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Swiss-UK Agreement Sends Strong Signal for Open Financial Markets

Fintech News

Switzerland and the United Kingdom signed an agreement to create more efficient and globally competitive conditions for cross-border trade in financial services with the new “Berne Financial Services Agreement” (BFSA). The agreement requires approval by the parliaments of both countries before it can enter into force.

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CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Fintech Finance

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. When the paycheck advance product is no-fee and truly free to the employee, many requirements would not apply.

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Indian eCommerce Sellers To Appeal Ruling In Favor Of Flipkart

PYMNTS

All India Online Vendors Association, a trade group representing online merchants in India, vowed to appeal a ruling by the Competition Commission of India that favored Flipkart , the eCommerce company owned by Walmart. Chanakya Basa, a lawyer for All India Online Vendors, said it will appeal the ruling.

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India Targets eCommerce Sites With New Rules

PYMNTS

The Indian government has made new rules for websites like Amazon and Flipkart and changed how they’re allowed to sell goods in the country, according to reports. Under the new rules, which go into effect on Feb. Also, the companies can’t have exclusive agreements with sellers. A petition was also filed against Flipkart.

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What The Streamlined Sales And Use Tax Agreement Means After Wayfair

PYMNTS

Even businesses eager to pay their share, however, may feel that complying with tax laws is complicated. . Wayfair ruling have made tax compliance challenges highly visible. This resulted in the Streamlined Sales and Use Tax Agreement (SSUTA). . Where SSUTA Does — and Does Not — Ease Remote Sales Tax Compliance .

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Epic Games Loses Bid For Immediate Access To Apple App Store

PYMNTS

Epic sued Apple in August, accusing the technology giant of violating laws that restrict anti-competitive behavior. Friday's ruling by U.S. She also noted that Epic chose to breach its agreement with Apple with the result that Apple excluded Fortnite from the App Store. A federal judge Friday (Oct.9)

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UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). See our previous Sidley Update on that review.

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