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This guide explores innovations and the legal and technological questions presented in the banking and payment systems industry. Written by experts in the field, this book provides a topical discussion of the principal electronic payment systems utilized today and how they are ever changing to keep current with changes in technology.
In The End of Negotiable Instruments: Bringing Payments Systems Law Out of the Past, author James Rogers challenges the basic assumptions of the law of checks and notes and its history, and provides a well-reasoned account of how the law could be changed to better suit the evolution of new payment technologies. The modern American law of payment systems is in disarray. Efforts to create a unified body of law for payment systems have so far been unsuccessful. Part of the reason for that failure is the assumption that the existing law works well for the traditional paper-based check system, and that problems have been created only by the evolution of new technologies. The End of Negotiable Instruments argues that this assumption is unfounded. The basic law of checks is itself anachronistic. There are no other books that undertake a similar analysis—there are legal treatises on the law of checks and notes, but all of them take for granted the basic assumptions challenged in this book. Several articles were published in the late twentieth century concerning the dispute over the application of certain doctrines of traditional negotiable instruments law to modern consumer finance transactions, but none of this literature went on to consider the broader question of whether there is anything worthwhile left in negotiable instruments law.
"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
Using a hypothetical example, the author explains the applicable laws of fund (wire) transfers, credit, debit, and charge cards, checks, and other payment methods, including stored value, PayPal[Registered] and others, and then discusses those laws in the context of the hypothetical. Each chapter includes several research resources for additional information as well as handy checklists, forms and agreements. The book is accompanied by a CD-ROM of the checklists, forms and agreements for easy customization.
This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.
How to assess securities clearance and settlement systems, based on international standards and best practices.
When the term “governance” is associated with money, the mind goes directly to the traditional regulatory paradigm, i.e. the nation State-Central Banking-Currency. However, over time, there has been a steady erosion of the nation states’ sovereignty, also in the area of monetary law. This process of erosion is still working from within and externally to the nation State or, in other words, from upwards to downwards and vice versa. Moving from upwards to downwards, highly interconnected financial markets have urged the national competent authorities to improve the global level of coordination in terms of sharing regulatory standards, supervisory models and risk-monitoring procedures. In the downwards-upwards direction, the concept of sovereignty is critically revised from the perspective of new and alternative means of payment, thanks to the growth of e-commerce and mobile commerce and new complementary currency projects. The European Union is a feasible institutional context in which to investigate the development of the governance of money. Indeed, the EU, considered as a “unique economic and political partnership”, has not laid down a clear-cut definition of money, but the Member States have been carrying on a varying transfer of sovereignty and, in particular, of monetary sovereignty. This book examines money as a means of payment and a reserve of value within the framework of the European Union, with particular attention to community-based currencies. This book will prove an interesting and informative read for academics, students and policymakers with an interest in the development of monetary and financial systems.
This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.