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Payments & FinTech Lawyer

Volume: 6 Issue: 10
(October 2012)


News

The PCI Security Standards Council (PCI SSC) released guidance on mobile payment acceptance security on 13 September, which sets out best practices for software developers and mobile device manufacturers on the development of adequate security controls to provide merchants with more secure mobile payment acceptance solutions. / read more

Six of the merchant plaintiffs in the interchange fee lawsuit between US retailers, Visa, MasterCard and US banks, are opposed to the settlement, voicing their concerns in a letter to Congress dated 20 September. / read more

The Supreme Court of the Philippines issued a 120-day Temporary Suspension Order (TSO) of the Cybercrime Prevention Act 2012, on 9 October, following widespread protests that parts of the law are unconstitutional and threaten Filipino human rights. / read more


Features

Many will be aware that the UK government has introduced major reforms to the UK financial services regulatory structure. The main change is that the Financial Services Authority (the ‘FSA’) will be replaced by the Prudential Regulation Authority (the ‘PRA’) and the Financial Conduct Authority (the ‘FCA’). The exact date for the change is as yet unknown, but likely to be in April 2013. In the meantime the FSA is already operating an internal ‘twin peaks’ model. / read more

In July 2012 HM Treasury published its consultation 'Setting the strategy for UK payments' inviting views on 'options for reforming the regulation and governance of payments networks in the UK'. Kate Johnson, an Associate, specialising in payments in Osborne Clarke's Financial Institutions Group, discusses the context surrounding the consultation and the UK Government's approach to setting a strategy for mobile payments. / read more

The European Central Bank recently published its annual statistics on cashless payments and payments systems across the European Union. Rita Choudhury, Javier Huerga and Antonio Moreno of the European Central Bank, discuss 2011's statistics and what the numbers tell us about the financial services industry across Europe. / read more

On 12 September, Representative Ed Markey (D-Mass.) released the 'Mobile Device Privacy Act,'1 which would require the Federal Trade Commission (FTC) to adopt regulations addressing monitoring software installed on mobile devices. The new obligations would impact wireless service providers, equipment manufacturers, device retailers, operating system providers, website operators, and other online service providers, underscoring the number of industry segments involved and the complexity of addressing privacy concerns in today's mobile wireless ecosystem. / read more

Online and corporate fraud remains a serious concern for global business and yet part of the problem in tackling the ever evolving nature of fraud comes from the very techniques and approaches used to prevent it. Ian Ross, Principal Consultant at Birzeit Consulting ME, discusses online fraud in its many guises, the problems faced when measuring fraud and the importance of going beyond mere prevention. / read more

Turkey is one of the forerunners of innovative payments technology and openly intends to be a 'cashless society' by 2023. One of the most advanced countries in Europe in terms of countactless mobile payments, Burak Ilgicioglu, a Card & Payment Systems, Business Analysis Manager at Yapi Kredi Bank, Turkey, discusses Turkey's successes so far in regards to mobile payments and the factors hindering widespread adoption. / read more

On August 20, the Consumer Financial Protection Bureau released a final rule regarding remittance transfers, amending the rule previously released in February 2012. These new remittance rules are intended to provide greater protections for consumers that transfer money from the United States to foreign countries, and impose a number of significant duties on 'remittance transfer providers,' as Brent Ylvisaker, an Associate at Dorsey, explains. / 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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