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Global Payments Newsletter, February 2021 | Hogan Lovells

Key developments of interest over the last month include:
• United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on consumer protection in interbank payments.
• India: The government is planning a cryptocurrency bill with the aim of establishing a framework for the creation of an official digital currency to be issued by the Reserve Bank of India.
• United Kingdom: The FCA is consulting on changes to its technical standards on strong customer authentication (SCA) and common and secure methods of communication (UK SCA-RTS) and to its Payment Services and Electronic Money Approach Document.

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Financial institutions general regulatory news, February 2021 # 3 | Hogan Lovells

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Recent regulatory developments of interest to all financial institutions, including the latest UK PRA and FCA COVID-19 updates. See also our sector specific updates in the Related Materials links.
Content
COVID-19: FCA updates webpage on changes to regulatory reporting
COVID-19: FCA consults on extending guidance on cancellations and refunds
FCA Financial Lives 2020 survey and October 2020 COVID-19 panel survey
Pension Schemes Act 2021
BofE and FCA MoU on the supervision of market infrastructure and payment systems
UK Productive Finance Working Group
BofE Governor Mansion House speech
FCA policy development update

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Global Payments Newsletter, January 2021 | Hogan Lovells

United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances.

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Brexit Regulation Roundup

Thursday, January 7, 2021
31 December
The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have.
30 December
In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021.
28 December
The Prudential Regulation Authority ("PRA") published a policy statement (PS29/20) on the implementation of the CRD V Directive (EU/2019/878) ("
CRD V").
24 December
In relation to Brexit, the United Kingdom and European Union agreed in principle a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information.

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Global Payments Newsletter, December 2020 | Hogan Lovells

Surveys and Reports
Regulatory Developments
United Kingdom: HM Treasury consultation on new special administration regime for payment institutions and electronic money institutions
On 3 December 2020 HM Treasury (HMT) issued a consultation on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a bespoke special administration regime (SAR). HMT notes the shortcomings of the current insolvency regime and is making these proposals ahead of the conclusion of the Payments Landscape Review to protect consumers in the event of the insolvency of PIs and EMIs.
The proposed SAR is intended to have the following key features:
An explicit objective on the special administrator to return customer funds as soon as reasonably practicable.

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