Included in this issue: FCA expects to consult in early Q2 2017 on Handbook changes to implement PSD2; IBM and Dubai Government initiate blockchain logistics initiative; PayPal builds Slack P2P payments bot and more...


UK

FCA expects to consult in early Q2 2017 on Handbook changes to implement PSD2

The FCA has published a timeline relating to PSD2:

  • HM Treasury is due to consult on implementing regulations, which will update the Payment Services Regulations 2009 (SI 2009/209) (PSRs), in the first quarter of 2017.
  • Once HM Treasury has published its consultation paper, the FCA will consult on the necessary changes to its guidance and Handbook rules. The FCA expects to consult early in the second quarter of 2017.
  • Some of the regulatory technical standards (RTS) and guidelines under PSD2 that are being developed by the EBA will come into force after January 2018.

Member states must transpose PSD2 into national law and regulations by 13 January 2018.

FCA, 1 February 2017

HM Treasury consults on PSD2 implementation

HM Treasury has published a consultation paper on the implementation of PSD2. The consultation paper closes to responses on 16 March 2017.

HM Treasury, 2 February 2017

FCA: Minutes of Payment Services Stakeholder Liaison Group

The FCA has published the minutes of the meeting of the Payment Services Stakeholder Liaison Group (PSSLG) that was held on 1 December 2016.

FCA, 1 February 2017

Bank of England and Financial Services (Consequential Amendments) Regulations 2017 published

The Bank of England and Financial Services (Consequential Amendments) Regulations 2017 have been published together with an explanatory memorandum. The Regulations were made on 31 January 2017 and come into force on 1 March 2017. They make amendments to primary and subordinate legislation in consequence of the Bank of England and Financial Services Act 2016. The 2016 Act ends the status of the PRA as a subsidiary of the BoE by making the BoE the PRA. The 2016 Act also creates the Prudential Regulation Committee (PRC), through which the BoE must exercise its functions as the PRA.

legislation.gov.uk, 1 February 2017

Worldwide

IBM and Dubai Government initiate blockchain logistics initiative

IBM is collaborating with Dubai Customs, Dubai Trade and its IT provider Dutech, to explore the use of blockchain technology for the import and re-export process of goods in and out of Dubai. In February 2016, the Dubai government established a 'Global Blockchain Council', setting out plans to execute all its transactions by blockchain by 2020.

Reuters, 7 February 2017

PayPal builds Slack P2P payments bot

PayPal has built its first bot, enabling users of Slack (a team communication app) to send person-to-person payments without leaving the team messaging app. Once the bot is installed on the Slack App Directory, users can link their PayPal accounts and set transaction settings. The bot is available to Slack users in Australia, Canada, the UK and the US. PayPal is trying to capitalise on rising interest for digital peer-to-peer (P2P) payments. As cash and cheques become less popular and younger users gain spending power, mobile and digital P2P volume is on the rise. The new bot will allow peer-to-peer payments of up to $10,000.

Business Insider UK, 7 February 2017

Commission needs cross-sectoral FinTech approach, ECON says

In a draft report, the Committee on Economic and Monetary Affairs (ECON) has called on the European Commission to draw up a comprehensive FinTech Action Plan, to boost its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at a competitive financial system, financial stability and consumer and investor protection.

ECON, 1 February 2017

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

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Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

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William James

William James

Partner, Corporate
London

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