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European Union › United Kingdom › Payment Services Directive

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 -
Walkers

The case for payment regulations in the Crown Dependencies

Walkers on

Payments was historically a hidden component of financial services only fully understood by specialists. In the last 20 years, however, it has become a strategic differentiator not just between banks but also between...more

A&O Shearman

Financial Stability Board issues recommendations for regulating cross-border payments

A&O Shearman on

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

A&O Shearman

UK Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021

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HM Treasury has published its letter inviting Adam Plainer to lead an independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021 (PESAR)...more

A&O Shearman

UK Financial Conduct Authority Finalized Guidance for Payment Firms that Enables a Risk-Based Approach to Processing Suspected...

A&O Shearman on

The Financial Conduct Authority has published finalized guidance for payment service providers that enables a risk-based approach to processing suspected fraudulent payments. Following the publication of the Payment Services...more

A&O Shearman

Financial Stability Board Publishes Letter to G20 Leaders and 2024 Annual Report

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The Financial Stability Board has published a letter sent to the G20 leaders ahead of their meeting on November 18, 2024, together with the FSB 2024 annual report...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - November 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - FSB: 2024 list of global systemically important banks - Status: Final - The FSB has published a 2024 list of global systemically...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - September 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EC: Report on the future of European competitiveness Status: Final - The EC has published a report on the future of European competitiveness,...more

A&O Shearman

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

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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

Latham & Watkins LLP

UK Government Launches Consultation on Deregulating Commercial Agents

Latham & Watkins LLP on

The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more

Skadden, Arps, Slate, Meagher & Flom LLP

EU’s Proposed Revisions to the Payment Services Directive, and How They Compare to the UK’s Approach

Skadden, Arps, Slate, Meagher & Flom LLP on

On 28 June 2023, the European Commission (EC) published its proposals for both a revised Payment Services Directive (PSD3) and a new accompanying Payment Services Regulation (EU PSR). This package of reforms addresses certain...more

Goodwin

Doing Fintech Business in the UK: Regulatory Q&A for US and Other Non-UK Businesses

Goodwin on

With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United Kingdom....more

Latham & Watkins LLP

E-Money, Payment Services, and Insolvency

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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

Proskauer Rose LLP

Regulation Round Up - February 2022

Proskauer Rose LLP on

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. 28 February - The Financial Conduct Authority (“FCA”) published Handbook Notice...more

Morrison & Foerster LLP

UK Financial Services Act 2021 Receives Royal Assent

Morrison & Foerster LLP on

On 29 April 2021, the Financial Services Bill received Royal Assent in the UK, becoming law as the Financial Services Act 2021 (the “Act”). This is the first significant step for the UK in shaping its financial services...more

Hogan Lovells

Banking and finance regulatory news, March 2021 # 5

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Depositor protection identity verification: PRA PS4/21 - Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...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

Payments regulatory news, June 2020

Hogan Lovells on

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

BCLP

The new standard for payment security is on its way with SCA

BCLP on

The new strong customer authentication (“SCA”) requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) went live on 14 September 2019. While the new requirements apply only to payment service providers such...more

BCLP

PSD2 Open Banking update and operational issues with regulators’ registers

BCLP on

The open banking requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) are now in force, under which an account servicing payment service provider (“ASPSP”) must grant an authorised third party service...more

Latham & Watkins LLP

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

Latham & Watkins LLP on

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

Key Regulatory Topics: Weekly Update 8 March - 14 March 2019

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BREXIT - On 7 February, ordinance no. 2019-75 relating to the preparatory measures in connection with the United-Kingdom’s withdrawal from the European Union in respect of financial services (the Ordinance) was published. ...more

Hogan Lovells

Payments: SEPA - A successful transition

Hogan Lovells on

The European Payments Council Board has announced that it has approved the application from UK Finance for the continued participation of UK payment service providers in the SEPA schemes after 29 March 2019 in the event of a...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

A&O Shearman

UK Conduct Regulator Consults on its Approach to Technical Standards and Guidelines Under the Revised Payment Services Directive

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The U.K. Financial Conduct Authority has launched a consultation on its approach to implementing Regulatory Technical Standards and related Guidelines developed by the European Banking Authority to supplement provisions of...more

A&O Shearman

UK Conduct Regulator Issues Statement on PSD2 Strong Customer Authentication and Common and Secure Communication Provisions

A&O Shearman on

Following the publication by the European Banking Authority of an Opinion and draft Guidelines on Regulatory Technical Standards under the revised Payment Services Directive for strong customer authentication and common and...more

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