UK Government consults on new rules for buy now, pay later products
Finextra
OCTOBER 17, 2024
The UK Government is pressing ahead with new rules designed to protect online shoppers using buy now, pay later products.
Governance Government Rules 
It’s About the Government
Innovative Payments Association
OCTOBER 28, 2024
With the election around the corner, p olitics dominates conversations and news cycles, but government is more important for the IPA and its members. Government is about creating, understanding, and implementing policies. For trade associations like the IPA, the important work happens on the government side. E lections matter.
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UK Government and FCA to reform UK retail disclosure rules
Finextra
SEPTEMBER 19, 2024
The Government and FCA announce plans to reform UK retail disclosure rules, and will temporarily exempt investment trusts from assimilated EU law requirements.
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Chargeback Rules: What Laws & Regulations Govern the Dispute Process?
Fi911
JANUARY 4, 2024
We’re going to break down some of the most important chargeback rules, including fees, time limits, and reason codes. What Laws Govern Chargebacks in the US? Certain regulations known as “chargeback rules” are, in fact, based on legal statutes. What are the Rules for Fighting Chargebacks?
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Thai Government Adjusts Digital Wallet Handout Plan to Include Cash Payments
Fintech News
SEPTEMBER 3, 2024
Thailand’s Prime Minister Paetongtarn Shinawatra announced that a portion of the government’s 450 billion baht (US$13.1 The digital handout, a central part of the ruling Pheu Thai Party’s election platform, aims to stimulate the Thai economy, which grew by 2.3%
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All Eyes on Autumn Budget as First-Time Buyers Call for Enhanced Support From UK Government
The Fintech Times
OCTOBER 26, 2024
First-time buyers (FTBs) in the UK are calling out for more support from the government to help them achieve their home-buying goals this year, according to research by investment platform Moneybox. A further 23 per cent have also called to reduce or remove the government’s unauthorised withdrawal penalty on LISA.
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UK Government ‘Shooting Itself in the Foot’ as New Immigration Rules Exacerbate Tech Skills Gap
The Fintech Times
APRIL 12, 2024
Is the UK government ‘shooting itself in the foot’? Despite these findings, the UK government recently introduced new immigration rules, making it much more cost-prohibitive for businesses to recruit foreign workers.
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Industry Reacts as UK Government Commits Over £100Million To AI Advancement
The Fintech Times
FEBRUARY 7, 2024
The UK government has set over £100million aside for researching and developing Artificial Intelligence (AI) technology, and to support regulation in the space. The government has also pledged £10million to prepare and upskill regulators to address and make the most of the opportunities presented by AI.
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Fintech sector needs Brexit lift, U.K. government warned
Payments Source
FEBRUARY 26, 2021
should overhaul its stock listing rules and visa requirements to help the country’s fast-growing fintech industry compete after Brexit, a government-backed review has found.
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Governments sign up to Council of Europe AI Framework Convention
Finextra
SEPTEMBER 6, 2024
UK, US and EU among the signatories on the Council of Europe’s Framework Convention on artificial intelligence and human rights, democracy, and the rule of law.
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US Government Pushes Back On Indian eCommerce Rules
PYMNTS
JANUARY 24, 2019
The United States government is raising concerns about India’s eCommerce regulations that go into effect on Feb. The rule also prevents them from inking exclusive deals with sellers. government has told Indian government officials that the new rules will harm the investment plans of Amazon.com and Walmart, Inc.
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When Will The US Open Banking Rule Come Into Force?
Open Banking Excellence
OCTOBER 6, 2023
Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.
UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions
The Payments Association
OCTOBER 23, 2024
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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Court Ruling Reveals Complexities Of SMB Government Contracts
PYMNTS
APRIL 3, 2019
General Services Administration (GSA) has been forced to throw out $15 billion worth of IT service contracts with small businesses (SMBs) issued last year, after the Court of Federal Claims ruled that the government incorrectly evaluated vendor bids. ” Complex Bidding Process.
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US Government Aid Lessened Bankruptcies In 2020, Study Finds
PYMNTS
JANUARY 5, 2021
Government pandemic aid helped bankruptcy filings hit a 35-year low in 2020, according to legal service firm Epiq. However, Epiq officials said in the release that recent government financial aid will help those numbers. consumers and businesses afloat,” said Kruse, per the release. “The
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Australia introduces BNPL rules
Finextra
JUNE 5, 2024
Australia's government is prepping legislation that would require buy now, pay later providers to carry out basic credit checks on new customers.
