| المحتويات CONTENTS | |||
|---|---|---|---|
| Subject | الصفحة Page | الموضوع | |
| Introduction | 4 | مقدمة | |
| Scope and Objectives | 5 | النطاق و الأهداف | |
| Article (15) | Enforcement and sanctions | 82 | الإنفاذ والعقوبات | المادة (15) |
| Article (16) | Interpretation of Regulation | 82 | تفسير النظام | المادة (16) |
Circular No. : 6/2020 Date : 30/9/2020 To : Providers of Stored Value Facilities in the UAE Subject : Stored Value Facilities Regulation
Introduction
The 'Regulatory Framework for Stored Values and Electronic Payment Systems' has been providing the framework and basis for the Central Bank to license and regulate Stored Value Facilities (SVF) issued in the UAE on 13/12/2016. Due to technological advancements, the rapid developments of stored value products and services, and the enacted Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities, which grants the Central Bank more and specific supervisory powers, therefore, the existing regulatory framework for SVF has been reviewed and is being amended.
The relevant Articles of the Decretal Federal Law No. (...