In March 2021 the CBUAE issued the Large Value Payment Systems Regulation (Circular No 9/2020 issued by Notice 1410/2021) which covers clearing and settlement systems designated primarily to process large-value and/or wholesale payments typically among financial market participants or involving money market, foreign exchange or many commercial transactions. In tandem, the CBUAE issued the Retail Payment Systems Regulation (Circular No. 10/2020 issued by Notice 1408/2021) which covers fund transfer systems and related instruments, mechanisms, and arrangements that typically handle a large volume of relatively low-value payments in such forms as cheques, credit transfers, direct debit, card payment transactions or a regulated medium of exchange. Among their detailed regulatory obligations, all licensees are required to comply with any instructions issued by the CBUAE and any relevant international standards.