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).
The European market for sub-investment grade corporate credit continues to evolve at pace. This is driven in large part by the ongoing shift towards direct lenders as a growing source of debt financing.
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.
In Utmost Good Faith? is a new infographic created by Euromoney Thought Leadership Consulting and commissioned by Baker McKenzie, outlining opportunities and ethical considerations for AI in the Insurance sector. As AI gains ground in the sector, it is critical to understand ethical considerations, which would help market players navigate the potential increase in regulatory scrutiny.
On 3 September 2020, Andrew Bailey, the Governor of the Bank of England, delivered a speech to the Brookings Institution regarding innovation in payments, setting out his view that innovations need to be underpinned by an appropriate regulatory framework to be suitable for use on a wider scale. In his view, stablecoins have the potential to be suitable for widespread use, but must meet the standards of other regulated payments to maintain consumer protection and promote consumer confidence.
Each market is dealing with COVID-19 cautiously, and the guidelines issued by different agencies follow a general theme around awareness, caution, and transparency.