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El. knyga: Payment Services: Law and Practice

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The rise of Fintech and crypto-assets in the payments sector presents new opportunities and challenges for firms, regulators and policymakers, and the law is continually changing to keep pace with these developments. This book provides an overview and practical examination of key areas of payments law and regulation in the EU and UK, as well as introductions to analogous legal regimes in the United States, Hong Kong, Singapore and sub-Saharan Africa.



Key features include:



  • Practical guidance for firms navigating payments regulation


  • Coverage of a broad range of legal and regulatory issues affecting payments


  • Contributions by leading legal practitioners who advise on the relevant topics on a daily basis


  • Discussion of the latest technological developments in the sector and corresponding regulatory responses.



This book will be an essential resource for lawyers, in-house counsel and compliance officers in the payments and Fintech sectors. Law students and academics interested in legal and regulatory issues relating to payments will also benefit from this comprehensive book.

List of contributors
xi
Acknowledgements xvi
Table of cases
xvii
Table of legislation
xx
1 Introduction to Payment Services: Law and Practice
A Introduction
1(1)
2 Fintech and Payments
A Overview
1(3)
B Financial Crisis to Present Frontiers
4(6)
C Regulatory Overhaul: European Union
10(12)
D Regulatory Overhaul: UK
22(7)
E Regulatory Challenges: Cryptocurrencies and Distributed Ledger Technologies
29(13)
F Future Trends
42(15)
G Post-Script: Brexit and Covid-19
57
3 The Regulatory Framework for Payment Services in the Eu and UK
A Introduction
1(5)
B Payment Services Directive -- Psd2
6(193)
1 Application and scope
6(17)
2 Regulatory authorisation requirements
23(13)
3 Regulatory passport rights
36(6)
4 Use of agents
42(2)
5 Capital requirements
44(5)
6 Safeguarding requirements
49(2)
7 Rules that apply to all PSPs
51(62)
8 Strong customer authentication
113(17)
9 Third party providers and account access
130(25)
10 Regulatory reporting requirements
155(34)
11 Outsourcing of operational functions
189(10)
C Electronic Money Directive -- EMD2
199(13)
1 Application and scope: `electronic money' and `electronic money issuers'
199(5)
2 Regulatory authorisation requirements
204(1)
3 Rules that apply only to authorised electronic money institutions
205(3)
4 Rules that apply to all electronic money issuers
208(4)
D Interchange Fee Regulation -- IFR
212(5)
E Application in the UK
217(4)
F Regulatory Reform
221
4 Regulation of Payment Systems
A Introduction
1(3)
B The Eu Interchange Fee Regulation
4(35)
1 Overview
4(2)
2 Application and scope
6(10)
3 Exclusions: limited network, commercial cards, ATMs, three-party payment card schemes
16(3)
4 Interchange fee caps
19(5)
5 Separation of payment card scheme and processing entities
24(3)
6 Other business rules
27(9)
7 Review of the IFR
36(3)
C Payment Services Directive-PSD2
39(5)
1 Exclusion of transactions within a payment system
39(2)
2 Access to payment systems
41(3)
D Eurosystem Supervision
44(20)
1 Overview
44(3)
2 Systemically important payment systems (SIPS
47(6)
3 Non-systemically important payment systems (non-SIPS
53(2)
4 The oversight framework for electronic payment instruments, schemes and arrangements
55(9)
E UK Regime
64(1)
1 Supervision by the Bank of England under the Banking Act 2009
64(14)
2 Supervision by the Payment Systems Regulator under the Financial Services (Banking Reform) Act 2013
78
5 Financial Crime and Enforcement Against Payments Firms and Payments Systems
A Summary
1(3)
B Anti-Money Laundering and Counter-Terrorist Financing
4(125)
1 Overview
4(4)
2 Key legislation and guidance
8(1)
3 Background: money laundering and terrorist financing
9(4)
4 Money laundering offences and reporting obligations
13(34)
5 Terrorist financing offences and reporting obligations
47(14)
6 Systems and controls (including CDD
61(43)
7 Funds transfers
104(20)
8 A note on EU legislation regarding AML/CTF
124(5)
C Financial Sanctions
129(38)
1 Introduction
129(4)
2 Legislation and guidance
133(5)
3 Scope of financial sanctions
138(2)
4 Typical terms of financial sanctions
140(13)
5 Systems and controls
153(11)
6 A note on EU legislation regarding financial sanctions
164(3)
D Enforcement Against Payments Firms and Payments Systems
167(1)
1 AML/CTF enforcement
168(3)
2 FCA enforcement under PSRs
171(14)
3 PSR enforcement
185
6 Payments and Eu Data Protection Law
A The Regulation of Data-Driven Payments
1(15)
1 Payments data as an asset?
4(6)
2 Payments data as a liability?
10(6)
