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
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
Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....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
On 29 April 2021, the Financial Services Bill received Royal Assent in the UK, becoming law as the Financial Services Act 2021 (the “Act”). This is the first significant step for the UK in shaping its financial services...more
Depositor protection identity verification: PRA PS4/21 - Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
Payment Services and Electronic Money (Amendment) Regulations 2020 published - The Payment Services and Electronic Money (Amendment) Regulations 2020 (SI 2020/1275) have been published, together with an explanatory...more
Request to Pay: Pay.UK launches rules and standards framework - Pay.UK has launched the Request to Pay Framework — the message standards, rules, and terms and conditions for the development of Request to Pay services. The...more
The new strong customer authentication (“SCA”) requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) went live on 14 September 2019. While the new requirements apply only to payment service providers such...more
The open banking requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) are now in force, under which an account servicing payment service provider (“ASPSP”) must grant an authorised third party service...more
While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more
BREXIT - On 7 February, ordinance no. 2019-75 relating to the preparatory measures in connection with the United-Kingdom’s withdrawal from the European Union in respect of financial services (the Ordinance) was published. ...more
The European Payments Council Board has announced that it has approved the application from UK Finance for the continued participation of UK payment service providers in the SEPA schemes after 29 March 2019 in the event of a...more
The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more
The U.K. Financial Conduct Authority has launched a consultation on its approach to implementing Regulatory Technical Standards and related Guidelines developed by the European Banking Authority to supplement provisions of...more
Following the publication by the European Banking Authority of an Opinion and draft Guidelines on Regulatory Technical Standards under the revised Payment Services Directive for strong customer authentication and common and...more
BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more
The UK Financial Conduct Authority has issued a statement confirming that it will comply with the Guidelines published by the European Banking Authority on December 12, 2017 on security measures for operational and security...more
Orrick's Jacqui Hatfield recently spoke with PaymentsCompliance magazine about the new proposed rules governing how national regulators cooperate and exchange information under the revised Payment Services Directive....more
1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more
BREXIT - CRDV IV – EBA final draft RTS and ITS on authorisation of credit institutions - On 14 July, the EBA published a report setting out the following final draft technical standards: (i) Final draft RTS on the...more
The European Banking Authority (EBA) has published its consultation document on security measures for operational and security risks under the revised Payment Services Directive (PSD2). The WannaCry ransomware attack that...more
The Payment Systems Regulator has opened a consultation on its proposed approach to monitoring and enforcing the revised Payment Services Directive. The UK Government has separately consulted on draft Payment Services...more
The UK Government launched a consultation on implementation of the revised EU Payment Services Directive in the UK. The new Payment Services Directive (known as PSD2) aims to make payments between Member States as secure,...more