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  1. Legal news
    20 May 2021
    FCA sends Dear CEO letter to e-money institutions about their financial promotions and communications to customers
    www.twobirds.com/en/news/articles/2021/global/fca-sends-dear-ceo-letter-to-emoney-institutions

    On 18 May 2021, the FCA sent a Dear CEO Letter to e-money firms setting out their concerns about e-money firms comparing their services to traditional bank accounts or holding themselves out as an alternative to banks ...

  2. Legal news
    01 April 2021
    EBA takes action to address ‘de-risking’ practices
    www.twobirds.com/en/news/articles/2021/global/eba-takes-action-to-address-de-risking-practices

    The European Banking Authority (EBA) published three regulatory instruments to address de-risking practices based on its call for input.

  3. Legal news
    05 February 2021
    The FCA consults on changes to Strong Customer Authentication (SCA) rules, SCA transaction thresholds for contactless payments and its guidance on payment services and electronic money
    www.twobirds.com/en/news/articles/2021/global/the-fca-consults-on-changes-to-strong-customer-authentication

    On 28 January 2020, the FCA published a consultation paper CP21/3 (Consultation Paper) setting out proposed changes to the SCA-RTS, the guidance in the FCA’s approach document (Approach Document) and the Perimeter ...

  4. Legal news
    13 August 2020
    Revision of EEA Interchange Fee Regulation appears unlikely – at least for now
    www.twobirds.com/en/news/articles/2020/global/revision-of-eea-interchange-fee-regulation-appears-unlikely

    Card issuers, acquirers and merchants are among those preparing for a public hearing to take stock of the EEA Interchange Fee Regulation (Regulation (EU) 2015/751 – IFR), due to be organised by the European Commission ...

  5. Legal news
    23 October 2020
    EBA consults on changes to its guidelines on major incident reporting under PSD2
    www.twobirds.com/en/news/articles/2020/global/eba-consults-on-changes-to-its-guidelines-on-major-incident-reporting-under-psd2

    On 14 October 2020, the European Banking Authority (EBA) launched a public consultation on the revision of the current EBA Guidelines on major incident reporting under Directive (EU) 2015/2366 (PSD2) -EBA/GL/2017/10- ...

  6. Legal news
    25 November 2020
    The EU Court of Justice rules on various PSD2 provisions, including potential cardholder liability in relation to contactless payments
    www.twobirds.com/en/news/articles/2020/global/the-eu-court-of-justice-rules-on-various-psd2-provisions-including-potential-cardholder-liability

    As we know, the area of payments is a complex one, not only because of the way in which payments operate (i.e. the technology is sometimes complex), but also because the relevant legislation is not always very clear, is ...

  7. Legal news
    13 August 2020
    New EU obligations for PSPs regarding information they hold on the application of VAT on payment transactions
    www.twobirds.com/en/news/articles/2020/global/new-eu-obligations-for-psps

    On 18 February, the Council of the European Union approved a series of rules (including a Directive and a Regulation) aimed at facilitating the detection of tax fraud for VAT purposes in cross-border payment ...

  8. Legal news
    17 February 2021
    Employer salary advance schemes to be closely monitored by the FCA
    www.twobirds.com/en/news/articles/2021/global/employer-salary-advance-schemes-to-be-closely-monitored-by-the-fca

    Employer salary advance schemes (ESAS) are becoming increasingly popular in the payments sector. Much of the public focus of the review carried out by Christopher Woolard published on 2 February 2021 (the Woolard ...

  9. Legal news
    09 June 2020
    French report proposes payments data localisation requirements
    www.twobirds.com/en/news/articles/2020/france/french-report-proposes-payments-data-localisation-requirements

    In February 2020, a report submitted to the French Minister of the Economy and Finance (available here – the Report) suggests that a data localisation requirement should be imposed on payments data, and that France ...

  10. Legal news
    21 September 2020
    Response to public consultation on EDPB Guidelines 06/2020 on the interplay
    www.twobirds.com/en/news/articles/2020/global/response-to-public-consultation-on-edpb-guidelines-06-2020-on-the-interplay

    In July 2020, the European Data Protection Board (“EDPB”) published its guidelines on the interplay between PSD2 and GDPR for public consultation. Bird & Bird has filed a response to such public consultation which ...