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Regulation

PSD2 and GDPR one year on – Time to act?

“On 1 January 2018, the EU introduced its second Payment Services Directive (PSD2), designed to introduce greater competition to financial services by compelling institutions to share customer data and APIs with third-party providers. Five months later, the General Data Protection Regulation, or GDPR, was launched to protect consumer’s data from being used without explicit consent. This […]
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Regulation

Nearly Half of WTO Members Agree to Talks on New E-Commerce Rules

“In a gathering on the sidelines of the World Economic Forum in Davos, ministers from a smaller group of countries including the United States, the European Union and Japan, agreed to work out an agenda for negotiations they hope to kick off this year on setting new e-commerce rules. “The current WTO rules don’t match the […]
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Global

Payment Systems Regulator confirms market review into card acquiring services

“The PSR is carrying out this review following concerns that the market may not be working well for merchants, and therefore consumers. The regulator published the draft terms of reference for this market review in July 2018. The final terms of reference take into account the valuable feedback the PSR received during the consultation period.”
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Regulation

Robinhood, LibertyX Receive Licenses from New York Regulators

“Stock trading startup Robinhood and bitcoin ATM provider LibertyX have become the latest companies to be granted New York’s BitLicense. The New York Department of Financial Services (NYDFS) announced Thursday that it was granting Robinhood Crypto, a subsidiary of the main firm, and Moon Inc., which does business under the LibertyX moniker, virtual currency licenses, as well as […]
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Deals

UK Fintech Shuts US Operation to Save Chinese Deal

“A British money transfer company has abruptly closed its US operation in an attempt to avoid having its planned £700m takeover by China’s Ant Financial derailed by American regulators. WorldFirst has been in talks with Ant Financial since late last year in a deal that would mark the biggest expansion into western markets by China’s […]
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Regulation

Cisco, like Apple and other tech giants, now wants new federal privacy law

“In a blog post, Cisco’s top lawyer, Mark Chandler, called the current legal framework “not adequate.” Cisco hasn’t put forward specific bill language just yet; it is speaking for now in generalities. Particularly in the wake of the Cambridge Analytica scandal, along with the recent passage of the GDPR in the European Union and California’s own new privacy law, companies […]
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Regulation

CFPB Unveils Plan to Revise Obama-Era Payday Loan Regulation

“The Trump administration said Wednesday it will overhaul an Obama-era payday loan regulation, unveiling a proposal to remove a lending requirement that would have made it difficult for companies to offer high-cost consumer loans. The Consumer Financial Protection Bureau as part of the move said it would postpone until November 19, 2020 the date when the […]
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Regulation

New Jersey Lawmakers Pass Bill To Protect Cash-Paying Consumers

“New Jersey legislators last week passed a bill with overwhelming support to prevent businesses from banning consumers from using cash for purchases. The bill, which now goes to Gov. Phil Murphy for his signature, would make New Jersey only the second state to protect cash-using customers in stores. The proposed law, A591, applies only to point-of-sale […]
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