Michael Riedl

On 23 April 2024, the European Parliament announced its adoption at first reading of amended texts of the European Commission’s June 2023 legislative proposals for a Directive on payment services and electronic money services (PSD3) and a Regulation on payment services in the EU (PSR). This was followed on 29 April by the European Banking Authority’s (EBA) publication of an Opinion on new types of payment fraud, setting out additional measures for consideration by the EU co-legislators and the Commission in the negotiation of the PSD3/PSR proposals. Hogan Lovells provides the story so far, the key points to be aware of and next steps. Click the link below for the full article.

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Check the Commission de Surveillance du Secteur Financier (#CSSF) new web page dedicated to #DORA. You will find the explanation of the 5 pillars of the Digital Operational Resilience Act regulation. And very useful : all the referencing legal texts in one place. 👉 The micro-site is available here: https://lnkd.in/eqmZzmGR #regulator #ICT #Compliance #Risk

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The European Parliament recently approved the proposal for the PSD3 - Payment Services Directive and PSR - Payment Services Regulation. PSD3, in particular, is aimed at amending Directive 98/26/EC (PSD2), to overcome its critical issues and increase consumer confidence in electronic payments. The new framework will enable companies to have a complete view of all their accounts and account-to-account payments. The most notable measures of the PSD3/PSR package include a strong increase in anti-fraud security safeguards, greater possibilities for collaboration and information exchange between national and European Supervisory Authorities, and some innovations for the benefit of citizens and customers (ex. such as the possibility of offering the end customer the service of withdrawing money up to a maximum of 50 euros, even in the absence of a purchase). #Europe #Payment #Digital #DigitalPayment #Regulatory

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12 standards, 82 disclosure requirements, and over 1,000 data points. This is the 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲 (CSRD), the European regulation that came into force in January 2024. ⚖️ The CSRD introduces the ESRS (𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀), a set of 12 harmonized standards companies must follow for non-financial reporting. These standards cover 4 main topics: 2 cross-cutting standards (ESRS 1 and 2) and 10 topical standards focused on environmental (E1 to E5), social (S1 to S4), and governance (G1) aspects. 🧩 The 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 are at the cornerstone of the CSRD, providing a comprehensive framework for companies to report on their sustainability performance and impacts. Learn more about these standards in our article 👉 https://lnkd.in/dTcU8EaD #CSRD #ESRS #ESGReporting

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Harmonisation of cybersecurity in the entire EU financial sector In an interview following DORA Regulation conference organized in collaboration with AMCHAM Luxembourg, Baker McKenzie Luxembourg Partner Jean-Francois Trapp and Director Ana Vazquez addressed some critical questions surrounding the regulation, offering practical insights for financial institutions in the EU how to comply with. - What is DORA’s scope of application and how will financial entities operating in Luxembourg be impacted? - What are the so-called five key pillars of DORA? - What are the potential challenges for firms in complying with the new rules resulting from DORA? - What is the voluntary “dry run” exercise launched by ESAs? Learn more in the interview here: https://lnkd.in/d2HFuDKY   For further information on what these developments mean for you or your organization, please get in touch with Jean-Francois Trapp and Ana Vazquez.   Baker McKenzie Baker McKenzie Luxembourg   #Dora #ESA #ICT #Cybersecurity #EU #FinancialSector #Luxembourg #Lawfirm

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DORDA has successfully supported IXOPAY, a pioneer in the FinTech industry, and its shareholders, the sibling and pioneering duo Rene Siegl and Nathalie Siegl, in a strategic merger with TokenEx, a leading cloud tokenisation provider from the USA. The DORDA team led by Jürgen Kittel (Partner, M&A) consisted of Lukas Herrmann (Partner, M&A) and Bianca Schamberger (Associate, M&A) on the M&A side. In addition, Axel Anderl (Managing Partner, IP/IT), Heinrich Kuehnert (Partner, Antitrust), Bernhard Rieder (Partner, Corporate), Lisa Kulmer (Counsel, Labour Law) and Ida Woltran (Associate, IT/IP) advised on the deal. The experience of the DORDA Digital Industries Group played a key role in supporting the transaction. Jürgen Kittel not only advised on legal aspects, but also provided support in structuring and negotiating the commercial cornerstones of the deal.   The successful completion of the transaction once again underlines DORDA's leading position in the field of M&A, especially in the support of tech transactions by the Digital Industries Group.   More about the strategic deal here: https://lnkd.in/dfdwjGd5   #DORDA #Clarity #Merger #M&A #DealClosed

