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Payments & FinTech Lawyer

Volume: 10 Issue: 1
(January 2016)


The People’s Bank of China (‘PBOC’) released on 28 December ‘Administrative Measures for Online Payment Services of Non-banking Payment Institutions’ (‘Payment Measures’), to be implemented by 1 July 2016; also on 28 December the China Banking Regulatory Commission (‘CBRC’) published a draft document on online lending for public opinion (‘Lending Measures’). / read more

The UK’s Payment Systems Regulator (‘PSR’) published on 15 December a report on progress towards increasing the openness and flexibility of direct access to payment systems and the transparency of governance arrangements. / read more

The UK Government Office for Science published a report on ‘Distributed Ledger Technology: beyond block chain’ on 19 January, which presents the findings of a review into how distributed ledger technology can revolutionise services and makes recommendations for government to reduce the risks and maximise the opportunities presented by this new technology. / read more


Europe’s revised Payment Services Directive (‘PSD2’) brings with it what many call the ‘XS2A’ provision, which covers mandatory access to bank accounts via Application Programming Interfaces (‘APIs’). This new provision is big news for banks, as it brings with it implications that some banks are quite concerned about. In this article, Dave Birch, Director of Innovation at Consult Hyperion, argues that the implications of XS2A are about the future of banking, and instead of feeling threatened, banks should accept that PSD2 is a reality and look for the opportunities XS2A brings. / read more

The European Banking Authority (‘EBA’) issued a Discussion Paper on 8 December on the future Draft Regulatory Technical Standards on strong customer authentication and secure communication under the revised Payment Services Directive (‘PSD2’). On 12 January, PSD2 entered into force. Dr Matthias Terlau, Partner at Osborne Clarke, analyses the EBA’s Discussion Paper and what this might indicate about the future draft regulatory technical standards. / read more

As the payments sector develops at a rapid speed, there is a great challenge ahead for traditional financial players in the US, such as banks, to respond. The challenge is exacerbated by a general push in the sector towards speeding up payments. Linda Odom and Judith Rinearson of Bryan Cave look at how traditional financial institutions and organisations are responding and whether it will be enough for US institutions not to be left behind. / read more

Cryptocurrency exchanges on the Isle of Man fall outside of Manx financial services regulations. However the Isle of Man government, in line with its desire to promote certain cryptocurrency elements of the financial and financial technology sectors, has taken steps to ensure that such exchanges are still regulated. The government introduced the Designated Businesses (Registration and Oversight) Act 2015 (the ‘Act’), effective as of November 2015, which provides inter alia that cryptocurrency exchanges and others falling within the scope of the Act must register and comply with anti-money laundering and counter terrorist financing legislation. Scott Leonard-Morgan, Divisional Director at Cains, outlines the Isle of Man’s reaction to emerging new world payments and the details of the Act. / read more

Hester Bais and Nadja van der Veer, two payments lawyers with a wealth of experience of the international payments industry, in this two-part article discuss store-within-a-store platforms, a business model where large online shops offer smaller online shops’ goods and services, in addition to their own products. Hester and Nadja, in this first installment, provide the background to their argument that E-Commerce Platforms (the term ‘E-Commerce Platform’ is used to describe both store-within-a-store and online marketplaces) that handle payment transactions should be legally regulated as financial institutions, specifically focusing on the approach taken by the Dutch Central Bank. / read more

The New York State Department of Financial Services, in keeping with its proactive stance on ensuring anti-money laundering (‘AML’) compliance, has issued its own New York-specific anti-terrorism and AML regulation (the ‘Proposed Regulation’). Among other requirements, under the Proposed Regulation a ‘Certifying Senior Officer’ from a regulated institution would need to annually certify that his/her institution is sufficiently tackling illicit transactions. Jonathan E. Lopez, Harry L. Clark, Edward G. Eisert and Courtney J. Linn of Orrick discuss the Proposed Regulation and the concerns it is likely to raise among regulated institutions and compliance officers. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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