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E-Finance, E-Payment, Compliance

E-Finance, E-Payment, Compliance

Ulys has, from its creation, developed unique top level expertise in banking and financial innovation which makes it a reputed and important player in this practice area.

The firm advises alternative players from the IT, Telecom or distribution world as well as traditional banking, financial or insurance players.

The client by approaching our firm obtains an exhaustive analysis of the problem combined with an understanding of the business and regulatory issues.

Payment and e-money services

Ulys offers a unique legal experience with knowledge of cutting-edge technologies and the regulators' requirements irrespective of whether the project is based on prepaid cards (private or open networks), transfers or direct debits (in accordance with SEPA standards) mobile payments, electronic purses, e-wallets, payment accounts, or payment cards (emission or acquisition) or money transfer services.

The firm's lawyers have fifteen years' experience in this area and provide daily advice to the first players on these markets.

Ulys also has acknowledged expertise of payment transactions in other regulated areas such as online betting.

Banking, Insurance and online finance

Ulys advises traditional players in banking, insurance and online financing on setting up multi-channel offers, the dematerialisation of contract subscriptions, etc.,.

The firm is also involved in deploying projects connected with electronic payment and e-money services, payment systems (Target II BDF, EURO1, STEP2…), Swift Net bureau service.

Ulys also advises players in the online finance sector on recent developments, such as online trading for private individuals (especially investment offers on the foreign-exchange/Forex market) and participatory financing, "crowd funding".

Regulatory compliance

The firm advises and assists in procedures with the Regulator: approval request procedures, business extension procedures, change of status, "European passport" applications to trade via the freedom to establish or the freedom to provide services.

Ulys advises its clients on setting up systems to combat fraud, money laundering and financing terrorism, as well as Know Your Customer (KYC) systems, internal control procedures (first and second levels, compliance, risk) legal watch, information system security (charters, policies, sub-contracting contracts).

The firm is also the permanent AML-CFT representative with the host authorities if the establishment uses a European passport>

Ulys assists its clients during controls by the Regulation Authority.

Sub-contracting essential services

When sub-contracting essential services in the regulated sector, it is important to ensure that the service provider contributes to the distribution of the services, the supply of IT , hosting, and archiving services, etc. Several specific, mandatory clauses must be provided, such as a right of control by the Regulatory Authority.

The firm's specificity lies in the fact that its lawyers master the regularity and IT aspects as well as the private law aspects of contracts.

Marketing and banking secrecy

Validation of marketing communication and advertising campaigns, special offers and bonuses, the use and monetisation of personal data in compliance with banking secrecy rules and the protection of personal data in general. Selection and protection of trademarks and domain names by respecting the applicable rules and intellectual property law.

Some recent cases

  • A telecom operator wanted to create a payment entity. A large retail distribution group also wanted to create an electronic money entity. Both asked Ulys to assist them with the procedures involving the Regulation Authority. The licenses were obtained in under 10 months, thanks to the expertise of Ulys' experts in approval procedures.

  • Setting up the payment platform. Ulys drafted numerous agreements with technical and service providers enabling the platform to provide its own services. The security and data protection aspects are essential in this area.

  • An approved establishment which trades on the territory of another Member State through a physical distribution network is now subject to new local regulations which requires the appointment of a permanent representative on the territory of the host state to deal with anti-money-laundering issues and to be the interface with the local regulatory, police and judicial authorities. The Establishment chose Ulys as its permanent local representative.

  • A bank was reflecting on the possibility of using its customers' data in the light of the regulations on personal data and banking secrecy obligations. Ulys was instructed to carry out specific study on the possibility of processing and monetising this data.

  • A specialist electronic payments company wanted to create a partnership with a leading e-commerce site. Ulys assisted it to draft and negotiate this partnership and establish the contractual framework between the different players and users.

  • Several companies were controlled by the Regulation Authority. They naturally asked Ulys' experts to assist them with these procedures.