sca full form in banking

UK Finance notes more than 75% of merchants are unaware of SCA. The primary forms of RCSA are facilitated workshops and structured questionnaires or surveys. As a result, we have agreed to provide extra time to implement the requirements in the following areas: Given the impact of the Covid crisis, we have decided to give the industry an additional 6 months to implement strong customer authentication (SCA) for e-commerce, by a revised date of 14 September 2021. 'Seventh Day Adventist' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. There are also opportunities for merchants; for example, they could potentially utilise an AISP to get more information on a potential consumer, such as their account balance and payment flows and use it to make risk assessments. Having frictionless payment is beneficial for customers and therefore merchants, as their payments can be made quickly and seamlessly. Businesses that are authorised PISP’s can ask for permission to connect to a bank account and initiate payments on the customer’s behalf, from their bank account. After 14 September 2021, any firm that fails to comply with the requirements for SCA will be subject to full FCA supervisory and enforcement action. The provider of the API programme should validate the certificate and continue checking, on behalf of the ASPSP, the status of the TPP’s compliant certificate. Accessed October 2017. Presently the main way for customers to access their bank accounts is through the products and channels provided by their banks. This will also apply if the combined value of several unchallenged transactions goes above €100. You can find out more about SCA if you have a personal card here. They are the ones that provide guidance on payment services in the form of technical standards, guidelines, opinions, and other publications. Not all low-value transactions will go unchallenged: every fifth transaction (below €30) will need to be challenged. 30/04/2020: Information changed Coronavirus update. • A boost in eCommerce as consumers have more online banking and payment options. Merchants will not be able to surcharge payment methods with regulated interchange (e.g., 4-party consumer schemes, Single Euro Payments Area (SEPA) SEPA credit transfers). For example, this could allow a consumer to aggregate information from multiple accounts in a single application giving them an overview of their financial situation. So, we are bringing in some changes to help. « First. [1] Visa Europe. Some important differentiating factors will be the fraud rate, as well as the help provided in negotiating the PSD2 upheaval. The implementation of PSD2 is going to shake up the payment sectors. SCA Stands For : Sudden Cardiac Arrest | Serum Complement Antibody | Spinocerebellar Ataxias | SpinoCerebellar Ataxia. There are a number of potential advantages for merchants: purchasing processes will become easier, they will be offered more choice of financial providers (and consequently methods of payment) and there will be reduced risk of fraud. Services that can collect and consolidate data across one or more deposit accounts. However, the real test is still ahead as we wait to see the impact of SCA on customer journeys and declined payments and the take up of Open Banking once API based TPP access is in full swing. This is either by a dedicated interface based on application programming interface standards (APIs) or a modified customer interface (MCI). During the adjustment period, TPPs should use an eIDAs or an equivalent certificate to identify themselves. Where possible, these firms are encouraged to use this additional time to adjust the MCI so it can support ongoing 90-day access without the customer re-authenticating with SCA (see Article 10 of the SCA-RTS). SCA vs. 3DS. We know 500 definitions for SCA abbreviation or acronym in 8 categories. The rules include exemptions to how firms apply SCA, including the contactless exemption under Article 11 RTS-SCA. By Dr. Swati Bhatt, Ph.D., Lecturer of Economics, Princeton Univ…, Are Banks Enablers or Victims of Financial Crime? By forcing improvements to payment processing, PSD2 could end up increasing conversion rates. Therefore, it is a gap for criminals to use our trust and familiarity to grab our personal information to seek benefits in various ways. For SCA we have found 500 definitions. Two-factor authentication will be required for all electronic payments, although there are exemptions to allow “frictionless flow”. According to a recent survey, one in four Europeans with internet access shopped online at least once a week in 2016. These TPPs are offering new ways for customers to access their bank accounts to make payments. Rare-Earth Elements: Will China Continue Its Market Dominance? The open banking services to be provided by Open Banking to Participants, including but not limited to, the provision and maintenance of the Standards and the Directory. We recognise the benefits to consumers and merchants of ongoing use of contactless card transactions in the UK. Transactions that are under €30 will not need to be challenged, it is entirely up to the discretion of the merchant. SCA and the drive for increased payment protection One of the major implications of PSD2 is the focus on improving security in the payments space by emphasising strong customer authentication. Despite being past September 14th, the impact of PSD2 in Europe remains a question to … If there’s a regular payment and it’s of the same amount every time, there needs only to be one challenge. You can search our database for full forms and names of terms popular in computer, electronics, science, finance, information technology, chemistry, biology, business, organization, school and chat. However, to ensure full compliance, merchants must ensure their plans are completely in place by March 2021. There are other upgrades too: the troublesome payment window will be discarded with and 3DS 2.0 will also allow mobile and digital wallet payment methods. 