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Payments & FinTech Lawyer

Volume: 5 Issue: 9
(September 2011)


The Russian Parliament recently passed a law creating a legal infrastructure for e-payments in the country, implementing a 'national payments system' for the first time in the country's history. / read more

Submissions from various stakeholders in the Australian payments industry in response to the Reserve Bank of Australia's 'Strategic Review of Innovation in the Payments System', launched this summer, have outlined the need to promote the development of electronic as well as mobile payments. / read more

French courts are facing the difficult question of deciding how to answer the question of the legal classification of a 'bitcoin', the peer-to-peer digital currency - where 'managing transactions and issuing money are carried out collectively by the network' bitcoins are exchanged on. / read more


France / read more

Amendments to the EU's ePrivacy Directive have meant that since 25 May 2011 the EU has required website operators to obtain the consent of users to the use of cookies. This is a significant development causing considerable concern among businesses including those in financial services. / read more

The implementation of the second E-Money Directive in the UK has enabled many new operators to create limited networks around them, in order to make prepaid money accounts available to their customers.This situation, although very flexible from a commercial point of view, creates a certain degree of legal uncertainty. Ben Regnard-Weinrabe, Mark Taylor and Jessica Sheperd, of Hogan Lovells LLP, examine the impact of the second E-Money Directive on the UK mobile payments sector and evaluate the regulatory challenges. / read more

The considerable regulatory burden imposed in the US raises the cost floor on e- and m-payments considerably, thereby excluding people. We need a rational and informed debate to decide where to go on this. Are we going to trace and track every single transaction? If not, then what is going to be the threshold and why? / read more

In the midst of such an intense financial crisis, the adoption of non-cash payments and the development of technological initiatives such as online banking services and contactless payments could be a way for Greek financial institutions to stay competitive and consumers to avoid bank fees. On top of that, the spread of debit/credit card and electronic transactions could also be the only conclusive way to control tax evasion and gain effective control of the gray economy, as Dr Stavros Karageorgiou and Maria Giannakaki, of Karageorgiou & Associates Law Firm, discuss. / read more

How does a person without a credit card or a bank account conduct commerce using a phone? Mobile commerce in the developing world typically relies on a network of human agents - employed by a bank or a similarly trusted entity - who help the target users set up something similar to a bank account but with fewer associated frills and drills. Enrolment normally requires some simple background checks and the execution of a mobile-based electronic protocol, which utilises the customers phone, the agent's phone and a central server on the mobile network. / read more

About 2.7 billion people in the world rely on cash, physical assets and informal services to manage their financial lives. This could change thanks to initiatives encouraged by the G20, such as the guidance paper on financial inclusion released last June by the Financial Action Task Force (FATF). The report recognizes that the predominance of cash undermines financial integrity, and it clarifies how to interpret some of the standards set by FATF. The challenge for the G20, global standard setters and financial services regulators, is to figure out how to concretely help those 2.7 billion people access formal financial services, in particular in the developing countries where the vast majority live. Claire Alexander, of the Bill & Melinda Gates Foundation, examines the initiatives that have been created worldwide to promote financial inclusion and development. / read more

The first conviction to be secured under the new UK Bribery Act 2010 ('the Act') involved, in August, a £500 bribe taken by a court clerk to influence criminal proceedings - a situation not to be taken lightly in light of this new Act, under which the maximum penalty for bribery from seven to ten years imprisonment. When the new Act came into force on 1 July 2011, it swept away the UK's Victorian anti-corruption laws, introducing new criminal offences and increasing sentencing powers against both businesses and individuals that are implicated in acts of bribery. The Act applies widely, and in certain circumstances can impose liability on businesses for acts committed overseas by third parties of which the business had no knowledge, as Oliver Gayner and Libby Payne, of Olswang LLP, discuss. / 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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