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Payments & FinTech Lawyer

Volume: 9 Issue: 10
(October 2015)


News

The European Parliament approved the revised Payment Services Directive (‘PSD2’) on 8 October. The Council of Ministers must now approve the Parliament’s position, and presuming this occurs the PSD2 will enter force 20 days after publication in the Official Journal; the expectation is that such publication will occur in mid to late-December. / read more

The Committee on Payments and Market Infrastructures (‘CPMI’), which represents central bankers worldwide, published a consultative report on ‘Correspondent banking’ on 6 October, which puts forward recommendations for alleviating concerns and issues relating to correspondent banking. / read more

The Payment Card Industry Security Standards Council (‘PCI SSC’) issued new guidance to help organisations respond to a data breach on 29 September. The guidance requires merchants to implement an incident response plan and provides information on when a PCI Forensic Investigator (‘PFI’) can be engaged to assist. / read more


Features

On 22 September, the US Securities and Exchange Commission (‘SEC’) announced that R.T. Jones agreed to settle charges that it “willfully” violated Rule 30(a) of Regulation S-P (17 C.F.R. §248.30(a)), which requires registered investment advisers to adopt written policies and procedures reasonably designed to safeguard customer records and information. The predicate for the violation was that R.T. Jones had failed to establish cyber security policies and procedures to safeguard personally identifiable information (‘PII’). A breach of the systems that held client PII was feared potentially to have compromised the PII of tens of thousands of individuals. Cyrus Amir-Mokri, Stuart D. Levi and Anastasia T. Rockas of Skadden provide detailed analysis of the case and the guidelines to be followed. / read more

On 31 August 2015, Legislative Decree No. 135 of 18 August 2015 concerning sanctions for the breach of Regulation (EU) No. 260/2012 and Regulation (EC) No. 924/2009 was published in the Italian Official Gazette. The Decree entered into force on 1 September 2015. / read more

While wearable devices such as the Apple Watch are on the radar of both consumers - thanks to some high-profile launches of such products - and the technology sector, with companies such as Google buying up patents, wearables have not fully hit the mainstream yet. In this article, Edwin Jacobs and Ruben Roex of time.lex argue that payments could be the added value needed to really propel wearables into the mainstream. The use of wearables for payments however triggers a number of legal issues, which range from data protection and privacy concerns to considerations relating to unauthorised payments resulting from wearable technology. Edwin and Ruben discuss the relevant legal issues connected to the use of wearable devices for payments. / read more

The European Court of Justice (‘ECJ’) ruled on 16 July in Coty Germany GmbH v. Stadtsparkasse Magdeburg, case no. C-580/13, that national bank secrecy laws do not automatically take precedence over an information request based on an infringement of intellectual property rights. Dr Christoph Ritzer, Of Counsel at Norton Rose Fulbright LLP, provides detailed analysis of the case and the possible implications of the decision for banks. / read more

During the global financial crisis of 2008, a pseudonymous computer programmer known only as ‘Satoshi Nakamoto’ outlined the theoretical structure of an open source protocol called the ‘blockchain,’ making possible a decentralised, pseudonymous database of currency holdings, transactions,and overall supply through a peer-to-peer electronic cash system. Five years later, in November 2013, the world’s first Bitcoin ATM opened in Vancouver, Canada. / read more

On 15 September, the UK’s Financial Conduct Authority (‘FCA’) released ‘Terms and definitions for services which are linked to payment accounts and subject to fees,’ a feedback statement that reports on the responses to the FCA’s earlier ‘Call for Input’ on this matter. These releases result from the FCA’s requirements under the EU Payment Accounts Directive. Charles Kerrigan and Katharine Lammiman of Olswang LLP discuss the FCA’s feedback report. / read more

In September 2014, Ecuador issued the Monetary and Financial Code introducing an electronic payments system to a country that has for the past decade recognised the US dollar as the only legal tender. In this article Bruno Pineda-Cordero and Natalia Almeida-Oleas of Pérez Bustamante & Ponce, describe the new electronic payment method and share their thoughts on how the Monetary and Financial Code may be drafted in such a way as to enable the issuance of an alternative electronic currency to the US dollar at some point in the future. / read more

The 1 October 2015 deadline for merchants to become EMV-compliant or potentially face increased liability has come and gone. Yet, a significant number of both card issuers and merchants have not yet made the switch. / 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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