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The Autumn months follow this trend and here’s a consolidated update for Q3 2022:
The Council of the European Union and the European Parliament have recently reached provisional agreement on the Markets in Crypto-Assets (MiCA) Regulation. MiCA is expected to apply from 2024 and will create a sliding scale of centralised EU-wide regulation and supervision for the issuance of crypto-assets and provision of related services.
Find out more about the anticipated scope and impact of MiCA by reading our full article here.
Following the PSR’s market review into the supply of card acquiring services, 14 payment service providers have been directed to implement specific remedies.
Find out more about the remedies, the implementation dates and the potential impact on the wider market by reading our full article here.
The PSR has proposed measures to change the way the payments industry manages and remedies authorised push payment (APP) fraud in a bid to ensure victims of APP fraud are given greater protection.
In our article, we highlight ten key points to note from the PSR’s APP fraud consultation, which will remain open until 25 November 2022, together with some helpful commentary.
As the evolution of the global payments market continues to be driven by new technologies and customer behaviour against a backdrop of tightening regulations, we have considered some potential advantages and disadvantages to assist financial institutions who may be looking to outsource under the hybrid cloud services model, Payments-as-a-Service. Click here to read our full article.
Credit card providers facing claims or complaints under sections 56 and 75 of the Consumer Credit Act 1974 (CCA) will welcome the recent High Court decision in Steiner v National Westminster Bank PLC  EWHC 2519 (KB). The High Court examined the meaning of “arrangements” in section 12(b) of the CCA, and applied a more restrictive interpretation where the party receiving the credit card payment was different to the supplier of the underlying goods or services.
For a summary of the case and an analysis of the potential impact of the High Court’s decision, read our article in full here.
In an area where there has been limited guidance from the courts on quantum, the High Court’s judgement in Geoffery Driver v Crown Prosecution Service  EWHC 2500 (KB) provides a helpful benchmark for what claimants can expect to receive in damages for data breaches “at the lowest end of the spectrum” where claimants can only establish a very modest level of distress caused by the breach. For a case summary and analysis, read our full article here.
Ever-evolving digitalisation is creating both new and challenging opportunities for the retail sector. Our latest report in this series explore how retailers are responding to some of the biggest trends in consumer-facing technology, including the rise of the metaverse, the growth and impact of digital payments and the importance of data protection considerations, together with some helpful tips for retailers to consider. Download the report.
Payment orchestration is being harnessed as an emerging payments solution to assist users with the integration and management of different payment service providers and payment methods via a single, unified software layer.
Read our full article, as we explore some potential benefits and legal considerations for those looking to use payment orchestration platforms.
14 November 2022
Senior Associate Manchester