Electronic Money Association’s Post

📢 We are consulting on draft guidance setting out how we propose to make decisions on whether to grant an extension or exemption to a specific direction or requirement.  Specific directions and requirements are important tools the PSR uses to require firms to implement changes improving payments for people and businesses across the UK. We recognise, however, that there may be circumstances when an extension or exemption may be appropriate.  The proposed guidance provides firms with clarity on how and when to engage with the PSR to find an effective way forward in these situations. Oliver Hanmer, Head of Supervision and Compliance Monitoring at the PSR, said: “This proposed guidance aims to increase transparency for firms around the factors we look at when considering exemption or extension requests, and ultimately supports the delivery of our objectives.   “To be clear, by consulting on this guidance we are not facilitating a route to non-compliance. We propose the bar for exemptions and extensions as a high one because we want as many people and businesses as possible to benefit from the action we take.   “We will always start from a position that we expect all directed firms to have taken the necessary steps towards achieving compliance by the set deadlines.”  See our proposals here and get in touch with your feedback by 3 June 2024. 👇 👇 https://lnkd.in/dYYf6pAY

On July 24, 2024, the UK Payment Systems Regulator (PSR) published new guidance to provide financial firms with greater transparency on how decisions will be made regarding exemptions or extensions to specific directions or requirements. Key Highlights: - Decision-Making Criteria: The PSR confirmed that the key factors proposed during the consultation remain appropriate for considering exemption or extension requests. Some changes have been made to enhance clarity, but the criteria for granting exemptions or extensions remain stringent. - High Standards: The PSR emphasizes that exemptions or extensions will only be granted in exceptional circumstances to ensure firms are incentivized to comply with regulatory rules promptly. - Case-by-Case Basis: Each request will be thoroughly scrutinized to determine if flexibility is warranted. Statements from Officials: David Geale, Managing Director of PSR: "We’ve confirmed our position that extensions and exemptions are likely only to be granted in exceptional circumstances. It’s important that our rules are not weakened by too many firms failing to take the right steps to comply within the set timeframe. However, we recognize that on occasion there may be good reasons to allow flexibility for individual firms." Scope of Guidance: The guidance applies to specific directions and requirements, but not to general directions or generally applicable regulatory requirements. It also does not cover exemptions or extensions under concurrent competition law powers. This new guidance aims to ensure that all UK payment system users benefit from policy interventions by the PSR being implemented as quickly and effectively as possible. Read the full-text of the guidance here - https://lnkd.in/gtqsmYvq Follow Global Regulatory Insights for more updates! #PSR #FinancialRegulation #PaymentsIndustry #Compliance #FinancialFirms #Guidance #GRI #RegulatoryInsights

Just because a regulation is live doesn't mean that everyone is complying with it, or doing the required tasks in the best and most efficient manner. That may be a controversial statement but it doesn't make it any less true. Compliance obligations are piling on for new and old Financial Institutions and it's hard to keep up with all the "must's". Get in touch today and we can discuss how Regnology can help with #CESOP reporting and a multitude of other regulatory reporting obligations that FI's have. Just leave a comment or send me a DM. #RegTech #TaxReporting #TaxCompliance #FightVATFraud

🚨 IRS Releases Initial List of QI Entities and Branches 🚨 The IRS has just published a list of entities and branches with Qualified Intermediary (QI) status. This list excludes WPs and WTs. ✅ QIs are encouraged to review the list for accuracy. 🔄 If your information is incorrect or missing, update it via your QAAMS account. 📧 If everything appears correct but isn't reflected on the list, or if a branch is missing, contact the FI Team via email. Stay on top of these updates to maintain compliance with IRS requirements! #TaxCompliance #QualifiedIntermediary #IRS #FATCA #TaxUpdates

