Included in this issue of InContact: FCA speech on cyber resilience and supplier risk, Launch of SEPA instant credit transfer scheme, European Commission publishes speech announcing timings for payments reforms and more...


FCA speech on cyber resilience and supplier risk

The FCA has published a speech by Nausicaa Delfas, FCA Chief Operating Officer, on cyber resilience and supplier risk. Among other things, Ms Delfas sets out questions that boards of firms should ask when considering the issue of cyber security. These include the following:

  • Has the board identified and understood the value of the firm's critical information and data assets?
  • Does the board regularly receive updates showing the cyber threat to the business and critical data assets?
  • Has the board agreed a risk appetite for the cyber risks and is it confident that this is reflected in day-to-day decision making?
  • Does the board have the means to detect if a significant cyber breach has occurred and, should the need arise, to mobilise an effective and timely response?

FCA, 17 November 2017

The Joint Money Laundering Steering Group proposes revisions to AML and CTF guidance

The Joint Money Laundering Steering Group (JMLSG) has published for consultation proposed revisions to its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance for the financial services sector. The revisions include the refinement of guidance to take into account comments by HM Treasury, and the correction and updating of legislative references. The revisions were published in three parts:

  • Part I – guidance for all financial services firms
  • Part II – industry-specific guidance for different sectors
  • Part III – specialist guidance on a number of topics

JMLSG, 17 November 2017


Launch of SEPA instant credit transfer scheme

The European Payments Council has published a press release announcing that its Single Euro Payments Area (SEPA) instant credit transfer scheme is operational. This scheme covers transactions denominated in euros, up to €15,000. The scheme currently covers nearly 600 payment service providers from eight different European countries and allows the transfer of money in less than ten seconds.

EPC, 21 November 2017

Updated EPC SEPA guidelines and clarifying papers for rulebooks

The European Payments Council (EPC) has published the following relating to the Single Euro Payments Area (SEPA):

  • A clarification paper on SEPA credit transfer (SCT) and SEPA instant credit transfer (SEPA Inst) rulebooks. An accompanying webpage has also been issued.
  • A clarification paper on SEPA direct debit core and SEPA direct debit (DD) business-to-business (B2B) rulebooks. An accompanying webpage has also been issued.
  • Updated guidance (version 4.0) on reason codes for SEPA DD rulebook transactions. An accompanying webpage explains that the updated guidance incorporates recent changes to the rulebooks.
  • Updated guidance (version 5.0) on creditor identifiers (CIs). The objective of the document is to provide basic information to allow creditor banks to check on the validity of CIs by providing information on CI characteristics per SEPA country.
  • Updated SEPA scheme management internal rules (version 4.1). An accompanying webpage has also been issued which states that this version took effect on 19 November 2017.
  • Updated guidelines (version 3.0) on the appearance of mandates for the SEPA DD core and DD B2B schemes.

EPC, 20 November 2017

European Commission publishes speech announcing timings for payments reforms

Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, has given a speech including timings for upcoming payments reforms. The speech revealed that the Commission is aiming to propose new rules in early 2018 in relation to cross-border payment fees. It also stated that the Commission will soon be bringing out standards on the implementation of the revised Directive on payment services in the internal market. A draft version of these technical standards was produced in February 2017 and this draft version is likely to be amended.

European Commission, 21 November 2017

ECB regulations and decisions on systemically important payment systems published in OJ

Two regulations and two decisions of the European Central Bank (ECB) relating to systemically important payment systems have been published in the Official Journal of the EU (OJ).

  • Regulation (EU) 2017/2094 – designed to amend Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2017/32).
  • Regulation (EU) 2017/2095 – designed to amend Regulation (EC) No 2157/1999 on the powers of the ECB to impose sanctions (ECB/2017/34) in respect of operators of systemically important payment systems.
  • Decision (EU) 2017/2097 – focusing on the calculation of sanctions for infringements of systemically important payments systems oversight requirements (ECB/2017/35).
  • Decision (EU) 2017/2098 – focusing on the procedure for imposing corrective measures for non-compliance with Regulation (EU) No 795/2014 (ECB/2017/33).

The regulations and decisions will enter into force on 6 December 2017.

ECB, 16 November 2017

European Parliament approves proposed Regulation on co-operation between national consumer protection authorities

The European Parliament has adopted a legislative Resolution approving an amended European Commission proposal on cooperation between national authorities responsible for the enforcement of consumer protection laws. The proposal aims to improve cooperation by giving more powers to national authorities and enabling the Commission to coordinate common actions.

European Parliament, 14 November 2017

Key Contacts

Al Mangan

Al Mangan

Partner, Competition & Regulation

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William James

William James

Partner, Commercial
London, UK

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