“Super Wednesday” 28 June 2023 marked the beginning of the next phase in the evolution of EU payments regulation with the European Commission’s publication of its anticipated proposals to improve the functioning of PSD2. This...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
Open banking is an important driver of the fintech revolution. Regulators have recognised open banking as a means of introducing competition and innovation in the banking sector. Likewise, fintechs are seizing the...more
Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance. Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...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
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 Banking Authority (“EBA”) has published its revised guidelines on outsourcing arrangements (“New Outsourcing Guidelines”). The New Outsourcing Guidelines are now awaiting to be officially translated into member...more
In previous posts in our BankBCLP.com series on this topic, we’ve attempted to define “open banking” and the ways in which it is attracting increasing industry attention through open APIs. As our series continues, we describe...more
This post is the first in a series discussing open banking, its implementations, and its implications. “Open banking” is a phrase that has been coined to capture a current theme in financial sector innovation – one that...more
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more
On June 13, 2018, the European Banking Association (“EBA“) published a consultation paper (EBA/CP/2018/09) on draft guidelines on the conditions to be met to benefit from an exemption from contingency measures under Article...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
The European Banking Authority (“EBA“) has published a letter (dated February 13, 2018) from Olivier Guersent (European Commission Director-General, DG FISMA) to Andrea Enria (EBA Chairman) that relates to the regulatory...more
Rome Marco Zechini is a partner in Orrick's Rome office, member of the M&A and Private Equity group and head of the Italian Banking and Financial Services Regulation practice. He has experience in banking, insurance,...more
Driven by payments innovation and new regulation, 2018 is cited as the year for some of the most significant changes retail banking has seen. At the Westminster Business Forum for Digital Payments, Adoption, Innovation and...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
SEC Proposes Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure - On October 11, 2017, the Securities and Exchange Commission (SEC) proposed amendments "to modernize and simplify disclosure...more
Est parue au JO du 10 août l’ordonnance n° 2017-1252 du 9 août 2017 portant transposition de la directive 2015/2366 du Parlement européen et du Conseil du 25 novembre 2015 concernant les services de paiement dans le marché...more
OCC Solicits Public Comments on Revising the Volcker Rule - On August 2, 2017, the Office of the Comptroller of the Currency ("OCC") issued a public notice that it is seeking public input on revising the final regulation...more
On July 24, 2017, the EBA published a consultation paper on the draft regulatory technical standards (“RTS“) and implementing technical standards (“ITS“) on the EBA electronic central register under the revised Payment...more
Financial Industry Developments - CFPB Issues FInal Arbitration Rule - Who Is Covered and How Does It Affect Your Business? The CFPB, after entertaining numerous comments, issued its final arbitration rule on Monday,...more
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
FinTech remains the megatrend of the European financial services industry. According to a KPMG survey, about US$36.6bn has been invested in European FinTech companies between 2010 and 2016. Key players from venture...more
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
HM Treasury has today published a consultation paper and draft Payment Services Regulations 2017 for a short 6 week consultation period ending on 16 March 2017. The consultation paper states that the Government aims to...more