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 ...
"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...
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 ...
2, the principle of independent choice of banks to open bank settlement accounts. 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 ...
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This report outlines the changes to the supervision of key market infrastructure that are embodied in the Dodd-Frank Act. It is intended to be used as a reference for those interested in the financial system's "plumbing," and how the associated systems are currently overseen and regulated. ...
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Monetary policy, financial stability and payments are all based on the provision of central bank money as the ultimate settlement asset. Monetary policy is operationally dependent on payment infrastructures and these infrastructures are part of the financial system whose stability has to be safeguarded....
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 ...
debiting and crediting of the accounts of the parties to the transaction. The integrity of the global financial system relies on the proper accounting for each transaction that takes place in the system; therefore, stability depends on the reliability and accuracy of the clearing and settlement ...