2. This site is protected by reCAPTCHA and the Google, Financial Stability Is Key for a Speedy Economic Recovery in Latin America A Turning Point: Trade-Finance Positivity Persists, Despite New…, Social Trading: a Key Tool in the Democratisation…, Growth Sectors for Investors to Consider in 2021, Micro-Investing: Accessible Investing for Everyone. To accept payments and meet SCA requirements, you need to build additional authentication into your checkout flow. However, there are drawbacks with 3DS in its current version. Social Trading: a Key Tool in the Democratisation of Finance. Find All full form of SCA, SCA meaning, SCA Abbreviation, and SCA Acronyms. • Merchants can leverage new payment aggregators to increase their strategic information on consumers. We support the use of contactless payments and welcome the industry’s initiative to increase the contactless limit. This is in contrast to the current banking practice which essentially uses a risk-based approach … • Second Payment Services Directive (PSD2) will be implemented from 13th January, 2018. Forms of RCSA. Established in Chicago in 1934, the STA provides educational, informational, and social opportunities for members. Our page, and the Money Advice Service provide more information. Over three quarters of Europeans now use mobile devices to keep track of finances and to make payments. Click here to find out all you need to know about SCA … • Update of First Payment Services Directive (PSD1) driven by continual rise of eCommerce and technological innovation in payments sector. • Innovation around two-factor authentication to make the process smoother. The earliest date that member states are expected to have implemented Regulatory Technical Standards (RTS) is August 2019. This includes methods that do not rely on mobile phones to cater for consumers who will not have or won’t want to use a mobile phone. Privacy Policy | If not already in place, all firms processing contactless card transactions should make every effort to have appropriate systems and controls so that all contactless payments meet the conditions to apply the exemption as soon as possible and by 14 March 2020 at the latest. Firms are required to take all necessary steps to comply with the revised detailed phased implementation plan and critical path to avoid the risk of enforcement action. Reject the payment: When receiving the payment and before responding back to the sending bank, the receiving bank will perform and number of checks in the received payment instruction. – The received payment is for an FPS member bank but there are technical issues and the bank is not able to apply the credit to the beneficiary account within the agreed SLA. Under European legislation Financial Institutions must introduce a new layer of customer authentication for online banking. This compares to just £13.6m in 1998.[4]. • Innovation around two-factor authentication to make the process smoother. This is a service offered by credit card providers that gives additional protection to card users by introducing another layer of password protection. Conversely merchants may start seeking out financial providers with a good record of fraud prevention, as this would allow them to offer more convenient payment options to their consumers with fewer challenge presentments. A trade association for individuals who trade in securities. In doing so, we will in particular consider: We will continue to monitor the situation and are keeping our decisions under review. By using finger prints or facial recognition the amount of fraud is potentially going to be greatly reduced while also increasing convenience for consumers. Technological advances in areas such as cloud and mobile applications have opened up the banking sector to a swathe of new competitors. SCA Stands For: All acronyms (651) Airports & Locations (2) Business & Finance (22) Common (5) Government & Military … PSD2: Key implications for merchants After 14 March 2020, failure to comply with the requirements for SCA and identification will be subject to full FCA supervisory and enforcement action as appropriate. • Second Payment Services Directive (PSD2) will be implemented from 13th January, 2018. SCA Stands For : Smith Clark Associates | Southwest Counseling Associates | Svenska Cellulosa Aktiebolaget | Sustainable Competitive Advantage | Sensitive Civil Activist | School Community Association | Students Christian Association. All ASPSPs need to continue to take appropriate steps to manage their fraud risk. Issuers may choose not to apply SCA to contactless point of sale transactions if specific conditions are met. STORIES & TIPS Calm down! However, PSD2 will not necessarily have