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Payments & FinTech Lawyer

Volume: 10 Issue: 8
(August 2016)


News

The UK’s Payment Systems Regulator (‘PSR’) published on 21 July 2016 its final conclusions of its market review into competition in the supply of indirect access to payments systems, noting that while concerns remain in regard to the supply of indirect access, improvements are being made. The PSR will now further monitor and support such developments over the next 12 months and will not for the moment take further action. / read more

A Florida judge has ruled that under Florida law, Bitcoin is not money, in a ruling made public on 25 July 2016 in a case involving money laundering charges against a man, Michell Espinoza, accused of the illegal sale of over $1,500 worth of bitcoin to undercover detectives. / read more

Four banks, including Westpac and Commonwealth Bank of Australia, announced on 27 July 2016 the joint filing of an application to Australia’s antitrust regulators for permission to collectively bargain with Apple over their ability to run their own third party payment apps on Apple devices; currently, only Apple Pay is permitted. / read more

The European Banking Authority (‘EBA’) published on 27 July 2016 its final draft Regulatory Technical Standards (‘RTS’) on the separation of payment card schemes and processing entities, which the EBA has developed as required under Article 7 of the EU Interchange Fee Regulation (‘IFR’) and which sets forth a number of requirements for both schemes and processing entities to follow to ensure the independence of certain processes. / read more

The UK’s Competition and Markets Authority (‘CMA’) published on 9 August 2016 its final report on the UK retail banking market (‘Report’), which covers personal current accounts (‘PCAs’) and banking services to SMEs; the Report contains a package of measures designed to address competition concerns, to come into force before summer 2018. / read more

The European Banking Authority ('EBA') published on 12 August 2016 its consultation paper ‘On the draft Regulatory Technical Standards (‘draft RTS’) specifying the requirements on strong customer authentication and common and secure communication under PSD2’ (‘Consultation Paper’), which outlines the EBA’s draft RTS on this matter as required under Article 98 of the Second Payment Services Directive (‘PSD2’). / read more

The China Banking Regulatory Commission, Ministry of Industry and Information Technology, Ministry of Public Security and the Cyberspace Administration of China jointly issued on 17 August 2016 the Interim Administrative Measures for the Business Activities of P2P Lending Information Intermediaries (‘Measures’), provisional rules aimed at regulating the P2P lending sector in China. / read more


Features

Following a Call for Input (‘CFI’) in November 2015, the UK’s Financial Conduct Authority (‘FCA’) has now published its Feedback Statement on RegTech - a subject the FCA defines as a subset of FinTech enabling more efficient and effective regulatory compliance. Tim Wright, Partner at Pillsbury Winthrop Shaw Pittman LLP, takes a look at the Feedback Statement and at the future for RegTech in the UK. / read more

Businesses have until May 2018 to meet the new requirements under the EU General Data Protection Regulation (‘GDPR’). William Long and Geraldine Scali of Sidley Austin LLP discuss provisions of the GDPR in the context of payment services. / read more

On 5 July 2016, Germany’s Federal Competition Authority declared the German Banking Industry Committee’s online banking T&Cs illegal, holding that certain provisions preventing customers using PINs and TANs in non-bank payment systems restrict competition between providers of online payment services. Dr Carsten Lösing and Max Sergelius of White & Case LLP discuss the decision and its impact on online banking. / read more

The Reserve Bank of India published on its website on 23 June 2016 a roadmap for its plans to create a ‘less-cash’ society for India, a framework known as Vision-2018, which builds on RBI’s efforts over the past few years to boost the use of electronic payment systems in India. Vision-2018 is designed to create a regulatory framework that responds more effectively to developments and innovations in the payments ecosystem, as Darshita Parekh of Khaitan Legal Associates explains. / read more

Back in 2014 the UK’s Financial Conduct Authority (‘FCA’) released initial rules covering the crowdfunding sector, pressing ahead with regulating this sector even while others, including the European Union, dragged their feet. After two years, the FCA is reviewing the rules it put forward in 2014 and exploring areas of concern through the release of a Call for Input on crowdfunding on 8 July 2016. Not only does the Call for Input provide an opportunity for industry to feed back on the FCA’s rules in the context of a rapidly changing sector, but it also suggests where the FCA’s regulatory regime for crowdfunding might be heading. / read more

Chris James and Sophie Wood of Paul Hastings (Europe) LLP provide a high-level look at current and future breach notification requirements under a selection of laws relevant to financial services. The article concludes with the authors’ top five recommendations for dealing with the risk of information security breaches. / read more

Lithuania’s Government has this summer given further impetus to the country’s drive to attract technology businesses, particularly in areas such as e-money, with the announcement of a focus on developing Lithuania’s FinTech sector. With the UK’s decision in its 23 June referendum to exit the European Union, Lithuania has also joined other EU Member States in attempting to attract financial businesses and start-ups away from London and to its own cities. Artūras Asakavičius of Sorainen describes the measures Lithuania is putting in place to drive payments and FinTech firms to the country, and the obstacles in the way. / 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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