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Payments & FinTech Lawyer

Volume: 10 Issue: 6
(June 2016)


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

PayPal published a statement on its website that it will stop providing services in Turkey from 6 June 2016, following rejection of its licence application to offer electronic money services by the Turkish Banking Regulation and Supervision Agency (‘BDDK’). / read more

The US National Retail Federation (‘NRF’) announced on 2 June 2016 that it has written to the US Federal Trade Commission (‘FTC’), requesting that the FTC open an investigation into the Payment Card Industry Security Standards Council (‘PCI Council’), the credit card industry body that sets the PCI-DSS standards, on the basis of antitrust concerns. / read more

Payments UK published a World Class Payments report entitled ‘A focus on Open Access to payment systems for payment providers,’ on 17 June 2016, which identifies improved access to payment systems as a key driver for innovation in the UK payments market and the main challenges to be addressed in order to promote the delivery of Open Access in the UK. / read more

The implications of the UK’s vote to leave the European Union, on 23 June 2016, could have significant implications for the development of the UK’s rapidly growing FinTech sector. The competitive advantage benefiting payments related companies based in the UK, which provides them with access to 27 other Member States with a single licence, will no longer be the case as the UK begins its divestiture from the EU. The individual treaties that may be introduced to replace instruments of the internal market will not be clear for some time. / read more

Lim Hng Kiang, Minister for Trade and Industry and Monetary Authority of Singapore ('MAS') Deputy Chairman announced, on 28 June 2016, that MAS will soon produce revised guidance that will set out its "expectations on the use of cloud computing services" by financial institutions ('FIs'), further to its existing guidance on outsourcing from 2004. / read more


Early in May 2016, the European Banking Authority (‘EBA’) published a discussion paper on the innovative use of customer data in the financial sector (‘EBA Discussion Paper’). The EBA is calling for feedback on the use of customer data in the financial service sector, as this seems to have been growing significantly since the rise of the internet. / read more

Bitcoin may have sparked plenty of interest and adoption, but it and other cryptocurrencies face a key challenge in that they offer anonymous and pseudonymous use, making them suitable for illegal activity, which troubles governments, regulators and consumers alike. Legally connecting a cryptocurrency wallet to an individual and implementing a know-your-customer (‘KYC’) process could help solve this problem and drive cryptocurrencies into the mainstream. P. Carl Mullan of Digital Currency Intelligence Authority Limited - a private financial intelligence service that provides data and reports on the movement of funds through non-bank digital currency products - discusses the challenge and a number of new products striving to find a solution. / read more

Thailand has ambitious plans to transform itself into a cashless society. To support the plan, on 22 December 2015 the Thai Cabinet approved in principle both a National e-Payment Master Plan and the Digital Thailand Project, believing that e-payments will reduce transactional costs and the deployment of information technology will help increase Thai GDP. Dhiraphol Suwanprateep and Kritiyanee Buranatrevedhya of Baker & McKenzie Ltd in Bangkok discuss the Thai Government’s plans and the obstacles standing between Thailand and the wider uptake of e-payments. / read more

The rise of the UK alternative finance sector has attracted more regulatory attention in the last few years than in the previous decade. Here, Chris Finney, Partner at Cooley (UK) LLP, analyses UK alternative finance regulation in the context of two of the most common types of alternative finance, crowdfunding and peer-to-peer lending, and discusses the risks and opportunities created thanks to the emergence of regulation in these areas, before assessing what might happen next. / read more

On 19 May 2016 the Competition Bureau of Canada launched a market study into technology-led innovation in the FinTech sector in Canada. Simon Fuller, Associate Editor at E-Finance & Payments Law & Policy, spoke to a number of experts - Eric C. Belli-Bivar, Partner at DLA Piper Canada LLP (‘EBB’), Allan Goodman, Partner at Goodmans LLP (‘AG’), and Jason Bullen and Chris Hersh, Partners at Cassels Brock & Blackwell LLP (‘JB & CH’), about the study. / read more

The rollout of EMV in the US has not gone smoothly and the fallout from the EMV liability shift that occurred about eight and a half months ago has added additional complexities to the mix, including a class action suit brought by a group of merchants against the card networks and issuing banks. Erin Fonte and Jacqueline Allen of Dykema shed light on the stormy situation in the US following the EMV liability shift and the ongoing challenges to EMV adoption. / 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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