The following Financial Services practice note produced in partnership with Puesan Lam of DLA Piper provides comprehensive and up to date legal information covering:
This Practice Note outlines the key legal issues regarding security faced by mobile payment service providers as well as those faced by the customer, and how these are being addressed in upcoming European legislation.
Mobile payments, as an industry, is rapidly expanding in the UK with the launch of Apple Pay, Google's 'Android Pay' and Samsung's 'Samsung Pay'. The retail payments market has experienced significant technical innovation, with rapid growth in the number of electronic and mobile payments and the emergence of new types of payment services in the market place, which challenges the current framework.
This has resulted in payment services legislation, such as the Payment Services Directive (2007/64/EC) (PSD), which was implemented in the UK by the Payment Services Regulations (SI 2009/209) (PSR), becoming outdated in some respects, particularly in relation to security issues, leading to reform of the PSD. The European Parliament adopted the second Payment Services Directive (PSD2) on 8 October 2015. The Council of the European Union adopted PSD2 in November 2015. On 23 December 2015, the text of PSD2 was published in the Official Journal of the EU. Member States have until 13 January 2018 to transpose PSD2 into their national laws and regulations.
Challenges from a regulatory perspective arising from these developments include:
Fragmentation of the market—significant areas of the payments market—in particular card, internet and mobile payments—remain fragmented along
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On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
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