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Payments & FinTech Lawyer

Volume: 11 Issue: 6
(June 2017)


News

The European Banking Authority (‘EBA’) published on 31 May 2017 a letter it has received from the European Commission (‘EC’) in which the EC indicates that it intends to amend the EBA’s draft Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Open Standards of Communication (‘RTS SCA’), developed by the EBA under PSD2 and submitted to the EC in February 2017. In the letter the EC outlines its proposed changes to the draft RTS SCA and its reasoning behind these proposals. / read more

The European Banking Authority (‘EBA’) published on 17 May 2017 a consultation on its draft recommendations for the use of cloud service providers by financial institutions (‘Draft Recommendations’), setting out guidelines for those institutions who intend to adopt cloud computing. The Draft Recommendations build upon the general guidelines for outsourcing released in 2006 by the Committee of European Banking Supervisors (‘CEBS’) (‘CEBS Guidelines’) with specific recommendations applicable to those outsourcing to cloud service providers. / read more


Features

The European General Data Protection Regulation (‘GDPR’) introduces a new right of data portability for EU citizens, giving individuals the power to obtain a copy of their personal data from data controllers in a ‘structured, commonly used and machine readable format.’ Here, David Futter and Gita Shivarattan of Ashurst LLP explore some of the challenges that banks and payment service providers (‘PSPs’) must address in respect of data portability in light of the Article 29 Working Party guidelines on the matter, and consider how the parallel push to implement open banking and PSD2 across financial services may help banks and PSPs achieve data portability compliance. / read more

The European Banking Authority (‘EBA’) issued on 5 May 2017 a Consultation Paper on its Guidelines on Security Measures for Operational and Security Risks under PSD2, guidelines that are issued pursuant to Article 95 of PSD2, which provides that Member States must ensure that those entities authorised under PSD2 to provide payments (‘PSPs’) establish frameworks to manage operational and security risks relating to the payment services they provide. Emma Wright and Sophie Van Wingerden of Kemp Little dissect the draft Guidelines and the implications for PSPs. / read more

The UK has a reputation for being a FinTech hub, larger than competitors such as Germany and Singapore. But while global FinTech investment increased in 2016, in the UK investment in FinTech fell. With Brexit and its associated concerns for the UK’s FinTech sector on the horizon, Chris Finney and Jonathan Segal, both Partners at Fox Williams LLP, analyse the extent to which the UK Government is supporting the country’s FinTech sector, and what more it could do. / read more

Under the European Banking Authority’s draft RTS on Strong Customer Authentication and Common and Secure Communication (‘SCA RTS’), the current practice known as ‘screen scraping,’ whereby a payment service user provides account access credentials to a third party technical service provider who then uses these credentials to obtain information from the relevant accounts and provides an aggregated view for the customer across the different accounts, will not be allowed. This will mean that account information service providers must change the way they operate. Kate Johnson, Partner at Osborne Clarke, analyses the reaction to the proposed ban and what it might mean for account information service providers. / read more

The Hong Kong Government has published its blueprint for developing its FinTech industry and ecosystem amid heightened competition from global FinTech hubs such as London and Singapore. The strategy advocated by the Government is to focus on areas where Hong Kong has a competitive edge and which are supported by regulations that recognise digital approaches to financial services and activities. A cross sectoral body - the FinTech Office - will be set up and charged to execute the Government’s strategy and to spearhead the related policies, regulations and other initiatives. Here, John Casanova, Yuet Ming Tham and Alan Tsang of Sidley Austin LLP analyse the strategy and a consultation paper issued by Hong Kong’s Securities and Futures Commission on its proposed guidelines on online distribution and advisory platforms, which can be seen as an example of the application of Hong Kong’s FinTech strategy. / read more

In January 2018, Gibraltar will launch a regulatory framework for cryptocurrency businesses, under the oversight of the Financial Services Commission of Gibraltar. Here, Anthony Provasoli, Partner at Hassans, shares his experiences of what led him to acquire an interest in the cryptocurrency space and describes the forthcoming launch of cryptocurrency regulation on the Rock. / 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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