Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2
On 15 July 2021, the EBA published a consultation paper (EBA/CP/2021/28) proposing guidelines on the limited network exclusion (LNE) under 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. It believes that the implementation and application of the LNE requirements diverges significantly between member states, which impedes the single market for payment services in the EU and creates opportunities for regulatory arbitrage. The EBA also believes that consumers are sometimes unaware that they do not benefit from the protection envisaged under PSD2.
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Bank of England and Bank for International Settlements Establish Innovation Hub in London
The
Bank of England (BoE) revealed on June 11, 2021, that they’ve introduced the
BIS Innovation Hub London Centre, which is notably the fourth Innovation Hub Centre to have been launched in the last couple years.
The BIS and its partners are taking a “leading role” in coordinating the work of reserve banks on tech innovation in the financial industry to pave the way forward for the “future of central banking,”
Agustin Carstens, GM at BIS, noted.
This new Centre in London “reflects the Bank of England’s critical role as an innovator in responding to the challenges and opportunities of the digital world while safeguarding financial stability,” Carstens added.
<p><span>The Bank for International Settlements (BIS) and the Bank of England today launched the BIS Innovation Hub London Centre, the fourth new Innovation Hub Centre to be opened in the past two years.</span></p>
Do We Need âPublic Moneyâ? - Speech By Jon Cunliffe, Bank Of England, Deputy Governor, Financial Stability, Given at the OMFIF Digital Money Institute, London Date
13/05/2021
The Bank of England has issued banknotes for over 300 years. Jon Cunliffe talks about future of money in the UK in an increasingly digital world.
Speech
I want to talk today about whether we need ‘public money’. I should make clear that I am not talking here about public spending but rather about the form of money itself: by ‘public money’ I mean money issued by the state to its citizens for everyday use.