Archive: April 2022

The European Union’s (EU’s) proposed new competition law regime, the Anti-Subsidy Regulation, seems on track to be finalised by mid-2022 and to apply from early 2023. The Anti-Subsidy Regulation was formally proposed in May 2021 but closely tracks a 2020 white paper. It will create mandatory new M&A notification and approval requirements based on a broad new group-wide, global financial metric, “financial contributions,” starting with multinationals’ 2020 financial years.

A new episode of RT Plus is available to stream and download. In this episode, Jonathan Herbst and Hannah Meakin discuss the FCA’s recent consultation paper, CP22/2 – Strengthening our financial promotion rules for high risk investments, including cryptoassets.

What’s on the regulatory horizon for financial services firms?

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.

On 14 February 2022, the Financial Conduct Authority (FCA), Bank of England (BoE) Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published a statement relating to a review of the Memorandum of Understanding (MoU) for payment systems in the UK.

On 24 February 2022, the European Banking Authority (EBA) issued a final report containing guidelines on the limited network exclusion under the revised Payment Services Directive (PSD2).

On 21 February 2022, the European Payments Council (ECP) published an updated version of its 2019 guidance on, Mobile Initiated SEPA (Instant) Credit Transfer Payments and Technical Interoperability.

On 25 March 2022, the Competition and Markets Authority (CMA) published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made to date by the OBIE to encourage innovation and support competition in retail banking. Among other things the CMA recommends that the future entity should have effective regulatory oversight, with a new joint regulatory oversight committee to agree and implement the next steps led jointly by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).

On 16 March 2022, UK Finance published the UK payments regulation review, making sense if where to go now. This report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the UK’s payments infrastructure and regulatory and supervisory frameworks, following Brexit and in the light of the expanding digitalisation of the economy.