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UK Insolvency Regime for Payment Institutions and EMIs


Tuesday, May 11, 2021
On 26 April 2021, draft
Payment and Electronic Money Institution Insolvency Regulations (Regulations) were brought before the UK Parliament for approval. They will introduce a new special administration regime for insolvent payment institutions (PIs) and electronic money institutions (EMIs). The key purposes of the Regulations are to ensure that in the event of an institution’s insolvency (i) funds are returned to customers quickly and (ii) shortfalls in the amounts returned are minimised. Since 2018, six PIs and EMIs have entered insolvency but only one has returned customer funds. The Regulations are therefore considered necessary to give certainty to those looking after insolvent institutions (the special administrators) and to avoid having to go to court for further directions and so expedite returning customer funds. ....

United Kingdom , Payment Services Regulations , Electronic Money Institution Insolvency Regulations , Financial Services , United Kingdom Parliament , Financial Conduct Authority , Electronic Money Regulations , Financial Services Act , ஒன்றுபட்டது கிஂக்டம் , கட்டணம் சேவைகள் ஒழுங்குமுறைகள் , நிதி சேவைகள் , ஒன்றுபட்டது கிஂக்டம் பாராளுமன்றம் , நிதி நடத்தை அதிகாரம் , மின்னணு பணம் ஒழுங்குமுறைகள் , நிதி சேவைகள் நாடகம் ,

Global Payments Newsletter, April 2021 | Hogan Lovells


Surveys and Reports
Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and ....

New York , United States , United Kingdom , Republic Of , Saudi Arabia , South Korea , French Republic , Randalk Quarles , Hogan Lovells , Rachel Kent , Kay Swinburne , Al Kelly , Axis Bank , Sales Organisation , Financial Market Authority , Financial Action Task Force , International Settlements , Saudi Central Bank , Monetary Authority Of Singapore , Committee On Payments , Jp Morgan , European Commission Retail Payments Strategy , York Metropolitan Transit Authority , Financial Services Compensation Scheme , Basel Committee On Banking Supervision , Ministry Of Economy ,

Financial Services Supervising Authorities Deliver Strong Message on Building Operational Resilience in the United Kingdom | Morgan Lewis - Tech & Sourcing


We
recently noted that the UK Financial Conduct Authority (FCA) published the outcome of a review into the factors that determine failure or success when implementing technology change in the financial services sector and discussed the importance of this review for firms seeking to improve the operational resiliency of their technology change management process.
On March 29, the FCA, Bank of England, and Prudential Regulation Authority (PRA) jointly issued a policy summary and a number of consultation papers on operational resilience in financial services, reaffirming the focus of these financial services supervising authorities on operational resilience.
These newly published documents include ....

United Kingdom , Payment Services Regulations , Prudential Regulation Authority , Recognised Investment Exchanges , Electronic Money Regulations , ஒன்றுபட்டது கிஂக்டம் , கட்டணம் சேவைகள் ஒழுங்குமுறைகள் , விவேகமான ஒழுங்குமுறை அதிகாரம் , அங்கீகரிக்கப்பட்டது முதலீடு பரிமாற்றங்கள் , மின்னணு பணம் ஒழுங்குமுறைகள் ,