Скачать или смотреть Panel on the EU’s approach to payments regulation: what we can learn from Fintech regulation

The Payment Services Directive of 2007 is generally considered one of the first examples at European level of addressing new technological and market developments through a tailored regulatory and supervisory regime. The PSD created the legal framework for the emergence of multiple non-bank cross-border payment solutions, including more recently electronic wallets, payment gateways, payment initiation and account information services. It sought to follow the principle of ‘same risk, same regulation’. While the PSD regulated payment institutions at the entity-level the licencing regime essentially follows an activities-based approach.

Does the PSD provide a model as a regulatory approach to the emergence of new FinTech players in the financial services sector? In what respect is creating legal certainty a precursor to market innovation or should policy-makers let innovation evolve before regulating? Is the PSD technology neutral? How do we ensure that the PSD does not lock-in established technologies and business models? In the early days many jurisdictions adopted regimes for non-bank payment providers that was similar to the PSD. What is the response by non-EU jurisdictions to payment innovation today?