Payments UK has issued a voluntary: “Code of Conduct for Indirect Access Providers” (the “Payment Access Code“). The Code is in response to the Payment Systems Regulator’s (PSR) policy statement findings following its consultation – […]
The European Banking Authority‘s (EBA) first tranche of “Security of Internet Payment Guidelines” became effective from 1 August 2015. Following the EBA’s consultation published in October 2014, the EBA decided that due to the continually high […]
A significant reform of UK consumer protection law has been carried out with the enactment of the Consumer Rights Act 2015 (“CRA”). Many of the key requirements of the CRA will come into force from October […]
It is no longer the case that Bitcoin and other virtual currencies (VCs) live in a legal / regulatory vacuum. Many will be familiar with the regulations outlining the New York State “Bitlicensing Regime” and closer […]
ApplePay will launch in the UK this July with over 250,000 merchant locations (incl. M&S, Boots, Waitrose & TFL) and partnering with an initial 8 banks (such as HSBC, Santander & RBS). More banks are slated to […]
We recently reported on some of the key matters that operators of a bitcoin business should consider in light of the new NY Virtual Currency licensing regime. Now the New York State Department of Financial […]
The UK’s PSR published a Call for Input on 24 June 2015 on Card Payment Systems. This is motivated by the PSR’s: concerns around card payment systems (such as indirect access, transparency, governance and how service-users are represented […]
The following infographic highlights some of the key requirements that the ‘soon to be finalised’ PSD2 proposes to place on providers of “payment initiation services” and “account information services” (collectively referred to as “TPPs”). PSD2 looks […]
We now live in a world where a US jurisdiction has finalised specific virtual currency licensing laws – as provided by the New York State Department of Financial Service’s “Bitlicence Regulations”. These regulations have been the […]
(Note: the below is a high level review of certain potential issues and is not to be relied upon in any definitive manner nor as legal and/or regulatory advice). The UK FCA has issued new AML […]