more

Hogan Lovells

Evolution not revolution: European Commission publishes financial data access and payments package

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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

Goodwin

Doing Fintech Business in the UK: Regulatory Q&A for US and Other Non-UK Businesses

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With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United Kingdom....more

Hogan Lovells

UK FCA portfolio letter to payments firms: compliance with safeguarding is ‘top priority’

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The FCA has published a Portfolio letter setting out its priorities for payments and e-money firms amidst tightening economic conditions and the cost-of-living crisis. Among the three outcomes that it has set for firms in...more

Wilson Sonsini Goodrich & Rosati

UK Regulator Targets Client Money Protections in Priorities for Payments Firms

On March 16, 2023, the UK Financial Conduct Authority (the FCA) published a letter to the CEOs of UK electronic money and payment institutions (payments firms) setting out the FCA’s current priorities for the UK payments...more

Reveal

A Guide to Bank Fraud Investigations

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Banking looks very different today than it did even 20 years ago. Banks have far fewer face-to-face interactions as more customers migrate to online or app-based banking services....more

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