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#Announcement - As with all our conferences, we save one session tailored for the compliance-minded crowd in attendance. This panel titled "Regulating the Digital Future: AI and Data Compliance Considerations in Europe" will feature insights from Christophe Fichet, Partner at BIGNON LEBRAY, Sanaea Daruwalla, Chief Legal and People Officer at Zyte, and Patrick Van Eecke, Partner and Head of the European Cyber, Data and Privacy Practice at Cooley LLP.   The conversation will center on the evolving regulatory framework for artificial intelligence in Europe, including the EU AI Act, implications for cross-border data flows, the impact of GDPR on AI deployment, and compliance considerations for alternative data usage. The discussion will also cover cyber security considerations and regulatory trends affecting EU and UK investors and fund compliance teams engaging with AI and alternative data.   Register now: https://lnkd.in/e-9DDg4X   #AlternativeData

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📣 𝗡𝗲𝘄 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗣𝗜𝗦𝗧𝗜𝗦 𝗯𝗹𝗼𝗴! On the PISTIS blog you can read about DATA: a cornerstone of Europe's digital future. Our partner, Arthur's Legal, Strategies & Systems, author of the article, highlights the importance of data in the digital age, focusing on the European perspective. Data is everywhere, but its true potential remains untapped. The EU is striving to unlock this potential ethically and securely through the "Europe Fit for the Digital Decade" initiative. Key aspects include establishing data governance frameworks, fostering innovation, and empowering citizens. The EU Data Strategy and the Declaration on Digital Rights and Principles provide guidelines for responsible data use. In that direction, PISTIS demonstrates practical implementation of trusted data sharing in areas like mobility, energy and automotive. Read the article https://lnkd.in/dpxtDSqi to familiarize yourself with the EU's digital strategy and the Declaration on Digital Rights and Principles to understand how data can be used responsibly and ethically. Fraunhofer FOKUS Yury Glikman Atos IDC Nuria De Lama Assentian Limited Suite5 Data Intelligence Solutions Eurecat - Technology Centre - Deep Blue European DIGITAL SME Alliance Costanza Pestarino UBITECH SPACE HELLAS S.A. I-SENSEGroup/ICCS UBIMET Group Goldair Handling Athens Urban Transport Organization S.A. (OASA SA) Stella Papagianni Cuerva Bamboo Energy OMI - Polo Español (OMIE) CARTIF Virtual Vehicle Research GmbH CARUSO Dataplace Trafficon - Traffic Consultants GmbH OAG Christopher Tucci Kyriakos Stefanidis Spiros Kousouris Celine Prins Marios Zacharias Maria Tsirigoti Claudia Benesch Marina Melero Muñoz Industrial Systems Institute / Research Centre ATHENA

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Market regulation has always been a focus for Teroxx, and with MiCA on the horizon our CEO and Co-Founder Christoph Pliessnig spoke to Bankstil. Christoph talked about the long-term future of digital assets, the differences between regulatory approaches in Europe and the U.S. and where the crypto market is heading in the coming years in a wide-ranging interview. MiCA is set to be partially implemented by the end of June, and Christoph also recently spoke to Institutional Money on the subject. Read more of his discussion with Bankstil here: https://lnkd.in/d6gUdZpu #MiCA #DigitalAssets #Teroxx

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ECSPR Monitor 9: Insights from ECSPR Licensing Trends Our research on the 2023 data regarding #ECSPR-licensed platforms offers intriguing insights into the adoption of the new law by existing market participants. A clear trend emerges: the majority of countries reviewed had less than half of their active incumbent platforms licensed under ECSPR by the end of 2023, that is after the cut-off of the legal transition period. Significant work by competent authorities is required to strengthen #regulatory #convergence and to enhance strict oversight to ensure a harmonised application of the law across the #European #crowdfunding landscape. We therefore welcome the latest efforts by European Securities and Markets Authority (ESMA) in seeking to establish a level playing field. https://lnkd.in/erscGFYB

