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Payments & FinTech Lawyer

Volume: 8 Issue: 11
(November 2014)


The UK’s Competition and Markets Authority (CMA) announced on 6 November that it will proceed with a full ‘Phase 2’ investigation of the retail banking market in regards to the supply of personal current accounts and of banking services to small and medium-sized enterprises. / read more

The Financial Action Task Force (FATF) adopted Guidance on ‘de-risking’ by financial institutions (FIs) at its 22 October Plenary, advocating a case by case risk-based approach in response to an increase in wholesale de-risking by FIs of clients believed to be high risk. / read more

The new UK Payment Systems Regulator (PSR) published a Consultation Paper on ‘A new regulatory framework for payment systems in the UK’ on 13 November, which sets out how it proposes to regulate the industry when it becomes operational on 1 April 2015. / read more


The European Banking Authority (‘EBA’) published a consultation paper in October on the implementation of its Guidelines on the security of internet payments, developed in conjunction with the European Central Bank (‘ECB’), with the basis of much of the Guidelines stemming from recommendations put forward by the European Forum for the Security of Retail Payments. Dr. Matthias Terlau and Dr. Daniel Walter of Osborne Clarke discuss what is expected of payment service providers in the context of the proposed Guidelines. / read more

The UK’s new Payment Systems Regulator (‘PSR’) becomes fully operational from April 2015. The PSR will regulate ‘designated’ payment systems, and in launching its October consultation, HM Treasury outlined those payment systems it intends to designate. Al Mangan of Addleshaw Goddard LLP discusses these proposed designees - and who is omitted - and provides analysis of HM Treasury’s proposals. / read more

The effect of government regulation on the emerging Bitcoin ecosystem remains a big unknown. A new development may clarify this picture: on 27 October 2014, the US Financial Crimes Enforcement Network (‘FinCen’) issued two new rulings governing business applications for Bitcoin and other convertible digital currencies. James P. Jalil, Benjamin McKelvey and Thomas Zych of Thompson Hine’s Cybercurrency Group explain that while the rulings provide a measure of clarity regarding the scope and application of FinCen’s oversight, they also signal the advance of significant compliance obligations confronting businesses in this emerging space. / read more

Elora Mukherjee and Paul Stone of Charles Russell Speechlys consider the Court of Justice of the European Union’s (‘CJEU’) judgment in MasterCard’s appeal against the European Commission’s (‘EC’) decision, which found that MasterCard’s multilateral interchange fees breached Article 101(1) of the TFEU. The CJEU upheld the General Court’s (‘GC’) judgment, which itself had upheld the EC’s decision, considering that MasterCard’s decisions setting the interchange fees were decisions of an association of undertakings that led to an appreciable restriction of competition that affected trade between the European Member States (‘States’) and were not objectively necessary, nor justified by its pro-competitive efficiencies under Article 101(3) TFEU. / read more

United States President Barack Obama recently announced new measures designed to protect US citizens from identity theft and fraud. On 17 October, President Obama launched his new Buy Secure Initiative in an effort to lead by example in transitioning the federal government to more secure payment cards and terminals. Erin F. Fonté, Shareholder and Head of the Payments and Digital Commerce practice and Jacqueline Allen, an Associate in the Payments and Digital Commerce practice at Cox Smith, discuss the federal government’s planned transition to PIN-based EMV cards and the challenges the federal government will need to address. / read more

The rise of new methods of payment in Hong Kong (‘HK’) has led to the proposal by the Financial Services and Treasury Bureau (‘FSTB’) and the HK Monetary Authority (‘HKMA’) of a new regulatory regime, outlined in a consultation paper issued on 22 May 2013. On 31 October 2014, the FSTB and HKMA issued the consultation’s conclusions. Gabriela Kennedy and Karen H.F. Lee of Mayer Brown JSM discuss the conclusions drawn. / read more

The now finalised ‘Regulation of the European Parliament and of the Council on Electronic Identification and Trust Services for Electronic Transactions in the Internal Market’ seeks to enhance trust in electronic transactions in Europe, and tackle the critical issue of verifying digital identities. Giusella Finocchiaro of Studio Legale Finocchiaro explains what the Regulation means for digital identity. / 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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