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Payments & FinTech Lawyer

Volume: 10 Issue: 5
(May 2016)


The European Commission (‘EC’) published on 3 May 2016 its staff working document on crowdfunding in the EU Capital Markets Union (‘Document’), which assesses inter alia the evolution of and risks associated with crowdfunding, and finds the sector to be undergoing rapid development, stating that “If appropriately regulated, it has the potential to be a key source of financing for SMEs over the long term.” / read more

The European Banking Authority (‘EBA’) issued on 4 May 2016 a Discussion Paper ‘on innovative uses of consumer data by financial institutions,’ which seeks to analyse the ways in which companies utilise customer data, and the benefits and risks of doing so, with the aim of deciding whether the regulatory framework is sufficient or requires action. / read more

Turkey’s new national payment system dubbed TROY launched in April 2016. “I think the main benefit of the new payment system is that trust will be reinstated in the market,” said Muhsin Keskin, Partner at Esin Attorney Partnership. “More people will feel comfortable using online payment services and this will eventually increase the volume of e-commerce.” / read more

The UK Competition and Markets Authority (‘CMA’) published on 17 May 2016 its Provisional decision on remedies, a consultation resulting from its 18-month retail banking market investigation, in which it outlined a number of proposals designed to improve competition in the personal and SME enterprise banking sectors, ahead of a final report due for release in August 2016. / read more

The Financial Times reported on 25 May 2016 that bank customers with weak online security could be excluded from receiving compensation for fraud on their accounts in the event their account is hacked, under plans being drawn up by the Bank of England, GCHQ and the UK Government. / read more


A cyber heist in February 2016 saw unknown hackers make off with over $100 million from Bangladesh’s central bank; the losses could have been even more substantial if it hadn’t been for the actions of other banks who blocked 31 of the attempted wire transfers made by the hackers due to money laundering suspicions. Michael L. Yaeger, Melissa G.R. Goldstein and Kimberly G. Monty of Schulte Roth & Zabel LLP detail how this attack took place, and discuss the cyber security lessons to be learned, which include pointers on how compliance programmes in other areas, such as AML, might be used to bolster cyber security practices. / read more

In a statement published on 7 April 2016, the UK Payment Systems Regulator (the ‘PSR’) announced that it has decided against applying any new access or governance requirements to card payment schemes. In this article, Ruth Marken and Rose Falconer of Olswang LLP explore the background to the PSR’s consideration of the subject and the possible reasons behind its decision not to pursue this any further for the time-being. / read more

The European Commission (‘EC’) published on 10 December 2015 a Green Paper on retail financial services (‘Paper’), which aims to be a springboard for discussion as the EC seeks to restore trust in financial services. The Paper discusses areas such as improving the redress framework and addressing complex fees for cross-border transactions. Kristina Locmele of Slaughter & May analyses the Green Paper and the response from the UK’s Financial Conduct Authority (‘FCA’), which was published on 31 March 2016. / read more

The US Consumer Financial Protection Bureau (‘CFPB’) released in April 2016 its CFPB Report: Online Payday Loan Payments (‘Report’), which looked at online payday lending. This Report is based on the CFPB’s analysis of the bank account data of online payday loan borrowers and comes to the conclusion that the borrowers incur significant insufficient funds fees and bank account closures. However, H. Blake Sims, Partner at Hudson Cook LLP, has a number of concerns about the Report, particularly in regards to the CFPB’s ‘data-driven analysis,’ as he explains in this article. / read more

On 21 April 2016, the UK’s Home Office and HM Treasury jointly published an action plan in relation to anti-money laundering (‘AML’) and counter-terrorist finance (‘CTF’) (the ‘Plan’). The suggestions therein are the most significant changes to the UK’s AML and CTF regime in over a decade; the Plan represents a shift in the UK’s AML/CTF strategy towards a more risk-based approach. Francesca Ingram and Owen Knight of DLA Piper UK LLP discuss the Plan, and explain its relevance to digital currency and exchange firms in particular. / read more

On 18 September 2016, the Payment Account Regulations 2015 (‘PARs’) will take effect in the UK; these implement the EU Payment Accounts Directive (‘PAD’), adopted in 2014. While some aspects of the PARs are copied out from the PAD, there are other elements that require changes to the Financial Conduct Authority (‘FCA’) Handbook and the FCA has consulted on these. Jacqui Hatfield, Partner at Reed Smith, discusses this consultation and the key proposals therein. / 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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