Payments Law Update: Spring 2016
Published on 5th May 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.
Paul Anning talks to Finextra about PSD2 at the NextGen Banking Event
In this short video, Paul talks to leading independent information source and publisher for the financial technology community, Finextra, about PSD2.
PSR publishes policy statement and final guidance on its approach to the Interchange Fee Regulation
The Payment Systems Regulator has published its final guidance on the rules relating to interchange fee caps.
PSR consults on draft guidance setting out approach under Payments Accounts Regulations 2015
On 15 March 2016, the Payment Systems Regulator published its latest consultation paper on the application of the Payment Accounts Regulation, focusing on the requirement for account switching schemes.
EBA discusses future draft regulatory technical standards
The European Banking Authority issued a Discussion Paper on 8 December 2015 on the future draft regulatory technical standards on strong customer authentication and secure communication under the revised Payment Services Directive which came into force on 12 January 2016. Dr Matthias Terlau, Partner at Osborne Clarke in Germany, analyses the EBA’s Discussion Paper and what this might indicate about the future regulatory technical standards.
FCA ‘Call for Input: the FCA’s approach to the current payment services’
The FCA has sought stakeholder views as the guidance it provides around its approach to the regulation of payment services, essentially its ‘Approach Document’ and PERG. We provide our own thoughts on how this guidance could be developed by the FCA for the benefit of all.
Cash Transfer Market under EU scrutiny as Western Union questioned by Commission
Money transfer service provider Western Union has been questioned by the European Commission in respect of its business in Europe.
PSR provisionally concludes that banks should cut their shares in VocaLink
The PSR launched its market review into the ownership and competitiveness of infrastructure provision last year, following concerns raised about the common ownership of operators and the infrastructure provider. Competition lawyer Zoe Hare considers the provisional findings of the PSR’s review published on 25 February 2016.
PSR Interim Report: market review into supply of indirect access to payment systems
In May 2015, the PSR embarked on a review into the supply of indirect access to payment systems. Following a period of gathering evidence and information from stakeholders, the PSR has published a report setting out its interim findings and proposals for the next steps.
Data Protection: EU-US Privacy Shield: regulators recognise ‘major improvements’ but conclude that more needs to be done
Whilst the Privacy Shield has been in development for some time, the CJEU’s finding in October 2015 that the existing “Safe Harbor” mechanism for legitimising data transfers to the US was invalid meant there was suddenly an urgent need to agree a legal replacement for Safe Harbor. On 29 February 2016 the European Commission issued the draft legal texts that would put in place the Privacy Shield. In this article OC’s data protection team consider the Privacy Shield as an alternative to Safe Harbour and areas of concern.
Information Commissioner’s Office publishes guidance on key data protection issues
The UK’s data protection authority has published guidance on a number of key areas of the data protection regime in the UK. These include the ICO’s approach to the new EU data protection legislation, its attitude towards encryption, and its updated guidance on privacy policies.