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Payments & FinTech Lawyer

Volume: 7 Issue: 8
(August 2013)


News

The European Commission (EC) published on 24 July the revised Payments Services Directive (PSD2), which puts forward revisions to address market fragmentation, prompting concerns over the proposed scope of the regulation and its potential impact on innovation and market entry. / read more

A group of payments, virtual currency and financial technology companies announced the formation of the Digital Asset Transfer Authority (DATA) on 30 July, a self-regulatory body aimed at developing compliance standards, and establishing a dialogue with regulators, consumers and lawmakers. / read more

The European Central Bank (ECB) released on 16 July its second report on card fraud, which shows a decline in card fraud since 2007 due to, the report states, the introduction of technological advancements. / read more


Features

For payment providers and other international companies the ability to move data globally is an essential business requirement. Adherence by US companies to the privacy principles under the EU-US Safe Harbor framework is one of the main data transfer solutions which allows for the transfer of personal data from the EU to the US in compliance with EU data protection requirements. However, recent revelations about the US National Security Agency's (NSA) PRISM programme have increased uncertainties about the application of the EU-US Safe Harbor framework. / read more

Banks and financial services firms could in future be subject to overlapping rules on the notification of breaches of cyber security to regulators. John Salmon and Luke Scanlon of Pinsent Masons, discuss the current obligations, the various developments and the potential impact on financial services firms. / read more

The proposal for a Regulation on Multilateral Interchange Fees (MIF Regs) for card-based payment transactions and the long awaited and overdue report and proposals for a new Payments Services Directive (PSD2) were published by the European Commission on 24 July 2013. Fiona Ghosh and Alastair Harris of Eversheds LLP examine both proposals and the next steps. / read more

Given the increased demand for innovative mobile payment solutions and the wide range of stand-alone products and services that have come to market over the past few years to service that want, it is apparent that a fully interoperable nationwide mobile payment solution would be beneficial to both consumers and the payments industry. Carlo R.W. de Meijer, Jonathan Bye and Daniel Eade, of the Royal Bank of Scotland, assess the extent to which European banks are cooperating to create interoperable solutions, and the conditions necessary for success in the mobile ecosystem. / read more

On 10 July, the US Securities and Exchange Commission (SEC) adopted rules that permit issuers to use general solicitation and public advertising to reach accredited investors who may wish to invest in certain private placements of securities under Rule 506(c) of the Securities Act of 1933. The removal of the ban on general solicitation has the potential to remake the US private placement market by allowing issuers to reach a larger number of potential investors than current fundraising techniques allow and accompanies action taken by the SEC to permit two crowdfunding platforms that offer securities to accredited investors, as Scott H. Kimpel, Partner at Hunton & Williams LLP, explains. / read more

The EU last year tabled new draft laws on e-signatures and authentication for commercial transactions to boost pan-European e-commerce. In May the European Parliament was presented with amendments to reflect various opinions issued since their initial publication. Dr. Nathalie Moreno of Speechly Bircham LLP reflects on the European Commissionís proposal, the amendments posed, and the impact such a regulation will have on financial services. / 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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