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Payments & FinTech Lawyer

Volume: 10 Issue: 2
(February 2016)


The German Finance Ministry outlined on 3 February a proposal to establish a threshold to limit cash transactions in the Eurozone, as well as to remove the €500 note from use, in a bid to counter terrorist financing and money laundering; the German government has suggested that Germany could implement the measures alone if a ‘solution’ for the Eurozone does not materialise. / read more

The UK Government published on 2 February the draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (‘Draft Order’), which inter alia amends legislation around the regulation of activities relating to peer-to-peer (‘P2P’) lending. / read more

The UK’s Financial Conduct Authority (‘FCA’) launched a Call for Input on its approach to the current payment services regime on 10 February, which seeks views on the existing guidance it provides to assist firms in complying with their legal requirements under the current payments regime. / read more


The Payment Accounts Directive (‘PAD’) aims to guarantee access to basic bank accounts for consumers resident in the EU who do not currently have access to the banking system. Rachpal Thind and Grace Wyatt of Sidley Austin LLP examine what practical challenges the PAD may present to banks in the context of their anti-money laundering and counter terrorist financing controls (‘AML/CTF controls’). / read more

In this second installment of a two-part article, Hester Bais and Nadja van der Veer, two payments lawyers with a wealth of experience on the international payments industry, continue their discussion of E-Commerce Platforms (the term ‘E-Commerce Platform’ is used to describe both store-within-a-store and online marketplaces) and whether they should be regulated as financial services providers. / read more

Currently there is no specific regulation governing crowdfunding in Switzerland. Instead, financial laws such as the Swiss Banking Act (‘BA’) may apply to crowdfunding operators. Grégoire Tribolet and Caroline Clemetson of Schellenberg Wittmer Ltd outline the laws that currently apply to crowdfunding in Switzerland and discuss whether future regulation specifically targeting crowdfunding is likely. / read more

Russia has launched its own National Payment Card System (‘NPCS’), which competes with international payment systems (‘IPSs’). Anton Braginets of Dentons details the legal requirements of the NPCS, its aims, and the measures the Russian government has put in place to ensure the NPCS’ continuing relevance within the Russian payments market. / read more

Miah Phillips and Ben Regnard-Weinrabe of Paul Hastings (Europe) LLP discuss how, under the Revised Payment Services Directive (‘PSD2’), the ‘passporting’ process provided for under the first EU Payment Services Directive (‘PSD’) may become more demanding. / read more

Canada’s core payments infrastructure has supported our industry participants for decades with good performance and adequate clearing and settlement cycles, but Canada’s economy is being reshaped by digital technology, changing user demands, FinTech entrants and changing regulatory oversight. To address this, the Canadian Payments Association (‘CPA’) - with the help of the industry - is taking a holistic look at the future of payments in Canada. The goal: a modern payment system that is fast, flexible and secure, promotes innovation and strengthens Canada’s competitive position. / read more

The French government wants to implement measures against terrorism financing in a draft bill, ‘reinforcing the struggle against organized crime and its financing, the efficiency and the guarantees of criminal procedure’ (‘Crime Bill’), which includes the move to quickly implement the Fourth Anti-Money Laundering Directive (‘AMLD4’). A government press release on the draft Bill has been published and contains explanations about the different measures the Bill proposes to implement, as Cathie-Rosalie Joly, Partner at Ulys, explains. / 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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