UK:
UK Payment Systems Regulator Publishes Guidance On Its Concurrent Competition Powers
20 August 2015
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On August 13, 2015, the UK Payment Systems Regulator published
final guidance on its concurrent competition powers and on its
approach to market reviews. The PSR has concurrent competition
powers with the Competition and Markets Authority. The final
guidance on the PSR's powers and procedures under the
Competition Act 1998, known as the CA98 Guidance, explains how the
PSR will use its concurrent competition powers for participation in
payment systems within the UK, in particular the enforcement
processes it will follow and how they relate to its other powers
and duties. The final guidance on the PSR's powers and
procedures for market reviews, market studies and market
investigation, known as its Markets Guidance, explains the
PSR's powers to carry out market reviews, how the PSR will
choose which powers to use, how the PSR will carry out market
reviews and studies, including its approach to disclosure and use
of information and how the PSR will make market investigation
references.
The CA98 Guidance is available at: https://www.psr.org.uk/sites/default/files/media/PDF/PSR_PS15_2.1_Competition_Act_CA98_Guidance.pdf
and the Markets Guidance is available at: https://www.psr.org.uk/sites/default/files/media/PDF/PSR_PS15_2.2_Markets_Guidance.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.