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Payments & FinTech Lawyer

Volume: 10 Issue: 9
(September 2016)


News

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

The UK Treasury published on 5 September 2016 a Paper addressing the European Commission’s proposals of 5 July 2016 to amend the Fourth Anti-Money Laundering Directive (‘4AMLD’), which included a proposal to bring forward the transposition date for both the 4AMLD and the amendments to 1 January 2017; the Treasury comments in its Paper on a number of concerns relating to the EC’s proposed amendments to the 4AMLD and on this altered transposition date. / read more

Law firm Quinn Emanuel filed a lawsuit to the Competition Appeal Tribunal (‘CAT’) on 7 September 2016 as a collective action on behalf of UK consumers, represented by Walter Merricks CBE, alleging that MasterCard over the period between 1992 and 2008 set its interchange fees (‘IFs’) at an unlawfully high level, which resulted in card-using consumers paying higher prices at merchants subject to MasterCard’s fees. / read more

The UK’s Financial Conduct Authority (‘FCA’) published on 21 September 2016 its feedback statement on its Call for Input on the use of big data in the retail insurance sector; in its feedback statement the FCA highlights both positive consumer outcomes and concerns about insurers’ use of big data, though ultimately the FCA has decided not to launch a full market study into the area at the present time. / read more


Features

On 9 August 2016 the UK’s Competition and Markets Authority (‘CMA’) published its Final Report on the banking sector following a 21 month investigation (‘Final Report’). Ajal Notowicz and Maria Ziprani, Partner and Associate respectively in the EU & UK Competition Law Group at Dickson Minto W.S., discuss the CMA’s Final Report, the package of measures proposed and raise questions as to whether the remedies go far enough. / read more

Frictionless payments have long been a goal of the global payments industry. Everyone wants to push a button and instantaneously complete a transaction and give or get immediate access to the funds. While payments have been moving cross-border electronically for decades, efforts to speed up, enhance or blend payment methods run in to a sort of data communications Tower of Babel. In the United States, while there is sufficient standardisation for the payment card, ACH and wire networks to operate separately, true real-time cross-border, cross-payment type and cross-payment platform communications have many technical barriers requiring intricate product and service design and implementation. / read more

The UK’s Financial Conduct Authority (‘FCA’) has followed its 2014 guidance on general outsourcing with finalised guidance catering to outsourcing to the cloud (‘Cloud Guidance’). This Cloud Guidance provides a checklist of what firms looking to move to the cloud should consider, as the prospect may make some financial services firms nervous. The Cloud Guidance is also of note to cloud providers, as it contains increased clarity in terms of what restrictions they might impose in contracts with firms, for example. Marian Ang and Dr Sam De Silva of Nabarro LLP analyse the Cloud Guidance. / read more

A recent ruling by a Florida State Circuit Court in Florida v. Espinoza found that digital currency Bitcoin is not ‘money’ within the State of Florida’s legal system. Kevin Petrasic and Matthew Bornfreund of White & Case LLP analyse the implications of the Espinoza ruling. / read more

The UK’s Payment Systems Regulator (‘PSR’) uses market reviews and market studies as the principal way in which it investigates how well the market for payment systems is working for those who use payment services. The PSR has carried out and reported on a number of reviews since its launch. In this article, Sadie Alo, Zoë Hare and Kate Johnson of Osborne Clarke LLP focus on two recent reviews, namely: the review into the supply of indirect access to payment systems (the supply of indirect access review) and the review into the ownership and competitiveness of infrastructure provision (the ownership and competitiveness review). The PSR believes that addressing issues in these areas will drive competition and innovation in the payments industry, ultimately benefiting the consumers of payment services. Sadie, Zoë and Kate discuss the PSR’s findings in these two reviews and the likely implications for the payments industry. / read more

Quek Li Fei, Francis Ouyang and Ho Li-Ling of Colin Ng & Partners LLP discuss the Monetary Authority of Singapore’s (‘MAS’) recently issued Guidelines on Outsourcing (‘Guidelines’), which offer to financial institutions (‘FIs’) guidance on the risk management of outsourcing arrangements including in relation to cloud services. / 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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