EU merchants, for example, are guided by the Payment Services Directive 2 (PSD2), while retailers in China are beholden to the Payment and Settlement Systems Act, and Singapore introduced its Payment Services (PS) Act to battle regulatory issues a few years ago.2 ...
It notes that Cambodia focuses on private laws while Sri Lanka focuses on the Payment and Settlement Systems Act (PSSA).GevaProfessor of LawOsgoode Hall Law SchoolBenjaminProfessor of LawOsgoode Hall Law SchoolBanking Law JournalGeva, Benjamin, (2009), "Payment System Modernisation and Law Reform ...
"This license has been issued by exercising power of Payment and Settlement Act, 2019 to UnionPay International Company Limited, registered at Shanghai Administration for Industry and Commerce, Shanghai China," the Nepali central bank has stated in the licence. Nepal Rastra Bank said the license h...
3, bank settlement account information confidentiality principle. 4. The principle of abiding by the law. Two. Opening, alteration and cancellation of bank settlement account Opening of a bank settlement account The depositor shall open a bank settlement account at the place of registration or ...
111-203, the Payment, Clearing, and Settlement Supervision Act of 2010, introduces the term "financial market utility" (FMU or utility) for those multilateral systems that transfer, clear, or settle payments, securities, or other financial transactions among financial institutions (FI) or between ...
for determiningpayments systempolicy;and(b) thePaymentClearingand SettlementAct1996 in Canada makes the Bank of Canada responsible for the oversight of clearingandsettlement systemswitha view to controlling systemic risk. legco.gov.hk legco.gov.hk ...
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Settlement System. The highest policy making body on payment System in our country is the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a sub-committee of RBI and the regulation is done in accordance with the Payment and Settlement Systems Act, 2007 (PSS Act)...
Payment transactions within a payment or securities settlement system Payment transactions connected to securities asset servicing Technical services for the provision of payment services Payment systems in limited networks or with a limited product range, and instruments for social or tax purposes ...
financial inclusion. Transactions will be made more efficient and safer for businesses and households alike under the legislation that creates the enabling environment for an upgraded national payment and settlement system that will facilitate enhanced electronic fund transfers, retail payments and...