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The Consumer Credit Directive's far-reaching reforms require significant action from providers and market participants

The legislative process to revise the PSD2 has reached its next stage: the Council published its position on the draft legislation. The latest draft amendment introduces, among others, specific provisions for e-money tokens, new regulations for initial capital, safeguarding, ancillary services and passporting, and amendments to exemptions.

The legislative process to revise the PSD2 has reached its next stage: the Council published its stance on the draft legislation. The latest draft amendment introduces, among others, new exemptions for payment services, strengthens fraud prevention measures, clarifies the interplay between MiCAR and PSR and enhances the provisions for Account Information Services and Payment Initiation Services.

Financial institutions will need to prepare for open finance to stay competitive and deliver value to customers

On 9 July 2024, the German Federal Financial Supervisory Authority ("BaFin") published an updated draft of the interpretation and application notes on the Anti-Money Laundering Act ("GwG") pursuant to Section 51 (8) GwG and made them available for consultation ("Draft Consultation Paper").
In the draft consultation paper, in line with its current administrative practice, BaFin clarifies the requirements for obliged entities and adapts them to current developments in the financial sector without, however, wanting to anticipate the entry into force of the anti-money laundering package at EU level.

Platform regulation at EU level never stops. The Digital Services Act ("DSA") has only been applicable as a flagship regulation for all affected players since the end of February 2024, and there are already new plans by EU legislators to make intermediary services even more liable.

The drafting of the PSR is in full swing: the European Parliament has adopted the European Commission's legislative proposal with some amendments. The draft amendment contains, among other things, new exemptions for payment services, stricter liability rules for fraud prevention and obligations for access to mobile devices for front-end services.

PSD3 is taking shape – the European Parliament has adopted the European Commission's legislative proposal with some amendments. The draft amendment provides for shorter deadlines and simplified authorisation requirements, amended exemptions for cash and e-money tokens as well as the national deadline for loan repayments. These will now be the subject of negotiations between the European Parliament and the Council of the European Union.

Is MiCAR fit for the digital age?