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)

10 February 2021
Unregulated buy now pay later products to be brought within the scope of FCA regulation
www.twobirds.com/en/news/articles/2021/uk/unregulated-buy-now-pay-later-products-to-be-brought-within-the-scope-of-fca-regulation

On 2 February 2021, former interim chief executive of the Financial Conduct Authority (FCA), Christopher Woolard CBE, published a review on the risks of the currently unregulated buy now pay later (BNPL) products (the ...

25 March 2021
German Federal Court: German merchants are allowed to surcharge Paypal and Sofort
www.twobirds.com/en/news/articles/2021/germany/german-federal-court-german-merchants-are-allowed-to-surcharge-paypal-and-sofort

On 25 March 2021, the German Federal Court (the highest civil court in Germany) ruled that German merchants are allowed to apply a surcharge on payments made via PayPal and Sofort.

04 February 2020
Bird & Bird advises Danish fintech in getting authorisation as account information service provider (AISP) under PSD2
www.twobirds.com/en/news/press-releases/2020/denmark/bird-and-bird-advises-danish-fintech-in-getting-authorisation

The Danish fintech, Kontolink, has obtained a license from the Danish FSA for providing account information services.

05 February 2020
PSD2 and limited network exclusion (e.g. gift cards): by 30 April 2020, issuers of payment instruments covered by the limited network exclusion shall fulfil their reporting obligation towards Bank of Italy
www.twobirds.com/en/news/articles/2020/italy/psd2-and-limited-network-exclusion-by-30-april-2020-issuers-of-payment-instruments

Regulation issued by Bank of Italy on 11 October 2018 ("Regulation") – implementing certain provisions of the Directive (EU) 2015/2366 ("PSD2") and Legislative Decree 15 December 2017, n. 218 – introduced the obligation ...

21 May 2020
Swedish law now requires a direct payment option to be displayed first
www.twobirds.com/en/news/articles/2020/sweden/swedish-law-now-requires-a-direct-payment-option-to-be-displayed-first

The Swedish Parliament has approved an amendment to the Swedish Payment Services Act (2010:751) that introduces a new provision regarding the display of payment solutions online.

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.

15 April 2020
EBA consultation on changes to AML/CTF risk factors guidelines
www.twobirds.com/en/news/articles/2020/global/eba-consultation-on-changes-to-aml-cf-risk-factors-guidelines

On 5 February 2020, the European Banking Authority (EBA) issued a public consultation on changes to the anti-money laundering and counter-terrorist financing (AML/CTF) risk factors guidelines (Guidelines).

24 February 2020
Danish implementation of EBA guidelines on outsourcing
www.twobirds.com/en/news/articles/2020/denmark/danish-implementation-of-eba-guidelines-on-outsourcing

On 20 February 2020, the Danish Financial Supervisory Authorities (Danish FSA) published consultations on two new executive orders on outsourcing in the financial sector setting out the requirements to financial ...

27 February 2020
Dutch Data Protection Authority investigates account information service providers
www.twobirds.com/en/news/articles/2020/netherlands/dutch-data-protection-authority-investigates-account-information-service-providers

On Monday 24th February, the Dutch Data Protection Authority (Autoriteit Persoonsgegevens, AP) communicated that it had initiated investigations into Dutch companies holding a PSD2 authorisation to access and process ...