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  1. Legal news
    03 June 2019
    ICO: Legal Classification of Tokens: Part 4 - Utility Token
    www.twobirds.com/en/news/articles/2019/global/ico-legal-classification-of-tokens-utility-token

    Part 4/5 - Currency Token: Utility Token are a kind of digital voucher which can be redeemed against a promised service of the issuer. “True” Utility Token are not (yet) regulated as financial instruments in Germany.

  2. Legal news
    17 October 2019
    Strong Customer Authentication (SCA): EBA opinion allows for 15-month migration period
    www.twobirds.com/en/news/articles/2019/global/strong-customer-authentication

    On 16 October 2019, the European Banking Authority (EBA) published another Opinion on the updated Payment Services Directive (PSD2) and in particular its provisions on Strong Customer Authentication (SCA)

  3. Legal news
    29 March 2019
    Brexit: "Brexit Decree" and Bank of Italy's requirements for UK and Italian financial institutions
    www.twobirds.com/en/news/articles/2019/uk/brexit-decree-and-bank-of-italls-requirements-for

    As decided by the European Council on March 21st, if the British Parliament will approve by March 29th the agreement of withdrawal agreed by the UK government with the European Union, the exit of the United Kingdom from ...

  4. Legal news
    15 July 2020
    UK: FCA issues new temporary guidance and instructions to payment institutions and electronic money issuers in context of coronavirus pandemic
    www.twobirds.com/en/news/articles/2020/uk/fca-issues-new-temporary-guidance-and

    On 9 July 2020, the UK Financial Conduct Authority (FCA) published a 'Dear CEO' letter (the "Letter") addressed to Authorised Payment Institutions and E-money Institutions ("Firms") highlighting 6 key areas where it has ...

  5. Legal news
    28 May 2020
    COVID-19: FCA Consults On Safeguarding Guidance For PSPs And EMIs
    www.twobirds.com/en/news/articles/2020/uk/covid-19--fca-consults-on-safeguarding-guidance-for-psps-and-emis

    Prompted by the COVID-19 crisis, the FCA is consulting on temporary guidance which will apply to payment service providers (PSPs) and electronic money institutions (EMIs). While the proposed guidance focuses on ...

  6. Legal news
    27 January 2020
    Our Payments Regulatory 2020 Outlook webinar - now available to listen to on demand
    www.twobirds.com/en/news/articles/2020/global/our-payments-regulatory-2020-outlook-webinar

    On 21 January 2020, members of our international payments team shared their insights into the state of payments regulation and some of the legal issues that arise for businesses.

  7. Legal news
    25 July 2019
    Some key topics under PSD2: open banking, strong customer authentication, and the platform/commercial agent exemption
    www.twobirds.com/en/news/articles/2019/global/some-key-topics-under-psd2

    The second Payment Services Directive (PSD2) updates the original Payment Services Directive (PSD1) which dates back from 2007. In this article, we will discuss the most important changes in- troduced by PSD2 and the ...

  8. Legal news
    28 May 2019
    ICO: Legal Classification of Tokens: part 2 - security token
    www.twobirds.com/en/news/articles/2019/global/ico-legal-classification-of-tokens-2

    Part 2/5 - Security Token: By issuing security tokens the issuer promises some sort of return. Token can qualify as securities according to the German Security Trading Act (WpHG) and German Security Prospectus Act ...