News & Analysis as of

Payment Systems European Central Bank

A&O Shearman

Amendment to the TARGET Guideline postponed

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The European Central Bank (ECB) has announced that the amendment to the TARGET Guideline, which would allow non-bank payment service providers (non-bank PSPs) to participate in TARGET is postponed... ...more

A&O Shearman

European Central Bank decision on non-bank payment service providers' access

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The European Central Bank (ECB) has published Decision (EU) 2025/222 relating to access by non-bank payment service providers (NB-PSPs) to Eurosystem central bank operated payment systems and central bank accounts. The EU...more

Eversheds Sutherland (US) LLP

Payment matters - October 2024

Upcoming global developments for the payment sector - Asia - 1. Hong Kong: Launch of Phase 2 of the e-Hong Kong Dollar Pilot Programme - On September 23, 2024, the Hong Kong Monetary Authority (HKMA) announced the...more

Latham & Watkins LLP

CNIL Publishes White Paper on Digital Payments and Data Privacy

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The French Data Protection Authority’s white paper discusses how companies can comply with data privacy and security obligations. The use of card, contactless, and innovative digital payment solutions has significantly...more

Hogan Lovells

Payments regulatory news, August 2021 #2

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CRM code for APP scams: LSB update The Lending Standards Board (LSB) has published a press release setting out the next steps for the contingent reimbursement model code (CRM code) for authorised push payment (APP) scams. ...more

Hogan Lovells

Payments regulatory news, May 2021

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Systemically important payment systems: ECB Regulation and Decisions - European Central Bank (ECB) Regulation (EU) 2021/728, which amends the Regulation on oversight requirements for systemically important payment systems...more

Hogan Lovells

Payments regulatory news, December 2020

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UK payment systems: Pay.UK recommendations for adopting ISO 20022 - Pay.UK published a report containing conclusions and recommendations relating to adopting the common global messaging standard for UK payments, known as...more

Hogan Lovells

Payments regulatory news, November 2020

Hogan Lovells on

PSD2: EBA proposes changes to Guidelines on major incident reporting after latest review - Following the European Banking Authority's (EBA's) latest required review of its July 2017 Guidelines on major incident reporting...more

Perkins Coie

Blockchain Week in Review - December 2019 #2

Perkins Coie on

U.S. Developments - Federal Reserve Governor Speaks on Stablecoins and Related Risks - On December 18, 2019, Governor Lael Brainard of the U.S. Federal Reserve delivered a speech entitled “Update on Digital Currencies,...more

Latham & Watkins LLP

Bank of England Seeks Further Feedback on Migration to Standard Payments Messaging

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The BoE is seeking feedback on the Introductory Phase of the ISO 20022 migration, that will create a common language for payments data globally. In 2018, the Bank of England (BoE) consulted on the adoption of ISO 20022 — a...more

A&O Shearman

Decision on Eurozone Oversight of Systemically Important Payment Systems

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A Decision of the European Central Bank has been published in the Official Journal of the European Union. The Decision supplements the ECB's Regulation on the oversight of systemically important payment systems. The Decision...more

A&O Shearman

Key Regulatory Topics: Weekly Update - 9 August 2019 - 15 August 2019

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BREXIT - Post-Brexit options in the Luxembourg financial sector - Allen & Overy has published a list of available options for UK firms currently passporting their activities to Luxembourg or willing to provide services...more

BCLP

New Rules on Cross-Border Payments and Currency Conversion Transparency

BCLP on

After trilogue negotiations with the European Parliament and the European Commission, the European Council has now approved the amendments made to the Regulation (EC) No 924/2009 on Cross-Border Payments (the “CBP...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - December 2018

In this month's edition of our Privacy & Cybersecurity Update, we examine the European Commission's second annual review of the Privacy Shield and the Department of Commerce's guidance on how to comply with the Privacy Shield...more

A&O Shearman

Allen & Overy's weekly update on Key Regulatory Topics - 15 June - 21 June 2018

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BREXIT - TheCityUK paper on continuity of cross-border financial contracts post-Brexit - On 20 June, TheCityUK published a paper on the continuity of cross-border financial contracts post-Brexit. In the paper, TheCityUK...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - Credit Agreements Will Require Important Updates If a Proposed New Delaware Law Is Passed - The Delaware legislature is currently contemplating an amendment to the Delaware Limited...more

Orrick - Finance 20/20

ECB Revised Assessment Methodology For Payment Systems

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The European Central Bank (“ECB“) published a revised assessment methodology for payment systems on June 15, 2018. The principles for financial market infrastructures (“PFMIs“) developed by the Committee on Payments and...more

A&O Shearman

Allen & Overy's weekly update on Key Regulatory Topics - 4 May 2018 – 10 May 2018

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BREXIT - UK Government response to HoL EU Committee report on Brexit and future of financial regulation and supervision - On 9 May, the UK Government published its response to the HoL EU Sub-Committee on Financial...more

A&O Shearman

European Central Bank Confirms Collective Agreement Between TARGET2 Participants

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The European Central Bank has confirmed that a collective agreement signed between the central banks operating TARGET2 component systems and the central securities depositories operating on the TARGET2-Securities platform can...more

Proskauer Rose LLP

Regulation Round Up - February 2017

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The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Orrick - Finance 20/20

EBA Outlines Upcoming Initiatives for the Regulation of Retail Payments

Orrick - Finance 20/20 on

The European Banking Authority (“EBA”) has announced details of its plans to harmonize regulatory and supervisory practices to ensure secure, easy and efficient payment services across the EU. The Payment Services Directive...more

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