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Payments & FinTech Lawyer

Volume: 10 Issue: 11
(November 2016)


The Presidency of the Council of the EU published on 28 October 2016 a compromise proposal on the European Commission’s (‘EC’) proposed Directive to amend the 4th Anti-Money Laundering Directive (‘4MLD’), which inter alia includes a modification to the draft Directive’s transposition date; under the compromise proposal both the 4MLD and the amendments would need to be transposed by 26 June 2017. / read more

The Payment Card Industry Data Security Standard (‘PCI-DSS’) Code Version 3.2 replaced the previous version of the Code on 1 November 2016, following the release by the PCI Council of the latest version in April 2016; the Code aims to tackle threats to the payment card industry. / read more


Advocate General (‘AG’) Michael Bobek issued his opinion in Case C375/15, BAWAG PSK Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG v. Verein für Konsumenteninformation, on 15 September 2016, regarding the use by financial services organisations of an online banking mailbox and compliance with the duty to provide information to customers according to Article 44 of the EU Payment Services Directive (2007/64/EC). Andreas Zahradnik and Elisabeth Reiner of Dorda Brugger Jordis, discuss the details of the case and the AG’s rationale. / read more

The UK’s Payment Systems Regulator (‘PSR’) published final guidance on its approach as the competent authority in the UK for the Interchange Fee Regulation (‘IFR’) on 6 October 2016 (the ‘IFR Guidance’). The IFR Guidance details how the PSR will exercise its powers under the IFR, as well as guidance on penalties for non-compliance. The IFR Guidance also sets out the PSR’s approach to ensuring compliance with the IFR provisions capping interchange fees or equivalent issuer compensation, as well as the conduct of business rules. John Casanova and Abi Twist of Sidley Austin LLP discuss the IFR Guidance. / read more

Edward J. McAndrew, Marjorie J. Peerce, Kevin D. Leitão and Kim Phan of Ballard Spahr LLP, discuss the proposed cyber security regulations issued by the New York State Department of Financial Services (‘DFS’), the background to the proposed regulations and the obligations that would be imposed on financial institutions relating to the establishment and maintenance of cyber security programmes. / read more

The US Consumer Financial Protection Bureau (‘CFPB’) issued on 5 October 2016 its final rule on prepaid cards (‘Final Rule’), which aims to ensure transparency around card terms and fees and ensure that consumer funds on prepaid cards are safe. The Final Rule represents an expansion of the definition of ‘prepaid cards’ when compared with the CFPB’s 2012 Advance Notice of Proposed Rulemaking on the matter. Barrie VanBrackle, Partner at Orrick LLP, discusses key aspects of the Final Rule and the CFPB’s definitions, and gauges early industry reaction. / read more

In 2015, the Bank of Ghana (the ‘BoG’) issued guidance for e-money issuers in the country, the Electronic Money Issuers Guidelines and the Agent Guidelines (‘Guidelines’), as an attempt to better regulate the burgeoning mobile money market in Ghana. Kimathi Kuenyehia Sr., Augustine Kidisil and Reginald Nii Odoi of Kimathi & Partners review the Guidelines a year on from their issuance, their impact on the sector, and what the future might hold from a regulatory perspective. Since its introduction in 2009, mobile money has become a key driver of financial transactions in Ghana. Recent BoG statistics indicate that the value of mobile money transactions reached GHC 35.4 billion in 2015. A majority of Ghanaians are ‘unbanked’ and currently conduct their transactions outside the banking sector with no access to financial services. Thus the surge in mobile money activities would undoubtedly have a major impact on the ‘unbanked’ segment of Ghana’s population and thus promote financial inclusion. / read more

The Internet of Things (‘IoT’) world continues to grow at a rapid pace. A number of UK retailers have recently expanded their smart home offerings and, according to current predictions, there will be as many as 30 billion devices making up the IoT by 2020. This growth will impact on both the types of payment services provided, as well as competition to provide those facilities. What effect will the impending introduction of PSD2 and other regulatory changes have on the IoT world? Fiona Ghosh and Marlon Cohen of Addleshaw Goddard LLP examine the impact of PSD2 on the IoT and possible solutions to the conflicting interests. / 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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