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Legal and regulatory advice for payment service providers

The payment services sector is constantly evolving and the trend for ongoing and sophisticated European and UK regulation seems unlikely to alter. Cash transactions are on the decline and plastic; e-payments and mobile wallets are changing the face of payment processing. We appreciate that you need to be on top of the changing landscape, understanding and responding to the issues as they develop and positioning your business at the cutting edge of the new world of payments.

Eversheds Sutherland's financial institutions group has considerable experience of working with clients at every stage of the payment processing cycle. From card payment schemes, credit card issuers and merchant acquirers, to payment facilitators and e-money providers, our teams are experienced in all aspects of payment processing across a wide range of areas and jurisdictions across the world.

We know our way around the changing regulatory landscape

We have extensive experience in the commercial and retail banking industry and a special focus on innovation in financial services, including mobile payments and e-money.

Our lawyers advise on payments law and regulation including:

  • the application of the Financial Conduct Authority’s (FCA) Banking Conduct Regime
  • the Payment Services Directive (implemented in the EEA through local legislation such as the Payment Services Regulations in the UK) and PSD2
  • the E-Money Directive (implemented in the EEA through local legislation such as the Electronic Money Regulations in the UK)
  • the proposed Regulation on multilateral interchange fees
  • the newly-adopted Payment Accounts Directive.

Since the government’s decision to focus on competition in the sector, and indeed to establish the Payments Systems Regulator (the PSR), our competition lawyers have been working closely with the FCA and the PSR. Crucially, we seconded a competition lawyer to the FCA’s new competition department and, in addition, have a competition lawyer on secondment to the PSR, assisting in the development of the new regulatory framework and the establishment of the organisation. Our competition lawyers advise on the FCA’s and the PSR’s enforcement powers under the Competition Act 1998, market studies and market investigation as well as the application of a new regulatory regime relating to payment systems.

We understand your commercial needs

Our commercial lawyers provide advice on non-sector specific legislation such as unfair terms, plain English, treating customers fairly, money laundering, e-commerce, and data protection. When things go wrong, our team of experienced litigators can help you to resolve your disputes quickly and effectively, achieving your commercial goals whilst remaining in control of the process and costs.

We advise at a European level, on all legal aspects of payment services law and regulation, such as the Single Euro Payments Area (SEPA) initiative, including compliance with the SEPA Migration Regulation and the relevant SEPA rulebooks and frameworks.

Members of our team have completed secondments to banks, building societies, card issuers and other non-bank payments institutions, and to a major card payment scheme.

Eversheds Sutherland Sutherland FI TwitterFollow us on Twitter: @ESfinanciallaw

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