Global Payments Newsletter: November 2020
Our latest Global Payments Newsletter is now published. Key developments of interest over the last month reported in this edition include:
- Europe: The CJEU has found that: (i) PSD2 does not restrict the type of terms that can be changed by tacit consent, but where the payment service user is a consumer the UCTD applies; and (ii) contactless functionality is a separate payment instrument;
- France: Ministry of the Economy and Finance has published a revised charter on banking inclusion and over-indebtedness prevention; and
- Hong Kong: Securities and Futures Commission has announced a new crypto regulatory regime for virtual asset exchanges.
EPC 2021 SEPA scheme rulebooks and guidelines
The European Payments Council (EPC) has published the following updated and enhanced rulebooks (version 1.0), which came into effect on 21 November 2021:
In each case, Annex IV of the rulebook lists all changes compared to version 1.2 of the 2019 rulebooks. A related press release also highlights the changes made to each of the rulebooks.
The EPC has also published an updated version of the document Maximum amount for instructions under the SCT Inst Scheme Rulebook which sets the maximum amount per instruction that can be processed under the SCT Inst scheme outside the regular payment scheme rulebook release management cycle, as defined in the SEPA Payment Scheme Management Rules of the SCT Inst rulebook.
In addition, the EPC has published guidelines that set out the rules for implementing the 2021 rulebooks and related documentation:
Finally, the EPC has published updated versions of the following clarification papers that provide guidance and, where possible, recommendations to scheme participants on how to handle situations that are not described in the rulebooks:
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Authored by Yvonne Clapham