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Payments & FinTech Lawyer

Volume: 7 Issue: 4
(April 2013)


The UK Treasury (HMT) published ĎOpening up UK paymentsí on 26 March, its plan for a new regulatory framework for the countryís payments systems, which would include a utility-style regulator, which could be the Financial Conduct Authority, another regulator or a newly created body, that would be responsible for ensuring equal access and fair pricing. / read more

FinCEN released on 18 March guidance on the applicability of the Bank Secrecy Act to virtual currencies, clarifying that exchangers and administrators of virtual currency are subject to FinCEN regulations designed to prevent money laundering and terrorist financing. / read more

The EC announced on 9 April the initiation of formal proceedings to investigate whether MasterCardís inter-bank fees are hindering competition in Europe. / read more


The European Market Infrastructure Regulation ('EMIR') sets out various new obligations in relation to derivatives trading. Going forward, firms will be required to centrally clear OTC derivatives which have been declared subject to the EMIR clearing obligation. They will also be required to implement various 'risk mitigation' procedures in relation to uncleared OTC derivatives, and details of all transactions in derivatives will have to be reported to specially designated trade repositories. / read more

The crowdfunding sector took an important step in its development in March with the launch of the UK Crowdfunding Association, which looks to represent the interests of crowdfunding platforms in the UK. The Association has 12 founder members and has called for a 'proportionate' legislative framework to be introduced for crowdfunding in the UK. Simon Wallwork, a Partner at Weightmans LLP, examines the background to this new Association and its Code of Practice, considers whether the code goes far enough, and makes some suggestions as to what form the 'proportionate' legislation could take to protect investors whilst at the same time giving the crowdfunding industry the light touch regulatory framework it desires. / read more

Social media could emerge as a game changer for banks; it is one of the evolving communication channels that might help banks generate insights on customer attitudes and preferences, which can be used to inform and tailor marketing campaigns and help deliver better customer experiences. Banks cannot afford to ignore these new opportunities to connect with their customers. Neerav Merchant and Melvyn Fernandes, of Majmudar & Partners, Advocates, Solicitors & Notary, discuss the integration of social media and banking in India, the potential risks and rewards. / read more

Regulatory requirements of transaction participants defined. / read more

Over the past six years, the use of electronic payments has significantly increased in Indonesia coupled with the increased proliferation of information technology in everyday life. Lina Amran, Partner at Makarim & Taira S., Indonesia, discusses the legal environment and regulations surrounding e-payments in Indonesia and the issues to overcome. / read more

Choice Escrow and Land Title, LLC v. BancorpSouth Bank. / read more

The question of who owns the customer is a major concern for the various partners in mobile payments solutions, such as banks, mobile network operators and digital wallet providers. This question can even hold the mobile payments solution back in some cases, as these key players grapple with who gets the rights to customer ownership and put forward arguments as to why it should be them. Zilvinas Bareisis, Senior Analyst at Celent, discusses why he believes no one partner is entirely correct in this debate - and asks if anyone can really claim to own the customer. / read more

NACHA, the Electronic Payments Association, has just taken a step towards easing consumer payments via mobile devices. The Council for Electronic Billing and Payment, a subsection of NACHA, released its 'Quick Response Encoding for Consumer Bill Pay Guidelines, version 1.0,' in January. Margo H.K. Tank, Kate Aishton and Andrew Grant of BuckleySandler LLP, examine the guidelines and risks faced by consumers when using QR codes. / 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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