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How payments professionals can engage more effectively with regulatory colleagues: A short guide to technical advocacy
Journal of Payments Strategy & Systems,
7
(3),
211-216
(2013)
Abstract
This paper examines the European Union (EU) decision-making process around financial legislation, with a particular focus on the payment services industry. Given the plethora of regulatory requirements emanating from the EU, it is important to understand the procedures and processes that lead to legislation. In that regard, the advice of industry experts is key and, therefore, this paper explores ways of applying and sharing expert knowledge at a technical level in appropriate ways. The engagement process and opportunity to influence and shape legislation is discussed in detail, with a view to enabling improved dialogue between market participants and those responsible for developing policy at EU level.
Keywords: European legislation; payments; technical advocacy; EU decision-making
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Author's Biography
Ruth Wandhöfer is highly regarded across the banking industry for her in-depth knowledge of the regulatory, market and competitive landscape. She holds a number of influential positions, including the Chairmanship of the European banking industry’s Payments Regulatory Expert Group, the EPC’s Information Security WG, the BAFT-IFSA Eurozone WG and Global Regulatory WG, membership of the European Payments Council (EPC) Plenary, the EU Commission’s Payment Systems Market Expert Group and the ECB COGEPS. Ruth is responsible for Citi’s Regulatory & Market Strategy globally. She has external responsibility for engaging with and influencing the evolving regulatory and market/standards environment as well as driving and coordinating the business response within Citi. Ruth speaks five languages and has completed studies in various countries, including an MA Financial Economics in the UK, an MA International Politics in France and an LLM in International Economic Law in the UK. She recently published her first book on ‘EU Payments Integration’ (Palgrave Macmillan) and is a fellow lecturer of the Pallas LL.M Program in European Business Law. A ‘2010 Financial News Rising Star’, she has been named in Management Today’s 2011 ‘35 Women under 35’ list of women to watch (Sunday Times) and in 2012 was named one of the top 100 most influential people in finance by the Treasury and Risk magazine. She is currently writing her second book on transaction banking and global regulatory challenges.
