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Payments & FinTech Lawyer

Volume: 8 Issue: 12
(December 2014)


The Financial Conduct Authority (FCA) published on 26 November its terms of reference for a market study into the UK credit card market, outlining three strands: whether consumers are shopping around/switching between cards and thus driving competition; the extent of unaffordable card debt; and the impact on the market of firms’ costs-recovery between different customer groups. / read more

The Committee on Payments and Market Infrastructures (CPMI) issued a report on ‘Cyber resilience in financial market infrastructures’ on 11 November, which examines practices being adopted by financial market infrastructures (FMIs) to enhance cyber resilience. / read more

The Reserve Bank of India (RBI) on 27 November issued licensing guidelines and a call for applications to set up two new types of financial institutions, small finance and payment banks, in a bid to enhance financial inclusion. / read more


En route to becoming established as an independent economic regulator of payment systems in the UK, the Payment Systems Regulator (‘PSR’) has released a Consultation, which outlines the PSR’s vision and proposed approach to regulating the £15 trillion payments industry. Kate Johnson, Associate Director at Osborne Clarke, discusses the details of the Consultation. / read more

In October, the Financial Action Task Force (‘FATF’) issued its guidance for the banking sector, which alongside its statement on de-risking practices, sets an international agenda for the use of risk-based anti-money laundering and terrorist financing measures to build a more inclusive financial system. Rachpal Thind, a Partner at Sidley Austin LLP examines how firms will need to reassess current policies and procedures in light of the FATF’s new guidance. / read more

The Cabinet of Taiwan proposed a draft bill on the law governing third party payment services (the ‘Bill’) to Congress on 5 September, an important move for the Taiwanese government and one that may have been in response to industry fears that local payment businesses are losing out to Alipay and other similar offshore payment service providers. For a long time, banks and other non-financial companies in Taiwan have been competing for the right to operate third party payment services. As Ken-Ying Tseng, Partner at Lee and Li explains, the Bill has finalised the rules of the game and is expected to resolve many long-unsettled issues. / read more

As the SIM (‘subscriber identity module’) card becomes increasingly focal in security discussions, the developments taking place in Kenya around the possible introduction of a thin SIM - an ultra-light, paper-thin SIM card that is stuck on top of a subscriber’s existing SIM card - are becoming more significant. Traditionally, security discussions involving mobile platforms have centred on the device, which is often seen as the most vulnerable link in the security chain as phones may be lost, hacked into, or simply left unattended by their owners. / read more

Independent providers of automated teller machines (‘ATMs’) were excluded from the scope of the Payment Services Directive (‘PSD’) in 2007. In its proposed draft of the revised PSD (‘PSD2’) in July 2013, the European Commission (‘EC’) removed the exemption that excluded such providers from the scope of the Directive. Now the EU Council is proposing to reinstate this exemption. Alastair Harris of Eversheds LLP examines the EU Council’s and the European Parliament’s proposed amendments to the EC’s draft of PSD2, and analyses what the latest developments may mean for independent ATM service providers. / read more

After issuing an advanced notice of proposed rulemaking regarding general purpose reloadable cards in May 2012, the US Consumer Financial Protection Bureau (‘CFPB’) issued proposed rules on prepaid products in November 2014. CFPB Director Richard Cordray said, “[The proposed rules] would close the loopholes in [the prepaid product] market and ensure prepaid consumers are protected whether they are swiping a card, scanning their smartphone, or sending a payment.”1 By Melissa J. Krasnow, Brent Ylvisaker and Joseph T. Lynyak III of Dorsey & Whitney LLP. / read more

Cyber attacks on the financial sector have hit headlines, and some experts predict massive financial disruption from cyber space to be a major threat facing the sector. While incidents have not as yet caused significant customer detriment or market disruption, regulators are reacting: recent proposals on the reform of the Second Payment Services Directive (‘PSD2’) would have banks and other payment service providers submitting updates to regulators on the security risks faced, while the UK’s Financial Conduct Authority (‘FCA’) has published a guide that inter alia discusses cyber crime. Steven Francis, Partner at Baker & McKenzie and former member of the management team in the then Financial Services Authority’s Wholesale Enforcement Division, discusses the threat of cyber attacks on the financial sector, the FCA’s guide and the potential role of cyber insurance. / read more

In 2013, Perú became the first country in Latin America to enact a law that regulates the use of an electronic currency system, which will allow payments, money transfers and other operations to be carried out via mobile phones or other electronic devices. Renzo Elio Andrade Chirinos, an Associate at Muñiz, Ramírez, Pérez-Taiman & Olaya Law Firm and Business Law Professor at Universidad Peruana de Ciencias Aplicadas, outlines the provisions of the law. / 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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