The PSR has published its planned remedies consultation following the final report of its card-acquiring services market review (November 2021). The remedies focus on addressing the root causes of the PSR’s finding that the...more
Key developments of interest over the last month include: Hong Kong: HKMA issues Discussion Paper on crypto and stablecoins Ireland: Central Bank publishes "Dear CEO" letter on supervisory expectations for payment and...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. It is expected that the implementation...more
Key developments of interest over the last month include: Nigeria: eNaira digital currency launched United Kingdom: PSR publishes final report on card-acquiring services market review United States: Federal Reserve launches...more
11/19/2021
/ Banking Sector ,
Blockchain ,
Digital Currency ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Insolvency ,
Payment Systems ,
Payment Systems Regulator (PSR) ,
Regulatory Agenda ,
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
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: 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: 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
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: The Payment Systems Regulator has published its interim report on its market review into the supply of card-acquiring services.
...more
9/25/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
Digital Assets ,
FATF ,
Financial Conduct Authority (FCA) ,
FinTech ,
Infectious Diseases ,
Infrastructure ,
Payment Systems ,
Payment Systems Regulator (PSR) ,
Popular ,
Regulatory Agenda ,
UK
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:
Australia: Open banking launches with the initiation of the Consumer Data Right. Customers of Australia's four major banks can choose to share certain types of data...more
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
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