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Payments & FinTech Lawyer

Volume: 11 Issue: 5
(May 2017)


News

The US Conference of State Bank Supervisors (‘CSBS’) filed on 26 April 2017 a complaint in the US District Court for the District of Colombia against the US Office of the Comptroller of the Currency (‘OCC’) and Comptroller of the Currency Thomas J. Curry, in an effort to block the OCC’s plans to issue special purpose national bank charters for non-depository FinTech companies (the ‘FinTech Charter’). In its complaint the CSBS asserts inter alia that the OCC lacks statutory authority under federal law to offer the FinTech Charter, and that the states retain authority over non-depository FinTech companies. / read more

The UK’s Financial Conduct Authority (‘FCA’) published on 13 April 2017 a consultation on its draft Approach Document on implementing the revised Payment Services Directive (‘PSD2’) in the UK, ‘Payment Services and Electronic Money - Our Approach’ (the ‘Draft Approach’). / read more


Features

On 23 March 2017 the European Commission published a consultation document on its policy approach towards technological innovation in financial services (‘Consultation’). The Consultation sets out three core principles of technological neutrality, proportionality and integrity and presents a broad and open discussion about whether current EU regulatory frameworks foster technological innovation; responses must be submitted by 15 June 2017. In this article, John Casanova, Max Savoie and Vishnu Shankar of Sidley Austin LLP detail the contents of the Consultation and explore the Commission’s thinking, before discussing related data privacy issues and concluding by assessing how Brexit has and will continue to affect the Commission’s thinking in this area. / read more

A number of Australian banks recently sought authorisation from Australia’s competition regulator, the Australian Competition and Consumer Commission (‘ACCC’), to collectively bargain and collectively boycott in negotiations with Apple in an attempt to secure access to the Near Field Communication (‘NFC’) controller in Apple devices, so that they might use their own digital wallets on Apple devices. Ultimately the ACCC has ruled against allowing the banks to do this, and has explained its reasoning in its Determination on the matter. Here, Adrian Lawrence and Nick Kraegen of Baker McKenzie discuss the background to the banks’ request, and detail the ACCC’s findings that led to its eventual Determination. / read more

The UK’s exit from the EU seems likely to lead to the loss of passporting rights for the UK’s e-money firms, if the UK Government’s current route of a hard Brexit is ultimately the one travelled. For the UK’s prepaid product sector, this will have a significant effect, and such firms may now be considering whether to establish subsidiaries in remaining EU Member States in order to continue to passport into the EU after Brexit. The Emerging Payments Association and the Prepaid International Forum are continuing to lobby to preserve passporting for UK firms but have also conducted research into options should a hard Brexit become reality. Robert Courtneidge, Global Head of Cards & Payments at Locke Lord LLP and founder of the Prepaid International Forum, discusses here the research’s findings and the options for prepaid firms. / read more

Several EU rules and regulations impose on payment firms mandatory data breach notification to the regulator. But the conditions, timing and competent regulator(s) may vary. Of particular note are the European Banking Authority’s (‘EBA’) draft guidelines on major incident reporting under PSD2, set out in a consultation paper in December 2016, which have been the subject of some concern. In this article, Edwin Jacobs, Partner at time.lex, provides a brief overview of the applicable data breach notification requirements that may apply to payments firms, sometimes in combination. / read more

The way that the financial services sector has evolved over the past few years as a result of the interconnected world that we live in has kept regulators on their toes as they attempt to react to a fast-developing landscape. In the US, bodies such as the Consumer Financial Protection Bureau (‘CFPB’) have sought to ascertain the appropriate regulatory structure for the financial services landscape through initiatives such as requests for information, such as that issued in November 2016 on the benefits and risks associated with new financial products that rely on access to consumer financial account and account-related information (the ‘RFI’). Katherine Gasztonyi and Mark W. Brennan of Hogan Lovells US LLP discuss the RFI and the comments the CFPB has received in reaction to it, and the categories of financial products and services that the CFPB, in examining the application of current regulations, may wish to consider. / 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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