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Payments & FinTech Lawyer

Volume: 10 Issue: 10
(October 2016)


Law firm Quinn Emanuel filed a lawsuit to the Competition Appeal Tribunal (‘CAT’) on 7 September 2016 as a collective action on behalf of UK consumers, alleging that MasterCard (‘MC’) between 1992-2008 set its interchange fees (‘IFs’) at an unlawfully high level, which resulted in consumers paying higher prices at merchants subject to MC’s fees. / read more

The UK’s Financial Conduct Authority (‘FCA’) published on 21 September 2016 its feedback statement on its Call for Input on the use of big data in the retail insurance sector; in its feedback statement the FCA highlights both positive consumer outcomes and concerns about insurers’ use of big data, though ultimately the FCA has decided not to launch a full market study into the area at the present time. / read more


Cyber crime carried out by utilising weak leaks in cryptocurrency payment systems undermines trust in such payment systems and potentially the distributed ledger technology behind them. Mark Deem and Chris Finney of Cooley (UK) LLP discuss the cyber threat to cryptocurrency payment systems and the role of effective regulation in mitigating such concerns. / read more

The European Banking Authority (‘EBA’) published on 12 August 2016 its consultation paper ‘On the draft Regulatory Technical Standards (‘RTS’) specifying the requirements on strong customer authentication and common and secure communication under PSD2’ (‘Consultation Paper’), which outlines the EBA’s draft RTS on this matter as required under Article 98 of the Second Payment Services Directive (‘PSD2’). These RTS could have a great impact on the payments industry. Dr Matthias Terlau, Partner and Head of the Banking & Capital Markets Practise Group at Osborne Clarke in Germany, discusses the Consultation Paper and some of the more controversial rules and remarks put forward by the EBA. / read more

The Australian Securities and Investments Commission (‘ASIC’) has issued regulatory guidance for providers of robo-advice, a fast-growing area involving the provision of financial advice through digital platforms without the direct involvement of a human adviser. In issuing this regulatory guidance, ASIC is aiming to ensure quality advice, and, as Stuart Walton of HWL Ebsworth Lawyers explains, the guidance raises a few issues that robo-advice providers in Australia should consider urgent action on. / read more

On 15 September 2016, HM Treasury published a consultation paper on the transposition of the Fourth Money Laundering Directive (‘4MLD’) and the revised Wire Transfer Regulation (‘WTR’) into UK law. The paper arrives after a European Commission (‘EC’) proposal of July 2016 to amend the 4MLD and to bring forward its implementation date, while the UK’s decision to leave the EU has led to doubts as to what this means for the UK’s implementation of 4MLD. Ian Mason of DLA Piper UK LLP discusses the consultation paper and the consequences of Brexit. / read more

In a series of announcements in August 2016, the Monetary Authority of Singapore (‘MAS’), strongly signalled its intention to position itself as a world-leading FinTech centre. These announcements clearly identified the potential of FinTech within Singapore’s ‘Smart Nation’ initiative, which involves tech-enabled solutions, and within its economy as a whole. One such announcement focused on the area of payments, with the MAS publishing on 25 August 2016, a consultation paper on its proposed changes to the payments regulatory framework. Bryan Tan, Partner at Pinsent Masons, assesses what the future holds for payments and FinTech in Singapore. / read more

Where traditional banks fail to innovate - or fail to do so fast enough - opportunities are created for newer entrants, such as e-money providers, who are agile enough to take advantage of areas that traditional banks either can’t focus on or areas that they are perceived as having failed to address. Scott Dawson, Commercial Director at e-money and payment regulatory consultancy Neopay, discusses how e-money innovators can and are seizing such opportunities. / read more

On 25 August 2016, the Hong Kong Monetary Authority (‘HKMA’) announced that it had granted five stored value facility (‘SVF’) licences1, the first licences granted by the HKMA under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584) (‘PSSVFO’). On the same date, the Hong Kong Privacy Commissioner (‘PC’) issued a statement setting out advice on the collection of personal data by SVF operators in light of the sensitive data that may be involved2. / 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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