Chris Finney writes in Payments & FinTech Lawyer magazine - The European Banking Authority (EBA) adopts the regulatory technical standards for strong customer authentication

January 12, 2018

The European Banking Authority (EBA) has adopted a set of regulatory technical standards ‘for strong customer authentication[,] and common and secure open standards of communication,’ and sent them to the European Parliament and Council for scrutiny. The Parliament and Council have until 27 February 2018 to consider the RTS, although they can extend the scrutiny period until 27 May 2018, if they wish. Unless the Parliament and Council object, which is possible but unlikely, the RTS will be published in the Official Journal of the European Union and come into force the following day. Banks, payment initiation service providers (‘PISPs’) and account information service providers  (‘AISPs’) established in the European Union will be obliged to comply with the RTS 18 months after that. Because that is likely to fall in the Brexit transition period (if there is one), banks, PISPs and AISPs established in the UK may also be obliged to comply with the RTS, even if it is only for a short while.

If you are a registered user, please click here to read the full article.


Related pages:

Financial Services more

Technology and Online more

Technology and Online more

icons Addthis Print Contact Register

Contact

tel: +44 (0) 20 7628 2000
10 Finsbury Square, London, EC2A 1AF
View map


For more information

 image

Chris Finney
Partner
Direct dial: +44 (0)20 7614 2614
cfinney@foxwilliams.com

Accreditations

  • Top Ranked Chambers UK 2014 - Leading Firm
  • Ranked in Chambers Europe 2013 - Leading Individual
  • Ranked in Chambers Global 2014 - Leading Firm
  • Legal 500 - Leading Firm
  • The Lawyer UK 200 - Listed Firm
  • The Law Society Excellence Awards 2012 - Shortlisted
  • Investors in People - Bronze