News & Analysis as of August 3, 2025

Financial Institutions

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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

FATF updates standards on payment transparency

A&O Shearman on 6/26/2025

The Financial Action Task Force (FATF) has published revised standards and an accompanying explanatory note, updating its comprehensive framework on recommendations to strengthen global efforts in anti-money laundering,...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

EPC publishes Guidelines for PSPs joining payment schemes

A&O Shearman on 4/23/2025

The European Payments Council (EPC) has issued Version 7.0 of the Adherence Guide to the EPC Payment Schemes, together with an updated webpage. The updated guide provides guidelines and template application forms for payment...more

Bank of England discusses opportunities in innovating wholesale payments

A&O Shearman on 4/3/2025

Victoria Cleland, Executive Director of Payments, Bank of England (BoE) has given a speech on innovating wholesale payments: building a resilient and innovative future. In the speech, Ms Cleland discusses the BoE's innovation...more

ECB flags reliance of EU card payments on international schemes

A&O Shearman on 3/12/2025

The European Central Bank (ECB) has published a report on card schemes and processors. The report provides an updated analysis of the development of card schemes and processing entities in EU member states...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

Eurozone banks: get ready for the new IPR obligations!

A&O Shearman on 1/15/2025

The new Regulation (EU) 2024/886 on instant credit transfers in euros (IPR), amending the so-called SEPA Regulation, is here, and it’s time to gear up! Effective from April 8, 2024, the first set of obligations kicks in on...more

Instant Payments Regulation - January 2025

A&O Shearman on 1/10/2025

In order to increase the use of instant credit transfers in euros at Union level, the EU legislators have amended Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct...more

Regulatory monitoring: EU version Newsletter - December 2024

A&O Shearman on 1/6/2025

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - FSB: Plenary December 2024 - Status: Final - The FSB has set out the outcomes of its Plenary that met on 3 and 4 December. Points of...more

DORA: Get ready, get set, take action

A&O Shearman on 12/20/2024

The Digital Operational Resilience Act 2022/2554 (DORA) is a European regulation that will come into force on January 17, 2025. The regulation aims to strengthen the digital operational resilience of the financial sector...more

EU Final Guidance on Implementation of EU And National Sanctions

A&O Shearman on 11/22/2024

The European Banking Authority has finalized two sets of guidelines setting common standards on the governance arrangements and the policies, procedures, and controls that financial institutions should have in place to be...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

Regulatory monitoring: EU version Newsletter - July 2024

A&O Shearman on 8/6/2024

1. Bank regulation - 1.1 Prudential Regulation - (a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

Regulatory monitoring - July 2024

A&O Shearman on 8/6/2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on 3/6/2024

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Paving the way for the future of payments – Instant payments at a glance

A&O Shearman on 12/13/2023

As the final compromise text of the so-called Instant Payments regulation has just been published, our regulatory payment experts have summarised the key obligations that will apply to payment service providers in this...more

Basel Committee Report on 2023 Banking Turmoil

A&O Shearman on 10/23/2023

The Basel Committee on Banking Supervision published a press release in early October in which it announced...more

The Edinburgh Reforms - Where Are We Now?

Latham & Watkins LLP on 8/3/2023

As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments...more

Evolution not revolution: European Commission publishes financial data access and payments package

Hogan Lovells on 6/30/2023

As part of the European Commission’s 2020 Retail Payments Strategy and following its 2022 review of PSD2 and related consultations, it has published legislative proposals to improve the functioning of PSD2. The first is for a...more

Global Payments Newsletter, April 2023

Hogan Lovells on 5/4/2023

Key developments of interest over the last month include: the UK FCA’s publication of a portfolio letter to payments and e-money firms; the U.S. Federal Reserve announcing the July 2023 launch of its FedNow Service; and...more

Global Payments Newsletter, July 2022

Hogan Lovells on 7/29/2022

Key developments of interest over the last month include: UK Financial Services and Markets Bill 2022-23 introduced to Parliament; US Treasury publishes framework for international engagement on digital assets; and European...more

Fintech Legal Report - July 2022 #2

Perkins Coie on 7/26/2022

Dem Senators Urge CFPB Focus on P2P Payment Platforms - A group of Democratic U.S. senators sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the agency to take a harder look at peer-to-peer (P2P)...more

Banking Bites - May 2022 #2

BCLP on 5/31/2022

Privy Council rules against extension of the Quincecare duty - Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more

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