B Data Protection in the Payments Industry
16(38)
1 Application of the GDPR to PSPs
16(3)
2 Applying GDPR concepts of `controller' and `processor' to PSPs?
19(7)
3 The Data Protection Principles
26(19)
4 International transfers of personal data
45(9)
C Cybersecurity in the Payments Industry
54(1)
1 Outline of key EU/UK cybersecurity laws
55(5)
2 Requirements for PSPs under the GDPR before a cyber incident occurs
60(4)
3 Requirements for PSPs under the GDPR after a cyber incident has occurred
64
7 Payments and Blockchain/Crypto-Assets
A Introduction
1(10)
B Bitcoin and Blockchains
11(19)
1 Solving the double-spending problem
11(7)
2 Decentralisation
18(3)
3 Beyond Bitcoin
21(9)
C Stablecoins
30(29)
1 Asset referencing stablecoins and algorithmic stablecoins
32(5)
2 Diem and the regulatory response to global stablecoins
37(11)
3 Central bank digital currencies
48(11)
D UK And Eu Regulatory Approaches to Crypto-Assets
59(57)
1 Classifying crypto-assets
61(10)
2 Regulatory guidance
71(13)
3 Regulatory proposals
84(32)
E Conclusion
116
8 EU Competition Law and Payments
A Scope
1(2)
B The Evolution of Eu Competition Law in Payments
3(7)
1 The confirmation of the applicability of EU competition law in payments
3(2)
2 The development of EU competition law in payments
5(3)
3 Recent enforcement and regulation focus -- fair and equal access for new entrants
8(2)
C EU Competition Laws Applicable to Payments
10(7)
1 Key provision of EU competition law -- Treaty provisions, primary and secondary EU legislation
11(2)
2 Commission Notices and Guidance
13(1)
3 Other applicable EU law with an impact or influence on competition in payments
14(3)
D Enforcement of Eu Competition Laws in Payments
17(17)
1 Enforcement by the Commission
18(6)
2 Enforcement by the national competition authorities of member states
24(4)
3 Enforcement by private individuals before national courts
28(6)
E Hot Button Eu Competition Law Issues and Precedent in Payments Through the Years
34(1)
1 Inter-bank payments systems and payment transactions
35(4)
2 Payment cards -- wholesale and retail pricing issues
39(5)
3 Payment cards -- non-pricing issues
44(8)
4 Fintech, digital wallets and currencies -- access issues
52(6)
5 Fintech, digital wallets and currencies -- dominance issues
58
9 US Payment Services
A Introduction
1(1)
B Overview of Regulatory Structure for Key Us Payments Players
2(15)
1 Dual banking system
5(6)
2 Money transmitters
11(6)
C Overarching Laws
17(4)
1 Anti-money laundering and sanctions laws
18(2)
2 Consumer protection laws
20(1)
D Developments in Chartering
21(11)
1 Federal Fintech Charter
24(4)
2 State industrial loan companies
28(3)
3 State special purpose charters
31(1)
E Payment Card Networks
32(3)
F Recent Developments
35(1)
1 Faster payments
36(7)
2 Virtual currency
43
10 Hong Kong Payment Services
A Introduction
1(1)
B Regulation of Msos
2(7)
1 Overview
2(4)
2 Licensing requirements
6(1)
3 Obligations of MSOs
7(2)
C Regulation of Stored Value Facilities
9(21)
1 Overview
9(3)
2 Conditions and minimum criteria for applying for a SVF licence
12(1)
3 Corporate governance of SVF issuers
13(4)
4 Outsourcing
17(1)
5 Management of float and SVF deposits
18(3)
6 Business practice of SVF licensees
21(2)
7 Customer due diligence
23(4)
8 Obligations of SVF issuers and penalties
27(3)
D Regulation of Payment Systems
30(11)
1 Overview
30(6)
2 Designation regime
36(2)
3 Obligations of operators of designated payment systems
38(3)
E Conclusion
41
11 Singapore Payment Services
A History and Development of Payments Legislation in Singapore
1(5)
1 Introduction
1(5)
B Payment Services Act
6(57)
1 Introduction
6(3)
2 Licensing regime for payment service providers
9(5)
3 E-money and e-wallet services, money transfer services and merchant acquisition services
14(18)
4 Digital payment tokens (DPTs)/cryptocurrencies
32(10)
5 Licensing exclusions
42(11)
6 Types of risk the PSA intends to mitigate
53(10)
C Regulation of Payment Systems
63(3)
1 Designation regime
63(3)
D Upcoming Proposed Amendments to Psa
66(13)
1 AML/CFT-related amendments
67(6)
2 Entities incorporated in Singapore providing DPT services outside of Singapore
73(1)
3 Other amendments
74(5)
E Conclusion
79
12 Mobile Payment Services in Africa
A Introduction
1(5)
B Regulatory Framework
6(43)
1 Background
6(5)
2 Banking business vs payment service
11(4)
3 National Payments System Act: application and scope
15(8)
4 Exclusions
23(3)
5 Regulatory authorisation requirements
26(5)
6 Capital requirements
31(1)
7 Use of agents
32(9)
8 Safeguarding requirements
41(8)
C Interoperability and Mobile Money 2.0
49(305)
Index 354
Edited by John Casanova, Partner (Retired) Sidley Austin LLP, London and Max Savoie, Partner, Ashurst LLP, London, UK
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