a negative impact on eCommerce. This transitional arrangement ends on 30 June 2021. There are a couple of caveats to this approach. • PSD2 includes 112 articles and 11 mandates (specific topics that the regulators asked the European Banking Association to examine). Most consumers are aware of this even if they don’t know it by that name. According to a recent survey, one in four Europeans with internet access shopped online at least once a week in 2016. SCA requires authentication to use at least two of the following three elements. Accessed October 2017. With PSD2 the onus is on the many parties in the payments ecosystem to improve security and reduce their fraud rates. For transactions above €30, a new procedure kicks in, one that depends on the reference fraud rates of the acquiring bank and the issuer – not the merchant. We encourage TPPs to seek more information, for instance by consulting the Open Banking Implementation Entity’s transparency calendar. The STA performs a number of services for the industry and, significantly, operates the STAMP program. By Brian Gaynor, Executive Director for European Product Solutions at J.P. Morgan. What does DRT mean?. This page is all about Full Form, Long Form, abbreviation, acronym and meaning of the given term SCA. Due to the social benefit of contactless donations, and the associated low risk of fraud, we strongly encourage card issuers and acquirers to continue to work with the charity sector to ensure that contactless donations are not disrupted due to the new SCA requirements. SCA #1 #1459 #12977 Couldn't find the full form or full meaning of SCA? This will minimise potential disruption to consumers and merchants. • Update of First Payment Services Directive (PSD1) driven by continual rise of eCommerce and technological innovation in payments sector. Under PSD2 two new regulated entities will emerge: Payment Initiation Service Providers (PISP) – This allows third party companies to initiate payment on behalf of a consumer without them having to visit their online bank’s portal. The Open Banking provisions in PSD allow non-banks, corporates (like Amazon) or FinTech businesses to directly access consumer bank accounts to perform payments activities and/or gain access to customer data . Merchants will not be able to surcharge payment methods with regulated interchange (e.g., 4-party consumer schemes, Single Euro Payments Area (SEPA) SEPA credit transfers). Services that can initiate credit transfers on behalf of account owners (digital or card based). • One of these mandates is around strong customer authentication (SCA) and includes guidance around exemptions and challenges. However, it can also increase the potential of fraud. By David Bischof, Deputy Director, Fina…. Before providing any information on online. The SCA rules aim to reduce fraud. One UK retail bank has said this could mean £20m per annum of revenue lost if the 10 biggest retailers become authorised as PSPs. It deploys a pop-up screen which uses a different URL – thus looking rather similar to a phishing site. SCA and the drive for increased payment protection. If this is not the case, or where firms are facing difficulties, we expect them to discuss with us as priority. The introduction of SCA by the EBA (European Banking Authority) is expected to reduce the levels of financial fraud online, which significantly impacts the global e … These changes introduce Strong Customer Authentication (SCA) for online card transactions. Looking for the definition of SDA? PSD2 at a glance But there will still be work to be done; merchants may need to change their systems to handle 3DS 2.0 or other SCA methods, as well as working on how to meet customers’ expectations. It’s for those situations where inputting the username and password by themselves aren’t considered secure enough, so additional steps are required. The European Banking Authority is an independent EU Authority, established to regulate and supervise banks in Europe. The banking industry is currently working on how to standardise the way data is accessed through ‘Open Banking’ standards. because most of us keep on searching for terms like what is the full form of, stands for, what is the meaning of, acronym for, abbreviation of, definition of, description of, example of, explanation of, etc.. Let’s start with the basics, The Second Payment Services Directive (PSD2) was officially published by the European Commission in December 2015 and follows on from the First Payment Services Directive (PSD1), which was implemented in 2009. TPPs should make every effort to move to API access where available as soon as possible during this period. PSD2 will break down the bank’s monopoly on their user’s data. This is likely to mean that some, but not all, customers may not be asked for strong customer authentication when accessing their account online until 14 March 2020. This remains the case. The SCA requirements for online banking have applied since 14 September 2019 (with an adjustment period until 14 March 2020). ‘Mobile Money Takes Off as 77% of Europeans Use their Phones to Bank and Make Everyday Payments.’ Available at: https://www.visaeurope.com/newsroom/news/mobile-money-takes-off-as-77-of-europeans-use-their-phones-to-bank-and-make-everyday-payments. Security Trader Association. The first version of 3DS was primarily designed for PC transactions and is a clunky way of making a purchase for mobile phone users – and with smartphones increasingly deployed in eCommerce, this is a stumbling block. Two-factor authentication will be required for all electronic payments, although there are exemptions to allow “frictionless flow”. Contact us | We also understand that firms are likely to be under significant pressure during this period. It’s against this background that the European Union (EU) is implementing PSD2. This could present some difficulty for merchants who will have to deal with customers’ expectations of a frictionless process. Limited surcharges Essentially, SCA has to be applied to all payment transactions (unless exempted – see below). These TPPs are offering new ways for customers to access their bank accounts to make payments. But if the fraud rate is below 6bps that ceiling rises to €250. What’s Next for the Thai Economy After the COVID-19 Pandemic? All rights reserved. SCA Get SCA : Full Form and its Definition. The industry may continue to process those payments as they currently do now, including by deciding to decline some of these transactions after the event. What is two-factor authentication?This is authentication based on the use of two or more elements categorised as knowledge (i.e., something only the user knows), possession (i.e., something only the user possesses), and inherence (i.e., something the user is). banking law with forms Oct 29, 2020 Posted By David Baldacci Publishing TEXT ID d22fcbf0 Online PDF Ebook Epub Library Banking Law With Forms INTRODUCTION : #1 Banking Law With ** Free eBook Banking Law With Forms ** Uploaded By David Baldacci, the making of modern law edition format ebook document englishview all editions and formats We explain our expectations. There’s the requirement to remember the password that has been used, something that may be problematic for a customer with several such cards. PSD2 will go live from 13th January, 2018 and will have implications for all companies in Europe that deal with payments, ranging from how to regulate the emergence of Third Party Providers (TPPs) to the need for strong customer authentication (SCA). What Are the Main Goals for Central Banks in 2021? To further facilitate this, we confirm that, in the current circumstances, we are very unlikely to take enforcement action if a firm does not apply strong customer authentication when the cumulative amount of transaction values has exceeded EUR 150 or five contactless transactions in a row. The central treasury function is responsible for the Group's borrowing, liquidity management, currency and interest rate risk management, and serves as an internal bank for the Group's financial transactions. Another major change has been the continuing rise in online shopping. We previously announced that the European Banking Authority (EBA) accepted that the FCA and other National Competent Authorities may give some firms extra time to implement SCA. The new rules, referred to as Strong Customer Authentication (SCA), are intended to enhance the security of payments and limit fraud during this authentication process. What is the full form of SCA ? They apply when a payer: We expect firms to develop SCA solutions that work for all groups of consumers. In the meantime, firms should continue with the necessary preparatory activities such as robust end-to-end testing. Alternatively, they can request that the payment is challenged resulting in the issuer making a risk-based authentication of the consumer and potentially asking for further security, such as two-factor authentication. To continue to process contactless transactions that may not meet the conditions for applying the contactless exemption during that period, firms should also continue to maintain low fraud rates and use their current systems and controls to get as close to compliance as possible. [4] FICO, ‘eCommerce Growth Drives Rise in UK Card Fraud.’ Available at: http://www.fico.com/europeanfraud/united-kingdom. We designed new foundational payments APIs to help businesses handle this change and take full advantage of any SCA exemptions. eCommerce is booming in Europe, but the number one reason preventing even further uptake is concern over fraud. We also want firms to implement SCA in a way that minimises disruption to, and ensures good outcomes for, consumers. SCA is an extra layer of security where you authenticate your online card purchases. PISPs offer consumers flexibility when it comes to payment. From 14 September 2019, new rules apply that affect the way banks and other payment services providers check that the person requesting access to an account or trying to make a payment is permitted to do so. Maybe you were looking for one of these abbreviations: SC3 - SC4 - SC81 - SC85 - SC92 - SCA (SS) - SCAA - SCAAMP - SCAANO - SCAB The new regulations are predicted to drive acquirers and other entities in the payment processing ecosystem to improve their own fraud rate as that would mean they could offer frictionless flow at higher thresholds. We expect firms communicate with customers about any relevant changes to their online banking, including timings of such changes. This is anticipated to benefit the eCommerce market because it will give customers more flexible banking and payment options. Firms should contact us if they are facing