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Payments & FinTech Lawyer

Volume: 7 Issue: 9
(September 2013)


The German Federal Ministry of Finance issued on 19 August a public opinion on Bitcoin as ‘private currency’ and a ‘unit of account,’ legitimising Bitcoin for private transactions. / read more

The FCA published an interim report as part of its ongoing review into mobile banking on 27 August, which outlines the potential risks posed by mobile banking to consumers. / read more

The UK Finance Act 2013 (FA 2013), which came into force on 1 September, has extended the data gathering authority of HMRC to include the ability to obtain payment card transaction data for the past four years from merchant acquirers to combat tax fraud. / read more


The Payment Card Industry Security Standards Council (PCI SSC) recently published proposed changes to the Payment Card Industry Data Security Standard (PCI DSS), which contractually requires merchants accepting credit and debit cards to safeguard cardholder data. / read more

For anyone involved in mobile banking and payments, keeping an effective grasp on regulatory risk, while engaging with a rapidly changing market place, is often challenging. In its first dedicated review of these issues, the Financial Conduct Authority (FCA) has set out the key regulatory areas for attention1. / read more

Alongside the revised Payment Services Directive, the European Commission released in July of this year its proposed regulation on the interchange fees for card-based payment transactions. This proposal not only describes business rules relating to payment card schemes, but also introduces caps on interchange fees, indicating that the EC is taking widely-anticipated action in this area. Kate Johnson, a Senior Associate at Osborne Clarke, discusses the details of the proposed regulation and its possible impact on both business and consumers. / read more

Earlier this summer, a number of companies in the virtual currency and emerging payments space established the Digital Asset Transfer Authority, or DATA, in an attempt to do for virtual currencies and other emerging payments what NACHA did for ACH payments. Kevin L. Petrasic of Paul Hastings discusses the challenges facing DATA, the objectives, and the potential for DATA to legitimise virtual currencies. / read more

Italy’s financial regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), released a Regulation on equity crowdfunding in July in an effort to revitalise the Italian capital market. The move by Italian regulators to develop such a comprehensive regulation on crowdfunding makes Italy the first European country to do so. Jeffrey Greenbaum and Leonardo Bafunno of Hogan Lovells Studio Legale, analyse the Regulation and its impact. / read more

The National Bank of Serbia has recently drafted a new law to regulate payment services in Serbia. The law takes a large amount of inspiration from EU payments regulation and also contains specific provisions in light of Serbia’s candidacy for becoming an EU Member State. Alex Petrovic, Partner at Joksović, Stojanović & Partners, discusses the major components of the proposed law. / read more

The UK Government is planning to reform the benefits system and replace several of the means-tested benefits and tax credits with a new form of welfare benefit, Universal Credit. Although the gradual rollout of this system is set to last until 2017, its implementation has received some criticism, for example due to its reliance on access to the banking system. Noel Moran, CEO at global prepaid solutions provider Prepaid Financial Services Ltd., describes his concerns about the currently proposed implementation of Universal Credit, and explains his belief that introducing a prepaid element would create a system less open to abuse and confusion. / read more

The Financial Conduct Authority released a policy statement in June setting out new payments rules for investment platform service providers. Bruno Geiringer and Chris Riach of Pinsent Masons examine the rules and their potential impact. / read more

US regulators have attempted for years to end the online lending industry. The Department of Justice and the Federal Deposit Insurance Corp. have started to apply unprecedented pressure on financial institutions and payment processors to cease lawful consumer-authorised transactions. / 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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