In our article, first published in the December 2020 edition of Butterworths Journal of International Banking and Financial Law, our payments regulation experts Mark Simpson, Julian Hui and Connie Faith highlight some of the additional questions and unintended consequences raised by Supercapital and argue that legislative intervention is required to update the PSRs safeguarding regime.
On 12 November 2020, the Ukrainian Parliament published a draft payment services law, that was prepared with the Ukrainian central bank (NBU). Among other things, the draft law would implement a regulatory framework for “open banking” similar to the EU’s PSD2 (Directive 2015/2366).
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.
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.
The FCA has sent a Dear CEO letter to payment firms requiring them to review their safeguarding arrangements for customer funds and to attest to compliance.
Regulatory conditions are driving more fintech and BPO activities to Ukraine