On 1 August, the Dubai Financial Services Authority (DFSA) launched its regulatory framework for loan and investment-based crowdfunding platforms, the first such framework in a Gulf Cooperation Council country. The regulations aim to ensure clear governance for FinTech businesses and provide appropriate protection for their customers. They also formalise the DFSA’s approach to regulating crowdfunding platforms which had operated through interim arrangements since 2016. The framework has not been officially released as yet so we will publish a link to the regulations when available.
By Judith Rinearson and Rizwan Qayyum
On July 27 2017, the European Banking Authority (EBA) published the Final Guidelines (the Guidelines) on major incident reporting under the revised Payment Services Directive (PSD2). The Guidelines were developed in conjunction with the European Central Bank (ECB), and are addressed to all payment services providers and competent authorities within the 28 European Union Member States. With the expected implementation of PSD2 in January 2018, the Guidelines further contribute to the objective of the PSD2 aiming to minimize disruption to its users, payment service providers and the systems.