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Payments & FinTech Lawyer

Volume: 3 Issue: 8
(August 2009)


The Consumer Credit Directive Draft Regulations - released by the UK Department for Business Innovation & Skills (BIS) on 1 August - have been welcomed by consumer credit organisations, however a number of issues need to be resolved before the planned implementation date of June 2010. Stakeholder comments close on 1 September. / read more

The Council of the European Union has approved guidelines for negotiations with the US on an international agreement regulating how the US Department of Treasury (UST) accesses financial transaction data held by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), as part of the US Terrorist Finance Tracking Progam. / read more

France implemented the Payment Services Directive (2007/64/EC) via Ordinance nº2009-866 of 15 July. The Ordinance will modify the French Monetary and Financial Code by creating a new type of service provider, 'payment institutions'. / read more


Recently there has been growing concern as to the progress of SEPA. Reasons put forward by some for the slow progress on Single Euro Payments Area (SEPA) include lack of co-ordination between different stakeholders, uncertainties as to the transposition of the Payment Services Directive (PSD) and lack of progress on open issues with the European Payments Council (EPC). At the same time, there appears to have been limited interest in the introduction of new SEPA products which is likely to have been exacerbated by the world economic crisis. The European Commission's figures show that in April 2009, over a year after the launch of SEPA credit transfer, only 3.1% of transfers were being made under SEPA standards1. SEPA Direct Debit (SDD) is to be introduced on 1 November 2009 with the implementation of the PSD, but the French banking industry has made a statement that it will introduce SDD only from November 2010. / read more

Despite a rise in foreign currency transfers and remittances in Africa, banks based in African cities remain in control of money transfers. Dr. Manuel Orozco and MaÔté Hostetter of the Remittances and Development Program, Inter-American Dialogue, examine who is authorised to conduct money transfers in Africa, the regulation of microfinance institutions and possibilities for reform to accommodate changes in the use of money transfer, which include modernisation of the regulations governing microfinance institutions. / read more

Multinational payment providers face a difficult challenge in ensuring that their businesses are compliant with local legislation. David Hunter, CEO of paysafecard UK - an international alternative payment provider - discusses the legal challenges that paysafecard faced when expanding its business abroad into countries such as Argentina and discusses what companies can do to ease their own transition into new markets. / read more

Over the past decade, we have seen a significant change in the competitive environment among payments service providers, with consolidation across the industry. While new entrants are providing services on the front or back end of the payments clearing process, the market for clearing payments transactions between senders and receivers is dominated by a few very large providers. / read more

On 22 May, President Obama signed the US Credit Card Accountability, Responsibility and Disclosure (CARD) Act into law. Feedback from the US so far is that it is certain to reduce the availability of credit card credit, reduce customer choice and put up the price of credit. US legislators' opinion of the likely impact on consumers and the wider economy varies, but the impact could easily be being underestimated if it is hoped consumer confidence and consumer spend will lead the economy out of recession. Whilst legislators may not yet be convinced that the availability of credit will, in fact, be reduced, the impression given is that, were this the case, it would not necessarily be seen as a bad thing. / read more

Alex Mifsud, Chief Executive of EntroPay, explains the cost saving advantages that virtual payments can provide to payment providers in retaining retail customers once the Single Euro Payments Area and the Payment Services Directive increases competition in the market, as well as the regulatory challenges that virtual prepaid faces. / read more

The UK government and the Conservative Party both announced proposals for the future of the UK banking and financial services industry following the banking crisis. Jeremy Fraser, a financial services Partner with Brodies LLP, examines the role of the new regulatory bodies set up under both sets of proposals and the impact they could have on the e-finance and epayments industries. / read more

The Chinese Ministry of Culture and Ministry of Commerce recently released a regulation on improving the management of virtual currencies in online games. Ping Chu, an Associate at Sheppard Mullin Richter & Hampton LLP, examines the regulation and outlines what is required of companies that must comply with it. / read more

The Consumer Credit Directive Draft Regulations, which implement the EU Consumer Credit Directive ('CCD') surfaced on 23 July 2009 not as a discrete piece of legislation, but as a series of amendments to existing Consumer Credit legislation. / 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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