Hogan Lovells Global Payments Newsletter l October 2015
Hogan Lovells has recently published the October edition of its Global Payments Newsletter containing the latest updates on payment technology and policy-related developments from around the world. Notable items include:
- The EU Parliament has voted to approve the latest text of the Payment Services Directive 2. The final stage in the approval process is the adoption by Member States which is likely to happen before the end of the year;
- More people are using contactless and mobile payments than ever before whilst digital payments attract attention, acquisition and investment;
- The US Commodities Futures Trading Commission defines bitcoins and virtual currencies as commodities and ruled that a Californian company offering option contracts on bitcoin had broken the law; and
- Payments UK publishes interim voluntary code of conduct for indirect access providers (such as Barclays Bank plc, HSBC, Lloyds Banking Group and the Royal Bank of Scotland plc) to enhance experience for indirect payment service providers. A formal consultation is to follow in late 2015.