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UK Government Awards Contract Despite Contractor’s Bad Credit
PYMNTS
JANUARY 5, 2020
This government-run construction agreement is the first for the entire public sector, and enables all organizations to find firms to construct schools, hospitals, prisons, housing and more. . In November, when the government chose 128 companies to share in a roughly £30 billion ($39.2 Three more lots are still outstanding.
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Governments Harness Mobile Phone Data To Track Coronavirus Outbreak
PYMNTS
MARCH 18, 2020
Governments are utilizing technology to track mobile data to help manage the coronavirus. The government is mandating that all arriving travelers follow a quarantine of two weeks along with medical watch. The government is mandating that all arriving travelers follow a quarantine of two weeks along with medical watch.
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US Government Won't Ban Investments In Alibaba, Tencent, Baidu
PYMNTS
JANUARY 13, 2021
government will allow Americans to keep investing in Chinese tech firms Alibaba , Tencent and Baidu after the economic impact of banning them was deemed greater than any threats, The Wall Street Journal reports. Also in China, Jack Ma's Ant Group is facing government pressure to scale down and focus only on its payment businesses.
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Japan implements stricter rules for cryptocurrency transactions
The Paypers
MAY 25, 2023
The government of Japan has decided to implement stricter rules for cryptocurrency transactions to comply with global regulations.
Egypt's central bank approves rules governing payment card service codes
The Paypers
MARCH 13, 2023
The Central bank of Egypt (CBE) has approved the rules for payment card service codes, allowing contactless transactions via mobile apps within the framework of the NPC.
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Indian Government Drafts New Rules For Chinese App Makers
PYMNTS
FEBRUARY 6, 2019
The Indian government is going after social media apps run by Chinese companies, gearing up to create new regulations that will force them to oversee the content being shared. According to a report in the Financial Times , with Chinese social media apps very popular in India, the government is setting its sights on them.
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Payment service contract termination rule changes – Draft SI and Policy Note
Neopay
MARCH 25, 2024
Details As part of the fraud strategy, the government committed to explore whether to allow payment service providers, such as banks, more time to investigate suspicious payments. The government is publishing this draft legislation for technical checks and welcomes comments on this by 12 April 2024.
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US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos
PYMNTS
DECEMBER 18, 2020
Treasury Department proposed sweeping new rules late Friday (Dec. 18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S.
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IPA Government Update November 2023
Innovative Payments Association
NOVEMBER 17, 2023
They cover the CFPB’s proposed open banking rules and look at a proposal to regulate earned wage access in California. They cover the Fed’s proposal to reduce the cap on debit interchange for issuers with more than $10 billion in assets.
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IPA’s Government Update Podcast December 2023
Innovative Payments Association
DECEMBER 21, 2023
In th e latest episode of the IPA Payments Pod , Brian Tate, the IPA’s CEO , discusses proposed rules on interchange, open banking, and big tech companies. Over the past few weeks, regulators have released a variety of regulations that could reshape the payments industry and have plans for more in the new year.
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PSR stands firm over reimbursement model for APP fraud
Finextra
AUGUST 1, 2024
As the banking industry chafes against upcoming rules governing payback to victims of authorised push payment fraud, the Payment Systems Regulator has released new data which shows that reimbursement for victims still depends largely on who they bank with.
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China introduces new rules for protecting consumer rights
The Paypers
JANUARY 4, 2023
The Chinese Banking and Insurance Regulatory Commission (CBIRC) has introduced a new set of rules for governing the protection of the rights and interests of financial services consumers, as stated by China Banking News.
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Criminals Reverting to Old-School Tactics with New Twists, Visa’s State of Scams Report Shows
Fintech Finance
OCTOBER 24, 2024
Government impersonation scams: Consumers are falling victim to scams where fraudsters pose as representatives from the government, including agencies like the USPS, the FBI and the IRS. In the first three months of 2024, the average government impersonation scam victim in the U.S. The full report can be found HERE.
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Indian Official Says Law Allows Government To Pry
PYMNTS
NOVEMBER 19, 2019
The government of India has the legal right to monitor and decrypt digital information on citizens’ devices, TechCrunch reported Tuesday (Nov. Reddy’s remarks were prompted after a lawmaker asked if the government had pried into people’s conversations on WhatsApp and other digital messaging apps.
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Understanding Visa Rules
Payment Savvy
MAY 11, 2023
Visa has a set of rules and regulations that govern the use of its payment network, and these rules and regulations are subject to change from time to time. In this article, we will discuss the recent visa rule changes and how they impact you. Merchants who accept Visa payments must comply with the Visa merchant rules.
