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Payments & FinTech Lawyer

Volume: 9 Issue: 6
(June 2015)


The UK, Slovakia and Estonia have said that they are unable to comply with the European Banking Authority’s (‘EBA’) final guidelines on the security of internet payments which come into force on 1 August, due to a conflict with their legal frameworks, according to a 21 May EBA press release. / read more

The EU Council of Ministers published on 2 June a final compromise text of the proposed revised Payment Services Directive (‘PSD2’). / read more

The French Finance Minister Michel Sapin announced on 2 June proposed measures relating to payments including a ban on the fixed-rate part of the inter-bank commissions that banks charge to process card payments; the variable part of the commissions will remain. / read more


The European Council published on 2 June its ‘final compromise text’ of the revised Payments Services Directive (‘PSD2’). Ben Regnard-Weinrabe, Miah Ramanathan and Harriet Russell of Paul Hastings (Europe) LLP discuss the changes introduced since the previous draft of 1 December 2014. / read more

Robert Courtneidge, Global Head of Cards and Payments at Locke Lord LLP, and recently placed No. 1 in the Payments 2015 Power 10 rankings, which recognises top contributors to the payments industry through nominations from the international payments community, took part in the Payments Punch Up debate held on 10 June at PayExpo 2015 and stood in opposition to a statement - ‘New payment regulation initiatives will do nothing but hinder innovation’ - the debate around which is very close to his heart. Obviously, Robert was responsible for arguing against the motion but as a lawyer he takes a very balanced view. In this article Robert presents both sides of the debate. / read more

On 9 March, New York Attorney General Eric Schneiderman (‘NYAG’) announced a settlement agreement (the ‘Agreement’) with the three national consumer reporting agencies, Experian Information Solutions, Inc, (‘Experian’), Equifax Information Services, LLC (‘Equifax’) and Trans Union LLC (‘TransUnion’) (collectively, the ‘CRAs’). The Agreement promises to significantly alter the CRAs’ credit reporting practices to consumers nationwide. Robert M. Jaworski, Partner in the Financial Services Regulatory Group at Reed Smith LLP, provides a summary of the Agreement and some thoughts about its possible impact on the CRAs, users of the credit reports they provide (‘Users’), those that furnish the CRAs with the information contained in those reports (‘Furnishers’), and consumers. The CRAs fully cooperated with the NYAG’s investigation and denied any wrongdoing. / read more

The World Bank has recently published the report ‘Measuring Financial Inclusion around the World.’ The report is based on Global Findex, a survey database that measures people’s use of financial services globally across economies and over time. This report documents financial inclusion over the last three years, showing that since 2011, 700 million adults became account holders while the number of unbanked dropped by 20%. The report considers the trends behind this and other global patterns in the way people use financial services, as Kate Johnson and Poppy Pite of Osborne Clarke explain. / read more

On 5 May the US Financial Crimes Enforcement Network (‘FinCEN’) and the Department of Justice in Northern California fined Ripple Labs Inc. in the first successful civil enforcement action against a virtual currency exchange in the US. Brian Stoeckert, Managing Partner at risk and compliance solution provider Stratis Advisory, discusses the reasoning behind this fine, and the context of compliance obligations for virtual currency businesses in the United States. / read more

Rachpal K. Thind, Partner at Sidley Austin LLP, discusses the UK Financial Conduct Authority’s (‘FCA’) recent statement on de-risking strategies by financial institutions, which makes clear that the expectation is not that of risk avoidance, but rather effective risk management, whilst also assessing the FCA’s revised guidance in its Financial Crime Guide for firms. / 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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