It’s just under three weeks until consumer credit firms must start using the FCA’s updated consumer credit information sheets which were published in May this year.
In May 2021, the FCA updated its webpage on consumer...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
9/29/2021
/ AML/CFT ,
Bank of England ,
Banking Sector ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
El Salvador ,
EU ,
European Commission ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
OCC ,
Payment Services Directive ,
Popular ,
State Administration for Market Regulation (SAMR)
Key developments of interest over the last month include:
Brazil: Central bank publishes details of push towards Phase 2 of Open Banking -
United Kingdom: PSR launches Digital Payments Initiative -
Estonia:...more
Key developments of interest over the last month include: Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2 UAE: Central bank issues Retail Payment Services and Card Schemes Regulation United...more
Key developments of interest over the last month include: Hong Kong: FSTB publishes consultation conclusions on virtual asset services providers licensing regime Europe: European Commission publishes proposal for Regulation...more
6/16/2021
/ AML/CFT ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Digital Currency ,
E-Money ,
Financial Services Industry ,
Identity Protection Services ,
Incident Response Plans ,
Payment Systems ,
Popular ,
PSD2 ,
Regulatory Agenda ,
Stablecoins ,
Virtual Currency ,
Working Groups
United Kingdom: Financial Services Act 2021 becomes law -
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as...more
5/26/2021
/ Bank of England ,
Banking Sector ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Turkey ,
UK
United Kingdom: FCA publishes feedback statement on Open Finance On 26 March 2021, the FCA published a Feedback Statement on Open Finance (FS21/7) following its December 2019 Call for Input....more
The FCA’s long-awaited feedback statement on open finance has been published. Findings from December 2019’s call for input suggest that, although there is a place for a regulatory framework to set outcomes, the best way...more
Regulatory Developments -
United Kingdom: Kalifa Review of UK FinTech published -
On 26 February 2021, HM Treasury published the Kalifa Review of UK FinTech, identifying priority areas to support the UK’s fintech sector. The...more
3/25/2021
/ Banks ,
Competition ,
Data Protection ,
Digital Currency ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Foreign Exchanges ,
FSB ,
Mobile Payments ,
Popular ,
Regulatory Agenda ,
UK
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to...more
1/28/2021
/ Critical Infrastructure Sectors ,
Cryptoassets ,
Euro ,
Financial Services Industry ,
Free Trade Agreements ,
Money Transfer ,
Payment Systems ,
Payment Systems Regulator (PSR) ,
Smart Contracts ,
Stablecoins ,
Transfer Taxes ,
UK Brexit
Key developments of interest over the last month include:
United Kingdom: HM Treasury is consulting on proposed insolvency changes for payment institutions and electronic money institutions, including a bespoke special...more
Key developments of interest over the last month include:
Europe: The CJEU has found that (i) PSD2 does not restrict the type of terms that can be changed by tacit consent, but where the payment service user is a consumer the...more
Europe: European Commission communication on EU Retail Payments Strategy -
On 24 September 2020 the European Commission published a communication setting out an EU Retail Payments Strategy identifying key priorities and...more
10/29/2020
/ Cross-Border Transactions ,
Digital Currency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
MasterCard ,
Payment Systems ,
Popular ,
PSD2 ,
Regulatory Agenda
Key developments of interest over the last month include:
United Kingdom: HM Treasury publishes Call for Evidence for Payments Landscape Review, seeking industry input on how payment systems could be improved. The deadline...more
8/21/2020
/ Call for Evidence ,
Canada ,
Data Protection ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
HM Treasury ,
Payment Systems ,
Popular ,
PSD2 ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
Key developments of interest over the last month include:
Brazil: The Central Bank of Brazil has confirmed that open banking regulations will begin to be implemented from November 2020. The implementation will consist of...more
The current situation is fast-moving. The information below reflects our understanding of payment moratoria measures and other reliefs related to the COVID-19 pandemic as at 9 June 2020. In many cases the legislation,...more
The current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions...more
4/28/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements ,
EU ,
European Central Bank ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
IOSCO ,
Loans ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Short Selling ,
UK
In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 3 April 2020 the European Commission issued a public consultation to help inform a retail...more
4/22/2020
/ Bank Service Providers ,
Business Plans ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Financial Conduct Authority (FCA) ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
FSB ,
Payment Systems ,
PSD2 ,
Retail Market ,
UK Payment Systems Regulator
In its 2020/21 Business Plan, the FCA states its aim to move towards a regulatory approach that's increasingly focused on end outcomes for consumers, markets and firms. The Business Plan reflects this approach, honing in on...more
4/8/2020
/ Banks ,
Big Data ,
Business Plans ,
Climate Change ,
Consumer Credit Protection ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Payment Systems ,
Small and Medium-Sized Enterprises (SMEs)
Key developments of interest over the last month include:
Spain: The Spanish Council of Ministers has approved a draft Bill for the Digital Transformation of the Financial System, which will create a Spanish regulatory...more
3/20/2020
/ AML/CFT ,
Cryptocurrency ,
Digital Currency ,
EU ,
FATF ,
Federal Budget ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Regulatory Requirements ,
Sandbox ,
SEPA ,
UK ,
UK Brexit ,
UK Payment Systems Regulator
The FCA has published a consultation on proposed non-Handbook guidance for firms on the fair treatment of vulnerable customers. The FCA reiterates that vulnerability is one of its key priorities and makes it clear that the...more
The FCA's latest Business Plan demonstrates a commitment to pushing forward on both existing and new initiatives across sectors, focused on maintaining fair consumer outcomes in the rapidly changing UK financial services...more
4/24/2017
/ BSA/AML ,
Cybersecurity Act of 2015 ,
Distributed Ledger Technology (DLT) ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Investment Management ,
MiFID II ,
MiFIR ,
Pensions ,
Popular ,
Retirement ,
Senior Management Regime (SMR) ,
Small and Medium-Sized Enterprises (SMEs) ,
Technology ,
UK ,
UK Competition and Markets Authority (CMA)