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Eurosystem Approves Framework for Overseeing Electronic Payments

The European Central Bank approved a new oversight framework for electronic payment instruments, including payments with digital assets.

The oversight requirements are set out in the form of 23 principles (listed on pages 11-12 of the document) governing matters such as legal basis, collateral, settlement and various types of risk.

Companies are expected to adhere to the new framework by November 15, 2022, or within one year following initial notification that they will be subject to oversight under the new framework.

Primary Sources

  1. ECB Press Release: Eurosystem publishes new framework for overseeing electronic payments
  2. ECB Oversight Framework: Eurosystem oversight framework for electronic payment instruments, schemes and arrangements

Tags

Regulated Activities
Payments
Regulated Products
Digital Assets
Body of Law
Banking Law
Jurisdiction
European Union or Non-U.S. Country
Organization
Regulators' Associations
Sub-Author
European Central Bank