The new EU
Payment Services Directive (PSD2) came into force on 13 January
2016. Implementation into Member State law must be completed by 13
January 2018 at which point the 2007 Directive will be
Under PSD2, banks and other payment service providers (PSPs)
must give payment initiation service providers (PSIPs) access to
their customers' accounts to allow them to facilitate customer
requested transactions. PSIPs will be subject to data security
obligations and take on liability in relation to unauthorised
transactions. PSPs are subject to rules on customer authentication,
facilitating third party access to accounts, data security and
liability as well as transparency requirements. The new legislation
covers a wider range of organisations than the outgoing
Link to EU ODR platform published
The EC published a link to its pan-European Online Dispute
Resolution platform which went live on 15 February 2016. The
platform is intended to facilitate dispute resolution for
cross-border online purchase of goods and services and will
facilitate the appointment of an ADR entity to help resolve
disputes, particularly by helping overcome language barriers by
offering the service in all 23 official languages of the EU.
With the launch of the platform came the enforcement of
information obligations on EU online traders and marketplaces
offering goods and services in the EU under the ODR Regulation as
implemented by the Alternative Dispute Resolution for Consumer
Disputes Amendment Regulations 2015 (the ADR Amendment Regs).
There are two levels of information requirements:
All online traders and marketplaces
must include a link to the ODR platform on their website;
must provide its email address on their website.
Online traders and marketplaces required to use ADR by law,
under the rules of their trade association or under contract must
provide a link to the ODR platform in any offer made to a
consumer by email; and
inform consumers of:
the existence of the ODR platform; and
the possibility of using the ODR platform for resolving
This information must also be provided in general online terms
and conditions for sales or services contracts where they
These requirements are in addition to information requirements
under the ADR Directive (implemented by the Alternative Disputes
(competent Authorities and Information) Regulations 2015 as
PSC (people with significant control) register
From 6 April, every UK company (unless listed in UK or on
specified overseas market) and every UK LLP has been required
take reasonable steps to find out if there is anyone who is a
registrable person or registrable relevant legal entity in relation
to it and, if so, identify them;
give notice to anyone whom it knows or has reasonable cause to
believe to be a registrable person or registrable relevant legal
entity in relation to it (unless the company has already been
informed of that person's status as a registrable person or
registrable relevant legal entity and been supplied with the
required particulars – and, if a PSC, the information and
particulars were provided by the person or with his/her knowledge);
The recent case of Dickinson v NAL Realisations (Staffordshire) Ltd is a "101" guide to how not to run a small business, providing insight into the pitfalls that can await any director or shareholder...
As the Brexit negotiations start, one direct impact is an interest from clients and advisers looking to have flexibility in their organisational structure ahead of any legislative or other changes being implemented.
An assignment of rights under a contract is normally restricted to the benefit of the contract. Where a party wishes to transfer both the benefit and burden of the contract this generally needs to be done by way of a novation.
Any UK companies doing business with the rest of the EU, or even just in the UK but relying on customers and suppliers who deal with the rest of the EU, should be keeping an eye out for the ramifications of Brexit.
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