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UK/EU regulatory developments in payments, crypto-assets and buy-now-pay-later agreements
Journal of Payments Strategy & Systems,
17
(2),
165-181
(2023)
Abstract
This article examines key recent developments in payment services regulation in the UK and EU. In addition to proposals to reform traditional payment services legislation, it also considers proposals to regulate crypto-assets when used as a means of payment and proposals to regulate buy-now-paylater agreements, as these are increasingly offered by merchants as a means of payment. Both the UK and EU have proposed broader regulation of crypto-assets, but this article considers only those aspects of the proposals with the greatest relevance to payment services.
Keywords: PSD2; PSD3; PSRs; crypto-assets; BNPL; open banking; SEPA; safeguarding
The full article is available to subscribers to the journal.
Author's Biography
Max Savoie is a partner in Sidley’s Chambersranked payments and FinTech practice. He advises on strategic regulatory projects and cross-border transactions for many of the largest providers in the FinTech market. Max is an active member of the Payment Association’s regulatory working group and co-editor of ‘Payment Services: Law and Practice’ (Elgar, 2022). Max is recognised in Chambers UK 2023 as an up-and-coming practitioner in Financial Services: Payments Law – UK-wide.
Martin Dowdall advises banks, payment service providers, payment systems and other financial institutions and FinTech firms on a range of UK and EU financial services regulation. Martin also advises clients on the structuring of new products and services, and assists with the drafting of agreements with customers and business partners. Martin has previously been seconded to a major Asian FinTech, spending time in their London and Hong Kong offices.
Paida Manhambara advises a range of clients across the payments industry including banks, FinTech firms, payment service providers, payment systems and other financial institutions on regulatory, commercial and transactional issues. She draws from experience gained while on secondment to the consumer finance team of a major retail bank to provide practical and commercial advice.
