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European Union › PSD2 › Financial Services Industry

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... more +
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 -
Hogan Lovells

Payments: European Court of Justice (ECJ) rules on PSP liability for unauthorised transactions and late PSU notification

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The ECJ has confirmed that a payment service user (PSU) is deprived of the right to reimbursement for an unauthorised transaction under PSD1 if: they fail to notify without undue delay upon becoming aware of it; or...more

Hogan Lovells

PSD3: European Parliament adopts amended PSD3 and PSR texts at first reading

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On 23 April 2024, the European Parliament announced its adoption at first reading of amended texts of the European Commission’s June 2023 legislative proposals for a Directive on payment services and electronic money services...more

Hogan Lovells

UK government reviews Payment Services Regulations and Payment Card Interchange Fee Regulations

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HM Treasury has published a review and call for evidence on the Payment Services Regulations 2017, as well as the outcome of a post-implementation review of the Payment Card Interchange Fee Regulations 2015. Both...more

Latham & Watkins LLP

E-Money, Payment Services, and Insolvency

Latham & Watkins LLP on

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

Hogan Lovells

Global Payments Newsletter, May 2022

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Key developments of interest over the last month include: Queen's Speech 2022 announces forthcoming Financial Services and Markets Bill; European Commission consultations and calls for evidence on PSD2 review and open...more

Hogan Lovells

Snapshot of recent EU regulatory developments relevant to retail banking and payments

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There has been a recent flurry of EU developments relating to a number of ongoing initiatives relevant to firms in the retail banking and payments sectors, including some movement on the European Commission's review of PSD2...more

Hogan Lovells

Global Payments Newsletter, March 2022

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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. On 9 March 2022, President Biden signed...more

Hogan Lovells

Global Payments Newsletter, July 2021

Hogan Lovells on

Key developments of interest over the last month include: Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2 UAE: Central bank issues Retail Payment Services and Card Schemes Regulation United...more

Hogan Lovells

Payments regulatory news, July 2021 #2

Hogan Lovells on

PSD2: EBA consults on guidelines on limited network exclusion The European Banking Authority (EBA) is consulting on guidelines on the limited network exclusion (LNE) under the revised Payment Services Directive (PSD2)....more

Hogan Lovells

Bank of Italy implements PSD2 provision on the obligation to inform consumers of their rights

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On 1 July 2021, the Bank of Italy transposed into the Italian legal framework Article 106 of PSD2 regarding the obligation for payment service providers to inform consumers of their rights in the context of the provision of...more

Hogan Lovells

Payments regulatory news, November 2020 # 2

Hogan Lovells on

Payment Services and Electronic Money (Amendment) Regulations 2020 published - The Payment Services and Electronic Money (Amendment) Regulations 2020 (SI 2020/1275) have been published, together with an explanatory...more

Hogan Lovells

Global Payments Newsletter, October 2020

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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

Hogan Lovells

Global Payments Newsletter, August 2020

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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

Hogan Lovells

Payments regulatory news, June 2020

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Request to Pay: Pay.UK launches rules and standards framework - Pay.UK has launched the Request to Pay Framework — the message standards, rules, and terms and conditions for the development of Request to Pay services. The...more

Hogan Lovells

Italian news on PSD2

Hogan Lovells on

Please find below a brief summary of two Italian developments on PSD2. More specifically: on 6 April 2020, the Italian Government approved a draft Legislative Decree introducing corrective and supplementary provisions to...more

Barnea Jaffa Lande & Co.

Latest Developments in the Israeli Payments Market

Barnea Jaffa Lande & Co. on

The Bank of Israel recently led several important developments in the Israeli payments market. These developments are designed to encourage competition in the payment services market and to advance the implementation of...more

Latham & Watkins LLP

PSD2 & Brexit: EU Card Issuers Must Apply SCA to UK Website Purchases Post-Brexit

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European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit. Complex payment processing chains comprise multiple entities operating behind the scenes...more

Latham & Watkins LLP

Readiness for PSD2: APIs Fall Short, but More Time for SCA

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While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more

A&O Shearman

European Banking Authority Publishes Report on FinTech's Impact on Payment and Electronic Money Institutions' Business Models

A&O Shearman on

The European Banking Authority has published a report on the impact of financial technology on the business models of payment and electronic money institutions. The report aims to provide an overview of the current FinTech...more

BCLP

EBA Outsourcing Guidelines

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The European Banking Authority (“EBA”) has published its revised guidelines on outsourcing arrangements (“New Outsourcing Guidelines”). The New Outsourcing Guidelines are now awaiting to be officially translated into member...more

White & Case LLP

Financial Regulatory Observer – March 2019: Brexit preparedness for financial services: The German response

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It is yet unclear if and when the House of Commons will again decide about the Withdrawal Agreement and whether the date for the UK leaving the EU will be changed. Under the current circumstances, a hard Brexit on 29 March...more

BCLP

New Rules on Cross-Border Payments and Currency Conversion Transparency

BCLP on

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

King & Spalding

Avoiding the Cliff Edge - Immediate Steps for Firms and Groups with Financial Services Businesses in Europe Involving the UK

King & Spalding on

The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more

White & Case LLP

Brexit preparedness for financial services: the German response

White & Case LLP on

The House of Commons recently rejected the Withdrawal Agreement. While the UK Parliament is still debating how to leave the EU, a hard Brexit remains an option. To prepare for this possibility, the UK, EU Commission and EU27...more

A&O Shearman

European Banking Authority Reports on EU Regulatory Perimeter for Crypto-Assets

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The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report is in response to the European Commission's request in its FinTech...more

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