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Payments & FinTech Lawyer

Volume: 2 Issue: 2
(February 2008)


MasterCard Europe has asked the European Court of First Instance to annul a European Commission order for a withdrawal of its intra-Europe Multilateral Interchange Fee (MIF), issued 19 December 2007. / read more

The European Commission has called for rules governing cross-border euro payments to be modified to improve consumer protection and include direct debit payments. / read more

The cost of a data breach for UK financial services organisations is higher than for other UK business sectors, according to a recent survey conducted by the privacy and information management research firm, the Ponemon Institute. / read more


This coming April, a good proportion of the US prepaid card industry will be in Las Vegas, Nevada for the 2008 Prepaid Card Expo. The organisers of the Expo estimate that over 2,400 participants from over 500 organisations will be in attendance, including issuers, retailers, card associations, processors, program sponsors, marketer consultants and law firms. / read more

Recent actions taken by the US Treasury against countries such as Iran for its alleged lack of anti-money laundering and counter-terrorist financing laws illustrate the reach of the US government to effectively regulate the actions of financial institutions beyond its borders. Danforth Newcomb, Bradley K. Sabel, Philip Urofsky and Barnabas W.B. Reynolds of Shearman & Sterling LLP examine these developments and their implications for banks, particularly the US branches of non-US banks. / read more

The Islamic finance sector is expanding fast, as major countries and banks seek new markets by offering financial products that are Shari'ah compliant. Paul Wouters, an Advisor to Bener Law Office in Istanbul, examines how Islamic finance, which is new to the western world, has developed in four more traditional markets. / read more

Following an independent review of the Banking Code and Business Banking Code, which was completed in November 2007, the finishing touches are being made to both Codes, which are due to be launched in early March. Jeremy Fraser, a Partner with Brodies LLP, explains the implications for e-finance and e-payments, as well as for online banking. / read more

A growing and maturing US cards market, through developments such as strong growth in B2B cards, prepaid and debit cards as well as evolving business relationships, is resulting in a diverse market in a rapidly changing sector. Pascal Burg, a Director with Edgar, Dunn & Company, examines the issues. / read more

The Board of Governors of the Federal Reserve System has issued its proposed rule to implement the Unlawful Internet Gambling Enforcement Act (UIGEA), which requires payment companies to identify and block transactions related to unlawful internet gambling. Megan Gordon, Clay Porter and Sara Colb of Clifford Chance's New York and Washington D.C. offices, examine how the rule will affect non-US banks and the criminal risks associated with processing internet gambling payments. / 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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