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Adjusting to a new normal - International Debt Finance Intelligence Report 2024

Posted by Matthew Christmas on 24 April 2024

The latest version of our International Debt Finance Intelligence Report 2024 is now live.

Building on the success of our inaugural edition in 2023, our latest report has once again analysed the data captured from the deals we’ve closed, coupled with commentary from across our International Debt Finance team to produce a report that will be of benefit to lenders, borrowers and sponsors.

New UK payments reporting obligations starting on 1 January 2025 - The Reporting on Payment Practices and Performance (Amendment) Regulations 2024

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.

Payments Sector – Overview and Horizon Scanning FY24/25

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.

FCA Issues Warning to CEOs to Improve Anti-Money Laundering Controls

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. 

The ECB comments about private securitisation disclosures  

Posted by Mark Daley on 15 March 2024

The 13 March 2024 response from the ECB to ESMA about reforming article 7 commented, amongst other things, about reforming the regime for private securitisation disclosures.

HMT launches consultation on money laundering regulations

Posted by Rachel Tookey and Tony Katz on 15 March 2024

On 11 March, HM Treasury published a consultation entitled “Improving the Effectiveness of the Money Laundering Regulations”. The consultation follows the 2022 government review of the anti-money laundering/ counter-terrorist financing (AML/CTF) regulatory and supervisory regime and its Economic Crime Plan set for 2023-26. The overarching aim is to improve the effectiveness of the current Money Laundering Regulations 2017 (MLRs).

De-banking: what next for payment service providers?

Posted by Rachel Tookey, Stewart Plant and Leontia McArdle on 12 March 2024

The de-banking of customers, and the legal and regulatory implications that can arise, are not new issues. However, those issues have come into sharp focus following recent publicity surrounding a high-profile account closure. This article considers what payment services firms can expect next following the increased scrutiny from customers, media, government and the regulators.

Does the “D” in PSD3 stand for “divergence”? PSD3 and payment services in the UK

Posted by Stuart Murdoch and Rory Milkova on 8 January 2024

In June, the European Commission published a set of proposals to modernise the payment services sector and bring it into the digital age.

Firms need to take action in respect of retention of interest on customers’ cash balances

Posted by Tony Katz and Puesan Lam on 13 December 2023

The FCA surveyed 42 investment platforms and SIPP provides and found that the majority retain some of the interest earned on their customers’ cash balances, which may not meet the expectations under the Consumer Duty particularly considering the substantial increase in the Bank of England base rate. According to the FCA, in June 2023 alone, the firms surveyed collectively earned GBP743 million in revenue from this practice.

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