About this episode

Today’s episode is timely one. We meet up with Scott McInnes, partner in the Brussels office of international law firm Bird & Bird, to deep dive the recently published package of new payments legislation proposed by the European Commission.

Scott has more than 15 years' experience of competition law and regulation, with considerable expertise in payments regulation and competition law across Europe.

First off, we review the much anticipated 3rd Payment Services Directive - PSD3  -  which consists of 2 proposals, the Directive plus the Payment Services Regulation or PSR.

Secondly, we take a look at a proposal for a framework for financial data access or FIDA which seeks to extend Open Banking to establish rights and obligations to manage customer data sharing in the broader financial sector beyond payment accounts.

And thirdly, we discuss the proposed framework to facilitate the possible introduction of a digital euro which is perhaps the most radical and transformative idea on the table.

With the EU payments legislation pipeline now chocker block, we also consider the UK’s post Brexit position and the fact that the UK has for the first time in the 20 + years of EU payments regulation, not had any input or say in the drafting of the proposed legislation.

Bird & Bird's client alert on PSD3 and PSR is here, and on FIDA here.

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Listen to the episode

Episode Links

Linkedin: https://www.linkedin.com/in/scott-mcinnes-701a901/

Website: https://www.twobirds.com/en/people/s/scott-mcinnes

Guest Bio

Scott is a partner in the Brussels office of international law form Bird & Bird. With more than 15 years' experience of competition law and regulation, he has considerable expertise in payments regulation and competition law across Europe.

Scott has advised payment schemes, payments services providers (e.g. card issuers and merchant acquirers), processors, merchants, as well as other stakeholders in the payments value chain. He also advises on a variety of competition law issues, in particular in the payments sector. Along with the Bird & Bird Brussels public affairs team, Scott also provides support to clients on their public affairs initiatives related to draft legislation and regulations. Scott regularly speaks at events and conferences relating to the payments industry. Before joining Bird & Bird in 2016, Scott was senior regulatory Counsel at Mastercard for four years, where he provided day-to-day legal advice on a broad range of payments regulatory and competition law issues, as well as private actions for damages. He also provided support to public affairs initiatives. Before joining Mastercard, Scott worked in the competition law department of a major international firm in Brussels, where he handled a diverse array of competition law matters, including investigations by the European Commission, as well as the national competition authorities in Europe, appeals to the EU and national courts, and private actions for damages. After studying law at Université libre de Bruxelles, Scott gained a Master of Law degree at University of Oxford. With dual French and British nationality, Scott is fully bilingual.

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