As 2021 comes into view, what can we expect to be at the top of regulators’ agendas? As well as continuing priorities like sustainability, innovation and consumer protection, we think prudential reform will be a key issue in 2021, along with the reshaping of the UK regulatory landscape beyond Brexit. We’re delighted to share our predictions in our briefing What does 2021 hold?, which explores regulatory hot topics for financial institutions to watch in 2021.
On 12 November 2020, Ukrainian Parliament registered a draft payment services law (available here in Ukrainian). This milestone work was coordinated by the Ukrainian central bank (“NBU”) with the aim to fully replace the existing regulatory framework for the payments business in Ukraine.
This updated guide from Baker McKenzie provides an overview and comparison of the regulatory sandbox regimes, covering 18 jurisdictions across Asia Pacific, EMEA, and the Americas.
Ukrainian policymakers consistently work on improvements to the legal framework, applicable to engagement of technology providers by incumbent financial institutions.
Over recent years, the financial services industry has come to be increasingly defined by, and reliant upon, new technologies and systems. Alongside the opportunities afforded by the increased use of technology, regulators are increasingly aware of the growing threat of disruption caused by technology outages and cyber-attacks.
The European Commission and the Council of the EU have set out the EU’s position on the use of global stablecoins. As expected, whilst they accept that financial innovations can benefit the financial sector, they consider that stablecoins pose many global risks, including, but not limited to, risks to consumers and cybersecurity.