The monthly law journal covering legal issues in banking, e-finance, e-money and online payments including, mobile payments (m-payments), micropayments, pre-paid cards and other payment cards, online banking, NFC (near field communication) and other contactless payments, digital currencies such as Bitcoin, mobile wallets and virtual money, e-invoicing, e-billing and e-payments, card fraud and other cybercrime, as well as regulatory regimes such as the E-Money Directive (EMD and 2EMD), the Payment Services Directive (PSD), SEPA, the US Electronic Money Regulations 2011, and the UK Bribery Act 2010. / read more
May's issue of E-Finance & Payments Law & Policy
The European Commission, as part of its Capital Markets Plan, has taken a good look at crowdfunding. The result is a staff working document on this small but growing sector. While the EC has its concerns, overall its general mood towards crowdfunding is a happy one. In this edition, we ask a few legal experts what they make of the EC's crowdfunding document - and its decsion not to intervene at an EU policy level in the sector, at least at this stage.
Also, the EBA is exploring what firms do with consumer data. It realises that the entry into the market of FinTech firms among others could reshape the market, and it wants to know whether changes to the regulatory framework are necessary to protect consumers. In our news story we get two lawyers' take on the EBA's consultation on this matter.
Recently, we made our news section free to read (no paywall getting in your way) - you'll find our news to the upper left of this column. Check back regularly as we plan to publish our news analysis on a more frequent basis going forward.
Among our feature articles this month is a look at the recent Bangladesh bank hack, which made news headlines around the world. Michael L. Yaeger and his colleagues at Schulte Roth & Zabel LLP describe events, but also explain how compliance programmes in areas such as AML can assist firms in shoring up cyber security.
PLUS The EC and retail finance - AML Action Plan in the UK - the UK Payment Account Regulations - PSR on requirements for access and governance for card schemes - CFPB and payday lending online - Turkey's payments system.
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