August 2017 – Page 2 – FinTech and Blockchain Law Watch

PSD2 major incident reporting guidelines

Aug 09 2017

On July 27 2017, the European Banking Authority (EBA) published the Final Guidelines (the Guidelines) on major incident reporting under the revised Payment Services Directive (PSD2). The Guidelines were developed in conjunction with the European Central Bank (ECB), and are addressed to all payment services providers and competent authorities within the 28 European Union Member States. With the expected implementation of PSD2 in January 2018, the Guidelines further contribute to the objective of the PSD2 aiming to minimize disruption to its users, payment service providers and the systems.

Bitcoin thieves abound, but Law Enforcement is getting smart and stepping up

Aug 06 2017

By Clifford Histed and Nicole Mueller

According to a federal criminal complaint filed last month in Philadelphia, Theodore Price admitted that he had written software capable of stealing millions of dollars in bitcoins from individual bitcoin wallets. He allegedly admitted to purchasing the software on a dark net market and recoding it to infiltrate e-mail accounts with bitcoin wallets. Price also allegedly admitted that he had a fake passport in the name of the actor Jeremy Renner, and that Price had prepared to flee the U.S. on a private jet to evade arrest. Price is now in federal custody, charged with access device fraud and identity theft.

Hot Topic Briefing: Passport To The Regulators

Aug 06 2017

By Jonathan Lawrence

On 3 October, our London office will host an all-day event Hot Topic Briefing: Passport To The Regulators. The event has been put together by The Emerging Payments Association (EPA), a commercial membership association of payments industry players. It will consist of keynote presentations from and Q&As with the following six European Union regulators:

Cyprus
Denmark
Lithuania
Luxembourg
Malta
Spain

This event is a follow up to the EPA’s Passport To The Future report (launched in January 2017) that examined similar issues. It will give a platform to host regulators of potential home states for regulated entities, should full passporting from the UK no longer be possible. The regulators will present the process, options, costs and timelines for obtaining licences within their jurisdiction. The day is designed for the UK FinTech community and is an opportunity to hear from these regulators directly.

Lord Chief Justice of England and Wales gives thoughts on development of law for digital businesses

Aug 02 2017

By Jonathan Lawrence

In a recent speech, the most senior judge in England and Wales has spoken about the need to keep English law up to date so that it remains the law of choice for digital ways of doing business. The Lord Chief Justice of England and Wales, Lord Thomas of Cwmgiedd, said that some issues could be left to the judges to develop law in the traditional manner, but that this may not be possible for everything that the digital economy can produce. Amongst his thoughts:

OCC Acting Comptroller Noreika’s Recent Remarks on FinTech Charter

Aug 02 2017

By Yuki Sako, Peter Nelson and Elizabeth Nelli

On July 19, 2017, the US Office of the Comptroller of the Currency (OCC) Acting Comptroller Noreika stated that special-purpose national bank charter is a “good idea that deserves thorough analysis and careful consideration.” He thinks that, despite the pending lawsuits filed by state bank regulators to challenge, the OCC has the authority to grant national bank charters to fintech companies in appropriate circumstances.

Archive:August 2017