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Topic: Digital finance

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UK Finance report – Retail CBDC – A threat or opportunity for the payments industry?

On 8 September 2021, UK Finance issued a report Retail CBDC – A threat or opportunity for the payments industry? . In April 2021, the Chancellor announced a new Taskforce between HM Treasury and the Bank of England (BoE) to explore a UK central bank digital currency (CBDC). The BoE issued a discussion paper on … Continue Reading

CLLS consultation response – Digital assets: the limits of the concept of “possession”

On 18 August 2021, the Financial Law Committee of the City of London Law Society published its response on the Law Commission’s ‘Digital assets: Call for Evidence’ and Consultation Paper on ‘Digital assets: electronic trade documents’. For the reasons discussed in the response, the Committee feels that caution should be exercised in relation to any … Continue Reading

FCA sends Dear CEO letter to Portfolio Platforms

On 26 July, the Financial Conduct Authority (FCA) sent a Dear CEO letter to Portfolio Platforms, setting out reminders of their expectations in the following areas: Operational resilience; SUP 15 notification requirements; Transfer times; and Brexit In respect of operational resilience, the FCA reminds firms that they expect firms to invest in their systems to … Continue Reading

Report on CBDCs

On 9 July 2021, there was published a report on central bank digital currencies (CBDCs). The report was released by the Committee on Payments and Market Infrastructures, the Bank for International Settlements Innovation Hub, the International Monetary Fund and the World Bank. The report looks at how CBDCs could facilitate enhanced cross-border payments, and how … Continue Reading

Bank of England Discussion Paper on new forms of digital money

On 7 June 2021, the Bank of England (BoE) published a Discussion Paper that seeks to broaden the debate around new forms of digital money. The Discussion Paper sets out the BoE’s emerging thoughts on new forms of digital money, which include both systemic stablecoins and a UK central bank digital currency (CBDC). It builds … Continue Reading

DORA review: Member States consider inclusion of payment card networks and retail payment infrastructures

On 28 April 2021 the Portuguese Presidency of the Council held a meeting of a Council working group in order to continue its legislative review of the proposed regulation on digital operational resilience for the financial sector (DORA). During the meeting, Member States discussed certain issues relating to the scope of the proposed legislation, as … Continue Reading

Member States discuss proportionality in DORA

On 12 April 2021 the Portuguese Presidency of the Council held a meeting to continue Member States’ discussions on the proposed regulation on digital operational resilience for the financial sector (DORA). The agenda for the meeting included discussion on proportionality in DORA as well as scope and timeline of specific regulatory technical standards (RTS) and … Continue Reading

European Parliament ECON Committee discusses draft reports on MiCA, DORA and DLT pilot regime

On 14 April 2021, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a committee meeting in which it discussed the main legislative proposals under the European Commission’s (Commission) Digital Finance Strategy. During the discussion, the committee members considered the draft reports on the following legislative proposals: Proposal for a Regulation on Markets … Continue Reading

Council organises first working group on DORA proposal in 2021

On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an issue-by-issue approach, … Continue Reading

Member States continue DORA review

On Tuesday, 8 December 2020, the outgoing German Presidency of the Council held another working group to continue its substantive review of the European Commission’s proposal for regulation on digital operational resilience in financial services (DORA). On the agenda for discussion was, among other, in-depth review of certain provisions concerning third-party ICT service providers. Key … Continue Reading
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