1. Violation of any provision of this Regulation may be subject to supervisory action and administrative & financial sanctions measures as deemed appropriate by the Central Bank.
    
2. Supervisory action and administrative & financial sanctions by the Central Bank may include replacing or restricting the powers of Senior Management or board of directors, providing for the interim management of the Licensee, imposition of fines or barring individuals from the UAE financial sector.
    

The Regulatory Development Division of the Central Bank shall be the reference for interpretation of the provisions of this Regulation.

This Regulation repeals and replaces the “Regulatory Framework for Stored Value and Electronic Payment Systems” Regulation issued in the UAE on 13/12/2016.

This Regulation shall be published in the Official Gazette in both Arabic and English and shall come into effect one month from the date of publication. In case of any discrepancy between the Arabic and the English, the Arabic version will prevail.