This site would like to set some non-essential temporary cookies. Some cookies we use are essential to make our site work.
Others such as Google Analytics help us to improve the site or provide additional but non-essential features to you.
No behavioural or tracking cookies are used.
To change your consent settings, read about the cookies we set and your privacy, please see our Privacy Policy

Payments & FinTech Lawyer

Volume: 2 Issue: 9
(September 2008)


The European Commission is assessing whether MasterCard's decision to increase payment card scheme fees raises questions of compliance with its 19 December order for the credit card company to withdraw its Multilateral Interchange Fee (MIF), and to 'refrain from adopting measures having a similar effect'. / read more

Version 1.2 of the Payment Card Industry Data Security Standards (PCI DSS), released by the PCI Security Standards Council (PCI SSC) on 1 October, requires conforming retailers to remove Wireless Equivalent Privacy (WEP) security systems by June 2010. / read more

E-Finance & Payments Law & Policy is organising a full-day Payment Services Directive Intensive hosted at the London offices of Sidley Austin LLP, on 20 November. / read more


As the current turmoil in the global financial markets continues, it is clear that the financial services regulatory environment is likely to undergo a significant period of upheaval as regulators seek to address what is seen by many as a 'regulatory failure' in the market. The European Commissioner for the Internal Market and Services, Charlie McCreevy, recently made reference to 'failures of international institutions', the 'restructuring of the supervisory landscape' and that regulators should 'be prepared to take bolder steps and accelerate the pace of regulatory and supervisory reforms'. / read more

The Financial Services Authority has published guidance that it does not consider the term 'consequential loss' as compliant with the transparency and fairness requirements of the Unfair Terms in Consumer Contracts Regulations. Rafi Azim-Khan, a Partner at Pillsbury Winthrop Shaw Pittman LLP, highlights that although the FSA's guidelines apply to insurance contracts, they could have implications for all businesses, as a court could construe that such a term is not binding on the consumer. / read more

The European Commission has launched infringement procedures against 15 Member States for failure to implement the Third Anti-Money Laundering Directive. Alessandro Liotta, an Associate with Pillsbury Winthrop Shaw Pittman LLP, examines the scope of the money laundering problem, the infringement proceedings and their current status, and the implications of the failure to adopt the Directive by the 15 Member States. / read more

A survey of Dutch corporates and public sector organisations found that while most are aware of the Single Euro Payments Area, they remain unprepared for its implementation. Taco de Vries of Atos Consulting and Eddy Ouwendijk of Deloitte, who jointly carried out the survey, discuss the findings. / read more

The European Parliament has passed a resolution backing a report released by Sharon Bowles MEP calling for new measures in tackling the growing problem of VAT fraud. Bowles makes recommendations including the levying of a flat rate of 15% on all cross-border EU trade and the establishment of a 'country of origin' system operating through a clearing house. Aredhel Darnley, a Lawyer at Hammonds LLP, discusses the proposals and cooperation needed from Member States to solve the issue. / read more

A survey of 30 major financial institutions and payment sector specialists by PSE Consulting has found that over 60% believe that their company's knowledge of the Payment Services Directive (PSD) is poor, and 85% have not budgeted for the PSD, which must be implemented by European Member States by 1 November 2009. Chris Jones, a Director at PSE Consulting, outlines the survey's major findings, as well as making 10 recommendations on how unready banks and payment specialists can prepare for the PSD. / read more

While much attention has been focused on the development of the Islamic Sukuk (interest-free bond) market, the Islamic finance market has been steadily growing in other areas, including trade finance contracts, which comprise the main body of Islamic banking. Paul Wouters, a Partner with Bener Law Office, examines the restrictions that Shariah places on the management of Islamic private equity funds, which he considers an underdeveloped area of the market. / 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

Search Publication Archives

Our publication archives contain all of our articles, dating back to 2006.
Canít find what you are looking for?
Try an Advanced Search

Log in to payments & fintech lawyer
Subscribe to payments & fintech lawyer
Register for a Free Trial to payments & fintech lawyer
payments & fintech lawyer Pricing

Social Media

Follow payments & fintech lawyer on TwitterView our LinkedIn Profilepayments & fintech lawyer RSS Feed