Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as sharing interesting reports and surveys on issues affecting the market.
Key developments of interest over the last month include:
- HM Treasury consults on PSD2 implementation: the stated aim of the consultation, which was published on 2 February 2017, is to reduce the burden of PSD2 implementation on businesses, where possible. Appendix B to the consultation paper contains draft Payment Services Regulations 2017.
- European Commission revises draft RTS on separation of payment card schemes and processing entities under IFR: in a letter to the EBA, the Commission has proposed amendments to provisions in sections 3 (organisation) and 4 (decision-making process) of the draft RTS. The EBA has also published a revised version of the RTS containing the Commission’s amendments.
- ‘Providing’ a durable medium in online banking: the CJEU has adopted the same reasoning as the previous AG’s opinion in the BAWAG case, which concerned whether a notice of variation under the PSD sent to a secure online banking mailbox was “provided” in a “durable medium”.