The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more
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
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
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
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. 28 February - The Financial Conduct Authority (“FCA”) published Handbook Notice...more
The European Banking Authority is consulting on draft Regulatory Technical Standards to amend the existing RTS on strong customer authentication and common and secure open standards of communication under the EU Payment...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
Electronic money or e-money has been subject to regulation in the EU since April 2002 when the first Electronic Money Directive 2000/46/EC (“EMD1”) established the regulatory framework. However, there have been difficulties...more
The European Banking Authority has published amendments to the 2018 Guidelines on fraud reporting under the revised Payment Services Directive (known as PSD2). The Regulatory Technical Standards on "strong customer...more
The Council of the European Union and the European Commission have published a joint statement on stablecoins. The statement reiterates many of the messages of the G7 working group paper on the impact of stablecoins...more
On 18 July 2019 the European Banking Authority (EBA) published a report on the EU regulatory perimeter, national regulatory status and EU national regulators' (NCAs') authorisation approaches for FinTech firms conducting...more
The European Commission has published a report detailing: (i) the extent to which Member States have implemented the sanctions and monitoring sections of the EU Wire Transfer Regulation; and (ii) the particular sanctioning...more
The European Commission has adopted Regulatory Technical Standards on the development, operation and maintenance of the electronic central register and access to the information it contains under the Payment Services...more
The Situation: The second EU Payment Services Directive requires banks to give third-party payment service providers ("TPPs") access to the bank accounts of their customers (with their consent), in order to enable TPPs to...more
A Commission Delegated Regulation has been published in the Official Journal of the European Union. The Delegated Regulation supplements the revised Payment Services Directive with Regulatory Technical Standards for strong...more
The European Commission has published a report to the European Parliament and the Council of the European Union on the implementation and impact of the second Electronic Money Directive, known as 2EMD. 2EMD establishes a...more
The European Banking Authority published final draft Regulatory Technical Standards on the cooperation and exchange of information between national regulators where an authorized payment institution would like to provide...more