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Payments & FinTech Lawyer

Volume: 11 Issue: 1
(January 2017)


The UK Competition and Markets Authority (‘CMA’) announced, on 18 January 2017, that it will consider undertakings put forward by both parties involved in Mastercard UK Holdco Ltd’s planned acquisition of VocaLink Holdings Ltd in order to satisfy the CMA’s competition concerns about the deal. In its initial statement, published on 4 January 2017, the CMA expressed concerns specifically about the competition impact of the merger on the LINK ATM network, concerns that Mastercard and VocaLink are now seeking to allay through a set of proposed remedies. / read more

The European Banking Authority (‘EBA’) issued its final draft Regulatory Technical Standards (‘RTS’) on the framework for cooperation and exchange of information between competent authorities for passport notifications under the revised Payment Services Directive (‘PSD2’) on 14 December 2016, which when adopted by the European Commission, will apply where payment institutions or e-money institutions apply to set up an establishment in another EU Member State (‘MS’), provide services in that MS, or where they intend to use agents or distributors to provide such services. / read more


On 7 December 2016, the European Banking Authority (‘EBA’) launched a public consultation on its draft Guidelines on major incident reporting under the revised Payment Services Directive (‘PSD2’). The draft guidelines set out the criteria for classification, notification and assessment of major security and operational incidents. This is the first time these criteria are to be harmonised in the European Economic Area (‘EEA’). Andrea De Matteis and Francesca Sordi of De Matteis Law discuss the draft guidelines and explain why they believe that they will help tackle a growing number of incidents as well as minimise the possible damages for payment users. / read more

In September 2016 the UK’s Payments Systems Regulator (the ‘PSR’) received its first ‘super complaint’ from Which?, the UK’s largest consumer body, relating to authorised push payment scams. Which?’s super complaint argued that consumers face insufficient protection from authorised push payment scams, that consumers receive greater protection for scams of other payment types, and that shifting liability for such scams onto banks would better incentivise them to protect consumers. Fiona Simpson and Katie Allard of Kingsley Napley LLP discuss the super complaint and the response from the PSR. / read more

The revised EU Payment Services Directive 2015/2366 (‘PSD2’) was adopted on 25 November 2015. PSD2 must be implemented in the national legislations of all EU Member States by 13 January 2018. The draft Dutch PSD2 Implementation Act (‘draft Implementation Act’) and the draft explanatory notes (‘draft Explanatory Notes’) were published on 18 November 2016, and the consultation period of which ended on 15 December 2016. In this article, Arno Voerman, Partner at Van Doorne N.V., discusses some of the most relevant topics relating to the implementation of PSD2 in the Netherlands. / read more

With the UK Financial Conduct Authority’s (‘FCA’) innovative approach to FinTech and regulatory sandbox being used as a model by regulators around the world, Tim Wright, Partner and London Leader of the Global Sourcing practice at Pillsbury Winthrop Shaw Pittman LLP, provides detailed insight into the eligibility criteria and workings of the FCA’s sandbox. Following the announcement of the first set of firms to be accepted into the sandbox in November 2016, Tim provides an overview of those firms that were selected and what the FCA’s selection tells us. / read more

Swiss authorities have for some time now spoken of a desire to develop the Swiss framework for FinTech businesses and to ensure that regulation assists innovation. On 2 November 2016 the Swiss Federal Council put forward a ‘sandbox’ for encouraging FinTech businesses as well as a new category of authorisation for financial companies as a less stringent alternative to a banking licence. Here, Grégoire Tribolet and Caroline Clemetson of Schellenberg Wittmer Ltd review the current regulatory framework for FinTech firms in Switzerland, and discuss regulators’ plans to facilitate the growth and success of Swiss FinTech. / read more

In the second part of his article on the approach to regulating distributed registry technologies, Thibault Verbiest of De Gaulle Fleurance & Associes discusses the privacy aspects of blockchain regulation and Decentralised Autonomous Organisations, among other topics. The first part of this article can be found in the December 2016 edition of Payments & FinTech Lawyer. / read more

In a recent example of a country’s government attempting to assist financial innovation through relief for FinTech companies, Australia’s Securities and Investments Commission (‘ASIC’) introduced on 15 December 2016 the ASIC FinTech Exemption, which it has termed the “world’s first” licensing exemption for FinTech businesses. Here, Kate Montano and Andrew Galvin of HWL Ebsworth Lawyers discuss the ASIC FinTech Exemption and what, in their view, are the issues with its application which may well limit its use. / 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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