[Regulatory insight 💡] CESOP is now in full swing, with the initial reporting deadline set for April 2024. Failure to adhere to reporting requirements comes with a strict penalty system, the amount of which varies by country. Non-compliance could result in fines reaching several million euros. 👉 Find out everything you need to know to be compliant: https://hubs.la/Q02r2fGc0 #CESOP #taxreporting

SHOW AND GO In a recent survey (sent to 20 larger firms) the FCA wanted to know the number of reviews that were scheduled, the number completed, and the number of clients who received a refund when reviews weren’t done on time/were missed. How did you do? How many refunds has your firm made? Experienced compliance practitioners know that a sort of virtue signaling rush to refund is counter productive. Throwing money at the problem does not really prove anything – refunds are an indicator that you made too many mistakes in the first place!  No, you need the data on day one – up front ready to show, and that is where BAT Software comes into play.  A compliance management platform that sits extracting compliance information from the advisers’ new business book and presenting the data in structured format. #compliance #regtech #financialservices www.batsoftware.co.uk

#PSP #paymentservices New NBR Regulation no. 2/2024 published in the Romanian Official Journal no. 326 on April 9, 2024 amends NBR Regulation no. 4/2019 on payment institutions and specialized providers of account information services. Relevant aspects: Ø Entities that come into possession of the funds intended to be transferred to the beneficiary of the payment or transferred to another payment service provider ensure compliance with the appropriate categorization of activities among the payment services provided by article 7 paragraph a) – f) of Law no. 209/2019 or, where applicable, among the exceptions provided for in Article 4 (1) of Law no. 209/2019;   Ø The settlement of obligations between the payer and the beneficiary, as a result of payment transactions or the provision of services, when payment is made through an intermediary, does not constitute, in itself, a criterion to justify the exclusion of the intermediary's activity from the scope of payment services;   Ø NBR specified in a recent press lease that entering into possession of the clients’ funds is an essential criterion for being included in the scope of payment services and cannot be superseded by arguments related to the settlement of obligations between the payer and the beneficiary.

Portugal Delays QES and SAF-T Mandates: Key Updates for Businesses   Portugal’s 2025 Budget Proposal includes further delays for two major regulatory requirements: Qualified Electronic Signature (QES): New deadline proposed for January 1, 2026. Businesses can continue using PDF invoices without QES until the end of 2025.  SAF-T Submission: Implementation postponed to 2027, affecting financial reporting for the 2026 fiscal year. These delays aim to ease the technical and financial challenges faced by businesses, providing extra time to prepare for compliance. 🔗READ MORE >> https://lnkd.in/dtB3WRz6 #Portugal #EInvoicing #DigitalTax #ComplianceUpdates #SAFT #QES

This IRS extends the certification due date for a QI/WP/WT selecting the first or second year of the certification period for its periodic review or applying for a waiver of the periodic review from July 1st of the year following the certification period to November 1st of the year following the certification period for the remainder of the term of the agreement. Additionally, if a QI/WP/WT is selecting the third year of the certification period for its periodic review, the due date to select the periodic review year on QAAMS is extended until November 1st of the year following the certification period. The certification due date for a QI/WP/WT selecting the third year of the certification period for its periodic review will remain December 31st of the year following the certification period. According to Qualified Intermediaries News - Issue Number: 2023-18, however, for a certification due in 2024 the due date for a QI/WP/WT selecting periodic review year 2023 is extended from December 31, 2024, to March 1, 2025. These extensions are automatic and do not require the filing of a request for extension with the IRS. https://lnkd.in/eMcmQHE

Following two rounds of consultation on the regulatory framework for payments service providers (PSPs) over the past year, it is understood that legislation will be introduced in at least two tranches. The first tranche is expected to focus on the overarching legislative framework for the licensing regime, including the definitions of payment functions and regulatory responsibilities. Other aspects of the PSP regulatory framework – including the industry standards setting framework – are expected to be covered in the second tranche.   The timing of the release of the exposure draft for the first tranche is currently uncertain due to competing legislative priorities and other items but we may see before the end of this calendar year.