News & Analysis as of August 3, 2025

European Central Bank

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Regulation (EU) 2025/1355 on oversight of systemically important payment systems published in OJ

A&O Shearman on 7/25/2025

Regulation (EU) 2025/1355 of the European Central Bank (ECB) adopted on 2 July has been published in the Official Journal of the European Union. This Regulation recasts and replaces Regulation (EU) No 795/2014, updating the...more

ECB Decision (EU) 2025/1148 on access by Non-Bank Payment Service Providers to TARGET published in OJ

A&O Shearman on 6/19/2025

The Decision (EU) 2025/1148 of the European Central Bank (ECB) adopted on 2 June, has been published in the Official Journal of the European Union. This decision amends Decision (EU) 2025/222 concerning access by non-bank...more

ECB consults on extension to T2 operating hours

A&O Shearman on 6/17/2025

The European Central Bank (ECB) has published a consultation paper (CP) exploring the extension of operating hours for its real-time gross settlement (RTGS) system, T2. This involves both its daily operational hours and its...more

Amendment to the TARGET Guideline postponed

A&O Shearman on 5/22/2025

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

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

A&O Shearman on 2/14/2025

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

Payment matters - October 2024

Eversheds Sutherland (US) LLP on 10/24/2024

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

Payments regulatory news, December 2020

Hogan Lovells on 12/7/2020

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

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

Latham & Watkins LLP on 10/10/2019

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

Decision on Eurozone Oversight of Systemically Important Payment Systems

A&O Shearman on 9/3/2019

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

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

A&O Shearman on 8/20/2019

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

New Rules on Cross-Border Payments and Currency Conversion Transparency

BCLP on 3/11/2019

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

Privacy & Cybersecurity Update - December 2018

Skadden, Arps, Slate, Meagher & Flom LLP on 1/4/2019

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

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

A&O Shearman on 6/26/2018

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's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 6/22/2018

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

ECB Revised Assessment Methodology For Payment Systems

Orrick - Finance 20/20 on 6/21/2018

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

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

A&O Shearman on 5/16/2018

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

European Central Bank Confirms Collective Agreement Between TARGET2 Participants

A&O Shearman on 3/22/2018

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

Regulation Round Up - February 2017

Proskauer Rose LLP on 2/28/2017

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

EBA Outlines Upcoming Initiatives for the Regulation of Retail Payments

Orrick - Finance 20/20 on 5/27/2015

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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