Albert Weatherill (UK)

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Firm/Organization: Norton Rose Fulbright
Blogs: Financial services: Regulation tomorrow

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On 19 March 2019, the Joint Money Laundering Steering Group (JMLSG) published the text of proposed revisions to part II of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The proposed revisions impact two sectors, ‘credit unions’ (sector 4) and ‘brokerage services to funds’ (sector 20). The deadline for comments on the proposals is 18 April 2019.…
On 18 March 2019, the European Banking Authority (EBA) launched its central electronic register under the revised Payments Services Directive (PSD2). The statutory basis of the register is Article 15(1) of the PSD2. This requires the EBA to develop, operate and maintain an electronic central register that contains information as notified by competent authorities. The EBA is required to make the register publicly available on its website and to allow easy access to and easy…
On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing the revised Payment Services Directive (PSD2) with regard to RTS setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and on access to the information contained therein. The Delegated Regulation enters into force on the twentieth day following its publication…
On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the EBA pursuant to the revised Payment Services Directive (PSD2). The Implementing Regulation enters into force on the twentieth day following its publication…
On 14 March 2019, the European Commission adopted a draft Delegated Regulation supplementing the revised Payment Services Directive (PSD2). The draft Delegated Regulation contains regulatory technical standards specifying the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points. The Council of the EU and the European Parliament will now consider the Delegated Regulation.…
On 13 March 2019, the FCA updated its webpage on digital regulatory reporting (DRR). The FCA has added the following materials to its webpage: a video explaining the FCA’s work with the DRR pilot group; a phase I report on its DRR pilot. The pilot explored how firms and regulators could use technology to make the current process of regulatory reporting more accurate, efficient and consistent. This included exploring the broader implications of those technological…
On 13 March 2019, the Markets Committee and Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS committees) published a report on central bank digital currencies (CBDCs). The report follows work from the BIS committees on CBDCs in which they analysed the potential implications for payment systems, monetary policy implementation and transmission as well as for the structure and stability of the financial system. Key takeaways from the BIS committees’ work…
On 13 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a statement on crypto-assets. In recognition that crypto-assets do not reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value, the Basel Committee’s statement sets out its prudential expectations related to banks’ exposures to crypto-assets and related services, for those jurisdictions that do not prohibit such exposures and services. The…
On 11 March 2019, the European Banking Authority (EBA) published clarifications to the first set of issues that have been raised and discussed by participants of its working group on application programming interfaces (APIs) under the revised Payment Services Directive (PSD2), which met for the first time on 21 February 2019. The clarifications relate to the following topics: testing; aligning functionalities and data requirements between API initiatives (and APIs more generally); and list of qualified…
On 8 March 2019, the FCA published a report on industry insights into cyber security. The FCA notes that since 2017, it has brought together over 175 firms across different financial sectors to share information and ideas from their cyber experiences. The FCA runs Cyber Coordination Groups (CCGs) with the industry to help improve cyber security practices amongst members of the CCGs and their sectors. The CCGs have been discussing and sharing practices in the following…