Regulatory Alerts2021-02-10
Retail Payment Systems Regulation
The Central Bank of the United Arab Emirates issued the Retail Payment Systems Regulation to establish the licensing, designation, and oversight framework for systemically important Retail Payment Systems. The regulation defines key terms, outlines eligibility criteria for designation, and mandates compliance with international standards such as the Principles for Financial Market Infrastructures. It further details ongoing operational requirements, enforcement powers, and appeal mechanisms to ensure the safety and stability of the national payment system.
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