Blog
UK Payment Services Regulation
The HM Treasury unveiled the 2023 regulations amending electronic money, payment cards, and payment services. Implemented from Sep 2023 to Jan 2024, these changes focus on sustainable growth, environmental targets, and payment system efficiency.
EU-U.S. Data Privacy Framework (DPF)
The EU-U.S. Data Privacy Framework (DPF) brings a new era of data protection. Privacy Shield certifications can transition to DPF. Update privacy notices, agreements, and comply with DPF Principles by Oct 10, 2023.
Regulatory Oversight: Third-Party Risk Management (TPRM) & Outsourcing
The FSB is engaging stakeholders to enhance third-party risk management. Their toolkit reduces regulatory disparities, aiding financial institutions. It reflects ongoing collaboration, gathering insights on critical services. This proactive approach strengthens the financial system.
CBDC: BIS Survey Results
The 2022 BIS survey reveals that 93% of 86 central banks are actively exploring CBDCs, marking a shift towards digital finance. Retail CBDCs advance faster than wholesale counterparts. By 2030, expect 15 retail and 9 wholesale CBDCs in circulation, potentially impacting stablecoins and cryptoassets.
MiFID II: Investments Transparency
ESMA's Final Report proposes stronger passporting standards, requiring more info from investment firms. New notification system aids NCAs in understanding cross-border activities. Rise in investment firms serving retail clients drives competition, expands choices, and emphasizes better supervision.
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