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Payments & FinTech Lawyer

Volume: 7 Issue: 7
(July 2013)


News

The UK Payments Council published its ‘Payments Roadmap Initial Report’ on 17 June, which outlines short-term initiatives and long-term options for the creation of a new payments system in the UK over the next decade, but opinions are divided as to the success of such a strategy in a fast moving industry, which is already the subject of significant Government reform. / read more

Six Polish banks announced on 5 July a joint venture to establish a common m-payments standard, which will enable consumers to make retail payments or withdraw from ATMs directly from their bank accounts using an app. / read more

The Monetary Authority of Singapore (MAS) published on 21 June a notice obliging financial institutions (FIs) to report IT breaches or malfunctions within an hour of occurrence, including outside business hours, as part of rules around technological risk effective as of 1 July 2014. / read more


Features

In June 2013, the UK Payments Council (UKPC) published 'The Payments Roadmap - An Initial Report,' the first in the Roadmap series. According to the UKPC, the Roadmap will ultimately set out an industry strategy for the development of payment systems in the UK. By Amanda Hulme, Partner, and Brian McDonnell, Partner at Addleshaw Goddard LLP. / read more

At the beginning of May this year, the European Commission (EC) published its proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account. The intention is to create an EU-wide market for bank accounts, which will be more competitive and transparent than that currently in place, and to improve access to basic banking services for all EU citizens. Charles Kerrigan, Partner and Head of the International Finance Practice Group and Daniel Deacon, Trainee Solicitor at Olswang LLP, explore the proposal and the possible end to 'free banking' in the UK. / read more

In May, the Federal Trade Commission issued a Notice of Proposed Rulemaking concerning possible amendments to the Federal Telemarketing Sales Rule, which would prohibit sellers and telemarketers from accepting remotely created checks or remotely created payment orders. Barrie VanBrackle of Manatt, Phelps & Phillips LLP, explores the FTC’s proposal, the potential consequences for payments innovation and the alternatives. / read more

Australia's Communications and Media Authority (ACMA) released on 6 June a paper on near field communication technology (NFC) and the need for a single regulatory framework, entitled 'Near-field communications: emerging issues in media and communications.' Cheng Lim, Kate Jackson-Maynes and Adela Woliansky of King & Wood Mallesons, Australia, assess the paper in light of the increasing uptake of NFC technology in Australia, and the likelihood of a single regulatory framework coming to fruition. / read more

Recent action in the US by the Financial Crimes Enforcement Network, who in March issued regulatory guidance for those involved in virtual currency transactions, as well as the plethora of news stories about the rise of virtual currency Bitcoin, may have caused regulators globally to pay greater attention to the use and risks posed by virtual currencies. Ben Regnard-Weinrabe, Mark Taylor and Rachel Savary of Hogan Lovells, London, examine the threats that virtual currencies may create, and how they fit into the regulatory landscape from a UK perspective. / read more

The burgeoning m-commerce and online payments sector has developed out of the rise of e-commerce, and as e-commerce continues to expand its presence across the globe, this growth is likely to be accompanied if not exceeded by coinciding increases in the use of m-commerce and online payments across the globe. Yücel Yelken, CEO & Founder of yStats.com, a market research company gathering up-to-date data on international markets, examines the interconnection between these trends and looks at how the growth in m-commerce is taking place across a number of emerging markets, from Russia to China. / read more

In May 2013, a United States magistrate judge denied a request from the FBI to obtain a search warrant to hack an unknown computer in an unknown location to determine who was responsible for crimes committed using the computer. Judge Stephen Wm. Smith of the United States District Court for the Southern District of Texas concluded that the FBI's request for ‘such a potent investigative technique’ was not supported by the application for a warrant request, and did not meet the standards for a search and seizure warrant under Rule 41 of the Federal Rules of Criminal Procedure. Article by Andrew B. Serwin and Aramide O. Fields of Morrison & Foerster LLP. / read more

In April, France's Administrative Supreme Court (Conseil d'Etat) made a ruling in relation to the 'limited network' exemption within the Payment Services Directive, as implemented in France under the French Monetary and Financial Code. The case considered the attempt by the French store Le Printemps to operate a gift list service in its store, in two of its fully-owned subsidiaries and in a third company’s stores, having enjoyed a sustained partnership with the third company, and how the 'limited network' rule could be interpreted in this context. Benjamin May, Partner at Aramis Law, examines the Court's decision and the consequences of the case. / 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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