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On 23 May 2020 the Law “On Improvement of Banking Regulation Mechanisms” (the Law) entered into force. The Law introduces significant amendments to the regulation of banking activity mainly in the field of the withdrawal of banks from the market. The adoption of the Law constituted one of the requirements of the International Monetary Fund for provision of financing to Ukraine.
On 22 May 2020, the Financial Conduct Authority (FCA) launched a Consultation on additional guidance for payment firms to strengthen the way they safeguard customer funds.
The Consultation will last for two weeks and closes on 5 June 2020. If confirmed, the final guidance will be published at the end of June 2020.
On 12 May 2020, the European Banking Authority (EBA) published its Report into dividend arbitrage trading schemes and announced a 10 point Action Plan to enhance the future regulatory framework.
To remain competitive, companies find themselves increasing their efforts to digitally transform their businesses by developing new offerings based on emerging technologies and integrating these technologies into existing product and service offerings. This is our fifth monthly bulletin for 2020, aiming to help companies identify important and significant legal developments governing the use and acceptance of blockchain technology, smart contracts and digital assets.
French government increases the ceiling for contactless payments to mitigate the effects of COVID-19
In the current context of the COVID-19 crisis, contactless payment has emerged in France and abroad as one of the barrier gestures likely to limit the risks of contamination during everyday purchases.
To mitigate the impact of the coronavirus COVID-19 pandemic on the national economy, the Hungarian Government has, amongst other measures, introduced a payment moratorium as of 19 March 2020 until 31 December 2020 by way of Government Decree 47/2020. (III. 18.) (Decree) with the relevant extracted part of the Decree being attached as Annex A.
On 28 April 2020, the European Commission (EC) published a proposal for a Regulation amending the Capital Requirements Regulation (EU) 575/013 (CRR) in response to the COVID-19 pandemic. The EC proposals are meant to complement the existing flexibility in the current framework and are designed to “maximise the capacity of credit institutions to lend and to absorb losses related to the COVID-19 pandemic”.
In order to provide liquidity to the economy in the context of the COVID-19 pandemic, governments in several jurisdictions and European and international bodies have taken various measures in the recent weeks to encourage banks to continue providing credit to support households and businesses worldwide.