Albert Weatherill (UK)

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On 16 January 2019, the Court of Justice of the EU (ECJ) handed down a preliminary ruling regarding the interpretation of Articles 5(2) and 6(1)(a) of the second Electronic Money Directive (EMD II) in Paysera LT (Case C-389/17). By way of background, Article 5(2) of EMD II sets out the possible methods of calculating the own funds requirements for electronic money institutions – for activities referred to in Article 6(1)(a) of EMD II…
On 15 January 2019, the European Supervisory Authorities (ESAs) published a multilateral agreement on the practical modalities for the exchange of information pursuant to article 57a(2) of the Fourth Anti-Money Laundering Directive (the Agreement). The purpose of the Agreement is to define practical modalities for the exchange of information between anti-money laundering / counter terrorist financing competent authorities and the European Central Bank (ECB), where such information is needed for the performance of tasks of…
On 7 January 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a report on FinTech, concerning regulatory sandboxes and innovation hubs (together, innovation facilitators). In the report, the ESAs analyse the innovation facilitators established to date within the EU. The ESAs also set out ‘best practices’ regarding the design and operation of innovation facilitators, informed by the results of their analysis and the experiences of the national competent authorities in running them. Options…
On 1 January 2019, Financial Services and Markets Act 2000 (Securitisation) Regulations 2018 entered into force, implementing the EU Securitisation Regulation. The FCA has now published two instruments in light of this: Securitisation Regulation Implementation (Fees for Third Party Verifiers) Instrument 2019(FCA 2019/1). Enforcement (EU Securitisation Regulation) Instrument 2019(FCA 2019/2). Both instruments entered into force on 3 January 2019.…
On 19 December 2018, the European Commission adopted a Delegated Regulation determining for a limited period of time (12 months) that the regulatory framework applicable to central counterparties (CCPs) in the UK is equivalent in accordance with EMIR. The Delegated Regulation is part of the Commission’s no deal contingency planning. The Delegated Regulation does not come into effect if the draft Withdrawal Agreement is ratified. On 20 December 2018, the Delegated Regulation was published in…
On 19 December 2018, the FCA published an updated approach document (version 3) on payment services and electronic money. The approach document describes the FCA’s approach to implementing the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, and is aimed at businesses that are, or are seeking to become: authorised payment institutions or small payment institutions (collectively – PIs); authorised e-money institutions or small e-money institutions (collectively – EMIs; registered account information service…
On 19 December 2018, the FCA issued a direction for payment institutions wishing to make a notification under the temporary permissions regime. The FCA directs that a notification must: • be made by submitting the Firm Temporary Permission Notification using the Connect system (https://connect.fca.org.uk); • be made following any further instruction published in relation to the Firm Temporary Permission Notification form; • contain the information required by that form; and • be made during the…
On 19 December 2018, the FCA issued a direction for e-money institutions wishing to make a notification under the temporary permissions regime. The FCA directs that a notification must: be made by submitting the Firm Temporary Permission Notification using the Connect system (https://connect.fca.org.uk/); be made following any further instruction published in relation to the Firm Temporary Permission Notification form; contain the information required by that form; and be made during the period beginning…
On 19 December 2018,  the FCA published Policy Statement 18/24: Approach to final Regulatory Technical Standards and EBA guidelines under the revised Payment Services Directive (PS18/24). In PS18/24, the FCA sets out new or amended rules, directions and guidance to implement regulatory technical standards (RTS) for strong customer authentication and common and secure open standards of communication (SCA-RTS) and related guidelines developed by the European Banking Authority (EBA) under the revised Payment Services Directive (PSD2).…
On 17 December 2018, the European Payments Council published the following implementation guidelines relating to the Single Euro Payments Area (SEPA) direct debit (SDD) core rulebook and the SDD business-to-business (B2B) rulebook: SDD core scheme customer-to-bank implementation guidelines (EPC130-08); SDD core scheme e-mandate service implementation guidelines (EPC002-09); SDD core scheme interbank implementation guidelines (EPC114-06); SDD B2B scheme customer-to-bank implementation guidelines (EPC131-08); SDD B2B scheme e-mandate service implementation guidelines (EPC129-09); and  SDD