Press Release: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

On 6 June 2019 the Governing Council approved key parameters of the third series of targeted longer-term refinancing operations (TLTRO III). These operations, announced on 7 March 2019 and to start in September 2019 and end in March 2021, with a maturity of two years each, will apply an interest rate for each operation set at 10 basis points above the average rate applied to the Eurosystem’s main refinancing operations (MROs) over the life of the respective TLTRO. The rate applied to TLTRO III operations will be lower for counterparties whose eligible net lending between the end of March 2019 and the end of March 2021 exceeds their benchmark net lending. More detailed information on these technical parameters can be found in a related press release available on the ECB’s website.

Press Release: Instant payments

The European Union is seeking ways to strengthen the role of the euro and bolster its global relevance. As part of this, the European Commission is looking at the development of EU-wide instant payments, which will help increase the autonomy of payment solutions in Europe and challenge the dominance of American and Asian apps and cards that Europeans use for their cross-border payments.

Event: A cashless society? European millennials’ attitudes towards electronic payments (11 July 2019)

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Press Release: The bank of Lithuania starts adding fintech companies’ innovations on the blockchain

LBChain is the world’s first blockchain-based sandbox developed by a financial market regulator, the Bank of Lithuania. The platform was developed through a pre-commercial procurement and is now opening up to international start-ups as well as financial and FinTech companies to test their solutions on the LBChain. The project combines the creation of innovative blockchain-based solutions with supporting their application in the financial sector as well as improving the quality regulatory requirements and attracting foreign direct investment.

Press Release: Big tech in finance: opportunities and risks

The entry of large technology firms (“big techs”) such as Alibaba, Amazon, Facebook, Google and Tencent into financial services, including payments, savings and credit, could make the sector more efficient and increase access to these services, but also introduces new risks, the Bank for International Settlements (BIS) writes in its Annual Economic Report.

Publication: European Banking Authority’s opinion on strong customer authentication

The European Banking Authority adopted an opinion on the elements of strong customer authentication under the second payment services directive (PSD2). PSD2 granted the European Banking Authority a number of mandates to develop draft regulatory technical standards (RTS), including the RTS on strong customer authentication and common and secure communication, which the Commission adopted on 27 November 2017 (Commission Delegated Regulation (EU) 2018/389).

Official Journal (C Series): Withdrawal of Commission proposals

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Event: Policy Options for New Tech-Enabled Payment Processes (Brussels, 25 June 2019)

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Event: The Future of Payments: What Next for Competition and Innovation in Payments? (Brussels, 25 September 2019)

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UPDATED – Settlement Finality Directive: Authorities designated to be notified of insolvency proceedings and SFD Designated Payment and Securities Settlement Systems

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Written Answer to Question: ‘Emergency stop’ under PSD2

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Agenda: Meeting of the CETA Financial Services Committee (12 June 2019)

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UPDATED – Agenda: High Level Working Party (Taxation) (4 June 2019)

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Proposal for a Council Directive amending Directive 2006/112/EC as regards introducing certain requirements for payment service providers Proposal for a Council Directive amending Council Directive 2006/112/EC of 28 November 2006 as regards provisions relating to distance sales of goods and certain domestic supplies of goods

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Proposal for a Council Regulation amending Regulation (EU) No 904/2010 as regards measures to strengthen administrative cooperation in order to combat VAT fraud

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UPDATED – Antitrust/Cartel Cases: AT. 40049 Mastercard II – AT. 39398 Visa MIF

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Paper: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures

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