Escrow accounts are becoming segregated accounts (only)
Changes to the German safeguarding regime of customer funds pursuant to Section 17 of the German Payment Services…
BaFin Update: New Requirements in Circular 08/2023 for ZAG Institutions
ZAG institutions take note! BaFin has updated its Circular 08/2023 on the monitoring and governance of banking products…
Stronger protection for customer funds: ZAG reform brings clarity
German government plans to clarify insolvency protection for payment service providers’ fiduciary accounts: ZAG reform in ZuFinG II…
Material legal framework that payment service providers in the area of IT regulatory law need to know
We regularly shed a light on important legal and regulatory developments which are relevant for payment service providers…
Minimum risk management requirements for ZAG institutions – ZAG-MaRisk
On 27 May 2024, the German Federal Financial Supervisory Authority (“BaFin”) published the final version of its circular…
One-way street FiDA – why well-intentioned is not well done
With its proposal for a regulation on a framework for access to financial data (Financial Data Access –…
The group privilege in payment services regulation
In a nutshell, the Payment Services Supervision Act (ZAG) stipulates that payment transactions and associated services within a…
Minimum requirements for risk management at ZAG institutions (2)
Update: The ZAG-MaRisk was published on May 27, 2024 after an extended consultation. According to the BaFin’s letter…
Minimum requirements for risk management at ZAG institutions (1)
Update: The ZAG-MaRisk was published on May 27, 2024 after an extended consultation. According to the BaFin’s letter…