Payment services and systems

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Latest Financial Services News

UK banks shift method for reimbursing scam victims

The following Corporate Crime news provides comprehensive and up to date legal information on UK banks shift method for reimbursing scam victims

Analysing the FCA’s proposed changes to the Listing Rules for special purpose acquisition companies (SPACs)

The following Corporate news provides comprehensive and up to date legal information on Analysing the FCA’s proposed changes to the Listing Rules for special purpose acquisition companies (SPACs)

Court of Appeal dismisses remaining objections to jurisdiction in fraud claim over Wirecard transaction (Manek v IIFL Wealth (UK))

The following Arbitration news provides comprehensive and up to date legal information on Court of Appeal dismisses remaining objections to jurisdiction in fraud claim over Wirecard transaction (Manek v IIFL Wealth (UK))

Lifting US sanctions on Iran would increase financial activity

The following Corporate Crime news provides comprehensive and up to date legal information on Lifting US sanctions on Iran would increase financial activity

Featured Financial Services content

The Money Laundering Reporting Officer (MLRO)—duties

The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive...

What is electronic money?

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further...

Insurance conduct regulation—COBS and ICOBS

The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to...

The Single Rulebook

Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its...

Practice notes

Non-UCITS retail schemes (NURS)

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Produced in partnership with Ms Elizabeth Budd of Pinsent Masons 12th Jan

Practice notes

Public censure by the FCA

Disciplinary powers of the FCAThe disciplinary powers of the Financial Conduct Authority (FCA) are found in Part XIV of the Financial Services and...

9th Nov

Practice notes

Accepting deposits

This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark...

9th Nov

Practice notes

Financial Conduct Authority—objectives and principles

The role of the FCAThe Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a...

9th Nov

Practice notes

Financial Conduct Authority—Principles for Businesses (PRIN)

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the...

9th Nov

Practice notes

Fair and Effective Markets Review (FEMR)—one minute guide

On 10 June 2015, the Fair and Effective Markets Review (FEMR) published its final report. Running to 106 pages, the report covers a wide range of...

9th Nov

Practice notes

Recognised investment exchanges

Recognised investment exchangesA recognised investment exchange (RIE) is a UK recognised body under Part XVIII of the Financial Services and Markets...

9th Nov

In-house

Practice notes

MLD4—key provisions for financial services firms—one minute guide

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

UCITS VI

UCITS VIUCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th...

Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP 12th Jan

Practice notes

European Venture Capital Funds (EuVECA) Regulation

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

9th Nov

Practice notes

Entering into a consumer hire agreement as owner

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure...

9th Nov

Practice notes

Authorised unit trust authorisation and winding-up

Authorisation of an authorised unit trust (AUT)What is an AUT?A unit trust is a type of collective investment scheme (CIS) in which the assets are...

9th Nov

Practice notes

The impact of Brexit on the MiFID II regime

This Practice Note provides information relating to the impact of Brexit on the recast Markets in Financial Instruments Directive (Directive...

9th Nov

Brexit

Practice notes

MiFID I—Transaction reporting

This Practice Note provides an overview of the transaction reporting requirements that existed under the Markets in Financial Instruments Directive...

9th Nov

Practice notes

Impact of Brexit: Solvency II—quick guide

This Solvency II quick guide details current UK legislation and retained EU legislation in relation to prudential insurance requirements that will be...

9th Nov

Brexit

Practice notes

What is credit and what is a regulated consumer credit agreement?

Scope of this Practice NoteThere are several factors to consider when deciding whether or not a credit agreement is regulated under the regulatory...

9th Nov

Most recent Payment services and systems content

Practice notes

Open banking

This Practice Note explains open banking and relevant legal and commercial issues. It covers:•Background•The open banking standard•Third party...

Produced in partnership with Sam Robinson, Duncan Turner and Jon Monks of CMS 28th Apr

Practice notes

Payment Systems Regulator—supervisory approach

The Payment Systems Regulator (PSR) consulted on its approach to supervising payment systems in a consultation paper (PSR CP14/1) in November 2014....

Produced in partnership with Sidley Austin 28th Apr

Practice notes

Security requirements for mobile payments

IntroductionThis Practice Note outlines the key legal issues regarding security faced by mobile payment service providers as well as those faced by...

Produced in partnership with Puesan Lam of DLA Piper 28th Apr

Q&As

Do UK payment service providers need to comply with the information requirements laid down in Regulation (EU) 260/2012 (the SEPA Regulation), where applicable, in addition to the payment account number of both the payer and the payee or the unique transaction identifier pursuant to Article 5(1) of Regulation (EU) 2015/847, where all PSPs involved in the payment chain are established in the European Economic Area?

Practice Note: Second Wire Transfer Regulation (WTR2)—essentials provides an overview of WTR2, which entered into force on 26 June 2017 and has direct...

28th Apr

Practice notes

Payment surcharges

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

8th Apr

Practice notes

Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentials

The Second Wire Transfer Regulation (EU) 2015/847 (WTR2), also known as the Funds Transfer Regulation (FTR), entered into force on 26 June 2017,...

8th Apr

Practice notes

Payment Accounts Directive—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Jeanette Burgess of Walker Morris 8th Apr

Practice notes

Interchange Fee Regulation—essentials

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further...

8th Apr

Practice notes

The regulation of payment services providers—essentials

Scope of this Practice NoteThis Practice Note provides an overview, and highlights the key provisions, of the second Payment Services Directive...

8th Apr

In-house

Practice notes

Payment Services Regulations 2017—prudential regime

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

8th Apr

Practice notes

Authorisation, registration, variation and cancellation of electronic money institutions

Introduction to the authorisation process for electronic money institutionsThe recast Directive 2007/64/EC, the Electronic Money Directive (2EMD)...

8th Apr

Practice notes

Electronic money institution prudential requirements

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For...

8th Apr

Practice notes

Payment Services Regulations 2017—scope

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For...

Produced in partnership with CMS 8th Apr

Q&As

What is the difference between bitcoin and blockchain?

What is bitcoin?Bitcoin is a digital token that lets you send money to any person in the world to pay for goods and services.It is a transparent,...

8th Apr

Practice notes

Regulation of distributed ledger technology applications for financial services

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For...

8th Apr

Practice notes

Impact of Brexit: Payment services and electronic money directives—quick guide

This payment services and electronic money directives quick guide details current UK legislation and retained EU legislation and Financial Conduct...

23rd Mar

Brexit

Practice notes

Payment Systems Regulator—duties and powers

General dutiesThe Payment Systems Regulator (PSR) has a number of statutory duties and powers under the Financial Services (Banking Reform) Act 2013...

Produced in partnership with Sidley Austin LLP 1st Mar

Practice notes

Payment Services Regulations 2017—criminal offences and the FCA's and PSR's approaches

Criminal offences under the Payment Services Regulations 2017Under regulation 138 of the Payment Services Regulations 2009, SI 2017/752 (PSRs 2017),...

1st Mar

Practice notes

Impact of Brexit: Payment accounts—quick guide

This Payment Accounts Directive (Directive 2014/92/EU) (PAD) quick guide details UK legislation and retained EU legislation in relation to...

1st Mar

Brexit

Practice notes

SEPA Regulation and cross-border payments—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

1st Mar