On 24 September 2020, the European Commission (“EC”) adopted a new Digital Finance Package, which it published together with a communication entitled “A Retail Payments Strategy for the EU” containing specific policy measures needed in relation to payment services given their key role among digital financial services. The European Parliament (“EP”) subsequently adopted a nonbinding resolution on the EC’s Digital Finance Package on 8 October 2020.
Although it is not clear whether the UK will adopt the proposals being published by the EC post-Brexit, the EC’s work is nonetheless likely to be influential in shaping the future development of financial markets regulation in these innovative areas of financial services.
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