News & Analysis as of July 24, 2025

Regulatory Requirements

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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 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

EBA review of RTS under PAD

A&O Shearman on 7/2/2025

The European Banking Authority (EBA) has published a report and accompanying press release, on its review of the regulatory technical standards (RTS) under the Payment Accounts Directive concerning standardised terminology...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

PSD3: COREPER approves Council of EU’s amended PSD3 and PSR texts, paving the way for inter-institutional negotiations on final...

Hogan Lovells on 6/23/2025

As with the European Parliament’s April 2024 adopted texts, the Council of the EU’s proposed amendments to the European Commission’s June 2023 legislative proposals touch on some significant areas of interest for payment...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

FCA Extends Investment Research Payment Optionality to Fund Managers

Ropes & Gray LLP on 6/4/2025

Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

IOSCO – CPMI report assessing EU implementation of Principles for Financial Market Infrastructures

A&O Shearman on 5/9/2025

The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) has published a report, alongside a press release, evaluating the EU's implementation of the...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

The European Accessibility Act: What should financial services firms be focusing on as the June 2025 compliance deadline...

Hogan Lovells on 4/15/2025

There are over 80 million people with disabilities in the EU. The European Accessibility Act 2019 (EAA) (Directive (EU) 2019/882) implements the UN Convention on the Rights of Persons with Disabilities (UNCRPD) and aims at...more

FSB forum on cross-border payments data

A&O Shearman on 4/3/2025

The Financial Stability Board (FSB) has announced the establishment of a forum on cross-border payments data, a key outcome from the FSB's recommendations for data frameworks related to cross-border payments published in...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

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

Financial Stability Board issues recommendations for regulating cross-border payments

A&O Shearman on 12/19/2024

The Financial Stability Board has published two final reports on recommendations to promote greater alignment and interoperability across data frameworks related to cross-border payments, and consistency in the regulation and...more

UK Financial Conduct Authority Consults on Changes to the Safeguarding Regime for Payments and E-Money Firms

A&O Shearman on 10/1/2024

The U.K. Financial Conduct Authority had published a consultation on proposals to address weaknesses in the safeguarding regime for payments and e-money firms. The FCA explains that there remain poor practices across the...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

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

E-Money, Payment Services, and Insolvency

Latham & Watkins LLP on 11/10/2022

Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more

Global Payments Newsletter, August 2020

Hogan Lovells on 8/21/2020

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

Global Payments Newsletter, March 2020

Hogan Lovells on 3/20/2020

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

Payments regulatory news, March 2020

Hogan Lovells on 3/16/2020

PSR issues new directions and response to consultation feedback - The Payment Systems Regulator (PSR) has issued new versions of its directions following its consultation in CP19/3. It has also published a document,...more

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