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Payments & FinTech Lawyer

Volume: 10 Issue: 12
(December 2016)


A cross-industry group whose members include Payments UK and the UK Cards Association wrote to Valdis Dombrovskis, the European Commission’s Vice-President for the Euro and Social Dialogue, on 25 November 2016, outlining its concerns in regards to the European Banking Authority’s (‘EBA’) proposed draft Regulatory Technical Standards (‘draft RTS’) on Strong Customer Authentication (‘SCA’) and secure communication, under the revised Payment Services Directive (‘PSD2’)(‘the Letter’). / read more

The European Commission (‘EC’) announced on 14 November 2016 that it will set up an internal Task Force on FinTech to help financial technology innovation reach its full potential, with a view to formulating policy recommendations and proposed measures in 2017. The aim is to ensure that Europe plays a leading role in FinTech innovation, whilst ensuring financial stability and consumer confidence. / read more

The UK’s Financial Conduct Authority (‘FCA’) published on 9 December 2016 its interim feedback to its call for input on the post-implementation review of its crowdfunding rules (‘Feedback Statement’). The Feedback Statement signals the FCA’s intention to modify its rules on crowdfunding to address concerns, with a consultation on proposals to follow in the first few months of 2017. / read more


Erin Fonte, Member at Dykema and member of the Payments & FinTech Lawyer Editorial Board, and Jacqueline Allen, Associate at Dykema, provide an overview of the US FinTech regulatory landscape for 2017. In doing so they touch upon, inter alia, the possible impact of the Trump Administration on the regulation of this sector and the announcement on 2 December 2016 by the U.S. Comptroller of the Currency Thomas J. Curry that the Office of Comptroller of the Currency will issue new special purpose national bank charters for FinTech companies. / read more

Salman Waris of TechLegis Advocate & Solicitors comments on the ‘Great Indian Demonetisation’ of November 2016 - in which the Indian Government removed INR 500 and INR 1,000 notes from circulation - and its relevance for electronic payments in India, and Indian society in general. / read more

On 2 November 2016 the European Banking Authority (‘EBA’) launched a public consultation on its draft Guidelines to specify and standardise the information that payment institutions (‘PIs,’ including payment initiation service providers or PISPs), e-money institutions (‘EMIs’), and account information service providers (‘AISPs’) must submit to national authorities in their authorisation or registration process. This is the first time these information requirements have been harmonised in the European Economic Area (‘EEA’). Andrea De Matteis and Simone Giordano of De Matteis Law discuss the draft Guidelines and explain why they believe the draft Guidelines are a welcome development in pursuing the Second Payment Service Directive’s (‘PSD2’) objective of creating a single market for payment services in the EEA. / read more

Given its increasing importance within the FinTech space, RegTech - regulatory technology - has come to occupy a position of focus, as it has in numerous other jurisdictions, in the Hong Kong market. Mark Parsons, Partner at Hogan Lovells, takes a look at the state of play for the regulation of RegTech in Hong Kong in the context of the wider attitude taken towards FinTech by the regulatory authorities of Hong Kong, who have generally been viewed as taking a somewhat cautious approach. / read more

In the first instalment of a two-part article, Thibault Verbiest of De Gaulle Fleurance & Associes provides an extensive look at the relationship between distributed registry technologies and regulation, with the latter a key issue in relation to the emergence of the blockchain, which has been widely vaunted for its applications in the financial sector. / read more

Over the years, as regulatory scrutiny increases, observers have noted that the reaction of banks and other financial institutions has been to restrict, and often to terminate, business relationships with clients or categories of clients that present risk. Rather than managing risk, financial institutions are increasingly seen to be avoiding it altogether. Regulatory and enforcement agencies in the US are aware of this phenomenon - known as ‘de-risking’ - which financial institutions blame on what they see as the US authorities’ overly aggressive enforcement. In their recent efforts to extend AML requirements, US agencies have made deliberate efforts to strike a more conciliatory tone and to emphasise that they do not consider their changes to be burdensome. They have provided risk management guidance and the Comptroller of Currency, has explicitly outlined the potential harms of de-risking. In a recent speech, he cautioned banks against terminating relationships and advised that they instead manage the risk these clients present. Lamia Matta and Ann Sultan of Miller & Chevalier discuss shifting US regulator attitudes to AML and how authorities in both the US and further afield are reacting to the practice of de-risking. / 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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