On 14 July 2025, there was published in the Official Journal of the EU, Regulation (EU) 2025/1355 of the European Central Bank of 2 July 2025 on oversight requirements for systemically important payment systems (ECB/2025/22) (recast). The Regulation sets out the process and criteria for the identification of a payment system as a Eurosystem systemically
On 2 July 2025, an All-Party Parliamentary Group comprising of a cross-party group of members from the House of Commons and the House of Lords published a report, Launch of ‘No Half Measures – A Blueprint to Beat APP Fraud’.
The purpose of the report, which had been prepared in consultation with industry leaders
On 1 July 2025, the Bank of England (BoE) published a speech by Victoria Cleland (Executive Director, Payments) entitled Synchronisation and beyond: enabling the next wave of financial innovation.
In her speech Victoria Cleland gives an update on the BoE’s plans for a synchronised settlement and programme of experiments in wholesale payments.
On 30 June 2025, the Council of the EU published two cover notes both from its General Secretariat to the Working Party on Financial Services and the Banking Union.
The cover notes contain an initial four column table setting out the European Commission proposal, the European Parliament mandate and the Council mandate on the proposed
On 17 June 2025, the European Commission (Commission) published a legislative package on the review of the securitisation framework in the EU.
Background
The current EU securitisation framework consists of the Securitisation Regulation, which sets out a general framework for all securitisations in the EU and a specific framework for simple, transparent
On 13 June 2025, the Council of the EU published compromise texts of the draft Payment Services Directive 3 and the Payment Services Regulation.
The Council has also published an ‘I’ item note from its General Secretariat inviting the Committee of Permanent Representatives to adopt the compromise texts and invites the Presidency to start
On 7 June 2025, the chair of the Financial Stability Board (FSB), Klass Knot, addressed the 93rd Group of Thirty (G30) Plenary and shared his thoughts regarding financial innovation and stability. He underscored the imperative for regulators to maintain vigilance and adaptability in the face of rapid financial innovation.
Key highlights from
On 22 May 2025, the Payment Systems Regulator (PSR) published a consolidated policy statement, PS25/5 on the authorised push payment (APP) scams reimbursement requirement.
PS25/5 consolidates previous publications on the APP reimbursement requirement and is intended to act as a single point of reference for those seeking to understand the reimbursement requirement
On 15 May 2025, the Payment Systems Regulator (PSR) published a thought piece on ‘The story so far: A snapshot of what we’ve seen since our APP scams reimbursement requirement went live’. The publication includes reflections from PSR managing director David Geale on what the PSR has seen since the authorised
On 8 May 2025, the Payment Systems Regulator (PSR) published a specific direction revoking Specific Directions 3 and 3a on the competitive procurement of central infrastructure.
Specific Direction 3, which was issued in June 2017, imposed requirements on the operator of the Faster Payments Scheme (FPS), in particular that contracts