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E-Finance & Payments Law & Policy

Volume: 2 Issue: 8
(August 2008)


Bank-led payment networks have formed the International Council of Payment Network Operators (ICPNO) to develop a global framework for an alternative method of payment, which allows payments to be made through a customer's bank without handing card or account details to online merchants. / read more

The European Payments Council (EPC) will discuss the European Commission and European Central Bank's (ECB) proposal to accept a gradual phase out of interchange fees on Single Euro Payments Area (SEPA) direct debits at a 30 September meeting. The Commission considers interchange a restrictive business practice (Article 81 EC), as its actions against MasterCard and Visa illustrate, however appears prepared to tolerate a phasing out to meet the 1 November 2009 deadline for direct debits to migrate to SEPA. / read more

The European Commission is expected to reject a 2 September resolution adopted by the European Parliament calling on it to introduce a 15% value-added tax (VAT) on cross-border sales of goods and services within the European Union, which are currently exempt from VAT until sold on in the destination country. / read more


Now that the UK government is beginning the procurement of a national identity card system, financial services organisations will undoubtedly have begun to plan for its introduction. It seems rather obvious that some form of national identity management system might be useful to the sector: who wouldn't want to be able to open a bank account by popping their ID card into a machine instead of taking photocopies of their gas bill into a bank branch? More radically, who wouldn't want to be able to take out a loan from the comfort of their armchair by putting their ID card into a PC? These kinds of uses will, of course, mean more efficient processes and more competition. It may be, however, that a working, user-friendly ID card scheme will have its most disruptive impact in the retail payments space. / read more

Companies are increasingly threatened by data breaches or can become a target for cyber crime. They often face legal obligations to customers in the event that either should occur. David T. Case and Julia Reynolds Johnson, Attorneys with K&L Gates LLP, discuss how traditional forms of insurance and new forms of cyber insurance can enable companies to protect themselves. / read more

The Reserve Bank of Australia removed a 'no surcharge' rule in 2002, to promote efficiency and transparency in the payments system. Zoran Knezevic, Analyst with East & Partners, explains the implications that removal of the rule has had for credit card charges in Australia. / read more

The UK Government has published its draft Payment Services Regulations, which will implement the Payment Services Directive (PSD) from 1 November 2009. Jamile Ferreira, an Associate with Freshfields Bruckhaus Deringer LLP, examines the proposed Regulations and their potential impact, including on financial products, framework contracts and micro-enterprises, whilst emphasising the danger of rules ensuring PSD compliance going further than assumingly intended. / read more

The Financial Services Authority (FSA) will be the UK's 'competent authority' for ensuring that payment institutions comply with the Payment Services Directive from 1 November 2009. Jeremy Fraser, a Partner with Brodies LLP, examines the FSA's proposed changes to its FSA Handbook and Enforcement Guide and the role of the FSA as regulating PSD compliance. / read more

About E-Finance and Payments Law and Policy

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

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