This will be one to watch including how the UK's regulators, against a background of Brexit and a desire to remain a "friendly" location for fintech and payments businesses, will react. 

In the payments and fintech market, it is common for businesses with a customer proposition to partner with others who can do (or provide) a specific "regulated bit". It will be interesting to see if ESMA will look to bring <u>any</u> provider of a payment or fintech based service within the scope of financial regulation.

It will also be of interest to see whether, in an era of increasing reliance by financial services businesses on third party technology and platform providers, ESMA will look at expanded or direct regulation of those providers and the relevant contracts.