A Fintech news and event round-up from Bird & Bird’s cross practice group Fintech team.
In this special summer edition of our newsletter we feature articles and commentary on a range of issues affecting the Fintech sector with input from specialists across the firm.
This month we take a look at the highly anticipated European Commission’s proposed revisions to the EU payment legislation, as well as its proposal on Open Finance, and also the key data protection considerations arising from the FCA Consumer Duty. We also feature Jonny Emmanuel’s chapter on the ‘Commercial Application of Blockchain’ featured in the Law Society’s blockchain report.
Bookmark this page for updates from our Fintech team.
Proposed PSD3 and Payment Services Regulation (PSR): Bird & Bird’s initial thoughts
After much anticipation, the European Commission (EC) has published one week ago, on 28 June, its proposed revisions to EU payment services legislation, as well as a proposal on Open Finance/data access in the financial services sector beyond open banking/payment accounts in the form of a new Open Finance framework called “FIDA”.
Proposed Open Finance framework/FIDA: Bird & Bird’s initial thoughts
One week ago, on 28 June 2023, i.e. on the same day that it published its PSD3 and Payment Services Regulation (PSR) proposals, the EC also published a proposal on Open Finance (i.e. access to more than “just” access to payment accounts as regulated under PSD2, and in the future PSD3 and the PSR).
The New UK FCA Consumer Duty – what are the key data protection considerations?
The deadline for the implementation of the UK Financial Conduct Authority’s (FCA) new Consumer Duty is fast approaching. With its wide-reaching impact on the retail financial services sector in the UK, what are the key data protection considerations for businesses?
Our team have set out some of the key data protection considerations of the new Consumer Duty in this article.
Blockchain: legal and regulatory guidance (third edition)
Jonny Emmanuel (Partner) has written a chapter on the Commercial Application of Blockchain in the third edition of the Law Society’s blockchain report. Produced in collaboration with the Tech London Advocates (TLA) Blockchain Legal and Regulatory Group, the report offers guidance covering a range of key issues for legal practitioners to be aware of when advising on distributed ledger technology (DLT)-related matters.
Upcoming events
Cryptocurrency and blockchain regulation developments – from Swedish and American perspectives. Thursday 5th October
In this event we will discuss the probable industry impacts of the MiCA regulation and how it will affect crypto assets and asset and service providers in Sweden, how the Swedish and EU approaches differ from the American one, potential clashes between the two approaches.
For further information, please contact:
Gavin Punia, Partner, Bird & Bird
gavin.punia@twobirds.com
