On 30 October 2023, the UK government published an update on its legislative approach for regulating fiat-backed stablecoins, following on from its consultation on the UK regulatory approach to cryptoassets and stablecoins in...more
Following the publication in July 2023 of a policy statement on payment service contract termination rules and freedom of expression, HM Treasury (HMT) has now published a further statement on implementation, timings and next...more
HM Treasury has published the response to its July 2022 consultation and call for evidence on payments regulation and the systemic perimeter. HMT proposes the following next steps: extend the scope of the Bank of England’s...more
In his Mansion House speech on 10 July 2023, the Chancellor of the Exchequer Jeremy Hunt referred to further planned reforms - the ‘Mansion House reforms’ - that build on December 2022’s Edinburgh Reforms. This is all part of...more
HM Treasury has published its response to the first-stage consultation on the strategic approach to reforming the Consumer Credit Act 1974 (CCA), described in the response as ‘an ambitious overhaul’ of the regime. The...more
The UK government has agreed a new action plan with key regulators, including the FCA, to ensure consumers (particularly those with vulnerabilities) are being treated fairly and help those struggling to make payments. The FCA...more
HM Treasury has published the text of the awaited draft memorandum of understanding (MoU) on UK-EU regulatory co-operation in financial services, which has already been adopted by the European Commission. The focus of the MoU...more
The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more
The government is consulting on proposed draft legislation that will bring BNPL within the FCA’s regulatory perimeter. Whilst a proportionate approach may be evident in the tailoring of pre-contractual information...more
The Bank of England and HM Treasury are consulting on the model for a UK retail central bank digital currency (CBDC) or ‘digital pound’ that would sit alongside, not replace, cash. On the basis of their work to date, both the...more
Key developments of interest over the last month include: the UK Treasury publishing a review and call for evidence on the Payment Services Regulations 2017 and a post-implementation review of the Payment Card Interchange Fee...more
HM Treasury has published a review and call for evidence on the Payment Services Regulations 2017, as well as the outcome of a post-implementation review of the Payment Card Interchange Fee Regulations 2015. Both...more
Following a government announcement in June this year of a commitment to 'ambitious long-term reform' to create a consumer credit regulatory regime that fosters innovation but also maintains high levels of consumer...more
As part of the Edinburgh Reforms announced by the UK Chancellor of the Exchequer on 9 December 2022, HM Treasury is consulting on the customer information requirements in the Payment Accounts Regulations 2015 (PARs) which...more
With interest rates rising and inflation and energy prices at record levels, the government, major mortgage lenders and the UK FCA have agreed a range of measures that firms can use to support their existing mortgage...more
Hot on the heels of the government's commitment to reform the Consumer Credit Act 1974, HM Treasury has published the response to its October 2021 consultation on the scope and form of a new regulatory regime for Buy-Now...more
Almost 50 years after its entry into force, HM Treasury has announced a commitment to reform the Consumer Credit Act 1974 (CCA) with a plan to consult on the direction of reform by the end of this year. The reforms will build...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
5/31/2022
/ Cryptocurrency ,
Electronic Payment Transactions ,
EU ,
European Commission ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Payment Services Directive ,
PSD2
There has been a recent flurry of EU developments relating to a number of ongoing initiatives relevant to firms in the retail banking and payments sectors, including some movement on the European Commission's review of PSD2...more
Key developments of interest over the last month include: HM Treasury announces package of crypto measures including next steps on UK regulatory approach to cryptoassets, stablecoins and DLT in financial markets; Philippines...more
4/28/2022
/ Cryptoassets ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
European Commission ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
Popular ,
Stablecoins ,
UK ,
UK Competition and Markets Authority (CMA) ,
UK Payment Systems Regulator
HMT has published its response to its January 2021 consultation and call for evidence on the UK regulatory approach to cryptoassets and stablecoins. The consultation response confirms the government’s intention to bring...more
Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more
3/31/2022
/ Bank of England ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
European Banking Authority (EBA) ,
Executive Orders ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
HM Treasury ,
Monetary Authority of Singapore ,
PSD2 ,
Securities and Exchange Commission (SEC)
HM Treasury has published its long awaited Future Regulatory Framework (FRF) Review consultation with proposals for reforms to the UK’s financial services regulatory framework to keep it fit for the future and to reflect the...more
The fourth edition of the Financial Services Regulatory Initiatives Grid has been published today by the Financial Services Regulatory Initiatives Forum. Amongst the initiatives included in the Grid are new climate related...more
11/2/2021
/ Bank of England ,
Capital Markets ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
HM Treasury ,
Prudential Regulation Authority (PRA) ,
Sustainable Finance ,
UK
Key developments of interest over the last month include: United Kingdom: HM Treasury responds to Payments Landscape Review call for evidence Hong Kong: HKMA publishes white paper exploring the idea of a CBDC Italy: Bank of...more
10/29/2021
/ AML/CFT ,
Anti-Money Laundering ,
Banking Sector ,
Cross-Border Transactions ,
Cryptocurrency ,
Cybersecurity ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Know Your Customers ,
Payment Systems ,
Popular