Where:
Strategising retail payments towards a regulated, instant, and interoperable future Register for our upcoming webinar with Finastra on Tuesday 6 July 2021 at 15:00 BST, to join industry experts as they discuss ways to deliver the power of payments to consumers, corporates, and banks.
In September 2020, the
European Commission put forth a Retail Payments Strategy (RPS) for the EU “that aims to further develop the European payments market, so Europe can fully reap the benefits of innovation and opportunities that come with digitisation.”
In what has been dubbed one of the most ambitious programmes seen in recent times, the EC’s mandate intends to bring true strategic value and the power of payments to the forefront for consumer, corporates, and banks alike in Europe.
The European Commission published a
30 March
FSB”) published a
speech made by Randal Quarles, FSB Chair, that sets out details of the FSB s areas of focus for 2021.
European Securities and Markets Authority (“
ESMA”) published an updated version of its
Q&As (ESMA34-32-352) on the application of the Alternative Investment Fund Managers Directive (EU/2011/61) (“
AIFMD”).
HM Treasury published a
statement concerning the first meeting of the Joint Committee established under the UK-US bilateral agreement on insurance and reinsurance prudential measures.
ESMA published its
final report (dated 23 March 2021) (ESMA74-362-1013) on reference data and transaction reporting obligations under the Markets in Financial Instruments Regulation (600/2014) (“
Editorial | what does this mean?
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EBAday 2021: Will the European Council’s latest endorsement boost corporate instant payments? 2 hours ago
1 The European Council recently backed the creation of an integrated and instant system for retail payments, interoperable across all EU member states.
While this update gives the Commission strong political mandate for pushing forward initiatives across these fields, the industry is yet to see supervisory attention given to the corporate sector with the same fervour.
Adopting conclusions that respond to the Retail Payments Strategy presented by the European Commission in September 2020, the Council is pushing to ensure that market conditions for the development of EU-wide payment solutions are created to decrease the EU’s dependency on major global players
Brexit
HoL EU Services Sub-Committee report on trade in services
On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on equivalence, mean that the sector is still in a period of uncertainty. The UK’s exit from the passporting regime has led to the movement of some activity to the EU and firms facing the challenges involved in navigating different market access requirements in each Member State. The Committee is concerned that over time this may lead to a big shift of people and assets out of the UK. The Commit