News & Analysis as of

Payment Services Directive Banking Sector

McDermott Will & Emery

Barrierefreiheitsstärkungsgesetz (BFSG) und die betroffenen Bankdienstleistungen

McDermott Will & Emery on

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

A&O Shearman

ECB Decision (EU) 2025/1148 on access by Non-Bank Payment Service Providers to TARGET published in OJ

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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

A&O Shearman

EBA opinion on PSD2 and MiCAR

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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

A&O Shearman

ECB consults on extension to T2 operating hours

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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

McDermott Will & Emery

Anzeigen digital – BaFin ermöglicht zukünftig digitale Anzeigen zu Geldwäschebeauftragten

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Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) öffnet ihr Portal der Melde- und Veröffentlichungsplattform (MVP-Portal) zukünftig auch für geldwäscherechtliche Anzeigen. Konkret betrifft dies alle im Voraus...more

A&O Shearman

Amendment to the TARGET Guideline postponed

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The European Central Bank (ECB) has announced that the amendment to the TARGET Guideline, which would allow non-bank payment service providers (non-bank PSPs) to participate in TARGET is postponed... ...more

A&O Shearman

HMT announces new rules for bank account closures and payment service terminations

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The HM Treasury (HMT) has published a draft statutory instrument introducing new rules requiring banks and payment service providers (PSPs) to give customers at least 90 days' notice before closing their account or...more

A&O Shearman

BoE response to discussion paper on reviewing access to RTGS accounts for settlement

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On 8 April, the Bank of England (BoE) has published its response to the discussion paper on reviewing access to Real-Time Gross Settlement (RTGS) accounts for settlement. In the discussion paper, initially published on 8...more

A&O Shearman

Regulatory monitoring - March 2025

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EBA: Updated methodology on the regulatory and supervisory equivalence of non-EU countries - Status: Final - The EBA has published its updated...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - March 2025

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - EBA: Updated methodology on the regulatory and supervisory equivalence of non-EU countries - Status: Final - The EBA has published its updated...more

A&O Shearman

UK Financial Conduct Authority responds to Government call for regulators to support growth

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The Financial Conduct Authority has published a letter (dated January 16, 2025) from Nikhil Rathi, FCA Chief Executive, sent to the Government, setting out its work to ensure that it is supporting the Government's U.K. growth...more

A&O Shearman

EBA repeals guidelines on major incident reporting under the revised Payment Services Directive

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The European Banking Authority has announced that it has repealed its guidelines on major incident reporting under the revised Payment Services Directive due to the application of harmonized incident reporting under the...more

A&O Shearman

The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024

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The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 have been published, together with an explanatory memorandum. The Financial Services and Markets Act 2023 enabled the Bank of England to oversee certain...more

A&O Shearman

Financial Stability Board issues recommendations for regulating cross-border payments

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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...

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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

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

Bank of England Discussion Paper on Approach to Innovation in Money and Payments

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Central bank money could interact with programmable platforms through the use of so-called "wholesale central bank digital currency" (wCBDC) technologies. To inform this work, the BoE proposes a program of experiments to test...more

BCLP

Navigating Legal Challenges In French Civil Fraud Cases: An In-depth Analysis

BCLP on

In recent years, banking fraud in France has surged, driven by advanced technology and the integration of payment methods and mobile banking. We do a deep dive into the legislation to help our clients stay informed and...more

McDermott Will & Emery

Von Zahlungsdienstleistern bis zu Profifußballvereinen: Neue EU-Vorschriften zur Bekämpfung von Geldwäsche verabschiedet

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Das Europäische Parlament hat am 24. April 2024 ein neues Gesetzespaket zur Geldwäschebekämpfung verabschiedet, welches das Instrumentarium der EU zur Bekämpfung von Geldwäsche und Terrorismusfinanzierung stärken soll....more

A&O Shearman

New UK Requirements for Payment Account Contract Terminations

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HM Treasury has published a policy note and a draft statutory instrument—The Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024—on strengthening requirements in the Payment Services...more

Hogan Lovells

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

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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

A&O Shearman

European Banking Authority Seeks to Address Divergence on Use of Strong Customer Authentication Exemption

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The European Banking Authority is consulting on draft Regulatory Technical Standards to amend the existing RTS on strong customer authentication and common and secure open standards of communication under the EU Payment...more

Hogan Lovells

Global Payments Newsletter, September 2021

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Key developments of interest over the last month include: El Salvador: Bitcoin becomes legal tender European Union: European Commission proposes Path to the Digital Decade to deliver EU's digital transformation by 2030...more

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