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WeChat Shares Consumer Data With Chinese Government
PYMNTS
SEPTEMBER 25, 2017
WeChat, the Chinese messaging app owned by Tencent, confirms it provides information about users to the Chinese government. In order to continue using the app, users must accept the privacy policy, which now states that a significant amount of data will be shared with the government in order to comply with laws and regulations.
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Singapore Tightens China Remittance Rules in Light of S$13 Million Frozen Funds
Fintech News
DECEMBER 18, 2023
While Singapore has no jurisdiction over the frozen beneficiary bank accounts, the government remains in close contact with the PRC government to facilitate the decision on account unfreezing.
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French Government Institutes 3 Percent Digital Tax
PYMNTS
MARCH 6, 2019
The French government is going after U.S.-based Meanwhile, Facebook said in a statement to CNBC that it too pays all its taxes and will continue to comply with France and European rules. “In In France, we voluntarily set up a new sales and invoicing structure in 2018.
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Asset Managers Split on Potential Impact of New FCA Rules on Investment Research
The Fintech Times
AUGUST 23, 2024
After the Financial Conduct Authority (FCA) released a consultation paper on proposed changes to the existing rules governing how payments for investment research are made, there was a mixed response from the industry. The proportion of firms that do not expect any change within two years has grown by seven per cent, up to 42.4
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AccuFund Adds New Features To Government AP Offering
PYMNTS
NOVEMBER 30, 2018
AccuFund, an accounting and ERP solution provider for nonprofits and government entities, this week announced the launch of new features. The company also introduced Business Rules, allowing businesses to customize the accounting platform to meet their own internal controls and needs, including custom vendor onboarding processes.
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US Leads 2024 Research Budgets Rebound; FCA’s New Rules Could Impact Europe
The Fintech Times
JULY 10, 2024
Investment research budgets are increasing in 2024, particularly in the US, signalling a market rebound, but the potential implementation of the Financial Conduct Authority’ s (FCA) new payment rules could further reshape spending dynamics and competitive practices in Europe.
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Understanding Basics of Digital Personal Data Protection (DPDP)
VISTA InfoSec
SEPTEMBER 15, 2023
This Act, which supersedes Section 43A of the IT Act, 2000 and the SPDI Rules, 2011, brings about considerable changes to the norms of data protection. The DPDP Act is lean and principle-based, with details around implementation to be set out in future rules. Clause 8(1), DPDP Act. Clause 8(6), DPDP Act.) Clause 10(2)(a) DPDP Act.)
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FinCEN’s Beneficial Ownership Information Rule is Coming…But Questions Still Remain
Finextra
JANUARY 4, 2024
government now requires many firms to report information about who u. Since January 1, 2024, the U.S.
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Local Governments Move In On Retail Vacancies
PYMNTS
MARCH 17, 2020
It’s one approach to a growing retail vacancy issue that local governments are getting more aggressive in trying to solve. At the same time, local and regional governments are applying muscle in the form of taxes to push landlords into keeping their spaces tenanted.
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Bringing Government Procurement Into The Digital Age — And Onto Online Marketplaces
PYMNTS
OCTOBER 14, 2019
Think of government spending, and the first word to come to mind might decidedly not be this one: efficient. For vendors, there are challenges, too, as they navigate government agency solicitations for products and services, and seek to bid competitively. It is going to be hard,” Landsman concurred.
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Australia’s Late SMB Payments Fight Starts Within Government Walls
PYMNTS
NOVEMBER 22, 2017
As Australian policymakers explore how to combat late B2B invoice payments to small- and medium-sized businesses (SMBs), the government is beginning to tackle the issue within its own walls. Reports in the Brisbane Times on Tuesday (Nov. Reports in the Brisbane Times on Tuesday (Nov.
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UK Regulator Seeks Tailored Rules For Big Tech
PYMNTS
DECEMBER 6, 2020
Britain's highly anticipated report outlining new rules to govern Big Tech will call for establishing specific rules for certain sectors of the digital economy and major players within them, the Financial Times (FT) reported.
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5 Tales from the Crypto: Acquisitions, New Markets, New Rules, and New Tools
Finovate
NOVEMBER 20, 2024
“These Guidelines clarify how restrictive measures policies and procedures interact with financial institutions’ wider governance and risk management frameworks, to avoid operational and legal risks for financial institutions and ensure an effective implementation of restrictive measures,” the EBA wrote.
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