News & Analysis as of July 24, 2025

Financial Regulatory Reform

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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 -

Council of the EU agrees position on PSD3

A&O Shearman on 7/15/2025

On June 18, 2025, the Council of the European Union (EU) took a significant step forward in modernising the EU’s payment services framework by formally agreeing on its negotiating mandate for the Payment Services Directive 3...more

Council of the EU publishes comparison tables on Payment Services Package

A&O Shearman on 7/11/2025

The Council of the EU has published initial four-column tables for the two key legislative proposals under the Payment Services Package: (i) the proposed Payment Services Directive (PSD3);...more

Barrierefreiheitsstärkungsgesetz (BFSG) und die betroffenen Bankdienstleistungen

McDermott Will & Emery on 6/26/2025

Am 28. Juni 2025 tritt das Barrierefreiheitsstärkungsgesetz (BFSG) in Kraft. Das Kernziel des BFSG ist es, allen Menschen die barrierefreie Teilhabe am Wirtschaftsleben zu ermöglichen. So ist die Teilhabe an digitalen...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

EBA opinion on PSD2 and MiCAR

A&O Shearman on 6/18/2025

The European Banking Authority (EBA) has issued an opinion (referred to as the No Action letter) in response to a request from the European Commission (EC) in December 2024, on the interplay between Payment Services Directive...more

E-Money Tokens: European Banking Authority Clarifies PSD2-MiCA Interplay – Implications for CASPs

Morgan Lewis on 6/17/2025

Barely a year after the entry into application of MiCA, the European Banking Authority published a "No-Action Letter" aimed at securing the applicable regime for cryptoasset service providers operating in relation to e-money...more

The Payments Newsletter including Digital Assets & Blockchain, April 2025

Hogan Lovells on 4/28/2025

Key developments of interest over the last month include: the Central Bank of Somalia announcing the launch of the Somalia Instant Payment System (SIPS), the country’s first nationwide instant payments infrastructure; the...more

EU Payments: What's in the regulatory pipeline for 2025?

Hogan Lovells on 3/7/2025

As the evolution of payments continues at a rapid pace it is important that industry participants are up to date on the regulatory developments supporting and guiding these developments. This publication outlines the key...more

The Instant Payment Regulation and EU restricted party screening

Hogan Lovells on 2/19/2025

From 9 January 2025, EU payment service provides are required to shift away from transaction-based sanctions screenings for certain intra-EU instant credit payments Regulation (EU) 2024/886, the “Instant Payment Regulation”,...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

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 Listing Act Package Published in Official Journal of the European Union

A&O Shearman on 11/18/2024

The following legislation that comprises the EU Listing Act package has been published in the Official Journal of the European Union: - Regulation (EU) 2024/2809 amending the EU Prospectus Regulation, the EU MAR and 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

UK Financial Conduct Authority Updates Timings on Smarter Regulatory Framework Work

A&O Shearman on 10/14/2024

Consumer Composite InvestmentsThe FCA plans to publish a consultation paper in H2 and a policy statement in H1 2025. Long Term Investment FundsThe FCA will review responses to its consultation on removing references to LTIF...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 16 February to 22 February 2024

A&O Shearman on 2/26/2024

Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...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

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

Global Payments Newsletter, December 2020

Hogan Lovells on 12/18/2020

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

Review of the European Union’s proposal for a new directive on payment services (“PSD2”)

Morrison & Foerster LLP on 2/18/2014

The European Union is in the process of updating its regulatory regime for payment services to reflect the developing nature of the payment services market. The European Commission’s proposed revised Payment Services...more

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