Posted by Puesan Lam on 15 November 2024
The UK regulators confirmed their new rules for critical third parties (CTPs) on 12 November 2024. The new rules are intended to be closely aligned with international standards and similar regimes, including DORA.
Posted by Sophie Lessar, Philip Williams and Rachel Tookey on 26 September 2024
The compulsory reimbursement scheme for Authorised Push Payment (APP) fraud will come into effect on 7 October. Following closure of its brief consultation, the Payments Services Regulator (PSR) has confirmed that the maximum reimbursement amount will be set at GBP85,000.
Posted by Mark Dwyer and Tony Katz on 23 September 2024
Financial services organisations across the globe are facing unprecedented levels of change and uncertainty. Amid this landscape, DLA Piper commissioned a global survey of c.800 major decision-makers in financial services organisations across the EMEA and APAC regions and North America to explore the impact this change is having on the sector.
Posted by Rachel Tookey, Benjamin Fellows and Leontia McArdle on 12 July 2024
Following a proposal by the Solicitors Regulation Authority (SRA), the Legal Services Board has approved the introduction of fee caps on SRA regulated law firms undertaking financial services claims management activities.
Posted by Mark Daley on 21 June 2024
Article 44 of the EUSR requires the ESAs to produce a report once every three years on certain aspects of securitisation. The next one is due before the end of 2024, and at the Barcelona Global ABS a couple of weeks ago, two representatives from ESMA and the EBA said that this would include a review of the definition of “securitisation” and proportionality for due diligence and transparency (e.g. carving out private issues).
Posted by Mark Dewar, Marta Chodorowska and Raluca Padure on 11 June 2024
Following a recent Amendment1 to the UK Reporting on Payment Practices and Performance Regulations 20172 (Regulations) which required large businesses to report their payment practices, the UK Government has extended the Regulations for another 7 years. The Regulations now expire on 6 April 2031.
Posted by Sophie Lessar, Suman Khurana and Marta Chodorowska on 28 May 2024
UK Payment Service Providers (PSPs) must reimburse victims (in-scope customers) of APP fraud, save for limited exceptions. The reimbursement requirement is due to come into force on 7 October 2024.
Posted by John Gollaglee, Prag Sivaguru and Amelia Shannon on 30 April 2024
The FCA have issued a stark warning to the industry with its latest in a series of publications regarding money laundering control failings.
and then 