• 1801/2017

    Passport to the Future: Payments Industry Paper

    With the UK potentially leaving the EU in 2019, there could be a risk of losing its passporting rights to the European single market meaning many regulated payments companies in the UK & Gibraltar will be unable to deliver products and services across the European Economic Area (EEA).  In this report the Emerging Payments Association (EPA), with Ramparts as sponsors and co-authors, provide a review of 15 countries that these payments companies could become regulated in to continue to access the EEA common market, along with an in-depth analysis of the six best countries to be considered.

    Whilst Brexit negotiations are taking place, the UK government cannot ignore the value of passporting as this could result in many of the UK Treasury’s estimated 60,000 FinTech employees to move their operations abroad.  Given the risks of Brexit, every regulated payments company (PSP) must consider their options, the report outlines some very good jurisdictions in addition to the UK in case that proves necessary. 

    To access the link to download the full report, click the link below and simply complete the form:

    http://www.emergingpayments.org/passport-to-the-future/

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  • 2109/2016

    eSports and Betting: the UK Regulator’s Initial View

     

    eSports is growing at a rapid rate in terms of both commercial value and popularity across the globe. In 2015, eSports were estimated to have an audience of 160 million people and total prize funds for players exceeding $71 million. It is therefore unsurprising that both traditional (e.g. Pinnacle), and now specialist (e.g. Unikrn), betting operators offer markets on eSports, which although small in scale are significant in turnover.

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  • 0908/2016

    FCA Authorisation for crowdfunding platforms

    This article outlines the application process in respect of obtaining authorisation from the FCA to run a debt and equity crowdfunding platform and outlines what information is required, the process and likely timescales to obtain FCA authorisation. 
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  • 0403/2016

    Client money rules to change for loan crowdfunding platforms


    Compliance with FCA regulation can be expensive and time-consuming. The FCA regulates platforms dealing in P2P lending, but not B2B, so, if a platform does both, individual investor money has to be kept segregated from B2B investment. 

     

    The purpose of the rule is to protect consumer funds from being misused, however, the “consumer” in a loan crowdfunding situation could be an individual or a business. The FCA has recognised that the status quo does not offer the best consumer protection possible.

     

    The FCA has proposed changes to allow P2P investment to be held in the same client account as B2B investment, which it hopes will tackle the knock on effects of the current system.

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  • 0912/2015

    Crowdfunding - a new wave of disruption in private capital

    Crowdfunding is a major catalyst for economic transformation - it represents the democratisation of access to private capital. It is also a grand experiment in the wisdom and folly of the crowd. This article explores the commercial, risk, regulatory and tax issues involved in crowdfunding particularly looking at the UK, the USA and the EU.

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  • 1410/2015

    Storm in a Port - the distinctly unsafe US Safe Harbour for personal data

    Europeans (and people in other countries too) have little protection against civil liberties abuse by US authorities. As most of the largest Internet companies are US based, EU authorities have little control as to how the data of EU citizens is being used when it leaves Europe. This judgment is a good decision in an area where EU politicians were well aware of the issues with the US but have failed to tackle it head-on. The impact on e-commerce and cross-border business is likely to be far reaching unless political will leads to action.

     

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  • 0907/2015

    Opportunities following the new changes in European Interchange Fees

    Prior to these Regulations specific rules applied by the payment card schemes required the application of the interchange fee of the ‘point of sale’ (based on the country of the merchant) for each payment transaction, on the basis of their territorial licensing policies. The new Regulation covers card based transactions where the payer's payment service provider and the payee's payment service provider are located in the EU and therefore remove the application of fees based on the merchant POS.

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  • 1704/2015

    Tax on corporate transactions in Gibraltar: overview 2015

    A Q&A guide to tax on corporate transactions in Gibraltar.

    The Q&A gives a high level overview of tax in Gibraltar and looks at key practical issues including, for example: the main taxes, reliefs and structures used in share and asset sales, dividends, mergers, joint ventures, reorganisations, share buybacks, private equity deals and restructuring and insolvency.

    To compare answers across multiple jurisdictions, visit the Tax on corporate transactions Country Q&A tool.

    The Q&A is part of the Multi-jurisdictional Guide to Tax on Transactions. For a full list of jurisdictional Q&As visitwww.practicallaw.com/taxontransactions-mjg.

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  • 3103/2015

    Lending and taking security in Gibraltar: Overview 2015

    A Q&A guide to lending and taking security in Gibraltar.

    The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform.

    To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool.

    This article is part of the multi-jurisdictional guide to finance. For a full list of contents visitwww.practicallaw.com/finance-mjg.

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  • 2602/2015

    The new UK Payment Systems Regulator - overview and impact on innovation

    The Initial Scope Of The New UK Payment Services Regulator - overview and impact on e-payments and innovation. This article was created for payments compliance and first published by them on February 12 2015.

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