The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19. By Stuart Davis, Brett Carr, and Anna Lewis-Martinez On 9 July 2020, the FCA published its finalised guidance on safeguarding customers’ funds during the COVID-19 crisis. The finalised guidance applies … Continue Reading
Upgraded legislation creates an enhanced regulatory framework for the new age of payments, including e-money and digital payment tokens. By Farhana Sharmeen and Simon Hawkins After much anticipation, and following consultations with the industry at large, the game-changing Payment Services Act 2019 (PSA) has finally become operational. The PSA, which came into effect on 28 … Continue Reading
The Federal Reserve is finally stepping into the real-time payments arena. By Todd Beauchamp, Loyal T. Horsley, and Deric Behar On August 5, 2019, the Board of Governors of the US Federal Reserve System (the Fed) announced that it plans to roll out a real-time payment and settlement service by 2023 or 2024. The service, … Continue Reading
As several PSD2 deadlines approach, PSPs must comply with reporting and notification requirements, as well as with their GDPR obligations. By Christian F. McDermott, Fiona M. Maclean, and Jagveen Tyndall Though the majority of the provisions relating to the revised EU Payment Services Directive (PSD2) came into force in the UK on 13 January 2018, … Continue Reading
UK regulators are addressing regulatory uncertainty through a number of regulatory initiatives due for implementation in 2019. By Stuart Davis Background Following the FCA’s consultation paper that offers guidance on the regulatory status of cryptoassets published in January 2019, the regulator is now engaging with the industry and other stakeholders such as law firms to … Continue Reading
The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. By Fiona M. Maclean and Laura Holden On 25 February 2019, the European Banking Authority (EBA) published a final report on its draft guidelines on outsourcing arrangements (Guidelines). The report followed the EBA’s publication … Continue Reading
The PSR will not review the fees and rules set by Visa and Mastercard, but will look at the practice of bundling, and will examine effects on innovation in card-acquiring services. By Brett Carr, Stuart Davis, and Christian McDermott Following the publication of its Draft Terms of Reference in July 2018, the PSR has now … Continue Reading
The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings. By Brett Carr, Stuart Davis, and Christian McDermott The Payment Systems Regulator (PSR) has issued Draft Terms of Reference for a market review into the supply of … Continue Reading
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. By Christian McDermott, Stuart Davis, Brett Carr, and Charlotte Collins The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion and draft Guidelines of 13 June 2018 on the Regulatory Technical Standards … Continue Reading
Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly. By Andrew Moyle, Stuart Davis, Charlotte Collins, and Brett Carr The Bank of England has announced that a regulated payment services provider (PSP) has become the first non-bank direct participant in the UK’s Faster … Continue Reading
