Category: Payment Systems

UK Treasury interpretation of article 36 of PSD2 – a welcome surprise?

Article 36 of the second Payment Services Directive (PSD2) will require the Member States of the European Union to “ensure that payment institutions have access to [bank] payment accounts services on an objective, non-discriminatory and proportionate basis. Such access shall be sufficiently extensive as to allow payment institutions to provide payment services in […]

#FCA Call for Input on its approach to Payment Services

The FCA has published a brief call for input on its approach to payment services regulation. The FCA’s existing Payment Services guidance can be found in: “The FCA’s role under the Payment Services Regulations 2009” (published June 2013) (the so called “Approach Document”); and Chapter 15 of the FCA’s Perimeter Guidance manual – […]

European virtual currency regulation: small steps; little appetite?

The European Council asked the European Commission “to strengthen controls of … electronic/anonymous payments, money remittances [and] virtual currencies, … in line with the risk they present and to curb more effectively the illicit trade in cultural goods”, a week after the Paris attacks of November 2015.  It’s still not entirely clear […]

Passporting under PSD2: an EBA Consultation Paper is born

The European Banking Authority has published a Consultation Paper (CP) and draft Regulatory Technical Standards (RTS) on the “framework for cooperation and exchange of information between competent authorities for passport notifications, under PSD2“. The consultation will run until 11 March 2016, and responses must be submitted here. The RTS are intended (a) to “ensure […]

European Council asks Commission to strengthen controls over electronic payments & virtual currencies

(As anticipated) the European Counsel has invited the Commission “to strengthen controls of non-banking payment methods such as electronic/anonymous payments, money remittances, cash-carriers, virtual currencies, … and pre-paid cards in line with the risk they present and to curb more effectively the illicit trade in cultural goods” as part of its response to […]

European Council to ask Commission to strengthen controls over electronic payments & virtual currencies

It’s being widely reported in Europe this evening that, after tomorrow’s extraordinary meeting of the European Union’s Justice & Home Affairs Council meeting, the European Council will ask the Europe Commission to “present proposals … to strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious […]

HM Treasury publishes consultation on Interchange Fees Regulation

HM Treasury has published an open consultation on the Regulation of the European Parliament and of the Council on Interchange Fees for Card-Based Payment Transactions (the Regulation) of 29 April 2015. Although the Regulation came into force on 8 June 2015 and has direct effect in all the Member States of […]