The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more
8/20/2024
/ Agents ,
Consultation ,
Deregulation ,
E-Commerce ,
EU ,
European Commission ,
Online Marketplace ,
Payment Services Directive ,
Payment Systems ,
PSD2 ,
UK
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
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
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
8/19/2022
/ Blockchain ,
Contract Formation ,
Contract Management ,
Cryptoassets ,
E-Commerce ,
Information Reports ,
Non-Fungible Tokens (NFTs) ,
Risk Assessment ,
Smart Contracts ,
Software ,
Technology ,
UK
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
5/31/2022
/ Bitcoin ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Duty of Care ,
Fiduciary Duty ,
Hackers ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Software Developers ,
UK
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
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
11/9/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
CNIL ,
Consultation ,
Data Collection ,
Data Protection ,
Data Protection Authority ,
European Central Bank ,
European Data Protection Board (EDPB) ,
France ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Mobile Payments ,
Open Payments ,
Payment Systems ,
PCI-DSS Standard ,
Personal Data ,
Sensitive Personal Information ,
White Papers
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
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
7/8/2021
/ Credit Cards ,
Data Collection ,
Data Processors ,
Data Storage ,
E-Commerce ,
EU ,
European Data Protection Board (EDPB) ,
General Data Protection Regulation (GDPR) ,
Internet Retailers ,
New Guidance ,
PCI-DSS Standard ,
Prior Express Consent ,
Retailers
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
6/25/2021
/ Anti-Money Laundering ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
Know Your Customers ,
Life Sciences ,
MiFID ,
Non-Fungible Tokens (NFTs) ,
Technology Sector ,
Token Sales ,
UK
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
3/19/2021
/ Artists ,
Blockchain ,
Collateral ,
Cryptocurrency ,
Digital Assets ,
Digital Marketplace ,
Ethereum ,
Intellectual Property Protection ,
IP License ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Royalties
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
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
11/4/2020
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Data Protection ,
EU ,
European Data Protection Board (EDPB) ,
Financial Institutions ,
General Data Protection Regulation (GDPR) ,
Member State ,
New Guidance ,
Payment Systems ,
Personal Data ,
PSD2
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
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
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
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
10/30/2019
/ Banking Sector ,
Corporate Communications ,
Corporate Management ,
Financial Services Industry ,
HM Treasury ,
Information Reports ,
Information Technology ,
Outsourcing ,
Risk Management ,
SMCR ,
UK
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
10/21/2019
/ Compliance ,
Digital Currency ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider ,
UK
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
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
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
8/25/2019
/ APIs ,
Dear CEO Letter ,
E-Commerce ,
Electronic Payment Transactions ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Internet Retailers ,
Payment Services Directive ,
PSD2 ,
UK
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 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
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
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