Regulation RSS
Juncker considers creating financial services tsar
A new European Union (EU) financial services tsar tasked with regulation and ensuring financial stability in the EU would be appointed in Brussels under new plans being considered by Jean-Claude Juncker, the incoming European Commission president. Juncker is considering creating a stand-alone finance directorate. The plans will give a single commissioner a united financial services [...]
The post Juncker considers creating financial services tsar appeared first on Payments Cards & Mobile.
PSD2: A ‘bull by the horns’ approach to open access
As the European Commission moves closer towards its ambitions of creating a single European payments market, one proposal put forward in Article 58 of the upcoming Payment Services Directive (PSD2) could have a far-reaching effect on the way payments are transacted across the 28-member bloc. The article includes a provision to regulate third party (so-called [...]
The post PSD2: A ‘bull by the horns’ approach to open access appeared first on Payments Cards & Mobile.
UK banks face competition probe
The UK Competition and Markets Authority (CMA) is planning to launch an investigation into the UK retail banking sector in a move which could see high-street giants being broken up. The CMA has made a provisional decision to go ahead with a full-scale, 18-month long inquiry into the industry, although it will first carry out [...]
The post UK banks face competition probe appeared first on Payments Cards & Mobile.
EU Banking Authority warns financial institutions to avoid virtual currencies
Europe’s Banking Authority has warned its financial institutions to avoid dealing in Bitcoins and other virtual currencies until a forthcoming regulatory regime has been established. It also laid out various elements that should be a part of future regulation. The EBA, in a recent opinion, identified nearly 70 risks stemming from the new type of currency that [...]
The post EU Banking Authority warns financial institutions to avoid virtual currencies appeared first on Payments Cards & Mobile.
Russia rolls over in deal with Visa and MasterCard
Visa and MasterCard have reached a compromise agreement with Russian officials that would allow the global card payment companies to continue operating in the country. “MasterCard and Visa will continue business in Russia,” said Andrew Torre, Visa’s general director for Russia. Russia’s finance minister, Anton Siluanov, said both Visa and MasterCard are ready to create their own Russia-based [...]
The post Russia rolls over in deal with Visa and MasterCard appeared first on Payments Cards & Mobile.