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
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
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
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
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
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
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
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
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
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
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
In previous posts in our BankBCLP.com series on this topic, we’ve attempted to define “open banking” and the ways in which it is attracting increasing industry attention through open APIs. As our series continues, we describe...more
BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more
Orrick's Jacqui Hatfield recently spoke with PaymentsCompliance magazine about the new proposed rules governing how national regulators cooperate and exchange information under the revised Payment Services Directive....more
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
EU: Regulatory Scrutiny of Online Hotel Booking Continues - The 13 July 2016 saw the Competition and Markets Authority (CMA) announce that it had sent a questionnaire to a large sample of hotels throughout the UK. As...more