Regulation of payment services in Spain: Conference at the Royal Academy of Jurisprudence and Legislation

Yesterday, January 29, 2020, at 7:30 p.m., I had the honor of opening, at the Royal Academy of Jurisprudence and Legislation, the program of sessions of the Seminar on Financial Market Law organized by the UNED and sponsored by the CECA and the AEB with a conference on “The legal regime of payment services”.

In this conference I presented the essential lines of the new regulation of payment services established by the Royal Decree-Law 19/2018 (RDL 19/2018), Royal Decree 736/2019 and Order ECE/1263/2019 in three parts:

a) The first part deals with the general aspects of the new regulation, beginning with the impact of RDL 19/2018 in the payment service market, in the banking market in general and in the stock market. Then, I exposed the legislative policy purpose of this the new regulation of digital payment services and, especially, cybersecurity. This first part ended by setting out the temporary, substantial and geographical regulatory framework of RDL 19/2018.

b) In the second part, I exposed the structure of payment services in Spain composed of the subjects (providers and users of payment services), with a special attention to the statute of payment institutions. This analysis of the structure of the market for payment services was completed with the examination of objects and functions, where the included payment services and the excluded payment transactions are examined.

c) In the third and final part of the conference I exposed the functioning of payment services in Spain, beginning with the basis of the legal structure of contracts derived from payment services and continuing with the transparency of payment services. This third part ends by setting out the legal status of the parties in the payment services

Final note: You can see this blog and my studies: The second payment services Directive”, Financial Stability Review. Issue number 35, pp. 57-78 and “The regulation of payment services by Royal Decree-Law 19/2018, of november 23. A panoramic view”, RDBB number155 (2019), pp. 9-36.