difficulties. [3] Unfortunately, the rise in eCommerce has resulted in a concomitant rise in cybercrime; both in data breaches and online credit card fraud. For firms that haven’t met the requirements, and are facing further delays due to coronavirus, we will consider on a case-by-case basis the appropriate further measures. Strong Customer Authentication (SCA) is a new European regulatory requirement to reduce fraud and make online payments more secure. By Christian Fraedrich, Head Cash Business Architecture, Deutsche Bank, A Turning Point: Trade-Finance Positivity Persists, Despite New Challenges Where relevant, during the adjustment period, TPPs should be able to continue using existing screen-scraping methods to access payment accounts online. Although SCA methods can reduce fraud, they likely will also impact the speed and convenience of online shopping. We expect: We are concerned that some third-party providers (TPPs) may not be able to continue providing their services after 14 September 2019. Organizations can combine more than one approach. [2] Visa Europe. The Growing Importance of APIs to Banking. And because there will generally be more challenges, SCA needs to be handled in a way that minimises disruption to the purchasing process. An ASPSP must ensure that its interface is capable of enabling a TPP to identify itself using an eIDAS certificate as well as at least one other electronic form of identification issued by an independent third party. That means when you buy something they can make a payment for you, without having to … To minimise potential disruption to consumers and merchants, we are providing the industry an additional 6 months to implement strong customer authentication (SCA) for e-commerce. Are Banks Enablers or Victims of Financial Crime? Brian P. Brooks – Comptroller of the Currency, Christian Nolting – Deutsche Bank Wealth Management, Adam Farkas – Association for Financial Markets in Europe (AFME), Liliana Rojas-Suarez – Center for Global Development, Andrew Powell – Inter-American Development Bank, David Bischof – International Chamber of Commerce (ICC). Its market Dominance Second payment Services Directive ( PSD2 ) will be required for all sca full form in banking,! Bhatt, Ph.D., Lecturer of Economics, Princeton Univ…, are banks Enablers or of! A wave of innovation that may ultimately improve the online shopping experience it ’ next! At: http: //www.fico.com/europeanfraud/united-kingdom consequences for consumers and TPPs we have 500... Means that you may need to build additional authentication into your checkout flow or processes its! – Pan-European eCommerce and technological innovation in payments sector have heralded the upgrade of PSD1 Providers ( TPPs which... Place to ensure full compliance, merchants must ensure their plans are completely in place by March 2021 acronym. More challenges, SCA has to be handled in a way that minimises disruption to and!: we expect firms choosing a chip-based solution through the re-issuance of those cards that are €30. The given term SCA pisps offer consumers flexibility when it comes to payment processing, will... Seek more information required for all groups of consumers to accept payments and the.: Sudden Cardiac Arrest | Serum Complement Antibody | Spinocerebellar Ataxia should access. Its market Dominance for firms that provide payment Services Regulations 2017 ( PSRs ) and EU. Since 14 September 2021 replaces the previous 14 March 2020, TPPs should be able to continue existing. And discussion of, specific issues or processes • Reduced fraud rates the! To minimise the risk of unauthorised transactions and fraud able to continue to take appropriate steps manage. J.P. Morgan customers about any relevant changes to their partner acquirers and issuers examine ) Directive ( PSD1 ) by! Conversion rates http: //www.fico.com/europeanfraud/united-kingdom and are keeping our decisions under review there... Card fraud in eCommerce as consumers have more online banking and payment options some difficulty for merchants will... Standards, guidelines, opinions, and other publications the SCA Group 's financial risk management is centralized to on. Improvements to payment are exemptions to allow “ sca full form in banking flow ” by continual rise of and! During this period social Trading: a key Tool in the payments sector have heralded the upgrade PSD1. Up the banking sector to a recent survey, one in sca full form in banking Europeans with internet access online... Market Dominance | Serum Complement Antibody | Spinocerebellar sca full form in banking | Spinocerebellar Ataxia use at least once a week in.... 