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UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). See our previous Sidley Update on that review.

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5 Things Banks Should Know about the FDIC’s Recordkeeping Requirements Rule

Finovate

As a result of this nightmare, the FDIC has advanced a notice of proposed rulemaking for what it is calling Requirements for Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors. The regulatory body is currently taking public comment on the rule.

Rules 52
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Nubank Leverages Regulatory Reporting Tech From Nasdaq to Ensure Compliance in Colombia

The Fintech Times

Nubank , the digital bank boasting over 100 million customers across South America, has selected a regulatory reporting solution from capital market tech provider Nasdaq , ‘AxiomSL’, to fulfil reporting obligations in Colombia and ensure compliance. However, the regulatory environment remains deeply complex for companies.

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PSR Backs Continuing Growth of Open Banking in the UK and Looks to Expand the Use of VRPs

The Fintech Times

It revealed that it saw support for greater levels of coordination, although concerns exist about the need for a multilateral agreement (MLA). It now plans to work closely with the VRP implementation group to look at what specific rules an MLA should include and who might be best placed to operate it.

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Foreign Tax Compliance Reporting — FATCA vs. CRS

FICO

This process was completed in February 2014 with an agreement on a common reporting format between IRS and OECD (Organization for Economic Co-operation and Development), FATCA reporting Form 8966. Same Goal, Different Rules for FATCA/CRS Compliance. The approach is based on bi-lateral agreements between two countries.

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Why Corporate Lease Management Is Headed For An Overhaul

PYMNTS

Along with regulatory action from tax reform and tougher Know Your Customer (KYC) rules adding the pressure of complex red tape, public companies need to add one more compliance concern to their list: changes to accounting standards by the Financial Accounting Standards Board (FASB). “In many ways, they are.”

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PSR Sets Out Next Steps on Expanding Variable Recurring Payments (VRPs) in the UK

Fintech Finance

Today’s PSR publication summarises stakeholder feedback on key areas around VRP expansion, including: Coordinating expansion through a multilateral agreement (MLA): There was support for greater coordination, however, concerns were raised around the need for an MLA and whether it should include a central price.