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Payments & FinTech Lawyer

Volume: 3 Issue: 7
(July 2009)


A project company will be founded in October to take forward an initiative to create a European debit-card system to foster the European unification process in light of the Single Euro Payments Area (SEPA), according to Hermann-Josef Lamberti, Chief Operating Officer at Deutsche Bank. / read more

E-Finance & Payments Law & Policy is organising its second half-day Commercial Payments Workshop on 10 September, hosted at the London offices of Sidley Austin LLP in conjunction with Commercial Payments International (CPI). / read more

The UK Government is committed to encouraging new entrants into financial services in the UK, said Alistair Darling, Chancellor of the Exchequer, in his report 'Reforming Financial Markets', published on 8 July. Darling said that the development of technology - including contactless mobile phone payments and services on the internet such as Paypal - could 'offer opportunities for new entrants and could increase financial inclusion'. / read more


The Bank of England (BoE) published its fifth Payment Systems Oversight Report in April. At a time when a struggle is developing between the BoE, the Treasury and the Financial Services Authority (FSA) for supervision of UK banking and payments, the Report provides a fascinating overview of how the UK payment systems have dealt with the recent financial turmoil. / read more

Facebook recently began selling 'credits', which can be used to purchase virtual goods or advertising on the social networking site. Catherine Stromdale, an Associate at Wragge & Co LLP, discusses whether Facebook constitutes an e-money issuer under EU law and whether it will, therefore, be subject to a legislative proposal which would revise the current rules governing the conditions for issuing electronic money in the EU. / read more

The German Federal Bank (Deutsche Bundesbank) recently launched cooperations with the Austrian National Bank and Iberpay, the Spanish Clearing House, for the bilateral clearing of Single Euro Payments Area (SEPA) Credit Transfers. Markus Gross of the Department of Payment and Settlement Systems at the Deutsche Bundesbank, discusses why, from a federal bank's perspective, bilateral links are considered to be an important step towards creating a competitive environment for the clearing of payment transactions in the SEPA. / read more

The Budget 2009 Report, published recently, outlines proposals to remove a number of tax hurdles for land-backed Islamic debt issuances, or sukuk. Aziz Tayyebi, a Financial Reporting Officer at the Association of Chartered Certified Accountants, examines the proposals outlined in the report aimed at facilitating sukuk in the UK and discusses why legislation needs to be clarified, in this regard. / read more

The European Commission recently published its draft proposed Directive on Alternative Investment Fund Managers. Leonard Ng, a Partner at Sidley Austin LLP, examines how the proposed Directive, if implemented, could change the way hedge and other investment fund managers operate. / read more

A year ago, the options for making immediate phone and internet payments were considerably limited, if not virtually non-existent. The Faster Payments Service has revolutionised the payments landscape and put the UK on the map for offering an unrivalled, world-class payment system. / read more

The European Payments Council (EPC), the banking industry's decision-making body in relation to payments, recently approved the EPC-Roadmap for mobile payments services in the Single Euro Payments Area (SEPA). The Roadmap focuses on the development of SEPA contactless card payments and SEPA remote payments while fostering a cohesive mobile payments ecosystem that leverages the SEPA infrastructure implemented by the European banks. / read more

On 21 November 2009, the new Society for Worldwide Interbank Financial Telecommunications (SWIFT) message format for cover payments - usually used to facilitate international funds transfers - will go live. Rosalind Gray and Roger Best of Clifford Chance LLP, examine recent guidance that illustrates a number of areas where financial institutions will need to take action if the change is to be implemented smoothly. / 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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