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Payments & FinTech Lawyer

Volume: 9 Issue: 8
(August 2015)


News

The UK’s HM Revenue & Customs (‘HMRC’) published on 22 July a consultation - ‘Tackling the hidden economy: Extension of data-gathering powers’ - which details the Government’s plans to legislate to extend HMRC’s ability to request data from business in order to cut down on tax avoidance; HMRC’s new powers will, inter alia, explicitly target online payment providers and services such as digital wallets. / read more

The People’s Bank of China jointly issued guidelines on the promotion of online finance with nine other government departments on 18 July. The ‘Guiding Opinions on Promoting the Sound Development of Online Finance’ marks a coordinated move by the Chinese government to regulate and legitimise online finance in China. / read more

The US Treasury Department (‘TD’) filed a Request for Information on 20 July with the Federal Register, which seeks public comment on the benefits and risks associated with online marketplace lending. / read more


Features

The launch of the Apple Pay mobile wallet in the US in October 2014 is viewed by many as the catalyst for the broader adoption of mobile NFC and mobile wallets. The growing number of mobile wallet offerings by well-known brands has raised public awareness and is driving consumer interest. Forrester Research predicts that US mobile payments in-store will grow from $52 billion in 2014 to $142 billion by 2019. This could mean that the mobile wallet bandwagon is finally rolling out. Carlo R.W. de Meijer and Jonathan Bye of the Royal Bank of Scotland Market Engagement Department, assess the developing market for mobile wallets and the likely winners. / read more

Following the adoption of the EU Interchange Fee Regulation (‘IFR’) on 29 April - and with the interchange fee caps entering into force in December and the IFR’s business rules provisions entering into force on 9 June 2016 - HM Treasury published a consultation on 27 July on how the IFR will be implemented in the UK. As the IFR allows some discretion as to how Member States enact certain provisions, the consultation provides a useful forum for stakeholders to share their views on how the UK should implement the IFR, as Jordan Cliffe of Eversheds explains. / read more

On 30 July the European Securities and Markets Authority (‘ESMA’) published the responses to its call for evidence on virtual currencies (‘VCs’) and distributed ledger technology. The consultation covered the means of investment using virtual currencies and uses of distributed ledger technology in regards to investment. Robert Courtneidge and Charlie Clarence-Smith of Locke Lord LLP discuss a selection of the industry responses received to the ESMA’s consultation. / read more

The US Consumer Financial Protection Bureau (‘CFPB’) has been tough on ‘add-on products,’ products offered to consumers in addition to credit cards. The CFPB has carried out a number of enforcement actions in this area, most recently this summer. Barrie VanBrackle, Partner at Manatt, Phelps & Phillips LLP, describes the CFPB’s actions to date. / read more

What payment method should German consumers expect to use when making online purchases? This is the question that Frankfurt am Main Regional Court had to decide as a result of a complaint by the German Consumer Advice Center (Case 2-06 O 458/14). / read more

On 15 July the UK’s Financial Conduct Authority (‘FCA’) published its final guidance (‘Final Guidance’) and policy statement (PS 15/18) in relation to its approach to the enforcement of competition law. These publications set out how the FCA will implement its newly acquired competition powers as well as addressing concerns raised by the industry during the consultation process, which started in January 2015. Lucy Frew, Head of the Financial Regulatory practice at Kemp Little LLP, in this article looks at some of the major issues and themes that arose from the consultation and how the FCA addressed those issues in its Final Guidance. / read more

In April, the European Payments Council (‘EPC’) issued a clarification paper on the use of electronic mandate solutions. The paper is structured in two parts: the first provides some legal context on the general use of mandates, and the second focuses on several aspects of using e-mandate solutions, zooming in on three topics: The main differences between the ‘regular’ Core Direct Debits scheme and the B2B scheme, in relation to the use of e-mandates; the impact of using e-mandates for Creditors; and the impact of using e-mandates for Debtors. Lex Franken and Vincent Jansen of payments, digital identity and e-business consultancy Innopay provide an overview of the EPC’s clarification paper and specifically how the clarification relates to current e-mandate initiatives within the EU. / 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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