Payment service provider meaning

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU MiFID II Islamic finance Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies BCBS and IOSCO outline progress updates. The Basel Committee on Banking Supervision and the International Organisation of Securities Commissions have set out results from their May 2026 gatherings. Sources: Basel Committee...

In this issue: Wills Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Budgets and Finance Bills Family businesses and ownership structures Insolvency—Private Client Charity and philanthropy Contentious trusts and estates Pensions, insurance and tax efficient investments International Additional Private Client updates this week Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Useful information Wills Will set aside for lack of testamentary capacity and undue influence (Oliver v Oliver) William Oliver passed away on 25 May 2018, aged 86. A widower, he was survived by five children. His youngest daughter, Jane, sought to have his 2015 will overturned on the bases that: (a) execution failed to meet the formal requirements under section 9 of the Wills Act 1837; (b) he lacked...

In this issue: UK, EU and International Regulators and Bodies Authorisation, Approval and Supervision Prudential Requirements Financial Crime and Sanctions Regulation of Capital Markets Regulation of Derivatives Sustainable Finance and ESG Banks and Mutuals Investment Funds and Asset Management UK MiFID II Regulation of Insurance FSMA Regulated Pensions Activity Payment Services and Systems Fintech and Cryptoassets Regulation of AI in FS Dates for your diary LexTalk® Financial Services: a Lexis®Nexis community UK, EU and International Regulators and Bodies FCA’s regulatory plans point to cautious optimism The Financial Conduct Authority’s 2025–2030 strategy, published on 25 March 2025, sets out four core priorities: combating financial crime supporting consumers encouraging growth becoming a smarter regulator Firms that look more closely will notice some less expected but reassuring signals: a commitment to a more adaptable supervisory approach for the largest firms,...

This Practice Note examines the EU’s Recast Second Wire Transfer Regulation (EU) 2023/1113 (Recast WTR2) on information accompanying transfers of funds and certain cryptoassets. Often referred to as the Recast Second Funds Transfer Regulation (Recast FTR2), it takes effect on 30 December 2024. Recast WTR2 sits at the heart of the EU’s anti-money laundering (AML) and counter-terrorist financing (CTF) architecture, and underpins the bloc’s oversight of payments and cryptoassets. It revises and supersedes the Second Wire Transfer Regulation (EU) 2015/847 (EU WTR2) to bring EU rules into line with the latest Financial Action Task Force (FATF) standards, the worldwide AML/CTF rule‑setting authority. Under Recast WTR2, the information‑sharing benchmark for transfers—commonly called the ‘Travel Rule’—sets out the payer and payee details that must travel with any funds transfer, regardless of currency, to help prevent, detect and investigate money laundering and terrorist financing (ML/TF), whenever at least one of the payment service providers (PSPs) engaged in the transfer is established in the EU. It further obliges PSPs...

Once a rolling stock lessor has accepted delivery of units from the manufacturer, suitable maintenance frameworks are put in place to keep the fleet in good order. The selected approach will hinge on various factors; however, for newly built rolling stock in UK passenger operations, a Train Services Agreement (TSA) is a common choice. For further detail on maintenance options, see Practice Note: Rail finance—leasing and maintenance arrangements, which summarises the key provisions of a typical TSA. Parties to a TSA A TSA is typically a bilateral arrangement between a maintenance provider (usually the rolling stock manufacturer or one of its affiliates) and the operator. On occasion, the lessor also joins, resulting in a tripartite TSA. The core provisions of a TSA Services The maintenance provider will be required to deliver a range of services, and a TSA commonly differentiates between ‘standard services’ and ‘additional services’. Standard services Standard services are the routine obligations the maintenance provider must perform in return for the...

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...

This precedent has been produced on the basis that the drafter is acting for the buyer. The following warranties have been prepared for a transaction where: The Buyer will provide pension benefits through its own arrangement or via an appointed provider; and Employees’ past service benefits will not be transferred to the Buyer’s arrangement. You are strongly advised to involve a pensions specialist at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 7 inclusive: Employee means [ [specify as necessary, either by category or by named individuals ]; Pension Scheme [ s ] mean [ s ] [ [ name(s) of scheme(s) ] OR an arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity or similar benefit to be given on retirement, long-term ill-health or death, or pursuant to a pension sharing order, in relation to the service or historic service of an Employee or any other person, or...

This Agreement is entered into on [ insert date ] Parties [ insert name ], a company incorporated in [ England and Wales ] with registered number [ insert registered number ], whose registered office is at [ insert address ] (Supplier); and [ insert name ], a company incorporated in [ England and Wales ] with registered number [ insert registered number ], whose registered office is at [ insert address ] (MVNO). Each of the Supplier and the MVNO is a party and, together, the Supplier and the MVNO are the parties. Background The Supplier operates a mobile network within the Territory. The MVNO functions as a mobile virtual network operator in the Territory. The Supplier has agreed to supply wholesale mobile electronic communications services to the MVNO for onward sale [ on a pre-pay basis OR on a post-pay basis OR on a pre-pay and post-pay basis ] in the Territory, in accordance...

This Agreement takes effect on [ date ]. Parties 1 [ Insert name of supplier ], a company registered in [ England and Wales ] with company number [ insert registered number ] and having its registered office at [ insert address ] ( Supplier ); and 2 [ Insert name of customer ], a company registered in [ England and Wales ] with company number [ insert registered number ] and having its registered office at [ insert address ] ( Customer ). Each of the Supplier and the Customer is a party and, collectively, the Supplier and the Customer are the parties. Background (A) The Supplier is a proficient and experienced provider of data processing services, encompassing [ insert description of relevant services ]. (B) The Customer is [ insert description of the Customer and its business ]. (C) The Customer intends to appoint the Supplier to process certain [ insert description of the...