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Payments & FinTech Lawyer

Volume: 11 Issue: 11
(November 2017)


News

The European Commission (‘EC’) has carried out a number of dawn raids, including to the offices of the Polish and Dutch Banking Associations, in regards to concerns that banks have been engaging in anti-competitive behaviour by restricting the access of third parties to the online bank account data of consenting customers, according to the EC’s press release of 6 October 2017. / read more

The European Commission (‘EC’) issued on 17 October 2017 a public consultation on its plans for possible new EU legislation on ‘Broadening law enforcement access to centralised bank account registries,’ with the objective being to assist those investigating financial crime and terrorist financing by enabling agencies and law enforcement to better track bank and payment information. / read more


Features

Sweden’s central bank - Sveriges Riksbank - is investigating the possible issuance of a digital complement to cash, which it has termed the ‘e-krona,’ to address some of the problems facing the payments market as Sweden continues to reduce its use of cash. The Riksbank published its first interim report on the concept of the e-krona in September 2017. Simon Fuller spoke to Eva Julin, Project Manager of the e-krona project, and Frida Erlandsson, Coordinator for the project, about e-krona, how it could work in practice, and the Riksbank’s findings so far. / read more

The World Economic Forum has examined how FinTechs have impacted on the financial sector, including in terms of the competitive landscape, in a Report published in late August 2017. The Report looks among other things at the disruptive forces that are potentially set to impact on the competitive landscape of the financial ecosystem going forwards. Interestingly the Report looks also at the role that large tech companies such as Google and Facebook are playing in the financial ecosystem and at their systemic importance, and suggests that attempts by incumbent financial institutions to emulate the core capabilities of large technology firms will increasingly lead to even more reliance on those same large technology firms. Oonagh Harrison and Kate Johnson of Osborne Clarke discuss the Report and the emerging themes therein of the future of payments and the role of large tech companies in financial services. / read more

The European Commission’s proposals for further financial integration and a full Capital Markets Union (‘CMU’), published on 20 September 2017, are the latest steps in the European Commission’s journey towards establishing a CMU, which began in 2015. Of particular note is that the European Supervisory Agencies will be specifically tasked with promoting sustainable finance and FinTech. Here, Simon Warburton of Mills & Reeve LLP looks at the Commission’s plans in this area, particularly as they relate to FinTech, and notes also the results of the Commission’s consultation issued earlier this year, which was entitled ‘FinTech: a more competitive and innovative European financial sector.’ Simon analyses responses to this consultation across a number of key areas, and argues that if the CMU proposals work as well as the Commission expects, they will address many of the concerns raised in the recent FinTech consultation. / read more

It has been five years since Italy’s regulation on crowdfunding was enacted, and during that time the regulatory regime has been modified to meet the concerns faced. In the past few months, the Italian supervisory authority CONSOB has published for consultation a revised version of the crowdfunding regulation. Jeffrey Greenbaum and Elisabetta Zeppieri of Hogan Lovells Studio Legale review the evolution of the crowdfunding regulation, the CONSOB’s proposed changes, and the state of the FinTech sector more generally in Italy. / read more

The growth of the FinTech industry in recent years has caused regulators globally to consider their approach to supervision of players in this space. The attitude of regulators to FinTech is of equal importance to firms operating in the financial industry. Focusing on the banking industry, the Basel Committee on Banking Supervision (‘BCBS’) has set up a task force to provide insight into this development, and more specifically to explore the implications for supervisors and banks’ business models. It has also published a consultation paper on the implications of FinTech developments for banks and banking supervisors. The paper summarises the BCBS’s main findings and conclusions, as Jacob Ghanty, a Solicitor specialising in FinTech and emerging payment technologies, explains. / read more

Facing increased competition from FinTech initiatives elsewhere in the APAC region, the Hong Kong Monetary Authority (the ‘HKMA’) has now outlined seven initiatives that it hopes will usher in an era of ‘smart banking’ in Hong Kong. These initiatives include proposals for a Faster Payment System and the promotion of virtual banking, as John Casanova - a member of the Payments & FinTech Lawyer Editorial Board - and Gerald Lam, both of Sidley Austin LLP, discuss. / 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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