Posted by Oleksandr Kurdydyk and Illya Muchnyk on 26 May 2020
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.
Posted by Michael McKee and Chris Whittaker on 26 May 2020
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.
Posted by Michael McKee and Chris Whittaker on 21 May 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.
Posted by Margo H. K. Tank and Mark F. Radcliffe on 21 May 2020
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.
Posted by Sébastien Praicheux, Célestine Barthout and Maxime di Maria on 20 May 2020
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.
Posted by Gábor Borbély on 20 May 2020
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.
Posted by Michael McKee, Chris Whittaker and Erna Soljanin on 11 May 2020
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”.
Posted by Sébastien Praicheux and Célestine Barthout on 7 May 2020
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.
and then 