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Payments & FinTech Lawyer

Volume: 6 Issue: 5
(May 2012)


The European Payments Council (EPC) issued a statement on 27 April explaining its response to the European Commission's Green Paper 'Towards an Integrated European Market for Card, Internet and Mobile Payments'. / read more

The European Commission (EC) is threatening six EU Member States with legal action if they do not implement rules concerning electronic money issuance soon. / read more

The Managing Director of the Financial Services Authority (FSA), Martin Wheatley, has said - in a speech to the Chartered Institute of Bankers in Scotland - that UK banks should update their technology and speed up payments. / read more


South Africa
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The US Federal Trade Commission (FTC), the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) filed a memorandum brief on 8 May 2012, in support of the constitutionality of the US federal law, the Fair Credit Reporting Act (FCRA). / read more

On 14 March 2012, the UK Information Commissioner's Office (ICO) published its guidance on Identifying 'Data Controllers' and 'Data Processors' (the Guidance) for the purposes of the UK Data Protection Act 1998 (DPA) which will be important for many businesses including those in the payments and e-commerce industries. / read more

The UK Bribery Act 2010 has yet to be fully enforced within the courts, despite coming into force a year ago, leaving many organisations in the dark about what really constitutes 'adequate procedures' to ensure they comply with the stringent anti-corruption laws. Robb Adkins and Justin McClelland, Partners at Winston & Strawn, discuss the features of the legislation, how it differs from its American counterpart, the developments so far and the grey areas leaving companies unsure as to how protected they are in the fight against corruption. / read more

Companies large and small are rushing to develop new products and technologies to net their share of the $1 trillion of projected value in mobile payments. But this enthusiasm may be dampened by a number of patent infringement lawsuits in the US directed towards the mobile payments industry, which could limit the very innovation that has defined the industry so far. Erin Fonté and Charles Salmon, of Cox Smith Matthews Incorporated, discuss the trends so far and the moves by the big players looking to limit their liability and expand their patent portfolios in what is set to be a highly lucrative market. / read more

Security is a huge issue for consumers when using mobile banking applications, which are often less secure than banks think. Matt Peachey, Vice President of Veracode for Europe, the Middle East and Africa, explains how banking applications on mobile devices are exposing user data, and how the problem can be mitigated. / read more

The mobile payments market in Australia is developing gradually, but innovations common in Europe and the US - such as the use of near field communication technologies - have yet to take off in Australia. A number of recent developments, however, such as the launch of virtual supermarkets, signify a strong move forward for the Australian mobile payments market. Cheng Lim, Partner at King & Wood Mallesons, discusses the current situation in Australia and the developments in mobile payments. / read more

The mobile payments industry in the UK is picking up speed, with new players and products entering the market from the banking sector and the London 2012 Olympic Games fast approaching. In the first instalment of a two-part article, Jonathan Bye and Carlo R.W. de Meijer, of the Royal Bank of Scotland, present a close-up of the mobile payments landscape in the UK, the new ventures, the collaborations, the strategies and the golden opportunity to showcase mobile payments presented by the London 2012 Olympic Games. / 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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