Payments Law Update: Autumn 2016
Published on 24th Oct 2016
Welcome to the latest edition of Osborne Clarke’s Payments Law Update.
We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in the next edition, please let us know. Our contact details are set out below.
HM Treasury publishes consultation paper on the Fourth Anti-Money Laundering Directive
HM Treasury has published its consultation paper on the transposition of the Fourth Money Laundering Directive. This article recaps some of the key changes under 4MLD and discusses the European Commission’s recent proposal to amend the 4MLD framework.
Payment Systems Regulator seeks to shake up payments industry following two market reviews
In this article, Kate Johnson, Sadie Alo and Zoë Hare consider the PSR’s recent market reviews into the supply of indirect access to payment systems and the ownership and competitiveness of infrastructure provision, and discuss the likely implications for the payments industry. This article first appeared in September’s issue of the E-Finance & Payments Law & Policy journal.
Payment Systems Regulator publishes final guidance on the application of the Interchange Fee Regulation in the UK
On 6 October 2016 the Payment Systems Regulator published its final guidance on how it will monitor and enforce the provisions of the Interchange Fee Regulation. In this article, we report on the PSRs proposal to implement a compliance monitoring programme for acquirers.
PSD2: The EBA’s regulatory technical standards consultation paper on Secure Customer Authentication
Pursuant to its mandate under the second Payment Services Directive the European Banking Authority issued a consultation paper and draft Regulatory Technical Standards on strong customer authentication and secure communication on 12 August 2016. In this article, we set out some of the key proposals under consideration.
SEPA Instant Payments Scheme: How Payment Initiation Service Providers and Technical Service Providers will be treated in Germany under PSD2
In June 2015 the Euro Payments Retail Board initiated the development of a pan-European instant payment scheme. The scheme is anticipated to launch in November 2017 and in this article Dr Matthias Terlau considers secure customer authentication and TPPs in the context of this scheme.
Payment Account Regulations 2015: FCA Policy Statement on the final Handbook changes and finalised guidance
The majority of the rules set out in the Payment Accounts Regulations 2015 became effective on 18 September 2016. In this article we report on the Financial Conduct Authority’s August 2016 Policy Statement confirming the final Handbook changes and finalised guidance on its application.
Brexit: France looks to lure British firms in the event of a loss of passporting rights
The ACPR and AMF, the French regulatory bodies for the bank-payments-insurance sector and financial markets, have launched a series of initiatives in the context of Brexit to help UK-regulated companies obtain a license in France, in order to anticipate potential issues regarding passporting.