Canada

Topic: Fintech

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Monthly Global FinTech regulatory updater

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 brought … Continue Reading

FSB publishes high-level recommendations for regulation, supervision and oversight of “global stablecoin” arrangements

On 13 October 2020, the Financial Stability Board (FSB) published the final version of its high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements following an earlier public consultation. The report states that GSC arrangements are expected to adhere to all applicable regulatory standards and to address risks to financial stability … Continue Reading

Global AML watchdog issues virtual assets red flag indicators

The Financial Action Task Force (FATF), a global intergovernmental organization that sets standards and policies for anti-money laundering and counter-terrorist financing (AML/CFT) recently issued a report on Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing (the Report). According to the FATF, a virtual asset is a digital representation of value that can … Continue Reading

Central banks and BIS publish first central bank digital currency report laying out key requirements

On 9 October 2020, the Bank for International Settlements (BIS) published a report, Central bank digital currencies: foundational principles and core features. The report was compiled by the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the BIS. … Continue Reading

FSB report highlights increased use of RegTech and SupTech

On 9 October 2020, the Financial Stability Board (FSB) published a report on the use of supervisory (SupTech) and regulatory (RegTech) technology by FSB members and regulated institutions. The report notes that SupTech and RegTech tools could have important benefits for financial stability. For authorities, the use of SupTech could improve oversight, surveillance and analytical … Continue Reading

What is DeFi?

In this series of blogposts, we explore some of the main types of decentralised finance applications and key areas of legal risk that may be of particular relevance for that type of application or product. In this first blogpost, we consider the nature of decentralised finance itself. What is DeFi? Decentralised finance (or DeFi) is … Continue Reading

SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists

In September 2020, SWIFT (a global member-owned cooperative and provider of secure financial messaging services) published a report to support market participants in understanding the money laundering techniques which underpin large-scale cyber-attacks. The report sets out the end-to-end journey commonly used by criminals to launder funds obtained through illicit cyber-crime related activities, and focusses on … Continue Reading

BIS publishes speech on reg tech and sup tech

On 21 August 2020, the Bank for International Settlements (BIS) published a speech by Benoît Cœuré, Head of the BIS Innovation Hub, which focussed on the main challenges to the development of reg tech and sup tech in the financial services sector. Cœuré begins by describing the differences between reg and sup tech – namely … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

Monthly global FinTech regulatory updater

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 brought … Continue Reading

Monthly global FinTech regulatory updater

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 brought them … Continue Reading

Open Banking in Canada: part 2 – further regulatory insights

Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking (the Committee), has completed its initial review (the First Phase Review) which focused on: (i) the ways in which open banking would provide meaningful benefits and … Continue Reading

Monthly global FinTech regulatory updater

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 brought … Continue Reading

Consensus New York & Blockchain week – key takeaways

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London and Dallas to join our New York team to attend Consensus and Blockchain week in NYC (13-15 May).  Consensus is an annual global conference which brings together the world’s most innovative minds to explore and debate the future of blockchain and crypto. … Continue Reading

Emerging Fintech innovation trends propelled by a global initiative

The Global Financial Innovation Network (GFIN), a network of 29 state financial sector regulators and supervisors committed to supporting financial innovation in the interests of consumers, including Quebec’s Autorité des Marchés Financiers (AMF) and the Ontario Securities Commission, has announced the launch of a pilot phase of cross-border testing and knowledge sharing initiative for Fintech … Continue Reading

Government of Canada proposes new oversight of payment service providers

Overview On July 7, 2017, the Department of Finance of the Government of Canada (the Department) released a consultation paper (Paper) regarding a proposed new oversight framework for retail payments (New Framework).  The Paper states that retail payment service providers (PSPs) other than regulated financial services providers such as banks and payment card networks are … Continue Reading

Government launches 2019 financial sector review

On August 26th, the federal Department of Finance launched a review of the legislation governing banks, insurance companies and trust companies under federal jurisdiction by issuing an initial consultation paper. The initial paper sets out some key facts relating to the sector and comments on trends that are currently impacting and are expected to continue … Continue Reading

Canadian anti-money laundering regulations updated

On June 29, 2016, the federal Government published the final version of the long-awaited regulations (Amending Regulations) to amend various regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The Amending Regulations came into force on June 30, 2016, however, there is an almost one year delay for the provisions … Continue Reading

New FinTRAC Guidance – ID Verification

Since July 2015, when draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Draft Regulations) were published in the Canada Gazette, the industry has been expecting changes to aspects of the current AML/TF regime, particularly with respect to customer identification. After a lengthy delay, caused at least in part by the … Continue Reading

Competition Bureau launches study of FinTech and Financial Sector Regulation

On May 19, 2016, the Competition Bureau of Canada (the Bureau) launched a market study FinTech in Canada.  The Bureau enforces and administers the Competition Act (Canada) and as part of its mandate participates in activities to promote a competitive marketplace. The purpose of the study, as described by the Bureau, is to advise and … Continue Reading
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