Payment Systems

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MedPAC Issues March 2015 Report to Congress on Medicare Payment Policies

On March 13, 2015, the Medicare Payment Advisory Commission (MedPAC) issued its annual report to the Congress on Medicare payment policies (Report). The Report includes recommendations for inflation updates and payment...more

Financial Regulatory Developments Focus - March 2015 #3

In this issue: - US Federal Reserve Board Proposal Requiring Banking Organizations to Include Legal Entity Identifiers on Reporting Documents - Comptroller of the Currency Thomas Curry Testimony -...more

Financial Services Report - Spring 2015

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

Alert: The Second Payment Services Directive

The first Payment Services Directive (PSD1) was proposed by the European Commission in 2005, and adopted by the European Parliament and Council in 2007. ...more

Hong Kong Closer to Complete Overhaul of Regulatory Regime for Payment Systems

On 23 January 2015, and following a lengthy consultation process, the Legislative Council of Hong Kong published the Clearing and Settlement Systems (Amendment) Bill 2015 (the “Bill”) which proposes a new regulatory regime...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

Development In Payments Regulation In Hong Kong And China

The payments service industry in Hong Kong and China is set to enter a new, and more stringently regulated, era following announcements by the respective governments about their proposed regulatory reforms. The anticipated...more

The Fed’s Goals, Strategies, and Tactics for an Improved U.S. Payment System

The Federal Reserve System recently issued a paper titled Strategies for Improving the U.S. Payment System that provides a roadmap for end-to-end payment system advances over the short and long term....more

Not So Silky Road

The founder of Silk Road, the black market website where illegal goods were bought with bitcoin, was found guilty on all 7 counts, including money laundering, drug trafficking and computer hacking. While this is an...more

Orrick's Financial Industry Week in Review

CFTC Issues No-Action Relief to Certain Introducing Brokers - On January 23, 2015 the CFTC Division of Swap Dealer and Intermediary Oversight issued no-action relief to certain introducing brokers (IBs) with respect to...more

Financial Services Weekly News Roundup - January 2015 #4

The CFTC Exercises Expanded Jurisdiction Over Retail Transactions in Physical Commodities. Title VII of the Dodd-Frank Act of 2010 amended the Commodity Exchange Act (CEA) to add new authority over certain leveraged,...more

Federal Reserve Issues “Strategies for Improving the U.S. Payment System”

On January 26, 2015 the Federal Reserve issued a multi-faceted plan for collaborating with payment system stakeholders, including large and small businesses, emerging payments firms, card networks, payment processors,...more

OIG Report Recommends Reforms to Reduce Hospice Incentives to Provide Care in Assisted Living Facilities

On January 14, 2015, OIG published a report that analyzes Medicare payments for hospice care in assisted living facilities (ALFs). OIG concluded that CMS should implement measures to reform Medicare payments to hospices,...more

Russian Legislation Update

In This Issue: - Financial System Stability - Payment System - Banking - Anti-Money Laundering - Subsoil - Personal Data - Corporate: Notarial certification on the adoption of a company’s decisions;...more

Apple Pay and Google Wallet: Mobile Payment Going Mainstream

When Apple announced on September 9, 2014 that the iPhone 6 would be equipped with a mobile payment system appropriately called Apple Pay, the entire mobile payment universe woke up. Although competitors had existed for...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

FinCrimes Update - December 2014, Volumn 1, Issue 10

In this Issue: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement...more

Russian Legislation Update - 1 – 28 December 2014

In This Issue: - Banking - Payment System - Corporate: ..Civil Code Reform ..Notarial certification on the adoption of a company’s decisions - Excerpt from - Corporate: Civil Code Reform: On 1...more

Legal Departments: Are You Ready for The New PCI DSS Requirements?

Starting Jan. 1, 2015, the Payment Card Industry Data Security Standard (PCI DSS) Version 3.0 (click-through agreement required) will replace Version 2.0. The PCI DSS is a set of requirements developed by the four major...more

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

A Primer on EMV Technology for Merchants

With the new year just around the corner, retailers should make a resolution to learn more about EMV technology. That’s because 2015 is slated to be the year EMV technology makes significant inroads in the United States, and...more

Financial Regulatory Developments Focus - December 2014 #2

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Financial Market Infrastructure - Financial Services - People - Events...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

Technology may reduce fraud but doesn’t fix regulatory confusion

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...more

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