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Payments & FinTech Lawyer

Volume: 7 Issue: 12
(December 2013)


The Dutch Bankers Association (NVB) in conjunction with the Dutch consumer’s union published on 25 November uniform safety guidelines for online banking and payments, effective as of January 2014, which customers must follow in order to be reimbursed fully for loss of funds due to fraud. / read more

The ECB announced the launch of a public consultation on the ‘Recommendations for the Security of Mobile Payments’ on 20 November, proposals developed by the European Forum on the Security of Retail Payments, for the creation of m-payments security standards. / read more

The UK’s Financial Conduct Authority announced on 24 November that it has launched a review into insurance price comparison websites (PCWs), over concerns that consumers may not be getting the best deal. / read more


Following its consultation (the 'Consultation') in March 2013 - 'Opening up UK payments', HM Treasury published, on 9 October 2013, its plan to renovate the UK retail payment systems market in the form of a response (the 'Response') to the Consultation. The key reform is the creation of a new regulator for the UK retail payment systems market - the Payment Systems Regulator. It is envisaged that the new regulator will be established in late 2014, becoming fully operational by spring 2015. / read more

The Payment Accounts Directive, recently amended in a ‘compromise text’ published by the European Commission in October, is potentially as transformative as the PSD2. Kate Johnson of Osborne Clarke presents her views on the considerable challenge the Directive poses to the payments industry. / read more

While the potential stores of value other than standard currency as conduits for money laundering is nothing new, technological innovations such as Bitcoin have troubled regulators, especially in the US. Raymond L. Sweigart, Aaron R. Hutman and Stephanie Rohrer of Pillsbury Winthrop Shaw Pittman LLP, describe how US anti-money laundering policy is developing due to this new frontier. / read more

The virtual currency Bitcoin has seen a great deal of popularity on the Chinese market, with China becoming one of the largest platforms in the world for Bitcoin trading. Yet Bitcoin has existed in a legal grey area until now. A Circular, issued on 5 December by the People’s Bank of China, has clarified how the Chinese authorities view Bitcoin in terms of its status as a currency, and where it falls within the regulatory framework. Vincent X. Wang, Partner at Davis Wright Tremaine sheds light on the Circular that will likely have a substantial impact on Bitcoin activity in China. / read more

In November, a group of experts proposed a set of rules aimed at establishing a legal framework for mobile payment services in Germany. The group consisted of executives from various backgrounds including the financial sector, consumer associations and competent administrative bodies. The main goal is to compile and draft reasonable guidelines safeguarding both privacy and security for mobile payments. Dr. Nils Rauer, Partner and Head of the local IP, Media & Technology team at Hogan Lovells, Frankfurt, analyses the recommendations and their importance. / read more

Using the internet and technology to reach a much wider range of investors has become increasingly popular recently. As a result regulators are putting forward proposals on regulating it, with an emphasis on protecting more vulnerable retail investors. Michael McKee and Simon Wright of DLA Piper UK LLP, discuss the UK Financial Conduct Authority's proposed new rules on crowdfunding. / read more

The use of m-banking in India has huge potential for banks, mobile operators and consumers. Given the sector's importance to a range of stakeholders, India’s banks and government are attempting to drive the uptake of m-banking services; recently, the Reserve Bank of India set up a Technical Committee on Mobile Banking to analyse the obstacles in m-banking's path. Darshita Parekh of Clasis Law discusses the challenges facing the sector, and initiatives to encourage m-banking’s growth. / 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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