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Payments & FinTech Lawyer

Volume: 11 Issue: 4
(April 2017)


The UK Commons Select Committee on Exiting the European Union acknowledged in its third special report, published on 3 April 2017 (‘Committee Report’), the UK financial sector’s concerns about the potential loss of ‘passporting’ rights when the UK exists the EU, and recommended that the UK Government seek “secure stable and predictable equivalence arrangements or a bespoke system comparable to the EU system of ‘passporting’ which will ensure the stability of cross-border financial services between the UK and the EU” as part of its exit negotiations. / read more

The European Commission (‘EC’) published on 23 March 2017 its Consumer Financial Services Action Plan (‘Plan’), which aims to increase access and choice for EU consumers in the area of financial services, and which features a significant focus on technology. / read more


In December 2016 the Office of the Comptroller of the Currency (‘OCC’) in the US announced that it will issue special purpose national bank charters for FinTech companies. This move drew varied responses from industry, including to the white paper the OCC subsequently released. The OCC has since published a draft supplement to its Licensing Manual entitled ‘Evaluating Charter Applications from Financial Technology Companies,’ which asks the public for feedback. In this article, Alan W. Avery, Vivian Maese, Louis Trotta, Pia Naib and Will Clark of Latham & Watkins provide a detailed look at the rules applicable to such special purpose national bank charters and the chartering process, and also examine the reaction to the OCC’s proposals in the FinTech space thus far. / read more

Through its membership of the European Economic Area (‘EEA’), Norway, whilst not an EU Member State, is set to be heavily affected by the revised Payment Services Directive (‘PSD2’), as EEA rules mean Norway must implement EU financial services rules into its own national legislation. This could well mean increased competition in the Norwegian payment services market. Tore Mydske and Randi Jørum Sulland of Advokatfirmaet Thommessen AS provide an overview of the current landscape for mobile payments in Norway, a market that has already begun to prepare for what PSD2 could bring, and discuss what PSD2 could mean for Norway’s payments sector more generally. / read more

In a busy month for regulatory developments in the area of anti-money laundering (‘AML’) and countering the financing of terrorism (‘CFT’) in the UK, HM Treasury published its response to the consultation on the Transposition of the Fourth Money Laundering Directive (‘4MLD’) together with draft legislation, and a draft of the new Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (‘MLR 2017’), among other things. These developments represent the UK Government’s final steps to implement 4MLD in the UK, and include additions to the AML supervisory regime. Guy Wilkes, Partner at Mayer Brown International LLP, discusses the proposals put forward. / read more

In this article, Michelle M. Segaert, Sarah Tonkin and Alistair Green of Squire Patton Boggs (AU) provide an overview of Australia’s role as a pioneer in the development of standards for blockchain and distributed ledger technologies. The article includes a look at the approach taken by Standards Australia in developing its ‘Roadmap for Blockchain Standards report - March 2017’ (‘Roadmap Report’) and provides an insight as to how the development of international blockchain standards may facilitate the application of blockchain technologies within payments and financial services. / read more

A recent fine handed down by the Italian data protection authority, the Garante, to UK company Sigue Global Service Limited alongside four of its agents in regards to the processing of personal data without consumers’ consent stands as a warning not only of the incoming EU General Data Protection Regulation but also of how compliance with data protection law is essential for financial services companies as much as in any other sector. Laura Liguori and Marco Bellezza of Portolano Cavallo analyse here the circumstances and implications of the Garante’s fine, which is the largest that the authority has ever issued. / 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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