FinTech

On 16 October 2023 the Australian Federal Treasury released its public consultation paper regarding the proposed regulatory regime for digital asset platforms. The proposed framework highlights the Australian Government’s intention to ensure consistent oversight and safeguards for consumers by regulating digital asset platforms and other intermediaries within the existing Australian Financial Services Licence (AFSL…

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.

Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has…

On 22 June 2023, the Financial Stability Board (FSB) published a consultative document on enhancing third-party risk management and oversight: a toolkit for financial institutions and financial authorities.

The toolkit has been developed against a backdrop of digitalisation of the financial services sector and growing reliance of financial institutions on third-party service providers…

On 25 May 2023, a group of central banks, together with the Bank for International Settlements, published a paper on central bank digital currencies (CBDC): ongoing policy perspectives.

Since publishing (i) a report in October 2020 setting out the common foundational principles and core features of a CBDC, and (ii) an executive summary…

On 23 May 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report containing 18 proposed recommendations intended to help IOSCO members apply IOSCO’s Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations and good practices to crypto-asset activities within their jurisdictions.

The proposed recommendations cover six key…

On 18 May 2023, UNIDROIT’s Governing Council reported that it had adopted the UNIDROIT principles on digital assets and private law (the principles) at its 102nd session in Rome, Italy.

The principles were prepared by a working group on digital assets and private law, which comprised of 25 members, 22 observers from…

April was another fast moving month in the financial services sector. ASIC released updates to the breach reporting requirements to introduce new guidance and clarify existing guidance regarding reportable situations. The regulator also provided further communications surrounding the superannuation performance test, as well as commenced proceedings against an insurance company alleging unfair contract terms in…

On 13 April 2023, the Financial Stability Board (FSB) published a Final Report on recommendations to achieve greater convergence in cyber incident reporting.

The report notes that cyber incidents are rapidly growing in frequency and sophistication. At the same time, the cyber threat landscape is expanding amid digital transformation, increased dependencies on third-party…

The month March was a busy month which saw some significant developments in the financial services sector. Notably, ASIC is currently consulting on class orders about financial requirements in considering whether to remake certain class orders. The regulator is also consulting on ‘sunsetting’ class orders changing responsible entities and equal treatment. ASIC also granted conditional…

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.

Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has…