In this weeks edition of InContact: Post Office Limited/Payzone UK Limited merger inquiry;No deal Brexit: Technical notice on banking, insurance and other financial services;BSG responds to EBA consultation on PSD2 guidelines


UK

Post Office Limited / Payzone UK Limited merger inquiry

The Competition Markets Authority (CMA) have launched an investigation of the anticipated acquisition by Post Office Limited of the bill payments systems business of Payzone UK Limited. As part of phase 1, they have opened an invitation to comment on whether the merger falls under the Enterprise Act 2002 and if this would create a situation which will substantially decrease the competition in the market. The invitation ends on 7 September 2018.

CMA, 23 August 2018

No deal Brexit: Technical notice on banking, insurance and other financial services

The UK government published a technical notice for the banking, insurance and financial services sectors setting out guidance in the event that the UK leaves the EU without agreement (a ‘no deal’ scenario). This notice is part of a series of notices which aim to offer guidance for businesses and citizens to understand what they need to do in a ‘no deal’ scenario so that they can make informed plans and preparations.

HM Treasury, 23 August 2018

Worldwide

ESMA publishes list of SFD designated payment and securities settlement systems

The European Securities and Markets Authority (ESMA) has published the list of Member States’ designated payment and securities settlement systems. Article 10(1) of the Settlement Finality Directive 98/26/EC requires Member States to supply the information.

ESMA, 22 August 2018

BSG responds to EBA consultation on PSD2 guidelines

The Banking Stakeholder Group (BSG) has responded to the European Banking Authority (EBA) consultation on draft guidelines on the conditions to be met to benefit from an exemption from contingency measures under Article 33(6) of Regulation (EU) 2018/389, which supplements the revised Payment Services Directive (Directive (EU) 2015/2366) (PSD2) with regard to regulatory technical standards (RTS) for strong customer authentication and common and secure open standards of communication. BSG has agreed with most of EBA's assessments on various topics in the paper, but have added comments on a number of them, including on EBA’s assessments on KPIs and the calculation of uptime and downtime and the ASPSP submission of a plan to publishing statistics.

BSG, 15 August 2018

MLD4 RTS on central contact points for electronic money issuers and payment service providers published in OJ

Commission Delegated Regulation (EU) 2018/1108 of 7 May 2018 has been published in the Official Journal of the EU. It lays down regulatory technical standards (RTS) on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and rules on their functions under the Fourth Money Laundering Directive (EU) 2015/849 (MLD4), to ensure compliance with anti-money laundering and counter-terrorist financing rules and to facilitate supervision by competent authorities.

European Parliament, 10 August 2018

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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