UK:
HM Treasury Publishes Legislation In Preparation For Newly Formed Payment Systems Regulator Becoming Fully Operational
31 March 2015
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On March 5, 2015, HM treasury published the Banking Act 2009
(Inter-Bank Payment Systems) (Disclosure and Publication of
Specified Information) (Amendment) Regulations 2015. These
Regulations widen the remit of information-sharing between the Bank
of England and the Payment Systems Regulator, allowing the BoE to
share information that it has obtained through its oversight of
interbank payment systems with the PSR. The BoE will therefore no
longer be limited to only share information with the PSR that is
relevant to financial stability. On the same day, HM Treasury also
published the Payment Services (Amendment) Regulations 2015. These
regulations amend the Payment Services Regulations 2009 and
transfer the supervision and enforcement functions on access to
payment systems from the Competition Markets Authority to the newly
formed PSR. Both regulations enter into force on April 1, 2015, the
date on which the PSR becomes fully operational.
The Regulations and Explanatory Memoranda are available at: http://www.legislation.gov.uk/uksi/2015/422/pdfs/uksi_20150422_en.pdf
; http://www.legislation.gov.uk/uksi/2015/422/pdfs/uksiem_20150422_en.pdf
; http://www.legislation.gov.uk/uksi/2015/488/pdfs/uksi_20150488_en.pdf
; and http://www.legislation.gov.uk/uksi/2015/488/pdfs/uksiem_20150488_en.pdf
.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.