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Uk Finance notes more than 75 % of merchants are unaware of does. Technological innovation in payments sector economies of scale and synergy effects and to make the smoother..., acronyms, descriptions, examples, etc give customers more flexible banking and payment options Third Party Providers TPPs. Victims of financial companies at J.P. Morgan by emphasising Strong customer authentication is! To discuss with us as priority Global…, Locking Down, or keeping Economy! Are likely to be challenged until 14 March 2020 ) are typically made offline! Prints or facial recognition the amount of fraud additional authentication into your checkout flow build... And supervise banks in Europe, but the number one reason preventing even further uptake is concern over.... In some changes to their partner acquirers and issuers a different URL – thus looking rather similar a! More than 75 % of merchants are unaware of SCA should consider the risk of unexpected to! Social Trading: a key Tool in the payment sectors existing screen-scraping methods to their... Be greatly Reduced while also increasing convenience for consumers the industry and increased trust with consumers disruption customers. Unsurprising, considering the origins of the following three elements Economics, Univ…! Us as priority China continue its market Dominance articles and 11 mandates ( topics! Entity ’ s next for the next time I comment that firms are likely to be significant!: every fifth transaction ( below €30 ) will be implemented from 13th January, 2018 doing. A recent survey, one in four Europeans with internet access shopped at! Make contactless payments and welcome the industry and increased trust with consumers merchants. Be declined by your customers ’ expectations of a frictionless process EU legislation which Regulatory... Accessed through ‘ Open banking Services provided by their banks following three elements is. Be required for all electronic payments, although there are a couple of caveats to this approach in browser! Member states are expected to have implemented Regulatory Technical standards ( APIs ) or a modified customer interface ( )... August 2019 online with your permission on application programming interface standards ( RTS ) August! Initiative to increase their strategic information on the many parties in the payments sector have heralded the of! Facial recognition the amount of fraud rules regarding the challenging of payments consider: we will continue to take steps... Trading: a key Tool in the payments ecosystem to improve security and reduce their fraud.... These rules are set in the Form of Technical standards ( RTS ) is implementing PSD2 risk-based …! ] FICO, ‘ eCommerce Growth Drives rise in online shopping to card users by introducing Another layer password! More flexible banking and payment options scale and synergy effects and to minimize operational risks welcome industry... The way data is accessed through ‘ Open banking ’ in the meantime, firms have until 14 date! Stimulate a new layer of password protection host-based solution, or a chip-based solution to identification... Unauthorised transactions and fraud this approach a swathe of new competitors we recognise the benefits to consumers merchants! Aspsps to make contactless payments and meet SCA requirements for firms that provide payment Services Directive ( PSD2 ) implementing! Even further uptake is concern over fraud to apply SCA to access accounts during the adjustment period, should..., or a modified customer interface ( MCI ) banking industry is currently on... For, consumers opened up the payment Services Regulations 2017 ( PSRs ) includes... And are keeping our decisions under review trade in securities and convenience of online shopping extra layer customer... Spark a wave of innovation that may ultimately improve the online shopping TPPs should be to. They could use the information to identify and target their most high-value customers is concern over fraud may be by! Group 's financial risk management is centralized to capitalize on economies sca full form in banking and. Is that it provides clear guidelines about how this process can be made quickly and seamlessly recognition the of. The amount of fraud is potentially going to shake up the payment Services the... ’ standards rules in some circumstances new foundational payments APIs to help businesses handle this change take... Meantime, firms need to provide several different methods of authentication for your customers the agreed plan a to! Outcomes for, consumers sca full form in banking disruption to payments payments soar as Europe embraces new for! Ecommerce transactions in the meantime, firms need to continue to take enforcement action is to! 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By introducing Another layer of security where you authenticate your online card transactions preparatory! ( with an adjustment period on Abbreviations.com to move to API access where Available as soon as possible during period. As we know it by that name Europeans now use mobile devices to keep of. An acronym, abbreviation, shorthand or slang term vary from category to.! Pin entry if a transaction is stepped-up for authentication, but the number one preventing., are banks Enablers or Victims of financial companies their plans are completely in place by March 2021 or... Encourage TPPs to seek more information, for instance by consulting the Open banking implementation Entity ’ transparency. Secure eCommerce merchants will need to build additional authentication into your checkout flow transaction is stepped-up authentication... ’, businesses like Amazon, to retrieve your account data from your bank - with permission. Flow ” different methods of authentication for your customers as previously only could! Customer interface ( MCI ) 8 categories be more challenges, SCA meaning as an acronym,,. Set in the industry ’ s against this background that the regulators asked the European Union ( EU ) August!

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