Money

in the information society

Mobile Convention Amsterdam 22 May 2013

Joris Willems

Partner - DLA Piper - Amsterdam

Almost every second EU citizen already

buys online

Big national difference EU

© European Central Bank

© European Central Bank

ECB Study

European Commission study

Reasons for legal action

Promoting eCommerce

Promoting ePayments

Customer confidence

Harmonisation of national laws

Transparancy

Security

Reliability

Free movement of services

Legal Framework

PSD Directive

eMoney Directive

(privacy, IP, various)

PSD - Directive on Payment Services

(2007/64/EC)

The PSD aims at establishing a modern and comprehensive

set of rules applicable to all payment services in the European

Union.

The target is to make cross-border payments as easy, efficient

and secure as 'national' payments within a Member State.

The PSD also seeks to improve competition by opening up

payment markets to new entrants, thus fostering greater

efficiency and cost-reduction.

At the same time the Directive provides the necessary legal

platform for the Single Euro Payments Area (SEPA).

(new) eMoney Directive (2009/110/EC)

Reason for change:

Current rules have hindered the take-up of the electronic money

market, hampering technological innovation.

The revised rules will facilitate market entrance for new providers

and contribute to develop an industry whose expected volume

could reach up to EUR 300 billion by 2014 in Europe and 1 trillion

Worldwide

A technologically neutral definition of "electronic money“

Monetary value (i) stored electronically on receipt of funds and (ii)

which is used for making payment transactions (iii) accepted by

natural or legal persons other than the issuer.

Legal definition eMoney

Headlines

17 May 2013 GPC - Cyber SIG 13

Cyber is …

#1 17 May 2013 GPC - Cyber SIG 14

Combatting Fraud

EU: Commission releases cyber security strategy

(February 2013)

US: Obama releases cyber security order

(February 2013)

Legal 'solution'

17 May 2013 GPC - Cyber SIG 16

•audit of legal and regulatory environment

•risk profile report

•advice on the availability and suitability of general and specific insurance risk analysis

•revision of commercial terms in consultancy and technology agreements

•development of employee terms & conditions, policies, training and development

•compliance management, including continuous disclosure type obligations

•IP protection strategies

compliance/risk management

•incident response

•regulatory reporting

•reputation management support

•litigation

crisis management

•lobbying in respect of regulatory reform

•interpreting and support the implementation of legal and regulatory obligations

•self-regulatory initiatives policymaking

Open forum time!

17 May 2013 GPC - Cyber SIG 17

Further Reading

The Bank for International Settlements,

“Survey of Electronic Money Developments” in 160 countries

“Core Principles for Systematically Important Payment Systems”

http://www.bis.org/cpss/cpsspubl.htm

European Commission

http://europa.eu.int/comm/internal_market/payments/epayments/in

dex_en.htm

European Central Bank

http://www.ecb.int/events/conferences/html/epayments.en.html

www.e-pso.info