The 6th Responsible Gaming Day (RGD), 28 November 2013, Brussels, Belgium
At the recent Responsible Gaming Day (run by the European Gaming and Betting Association), Simon Lelieveldt represented the EMA in a panel on the future of the regulation of the gaming industry. …
Responsible Gaming Day Read More »
Yesterday, the European Central Bank (ECB) released a draft version of the Recommendations for the security of mobile payments for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security. The consultation follows two previous consultations on requirements with respect to the security of internet payments and on third party account access.
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This week the Presidency of the European Union released a compromise text on the Payments Account Directive. It contains explicit wording that limits the scope, in order not to include payment services with a limited payment functionality. The present wording of Article 1.4 is:
This Directive shall apply to payment service providers located in the Union. Payment service providers that operate solely as online e-payment accounts providers are excluded from the scope of this directive.
We welcome this change in the scope as it is step forward in ensuring that this Directive does not unduly burden the providers of specific payment products.
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Risk, Regulation & Innovation in Mobile Payments 2013, 5 November 2013, Central London, UK
Thaer Sabri, the EMA Chief Executive, has set out recent regulatory developments and the evolving role of European Supervisory Authorities.
Risk, Regulation & Innovation in Mobile Payments 2013 Read More »
Benoît Coeuré, Member of the Executive Board of the ECB, today held a speech at a joint conference by the European Central Bank and the Banque de France, “Retail Payments at a Crossroads: Economics, Strategies and Future Policies”. Although this is a conference that focuses primarily on scientific research in the area of payments, his speech provides some insight into the policy issues that are now top-of-mind for the ECB.
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Speech of ECB Board Member Coeuré on European Retail Payments PolicyRead More »
Speech of ECB Board Member Coeuré on European Retail Payments Policy Read More »
Global money transfer summit 2013, 29 – 30 October 2013, London, UK
Thaer Sabri, the EMA Chief Executive set out the changes that are proposed in the 4th Money Laundering Directive and Wire Transfer Regulation. He described the changes in the FATF Forty Recommendations and Guidance on New Payment Products and Services, that are reflected in the new text. He also provided a overview of the impact on payment service providers.
IAMTN-GMTS London 2013 Read More »
In may 2013, the European Commission published a legislative proposal on Payments Accounts. The proposal stipulates requirements for all Payment Services Providers and Member States with respect to:
The Electronic Money Association has responded to the Payments Account Directive by proposing that a distinction be made between those companies that offer specialised payment, card- or e-money accounts for specific services as opposed to the full-service bank deposit accounts that include direct debits, standing orders etc. …
EMA: position on the draft Payments Account DirectiveRead More »
EMA: position on the draft Payments Account Directive Read More »
On October 9, HM Treasury announced that the Financial Conduct Authority will become the competition regulator for the payments industry. The reforms, which will be implemented via amendments to the Banking Reform Bill, seek to ensure that new players can access payment systems in a fair and transparent way, competing with them on a more level playing field.
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As a part of the ongoing discussions on the fourth Anti-Money Laundering Directive and the Wire Transfer Regulation we have today published our amendments for the 4th Anti-money Laundering Directive. In particular we suggest to keep the current Simplified Due Diligence (SDD) regime of the third Anti-Money Laundering Directive in place, rather than eliminating it. …
Last week the FCA published an interim-report on mobile banking and payments. This interim report outlines the views and roadmap of the FCA on the risks in mobile banking. Next up is a phase of work which involves a more detailed assessment of a sample of providers of mobile banking. …
FCA: thematic review on mobile banking and paymentsRead More »
FCA: thematic review on mobile banking and payments Read More »
