Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2
On 15 July 2021, the EBA published a consultation paper (EBA/CP/2021/28) proposing guidelines on the limited network exclusion (LNE) under PSD2.
The EBA explains that Article 3(k) of PSD2 introduced an exclusion for services based on specific payment instruments that can be used only in a limited way. It believes that the implementation and application of the LNE requirements diverges significantly between member states, which impedes the single market for payment services in the EU and creates opportunities for regulatory arbitrage. The EBA also believes that consumers are sometimes unaware that they do not benefit from the protection envisaged under PSD2.
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Reports on key UK and EU recent regulatory developments focussing on banking and finance. See also our supplementary Financial institutions general regulatory news and other sector news in the Related Materials links.
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UK implementation of Basel III standards: PRA PS17/21
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GBP LIBOR loan contracts: Sterling Working Group publishes timelines and considerations for borrowers
BRRD: RTS on estimating Pillar 2 and combined buffer requirements for setting MREL
CRR: EBA guidelines on criteria for use of data inputs in risk-measurement model
April 6, 2021 Written by John Musinguzi DPF Staff front row (L-R): Joseph Luboyera, Justine Komugisha, Julia Clare Olima Oyet, Peter Mugisa. Back row (L-R): Hashim Kirungi, Moses Tamale, Balaam Ssempala, Moses Apell Odongo and Felix R. Nsiimoomwe
The Deposit Protection Fund of Uganda (DPF) is in celebratory mood after releasing its highly favourable annual financial report for year ending June 30, 2020. This was in spite of the Covid-19 disruptions to economic activity in the third quarter, writes JOHN MUSINGUZI.
The 98-page report was officially released and uploaded on the website on February 23, 2021. It is a comprehensive expose on the three-year-old autonomous agency’s mandate, structure, financial performance over the reporting period and the ge
The East African
Monday March 15 2021
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The Kenya Deposit Insurance Corporation’s (KDIC) Chief Executive, Mohamud Ahmed Mohamud, has been elected the new Chairman and President of the African committee of deposit insurers.
Mr Mohamud’s unanimous endorsement now puts Kenya at the helm of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI) for the next two years.
He takes over from his Nigerian counterpart, Mr Ibrahim Umaru of NDIC, following the expiry of his term.
The appointment marks a sign of confidence that global deposit insurance schemes have in East Africa’s nascent deposit insurance schemes and the reforms that the KDIC has put in place towards resolving problem banks and preventing further bank failures in Kenya.
A year marked by COVID-specific regulations still included victories for credit unions
January 07, 2021
WASHINGTON World Council of Credit Unions continued in 2020 to successfully advocate before international standard setting bodies on behalf of the global financial cooperative movement. Here are World Council’s Top 10 International Advocacy Success Stories of the year.
1. Basel AML/CFT Guidance includes World Council Recommendations on Proportionality/Financial Inclusion
The Basel Committee on Banking Supervision issued an updated version of its guidelines on
, with guides on the interaction and cooperation between prudential, and anti-money laundering and combatting the financing of terrorism (AML/CFT) supervisors. The issuance specifically included World Council-recommended language stating that AML/CFT burdens should be proportional and risk-based, informed by banks’ own risk assessment of ML/FT risks. Further, with respect to member/customer due diligence, the gu