Analytical note on comparative law regarding the use of registrars of settlement transactions in the practice of foreign countries

Abstract. The legal basis for the use of registrars of settlement transactions in the fields of trade, catering, and services was examined. The examples of forms and conditions of financial transactions in specified fields that do not require registrars of financial transactions are provided; the peculiarities of national regulation of payment transactions, in particular by payment cards are defined; the concepts of cash and non-cash payments are defined; the specifics of opening and using a current account for business activities are specified; foreign experience with regard to the peculiarities of settlement transactions using settlement transaction registrars is summarized. Examples of conditions for the exemption of business entities from the use of settlement transaction registrars in some countries of the world were also analyzed.

Key words: registrar of settlement transactions, software recorder of settlement transactions, card payments, cashless payments, electronic cash registers.

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04/2023