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Payments & FinTech Lawyer

Volume: 8 Issue: 5
(May 2014)


News

The US Government Accountability Office (GAO) published an information security report on 17 April, criticising the Securities and Exchange Commission (SEC) for failing to adequately protect its systems and data from cyber risks. The GAO identified a number of problems, claiming inter alia that the SEC did not encrypt data sufficiently, and, when migrating to a new data centre in 2013, did not properly oversee a contractor’s work. / read more

The Bank of Indonesia (BI) issued on 8 April Regulation PBI No. 16/8/PBI/2014 to amend Indonesia’s electronic money (e-money) regulation. / read more

The UK Payments Council published on 24 April a voluntary code of best practice for payment service providers when dealing with misdirected payments, which aims to provide ‘consistent, standardised and swifter help’ for customers who send a payment to the wrong account. / read more


Features

Facebook has announced it is asking for regulatory approval to run its own money transfer service, joining the likes of Google in challenging the banks over the supply of consumer finance services. Simon Deane-Johns, a Consultant Solicitor at Keystone Law, assesses the impact of these developments on the dominance of banks within the financial sector. / read more

Quek Li Fei, Simon Trevethick and Paul Yap of Colin Ng & Partners LLP analyse mobile payments in Singapore, examining the attention Singapore’s authorities are now giving to the technology and infrastructure integral to this sector. / read more

In its recent decision in T-Mobile Austria GmbH v. Verein für Konsumenteninformation (Case C-616/11) the ECJ wholeheartedly supported an Austrian consumer group’s contention that T-Mobile Austria was in breach of the Austrian Payment Services Law when it sought to charge an additional fee to customers paying their bills via online banking or a paper transfer order. In this article, Paul Graham and Clare Burman of Field Fisher Waterhouse LLP consider the case and whether any ripples from the decision are likely to be felt on UK shores. / read more

The introduction of anti-money laundering regulation in the UAE has significantly changed the legal and business landscape. A bill containing further measures reportedly passed the Federal National Council (‘FNC’) earlier this month and is approaching enactment, which will bring further changes. By Charles Laubach, Partner at Afridi & Angell Legal Consultants. / read more

Online financial service Yu’e Bao, managed by Tianhong Asset Management Co. Ltd., has gained significant popularity in China following its launch in June 2013. It has attracted the attention of China’s government and particularly the regulatory authority for payment processors, the People’s Bank of China. The latter has within the last few years crafted two draft measures with regard to online payment businesses; the second of these, the Administration Measures on Payment Institutions’ Online Payment Business 2014, could have a significant and negative impact on online financial products such as Yu’e Bao, as Jay Si, Associate at Davis Wright Tremaine LLP, explains. / read more

In this article, Dr. Michael Salmony of Equens SE, a pan-European payment processor, provides his perspective on the recent access to accounts initiative proposed by the European Commission. Michael argues that open access to bank accounts has the potential to lead to an explosion of potentially disruptive innovation, competition and new services, but that banks need to position themselves proactively in this new environment. / read more

Vodafone has launched its M-PESA money transfer system in Romania. Given this development, Cristian Lina and Stelian Mic of Eversheds Lina & Guia explore the regulation of e-money services in Romania, and discuss the chances of success for M-PESA and other similar initiatives in the Romanian market. / 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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