Regulation Round Up - July 2021 | Proskauer Rose LLP
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Italy: Financial Regulatory Bimonthly Newsletter | May-June 2021 - Payment and Banking Services
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Regulators need to rethink big tech regulation, expert says
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Recent UK and EU regulatory developments focussed on the payments sector. See also our Financial institutions general regulatory news of broad relevance in the Related Materials links.
Contents:
Use of CBDCs to enhance cross-border payments: CPMI, BIS, IMF and World Bank report
UK-US collaboration in digital payments: TheCityUK report
PSD2: EBA consults on guidelines on limited network exclusion
The European Banking Authority (EBA) is consulting on guidelines on the limited network exclusion (LNE) under the revised Payment Services Directive (PSD2).
The EBA explains that Article 3(k) of PSD2 introduced an exclusion for services based on specific payment instruments that can be used only in a limited way. However, Article 37(2) of PSD2 provides that for payment transactions over EUR1 million, payment service providers (PSPs) relying on the exclusions under Article 3(k)(i) or (ii) of PSD2 must notify their competent au