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Payments & FinTech Lawyer

Volume: 8 Issue: 8
(August 2014)


News

The UK Chancellor George Osborne announced on 6 August a government review into whether virtual currencies (VCs) should be regulated, alongside measures designed to promote innovation in the UK FinTech sector. / read more

The UK FCA launched on 6 August a consultation on financial promotions on social media; the FCA’s “overall approach” regarding such promotions, said FCA Director of Supervision Clive Adamson, is that they should be “fair, clear and not misleading.” / read more

The US Consumer Financial Protection Bureau (CFPB) announced on 21 July that it will now accept complaints about prepaid cards, with card companies requested to respond within 15 days. / read more


Features

In July the UK’s Competition and Markets Authority (‘CMA’), announced its intention to conduct a market investigation into personal current accounts (‘PCAs’) as well as banking services provided to small and medium sized enterprises (‘SMEs’) in the UK. Ajal Notowicz, Head of EU & UK Competition Law at Dickson Minto W.S., discusses what to expect from a CMA market investigation, and how, despite press speculation that the investigation could result in the break-up of the large banks, radical changes are unlikely anytime soon. / read more

New guidance from the UK’s Financial Conduct Authority (‘FCA’), entitled ‘Considerations for firms thinking of using third-party technology (off-the-shelf) banking solutions’1 has highlighted the increasingly holistic approach regulators are taking to sourcing in the financial services sector. Although the guidance focuses on banks, it should be noted by all firms that are sourcing IT services from internal and external functions. By Angus McFadyen, Senior Associate at Pinsent Masons LLP. / read more

The United States Consumer Financial Protection Bureau (‘CFPB’) recently launched an inquiry into the use of mobile financial services, with a focus on how mobile technologies are impacting unbanked and underbanked consumers with limited access to traditional banking systems. In doing so, the CFPB has outlined a number of opportunities and challenges presented by mobile financial services, as Mark W. Brennan and Michael Epshteyn of Hogan Lovells LLP explain. / read more

As cybercrime becomes all the more sophisticated and expansive by the day, organisations must react to an ever-changing online threat landscape. In this article, Nahim Fazal, Head Of Cyber Security Development at Blueliv, a cloud-based cyber threat intelligence solution, explains what in his view constitutes a long term and effective cybersecurity strategy and outlines the key questions organisations should be asking in relation to their cybersecurity strategies. / read more

Traditionally, banks and governments have shared control over financial services markets. With the advent of virtual currencies (‘VCs’) or digital currencies, regulators have found it necessary to adapt their rules to new financial services providers. New York’s Department of Financial Services (DFS) put forth in July an attempt to regulate VCs in its new proposed regulations for virtual currencies, also called the ‘BitLicense.’ Payments lawyer Adam Atlas and Saranya Danasekaran discuss the various requirements proposed in the new BitLicense regulations and the effect on the future evolution of Bitcoin businesses. / read more

The ‘s-Hertogenbosch Court of Appeals issued a decision in February this year on a case involving the Dutch banking and financial services firm Rabobank Group, in which the plaintiff claimed that its local branch of Rabobank had failed to provide sufficient information to warn against phishing attempts made over the telephone. The Court confirmed an earlier local district court decision, finding that the Rabobank’s warnings had been sufficient. Adam Pasaribu of Bird & Bird analyses the case. / read more

Biometrics are the unique characteristics of a human being that can be used to clearly identify a person. Biometric identification systems are being deployed within applications into more and more public and private institutions. Biometric technology such as fingerprint, iris, face and voice recognition is now widely available at an advanced level and has many different user cases when it comes to the financial services sector. BySteve Cook, Director of Business Development at Facebanx, a facial recognition technology developer. / read more

The European Commission began infringement proceedings in July in connection with the exclusive rights held by National Mobile Payment Ltd. to Hungary’s national mobile payment system for public services. This situation is particularly of interest given the increasing popularity of mobile payments both in Hungary and elsewhere. Dr Szabolcs Mestyán, Partner at Lakatos, Köves and Partners, provides the background to the EC’s proceedings and looks at the Hungarian government’s reasoning behind the granting of exclusive rights to National Mobile Payment Ltd. / 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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