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Payments & FinTech Lawyer

Volume: 9 Issue: 7
(July 2015)


News

The European Commission sent a Statement of Objections (‘SO’) to MasterCard on 9 July outlining its preliminary view that MasterCard’s rules breach European competition rules by preventing banks from offering lower interchange fees to retailers based in another Member State of the EEA, and that MasterCard’s interchange fees for transactions in the EU using MasterCard cards issued outside of the EU artificially inflate the minimum price for processing these transactions. The Commission considers that such arrangements constitute an anti-competitive agreement, in breach of Article 101 TFEU. / read more

The US Consumer Financial Protection Bureau (‘CFPB’) published a set of consumer protection principles for the development of new faster payment systems on 9 July, which aim to ensure that consumer interests remain ‘top of mind’ throughout system development. / read more

The Financial Action Task Force (‘FATF’) published Guidance for a Risk-Based Approach to Virtual Currencies (‘VC’) on 26 June, which aims to inter alia explain the risk-based approach to AML and CTF measures in the context of VCs, and show how FATF Recommendations should apply to convertible VC exchangers. / read more


Features

The German Federal Financial Supervisory Authority BaFin published a circular on 4 May which transposes the European Banking Authority’s final guidelines on the security of internet payments. ‘Mindestanforderungen an die Sicherheit von Internetzahlungen’ (‘MaSI’) was published on 4 May and became legally effective immediately. However, there are significant doubts as to the legality and enforceability of the MaSI as it applies to payment service providers. Dr. Carsten Lösing, Local Partner at White & Case LLP, explains the principal contents of the MaSI and discusses the implications for companies targeting the German market. / read more

In the UK we benefit from payment systems that are globally recognised as being amongst the best in the world. Yet both the industry and its customers are changing as we move towards an increasingly digital, 24/7 world, and new kinds of payment service providers enter the market. / read more

With its design likely to be finished this month, Australia’s New Payments Platform will, via a series of mechanisms, allow customers to make, in real-time, payments of any value, and allow in real-time transaction settlement to occur between two financial institutions. Tony Coburn, Consultant and Head of the Australian Banking Regulatory team at Herbert Smith Freehills, describes the New Payments Platform and the advantages it will bring, and discusses the potential for Australia’s new payments infrastructure to become a model for other jurisdictions looking to update their payment and settlement systems. / read more

The Government of India, announced the introduction of measures to incentivise card transactions and disincentivise cash transactions to curb the flow of illegitimate funds, during the speech for the Union Budget 2015-16. Following the announcement, the Ministry of Finance issued ‘Draft Proposals For Facilitating Electronic Transactions’ on 16 June, inviting public opinion on the proposals to incentivise electronic transactions. / read more

The payments sector in Ireland has been identified by the Irish government as an area ripe for growth, but currently, while Ireland is for example a hotbed for R&D in payments technology, the number of regulatory authorisations given to payments and e-money businesses in the country has been limited. Joshua Hogan and Daniel Moore of McCann FitzGerald explain the authorisation framework in Ireland and the efforts of the Central Bank of Ireland to improve matters. / read more

.BANK, a new internet domain name extension, is poised to become the future of secure online banking. Launched in May, more than 5,000 applications for .BANK domains have been filed by banks and banking organisations from around the world. A December 2014 survey of bankers by fTLD, the organisation that oversees .BANK, found that 80% of respondents wanted .BANK domains for their bank. 83% said enhanced security is a key factor in their decision to register .BANK domains. This is good news for bank customers and a strong example of the banking community’s ongoing commitment to online security. All .BANK domain names will meet enhanced security requirements that exceed those of most existing domain name extensions as well as the security requirements of newer extensions. / read more

The UK’s Payment Systems Regulator (‘PSR’) announced recently the final terms of reference for its market study into the supply of indirect access to the UK’s major interbank payment systems. David Futter, Managing Associate at Addleshaw Goddard LLP, examines the details, what it means for the retail banks and how changes to the status quo emerging from the review may affect the wider payment services industry. / read more

At its meeting of 21 May 2015, the Dutch National Forum on the Payment System, a forum which represents the providers and users of payment systems, including inter alia retailers’ and banks’ representative bodies and the consumer interest association Consumentenbond, and Dutch banks, presented a plan to facilitate instant payments in the Netherlands. / 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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