On February 2, 2017, the UK Government launched a consultation
on implementation of the revised EU Payment Services Directive in
the UK. The new Payment Services Directive (known as PSD2) aims to
make payments between Member States as secure, easy and efficient
as those made within a Member State. PSD2 focuses on electronic
payments and payment services within the EU, regulating new types
of payment services and payment services providers, which are
currently unregulated, and stimulating competition in the
electronic payments market. The Government's consultation
comprises a consultation on issues to be considered in implementing
PSD2 in the UK and proposed draft regulations. The draft
regulations will revoke the existing Payment Services Regulations,
although large parts of the new draft regulations will replicate
parts of the existing PSRs. Consequential changes will also be
required to other UK legislation, including the Electronic Money
Regulations 2011. The consultation is relevant to banks, building
societies, e-money institutions, payment institutions and payment
The Government is seeking feedback on its overall approach to
implementation which is to adopt a copy out approach while
continuing the use of derogations exercised in the implementation
of the existing PSD. The Government is also seeking feedback on
particular topics such as the scope of PSD2, authorization, capital
and prudential requirements for payment institutions, transparency
and the requirements on the provision of information to payment
service users, conduct of business rules for payment service
providers and implementation of the new rules on rights of payers
to use third-party firms providing account information services and
payment initiation services.
PSD2 will appeal the current PSD with effect from January 13,
2018. Member States must adopt and publish implementing laws by
January 13, 2018 and apply those laws from that date, subject to
certain exceptions and transitional measures. The UK Government is
aiming to finalize the implementing legislation for consideration
by Parliament in early 2017. Responses the consultation are due by
March 16, 2017.
The implementation of the mandatory exchange of initial and
variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
On February 9, 2017, HM Treasury published a paper summarizing responses to its consultation on the transposition of the revised MiFID and three draft statutory instruments to facilitate transposition.
We consider below the circumstances in which a person may hold an "unpaid vendor lien", the effect of such a lien following the Supreme Court case of Menelaou v Bank of Cyprus UK Ltd  EWHC 2656...
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