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Navigating the EU regulatory landscape for payments
Journal of Payments Strategy & Systems,
13
(3),
242-254
(2019)
Abstract
Navigating EU regulation can be a daunting prospect for any firm operating in the payments sector. However, recent and upcoming changes have made understanding the EU regulatory landscape more important than ever. A firm’s ability to keep abreast of such changes, assess their potential impact on its business and develop and implement plans to adapt to new requirements can be a key factor in its overall success or failure in European markets. This paper provides an overview of the following topics and examines their relevance to firms operating in the payments sector: the revised Payment Services Directive (PSD2); the Interchange Fee Regulation (IFR); regulation of cryptocurrencies and other cryptoassets; other EU regulation relevant to payment service providers and systems; and the impact of the UK’s departure from the EU (Brexit).
Keywords: PSD2; interchange; cryptocurrencies; Brexit; regulation; licensing; compliance
The full article is available to subscribers to the journal.
Author's Biography
John Casanova is a partner at the international law firm Sidley Austin LLP. He advises banks and other payment service providers and payment systems on their EU and UK regulatory obligations. He also advises clients within the payment services sector on global regulatory projects, mergers and acquisitions, corporate restructurings and commercial agreements. John is the co-head of Sidley Austin’s EU Financial Services Regulatory group and is ranked in Chambers FinTech 2019.
Max Savoie is a senior associate at the international law firm Sidley Austin LLP. He advises banks and other payment service providers and payment systems on their EU and UK regulatory obligations. He also advises clients within the payment services sector on global regulatory projects, mergers and acquisitions, corporate restructurings and commercial agreements. Max has assisted several international financial institutions with matters relating to regulatory engagement and legislative reform and was previously a legal and public policy adviser to the UK Shadow Attorney General.
