October 2017

There has been published on the legislation.gov.uk website, the Criminal Finances Act 2017 (Commencement No.3) Regulations 2017. These Regulations bring sections 11 and 36 of the Criminal Finances Act 2017 into force from 31 October 2017.

Section 11 addresses the sharing of information within the regulated sector so far as it applies to relevant undertakings

The European Commission (Commission) has published an inception impact assessment for a legislative proposal for an EU framework on crowd and peer-to-peer finance.

The initiative is part of the Commission’s priority of establishing a Capital Market Union (CMU). Broadening access to finance for small and medium sized enterprises, in particular for

The European Banking Authority (EBA) has agreed on the final timeline of the 2018 EU-wide stress test. Following a discussion with the industry on the draft methodology during the summer of 2017, the EBA Board of Supervisors decided to extend the overall timeline for the stress test to take into account the challenges

The German Banking Industry Committee (GBIC) welcomes the Basel Committee’s initiative to examine the effects of FinTech for banks and banking supervision. The Basel Committee’s consultative document combines historical research, analysis of current media and industry periodicals, surveys on Basel Committee members’ activities, Fintech product analysis and scenario analysis. Based on this work,

The European Payments Council has launched a public consultation on the mobile contactless SEPA card payments implementation interoperability guidelines.

The guidelines focus on interoperability between the different stakeholders involved in the mobile contactless card payment ecosystem. In particular, they address the interoperability aspects related to the mobile contactless card payment application life cycle management. They

The European Commission has adopted a Delegated Regulation that amends an earlier Delegated Regulation that sets out the list of third countries that have strategic deficiencies in their anti-money laundering / countering the financing of terrorism regimes. The adopted Delegated Regulation adds  Ethiopia to the list of high-risk third countries.

In terms of next steps,

The European Banking Authority (EBA) has issued a consultation paper on draft Regulatory Technical Standards (RTS) on cooperation between competent authorities in the home and host Member States in the supervision of payment institutions operating on a cross border basis under Article 29(6) of the revised Payment Services Directive (PSD2