Topic: Payment services

UK payments regulation “not working as well as it could”, Treasury admits

The UK government has called for input on plans to “future-proof” its post-Brexit, post-PSD2 payments regime after admitting the current framework has failed to foster open banking as desired.

17 January 2023

EBA raises regulatory arbitrage fears in PSD2 review

Eight years on since the enactment of the revised Payment Services Directive, the European Union’s banking regulator has complained of “significant divergence” among national regulators’ interpretation of its local substance requirements.

16 January 2023

FTX failure bolsters “same risk, same regulation” argument, UK regulator says

The Bank of England’s deputy governor for financial stability Jon Cunliffe has spoken out about how the collapse of crypto exchange FTX will impact the UK’s plans for crypto regulation – while giving details on the central bank’s plans for a systemic payment systems regulatory regime and a digital pound.

22 November 2022

EC overstepping on instant euro payments, German banks say

The German banking association says an EU plan to force adoption of instant euro-payments through legislation goes too far, and does not fix any obvious ill.

31 October 2022

More is less? Regulating the digitalised future

The UK has so far taken a light-touch approach to the regulation of digital assets – but for many new entrants, the EU’s more comprehensive, holistic approach is giving better long-term certainty. Kelvin Ng reports from GBRR Live in London.

27 October 2022

FSB outlines next steps for cross-border payments

The Financial Stability Board has published the priority themes for its cross-border payments plan – including greater engagement with the private sector at senior management level.

13 October 2022

Republicans lash out at “troubling” ESG trends at annual bank CEO hearing

The CEOs of the seven biggest US retail banks have faced questions over their ESG-focused initiatives and a spate of user account frauds at P2P network Zelle, in their annual grilling before the US Senate’s banking committee.

26 September 2022

Warren urges OCC to rescind crypto guidance

The US Office of the Comptroller of the Currency should rescind its guidance opening the door to banks’ crypto activities, according to a new push by a quartet of Democratic senators, shortly after banking groups called for a larger role for the industry within crypto innovation.

15 August 2022

Meet the policymaker: Jan Ceyssens, European Commission

“Regulation can only do so much”: with the EU’s landmark Markets in Crypto Assets framework agreed, GBRR met with one of its key architects, the head of the European Commission’s digital finance unit Jan Ceyssens, to discuss MiCA, what open banking has in store and his hopes for a digital euro.

25 July 2022

Natural persons cannot challenge EBA’s investigative discretion, appeal board rules

The appeal board of EU financial regulators has confirmed natural persons cannot challenge EBA decisions not to open investigations into member state regulators, saying the EBA’s own-initiative investigatory power is “entirely discretionary”.

25 July 2022

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