Fintech Features September Edition
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A Fintech news and event round-up from Bird & Bird's cross practice group Fintech team.
Each quarter we feature articles and commentary on a range of issues affecting the Fintech sector with input from specialists across the firm.
In this edition we focus on the latest UK regulatory developments in relation to payment services, the PSR's consultations on the APP fraud reimbursement requirement and share our new BNPL tracker which provides you with the latest view of BNPL legislation/ guidance from our local teams.
We also feature guest articles from our fintech colleagues in Italy and The Netherlands.
Bookmark this page for updates from our Fintech team.
Buy Now Pay Later Tracker launch
Our Financial Regulation team have created a tracker which provides you with the latest view of BNPL legislation/guidance from our local teams. The tracker will be updated regularly and provides details of the key Bird and Bird contacts in each jurisdiction, for more information feel free to get in touch with them. You can obtain information by clicking a jurisdiction from the list.
- Orange: BNPL legislative change is underway
- Green: BNPL specific legislation has been passed
- Red: BNPL regulated under existing legislation
UK Future of Payments: What is on the horizon?
This article intends to summarise the latest UK regulatory developments with regard to recent updates; the Future Regulatory Framework Review, the Financial Services Future Regulatory Framework, the Financial Services and Markets Act 2023 (FSMA 2023) and the Future of Payments Review (Mansion House speech 2023).
PSR consultations on APP fraud reimbursement
We explore two new consultations published by the Payment Systems Regulator (PSR) (CP23/6 and CP23/7) in relation to its new reimbursement requirements which aim to improve the level of protection for victims of authorised push payment (APP) fraud.
The consultations are centred around the reimbursement requirement claim excess, the maximum reimbursement limit and the required consumer standard of caution.
Financial promotions on social media platforms
The Financial Conduct Authority (FCA) has launched a consultation on its proposed guidance on social media and financial promotions. The regulator has raised concern at the poor-quality financial promotions on social media that can lead to significant consumer harm. Financial influencers ("finfluencers") are seen to be targeting younger audiences and those more vulnerable to high-risk investments.
Podcast: Review Of EU Proposals For PSD3, PSR, FIDA and Digital Euro
In this podcast, Scott Mcinnes discusses the recently published package of new payments legislation proposed by the European Commission.
Spotlight
Spotlight on Italy
Regulatory Sandbox: Second Application Window for New Fintech Projects from 3 November to 5 December 2023
On 27 July 2023, the Ministry of Economy and Finance, Consob, IVASS and Bank of Italy announced that from 3 November to 5 December 2023 it will be possible to submit applications for admission to the second window of the Regulatory Sandbox, a protected space for testing and experimenting with innovative FinTech projects in banking, financial and insurance sectors.
There is no cap on the number of Fintech projects that may be submitted. Applicants - both Italian and foreign companies – are encouraged to start informal discussions with supervisory authorities as soon as possible.
Spotlight on Amsterdam
Dutch Supreme Court answers preliminary questions on BNPL products
In a rapidly evolving landscape of modern finance, Buy Now, Pay Later (“BNPL”) have been the topic of debate by the legislators and regulators. These services, offering the allure of deferred payments without the encumbrance of interest, have attracted a growing user base. However, their rise has been accompanied by concerns about irresponsible lending practices and a surge in consumer debt.
Upcoming Events
Seminar: NIS2 and CER Directives: current status and what companies need to do to prepare for toughened cybersecurity requirements, Wednesday 27 September 2023
Businesses today are facing an increasingly challenging landscape when it comes to cybersecurity. We are witnessing a trend of increasing regulation in this area, with EU legislators having completed their work on the NIS2 and CER Directives - two key cybersecurity related legislation that came into force on 16 January 2023. Join this session, where our legal experts will provide more information regarding the new cybersecurity legislation, its scope and what you need to do to be prepared.
