Legal experts have warned that there is a "lack of clarity" around incoming EU restrictions on geoblocking by online retailers, after the European Parliament adopted its final position on the reforms.
The new rules, which were initially proposed by the European Commission in 2016, would prevent retailers from blocking purchases based on a consumer’s location, or the member state in which their payment instrument was issued.
Although the regulation generally targets retailers, it directly affects some payment providers. Roger Tym, a partner at Hogan Lovells, pointed out that cross-border payment providers appear to be caught within the regulation’s scope.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.