Payment Services Regulation in the UK & EU - What’s New?

Introduction

Payment services remains an area that is attracting the attention of regulators.

In particular, the intersection between payments and cryptoassets is high on the agenda.

In both the UK and EU, regulators are strengthening regulatory obligations for payments firms, particularly in relation to the protection of customer funds, consumer protection generally (including marketing restrictions), anti-money laundering and sanctions compliance, and outsourcing.

The European Commission and the UK government are also reviewing the existing legislative frameworks governing payment services, including the Second EU Payment Services Directive (‘PSD2’) and the legislation that transposed it into national law in the UK.

Additionally, the UK and EU are extending the scope of existing regulation (notably anti-money laundering legislation) to firms that issue or provide services in relation to cryptoassets as well as developing new regulation specifically aimed at cryptoasset service providers.

The most significant proposals include the EU Markets in Cryptoassets (‘MiCA’) Regulation and the UK’s proposals to regulate the issuers of fiat-linked stablecoins and firms providing related services.

Both would require certain cryptoasset service providers to obtain regulatory licences.

What You Will Learn

This webinar will cover the following:

• The current regulatory regime for payments and cryptoassets in the UK and EU
• Areas of current regulatory focus for payments including:
• Safeguarding
• Outsourcing
• Consumer protection
• Money-laundering and sanctions compliance
• Regulatory reform of payment services
• European Commission’s review of PSD2
• UK reforms to payment services regulation
• Regulatory reform of cryptoasset services
• The EU’s proposed MiCA Regulation
• UK proposals to:
• Regulate stablecoins
• Extend restrictions on financial promotions to certain cryptoassets
• Extension of funds transfer regulations (‘travel rule’) to cryptoasset transfers

This pre-recorded webinar will be streamed at 12:30pm on Friday 4th November 2022 and will remain available to view by delegates who have registered by then for 90 days.