In Practice
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Does the “D” in PSD3 stand for “divergence”? PSD3 and payment services in the UK
In June, the European Commission published a set of proposals to modernise the payment services sector and bring it into the digital age. The package included proposals for a revised EU Payment Services Directive (PSD3) and a new set of EU Payment Services Regulations (EU PSRs and, together with PSD3, Payments Proposals). This In Practice article outlines some of the proposals and what they mean for the UK as it diverges from the EU payment services framework.
18 March 2024Embedded finance and chargebacks: consumer duty and proposition structuring
As embedded finance and payment models continue to develop, I consider: (i) how merchants and their payment solution partners balance offering customers the optimum checkout experience with providing appropriate consumer protections; and (ii) what these models mean for liability arrangements between merchants and fintechs.
18 March 2024Can the consent of an obligor be taken at face value?
Lenders and their legal advisors carefully check the capacity of obligors, and the due authorisation of their signatories, at the commencement of a deal. In this In Practice article, we consider the issues arising when consents are needed from obligors during the life of a facility. The recent case of CRF I Ltd v Banco Nacional De Cuba and another [2023] EWHC 774 (Comm) is a cautionary reminder of the consequences of failing to obtain required obligor approvals going forward.
18 March 2024Ripping up the rulebook: financing the energy transition
The authors set out some of the challenges faced by both lenders and equity investors when deploying capital towards energy transition projects at scale. Such challenges include the volume of capital expenditure required, novel technology risk, untested markets and the participation of diverse stakeholders with a range of different sectoral experience. The authors then draw on their firm’s experience to demonstrate pioneering approaches taken by lenders and investors to mitigate risk and establish bankable project structures.
18 March 2024Preparing for a new UK securitisation framework
In this In Practice article the authors consider how buy- and sell-side parties to securitisation transactions can get ready to comply with the UK’s new securitisation framework.
18 March 2024Private portfolio financings on the rise
In this article the authors consider the benefits of private portfolio financings in light of challenging conditions for CLO issuance.
18 March 2024More than meets the eye: a new UK regime for critical third parties: what does it mean for regulated firms?
Financial services regulators across the globe are considering how to regulate in some way cloud providers and other information and tech service companies (critical third parties (CTPs)) which many banks and other financial institutions rely on heavily for critical services. While the European Union’s new Digital Operational Resilience Act (DORA) imposes new requirements on both CTPs and the regulated firms which use their services, the UK has started the ball rolling on a new CTP regime aimed only at the CTPs themselves. The UK regulators’ proposals for their part in the new regime are out for consultation. We take a look at some key areas of the proposals which remain unclear from the financial sector’s perspective.
18 March 2024Super senior facilities: a recap on key documentary terms
In this In Practice article Michael Leadbeater considers the key documentary terms which will form the basis of facilities agreement negotiations in the context of a super senior/senior financing.
18 March 2024Taking effective security over future acquired assets: the importance of contractual intention
Taking security over after acquired assets is often linked in case law to the equitable remedy of specific performance transforming a contractual right into a proprietary one to the charged property; an essential element to secured finance structures. A closer analysis illustrates contractual intention of the parties, rather than specific performance, is the key factor.
18 March 2024De-banking: what next for payment service providers?
The de-banking of customers, and the legal and regulatory implications that can arise, are not new issues. However, those issues have come into sharp focus following recent publicity surrounding a high-profile account closure. This In Practice article considers what payment services firms can expect next following the increased scrutiny from customers, media, government and the regulators.
18 March 2024
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