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📕 On the record. Exploring the ethical, technical and legal issues of voice assistants - White paper by CNIL - Commission Nationale de l'Informatique et des Libertés The CNIL - Commission Nationale de l'Informatique et des Libertés presents leading practices for designers, application developers, integrators and organisations wishing to roll out #voiceassistants in shared locations. It emphasises the need for #transparency and #security of the devices designed, in order to comply with #GDPR and protect the privacy of individuals. The white paper also explains how good security practices that users can implement, for instance to ensure confidentiality of the data transmitted, or the protect children who may interact with those devices.

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Finmid, a Berlin-based firm that makes integrated fintech solutions, has secured €23 million ($24.7 million) in a Series A investment to expand its #product and reach new markets. Finmid is one of several startups in this space that target marketplaces who wish to offer their own payment and financing choices. The company's post-money valuation from the round is €100 million ($107 million). Embedded finance companies have long targeted marketplaces, which are two-sided businesses that facilitate the purchase of goods and services by #customers and retailers. Airwallex, Rapyd, Kriya, and several other players are among those preparing for that chance. Finmid, nevertheless, thinks it might be able to get additional business, particularly in its hometown. In Europe, small and medium-sized #enterprises usually turn to banks for loans. SMBs may now access a wider range of funding options than ever before thanks to the growth of fintech, and more and more of them are doing so. Additionally, it is reasonable for marketplaces to provide these services on their own: Because #businesses have a captive audience of consumers and the consumers of their customers, they have access to a wealth of information that they may use to create more customized lending offerings, for instance. This is one instance of how that functions. The sales history of the restaurants is available to Wolt, unlike banks, and finmid assists it in utilizing this information to determine which #customers would be shown a pre-approved financing offer. Finmid, however, was able to locate patrons who have supported the business from its #founding during the epidemic and have contributed €35 million in equity capital to date. Finmid can allow its clients to present pre-approved capital proposals, which end users can choose to accept or reject, in order to improve the fluidity of the user experience. Additionally, the business provides a service known as B2B Payments, which enables partners to support user-to-user trade. This commodity is used by #marketplaces including Vanilla Steel (metal), VonWood (timber), and FruPro (fruits and vegetables). Additionally, the business wants to grow #abroad. Italy is first on the list, although Schertel stated that no plans exist to create an office there. Though Finmid maintains an office in Berlin, Talkanitsa spends the majority of his time in Vienna. www.tycoonstory.com #Finmid #fintech #SeriesA #investment #embeddedfinance #marketplaces #SMBs #businesspartners #technology #B2Bpayments #startup #expansion #Europeanmarkets #venturecapital #financialservices #userexperience #digitaltransactions #internationalgrowth #Berlin #Vienna finmid Mark Holtmeier Bartosz Bednarek Max Schertel Dina Osseyran Alexander Talkanitsa Linda Vildava Samuel Odu Varvara Lushnikova

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Important Update for Crypto Investors in France! The Autorité des Marchés Financiers (AMF), France’s securities regulator, has issued a renewed warning against the crypto exchange Bybit. The AMF has urged customers to prepare for the possibility that the platform may suddenly cease to provide services in France. Bybit is not registered as a digital asset service provider (DASP) and is therefore offering its services illegally in France1. The exchange has been blacklisted by the AMF since May 20, 2022. This warning seems to hint at a possible coming enforcement action against the platform. The AMF has reminded investors that it reserves the right to take legal action to block the website of this platform. This warning from the AMF echoes a similar warning against Bybit by Hong Kong’s financial regulator1. Last year, Bybit pulled out of Canada and the United Kingdom, citing regulatory pressure. Stay informed and stay safe! Source : https://lnkd.in/gZaKt376 #CryptoNews #AMF #Bybit #InvestorWarning

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