By

John M. Casanova

27 May 2021

FCA Letter to E-Money Institutions: Why All UK Payment Service Providers Should Review Their Marketing Practices Now

On May 18, 2021, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter (the Letter) asking e-money institutions to ensure that their customers understand how their money is protected. The FCA has expressed concern that e-money institutions do not adequately disclose the differences in protections between e-money and … Read More

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25 February 2021

UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services

On January 28, 2021, the UK Financial Conduct Authority (FCA) published Consultation Paper CP21/3, “Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual” (Consultation Paper). This follows the FCA’s announcement in its 2020-21 business plan that … Read More

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15 July 2020

Partnering With Tech and Fintech Firms: Key EU/UK Regulatory Considerations for the Payments Sector

There has been a rapid increase in collaboration between fintechs and other technology firms and more traditional payment service providers (PSPs) such as banks, merchant acquirers, and money transmitters. While fintechs and technology firms are often seen as direct competitors of traditional PSPs, in a market driven by innovation, both … Read More

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18 September 2019

New EU Strong Customer Authentication Standards: Implications for Payment Service Providers

Under the revised Payment Services Directive (2015/2366) (PSD2), the European Banking Authority (EBA) and the European Commission were required to develop and adopt regulatory technical standards on strong customer authentication and common and secure open standards of communication. These regulatory technical standards were passed into EU law as Commission Delegated Read More

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12 September 2018

“Cryptoassets are here to stay”: EU Authorities to Provide Guidance on Cryptocurrencies and ICOs

On September 4, the Innovation Group of the European Parliament’s Committee on Economic and Monetary Affairs met to discuss a proposal presented by the rapporteur Ashley Fox,1 member of the European Parliament, to include a framework for initial coin offerings (ICOs) within the proposed European Union (EU) financial services … Read More

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06 September 2018

European Data Protection Board Clarifies Application of GDPR to Payment Service Providers

On July 5, 2018, the European Data Protection Board (EDPB)1 replied to a request from a Member of the European Parliament (MEP), Dutch Democrat Sophie in ‘t Veld, for clarification on a number of issues relating to the protection of personal data under the EU General Data Protection Regulation
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22 August 2018

Fintech Without Borders: Regulators Consult on Global Financial Innovation Network

On August 7, a group of regulators from 11 jurisdictions published a consultation (the Consultation) on the Global Financial Innovation Network (the GFIN), which aims to promote international cooperation on innovation and the use of technology in financial services (FinTech) and in regulatory processes (RegTech).

The group — which includes

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15 March 2018

Singapore Joins APEC Cross-Border Privacy Rules System and Privacy Recognition for Processors Program

On March 6, 2018, Singapore announced that it has joined the APEC Cross-Border Privacy Rules (CBPR) system as well as the APEC Privacy Recognition for Processors (PRP) program. Singapore is the sixth member of the CBPR system, which includes Canada, Japan, Korea, Mexico and the United States, and is the … Read More

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01 March 2018

Monetary Authority of Singapore Consults on Proposed E-Payments User Protection Guidelines

On Feb. 13, 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the Proposed E-Payments User Protection Guidelines (Consultation Paper). Under the Consultation Paper, the MAS proposes to issue a set of guidelines (Guidelines) to standardize the protection offered to individuals or micro-enterprises from losses arising from … Read More

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