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Payments & FinTech Lawyer

Volume: 9 Issue: 5
(May 2015)


News

The European Commission (EC) published on 28 April its ‘European Agenda on Security,’ which states that the Council Framework Decision of 28 May 2001 combating fraud and counterfeiting of non-cash means of payment ‘no longer reflects today’s realities and new challenges such as virtual currencies and mobile payment’; the EC therefore plans to review this legislation and consider changes. / read more

Virginia Governor Terry McAuliffe signed on 5 May Executive Directive 5, issuing a mandate to Virginia’s state agencies to implement advanced payment card security features, generally by the end of 2015. / read more

The Danish government proposed on 6 May that certain retailers in Denmark such as clothes shops and restaurants be excluded from laws requiring them to accept cash, as part of a range of economic initiatives which, if passed by Denmark’s parliament, could come into force as early as January 2016. / read more


Features

“The risk is that financial services become a kind of tech-led Wild West, if you like. Full of cybercrime; data losses; runaway algos; flash crashes and hash-crashes.” That was the warning given by Martin Wheatley, CEO of the Financial Conduct Authority (‘FCA’) last year. It is no surprise then that technology risks are again among the top issues in the FCA’s Business Plan 2015/2016. In this article, the authors look at what we can learn from the FCA’s comments. / read more

Over 50 mobile peer-to-peer payment solutions (‘mP2P’) have been launched in Europe; these solutions allow payments to be initiated via users’ mobile devices using a contact’s mobile number, but tend currently to be limited by geography. Dr. Michael Salmony, Executive Adviser at Equens SE considers the setting up of a pan-European mP2P service, which would enable the transfer of money without geographical restriction within Europe, and discusses the requirements and issues involved in setting up such a service. / read more

The Code of Conduct for the credit and debit card industry in Canada has recently been amended, having been originally introduced in May 2010. While these changes cover various aspects of the payment card industry, of particular note are amendments that may well affect contactless payments in Canada. One such example is that following the changes to the Code, merchants have been given the right to decide whether or not to accept contactless payments, which could have a tangible impact on the uptake of mobile payments in Canada. Jacqueline D. Shinfield, Partner at Blake, Cassels & Graydon LLP, considers the changes to the Code in the context of the future impact on contactless payments in Canada. / read more

Given the growth of crowdfunding in Europe, it could be argued that harmonised EU-wide legislation for the sector could be of great benefit in ensuring a coherent legal approach and helping crowdfunding assist the businesses - typically SMEs - that need it. However, while crowdfunding is certainly on the radar of EU legislators, a harmonised regime has not emerged, and instead several Member States have implemented their own crowdfunding regulations. Tanja Aschenbeck-Florange and Thorge Drefke of Osborne Clarke consider the attitude of EU legislators to crowdfunding so far, as well as the contrasting national regulations that have been developed by a number of EU Member States. / read more

Payday lending in the US is a growing industry that presents a number of opportunities for traditional financial institutions, as well as lessons to be learned from active regulatory enforcement. Katherine Armstrong and Mark W. Brennan of Hogan Lovells discuss the US payday lending industry and associated regulatory landscape, as well as recent enforcement actions - including one involving payment processors - and key takeaways for organisations participating in the payday lending market. / read more

The last few months have witnessed a wave of announcements from technology giants who are entering the payments space. This isn’t just about Apple any longer - now Samsung are involved too with Samsung Pay, Google is to launch Android Pay, and Facebook is to implement person-to-person (‘P2P’) payments into its Messenger platform. Zilvinas Bareisis, Senior Analyst at Celent, explores whether these tech giants will come to dominate mobile payments, and in doing so, looks at the motives behind these companies entering the payments market in the first place. / 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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