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UK Government Launches Consultation on Deregulating Commercial Agents

The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more

The Law Commission of England and Wales Proposes to Classify NFTs as Data Objects

NFT creators and consumers should evaluate the legal and commercial considerations of NFTs that are linked to copyright work. The Law Commission of England and Wales (the Commission) is a statutory independent body that...more

Blockchain Networks Beginning to Allow Enforcement of Court Orders

Bitcoin Association for BSV will release software to facilitate court orders to freeze stolen or lost coins, while some courts recently authorised service proceedings by tokenised airdrop. Earlier this year, in Tulip...more

UK’s “Smarter Contracts” Landscape Offers Robust Foundation for Commercial Use

The latest analysis of “smarter contracts” provides helpful guidance on the opportunities and potential legal and practical risks in adopting these technologies. LawtechUK’s latest analysis of so-called smarter contracts...more

UK High Court Rules on Liability of Bitcoin Software Developers

The Court held that software developers do not owe a duty of care to bitcoin owners who lost their private keys. In Tulip Trading Ltd (TTL) v. Bitcoin Association for BSV and others, TTL claimed that personal computers of...more

Rising Regulation of Fintech Innovation - Implications for PE Investments

Assertive regulators are bringing greater clarity and new challenges as they step up oversight of fintech innovation. As the fast-growing fintech industry thrives, the sector has begun to attract greater regulatory...more

CNIL Publishes White Paper on Digital Payments and Data Privacy

The French Data Protection Authority’s white paper discusses how companies can comply with data privacy and security obligations. The use of card, contactless, and innovative digital payment solutions has significantly...more

NFTs 101: The Basics of Non-Fungible Tokens, and Beyond [Video]

Latham & Watkins Technology Transactions Partner Christian McDermott introduces the basics of non-fungible tokens (NFTs) in this short infographic video. In particular, he addresses the following questions: What are NFTs?...more

EDPB Issues New Guidance on Storing Credit Card Data for Future Purchases

Online retailers storing credit card data for the sole purpose of facilitating further purchases will likely need to obtain consumer consent. Online shopping has boomed in recent years. In 2020, the European statistics...more

NFTs - A Digital Opportunity for PE Sponsors

Beyond creative works and consumer products, NFTs open up new avenues for IP monetisation in the technology, life sciences, and pharmaceutical industries. Non-fungible tokens (NFTs), one-of-a-kind cryptoassets stored on...more

NFTs: A Beginner’s Guide to Understanding the Hottest Crypto Craze

An NFT is a special, one-of-a-kind digital asset that raises a number of novel legal questions. Earlier this month, a blockchain firm bought a US$95,000 print by the British street artist Banksy, only to burn it in a...more

Pay.UK Releases Paper on Protections in Consumer-to-Business Payments

The paper identifies potential gaps in protections for consumers, with a focus on consumer-to-business payments via the Faster Payments System. In November, Pay.UK, the retail payments authority, released a summary paper...more

Privacy and Payments: New Draft EU Advice for Financial Institutions

As contactless transactions boom, EU regulators publish draft guidelines on the interplay between the GDPR and PSD2. Last year, more than half of all payments in the UK were made by card and contactless methods, while cash...more

FSB Launches Consultation on Global Stablecoins

The report encourages the G20 to consider a broad set of supervisory principles when evaluating global stablecoin arrangements. On April 14, 2020, the G20’s Financial Stability Board (FSB) published a consultation on the...more

Accounting for COVID-19 and Future Pandemics When Procuring IT Services – 5 Steps for Success

As IT vendors grapple with the impacts and risks of COVID-19, how can customers manage exposure when contracting for new services? COVID-19 has - temporarily or otherwise - disrupted the status quo. For IT vendors the...more

Competition and Innovation in the UK’s New Payments Architecture

Call for input: market players need to engage with the process for the procurement of the NPA - This Call for Input is part of the development of the Payment Systems Regulator’s (PSR) policy for the future regulation of...more

Report on IT Failures in the UK Financial Services Sector

UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable. On 28 October 2019, the Treasury Committee published a report on IT failures in the financial...more

Trends in Outsourcing Regulation and Supervision in Financial Services

Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services - The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more

Bank of England Seeks Further Feedback on Migration to Standard Payments Messaging

The BoE is seeking feedback on the Introductory Phase of the ISO 20022 migration, that will create a common language for payments data globally. In 2018, the Bank of England (BoE) consulted on the adoption of ISO 20022 — a...more

PSD2 & Brexit: EU Card Issuers Must Apply SCA to UK Website Purchases Post-Brexit

European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit. Complex payment processing chains comprise multiple entities operating behind the scenes...more

Readiness for PSD2: APIs Fall Short, but More Time for SCA

While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more

Payment Systems Regulator Finalises Scope of Card Acquiring Market Review

The PSR will not review the fees and rules set by Visa and Mastercard, but will look at the practice of bundling, and will examine effects on innovation in card-acquiring services. Following the publication of its Draft...more

GDPR & PSD2: Squaring the Circle

GDPR and PSD2 are two legal initialisms that have both generated a great deal of press coverage in recent months, but they are seldom considered together. There were around 122 billion non-cash payments in the European...more

Payment Systems Regulator to Review Card Acquiring Market on Competition Concerns

The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings - The Payment Systems Regulator (PSR) has...more

FCA Supports Guidelines on the Open Banking Fall-Back Provisions Exemption

The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more

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