Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023 on crypto-asset markets and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, popularly known as the MiCA Regulation (hereinafter “MiCA” or “Regulation”), is the EU’s response to the dynamic development of the crypto-asset market. The Regulation, in principle, will be fully enforceable from December 30, 2024. In principle, because the rules for e-money tokens (EMTs, or “e-money tokens”) and asset-referenced tokens (ARTs, or “asset-referenced tokens”) will be applied earlier, from June 30, 2024, just over three months from now. In this article, we will focus on EMTs.
January 17, 2025 is the day feared by managers of many an entities obliged to implement Regulation (EU) 2022/2554 of the European Parliament and of the Council of December 14, 2022 on the operational digital resilience of the financial sector and amending Regulations (EC) No. 1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU) No. 909/2014 and (EU) 2016/1011 (hereinafter: “the Regulation” or “DORA”), because it is that date from which the Regulation will be applied. What’s important, there is still nearly a year to this date, but financial sector institutions are already working intensively on the implementation of DORA in their organizations. In this article we introduce the subject of the Regulation, as well as discuss its possible impact on the financial market.
Soon, the Act amending certain laws in connection with ensuring the development of the financial market and the protection of investors in this market, commonly referred to as “Warzywniak” will come into effect. On August 29, 2023, the Act was published in the Journal of Laws and will become effective on September 29, 2023. The […]
On June 28th 2023 The European Commission has published a package of changes to the rules governing the payment services sector, consisting of the revision of the Payment Services Directive and the implementation of PSD3, as well as the adoption of a new Payment Services Regulation (PSR). These pieces of legislation are intended to enable the development […]
June 16, 2023. The European Banking Authority (hereinafter: “EBA”) has published a report on money laundering and terrorist financing risks in payment institutions (hereinafter: “ML/FT”). The article is a summary of the 2022 ML/FT risk assessment conducted in the payment services sector. In the course of developing the risk assessment, the EBA required supervisors to complete dedicated AML surveys, analyzed the European Commission’s supranational risk assessments, member states’ national risk assessments and supervisors’ sectoral risk assessments, and reviewed the authorizations for payment institutions in PSD2. The purpose of the risk assessment was to understand the scale and nature of ML/FT risks, assess the effectiveness of payment institutions’ internal systems and controls, the effectiveness of supervisory activities.
Entrusting the processing of personal data, processor assessment, risk of potential breaches and incident prevention – what should a data controller focus on when selecting and working with a processor? Entrustment Today, entrusting the processing of personal data to a processor is an everyday occurrence. Many business processes could not take place if such entrustment did not occur. […]