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EBA and ESMA respond to Commission consultation on new EU Digital Finance Strategy

On 29 June 2020, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued their respective responses to the European Commission’s consultation on a new EU Digital Finance Strategy. In its response the EBA highlights the importance of technological neutrality in regulatory and supervisory approaches as a means to facilitate innovation … Continue Reading

IOSCO consultation report – The use of artificial intelligence and machine learning by market intermediaries and asset managers

On 25 June 2020, the International Organisation of Securities Commissions (IOSCO) issued a consultation report ‘The use of artificial intelligence and machine learning by market intermediaries and asset managers’. The consultation report proposes guidance to assist IOSCO members in providing appropriate regulatory frameworks to supervise market intermediaries and asset managers that utilise artificial intelligence (AI) … Continue Reading

Speech by Executive Vice-President Valdis Dombrovskis at the Digital Finance Outreach 2020 Closing conference

On 24 June 2020, the European Commission published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on digital finance. In terms of crypto-assets Mr Dombrovskis states that Europe is in a position to lead the way on regulation and for this a common approach is needed … Continue Reading

FMSB consults on algorithmic trading standards

On 23 June 2020, the FICC Markets Standards Board (FMSB) published for consultation a transparency draft of a statement of good practice on algorithmic trading in the wholesale fixed income, commodity and currency markets. The statement sets out 10 good practice statements which cover the governance of, and management of conduct risks associated with, the … Continue Reading

European Commission considers options for future regulation on markets in crypto-assets

Work on the development of a legislative proposal on a future EU framework for markets in crypto-assets is gathering pace. On 18 May 2020, the European Commission hosted a meeting of an Expert Group on Banking, Payments and Insurance (EGBPI), composed of Member States experts, during which it presented its ideas for future legislation in … Continue Reading

European Commission considers options for future regulation on markets in crypto-assets

Work on the development of a legislative proposal on a future EU framework for markets in crypto-assets is gathering pace. On 18 May 2020 the European Commission hosted a meeting of an Expert Group on Banking, Payments and Insurance (EGBPI), composed of Member States experts, during which it presented it ideas for a future legislation … 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

G20 and the BIS Innovation Hub invite global innovators to find solutions to the most pressing financial regulatory & supervisory challenges

On 29 April 2020, the Saudi G20Presidency and the Bank for International Settlements (BIS) Innovation Hub launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges. The BIS Innovation Hub, through its Singapore Centre, and the Saudi G20 Presidency have published high-priority RegTech/SupTech operational … Continue Reading

FSB consults on toolkit of effective practices for cyber incident response and recovery

On 20 April 2020, the Financial Stability Board (FSB) published a consultation report on Effective Practices for Cyber Incident Response and Recovery. In its consultation report the FSB sets out a toolkit of effective practices that aims to assist organisations in their cyber incident response and recovery activities. The toolkit lists 46 effective practices, structured … Continue Reading

FSB consults on regulatory, supervisory and oversight recommendations for “global stablecoin” arrangements

On 14 April 2020, the Financial Stability Board (FSB) published a consultation paper proposing 10 high-level recommendations that are addressed to national authorities to advance consistent and effective regulation and supervision of global stablecoin (GSC) arrangements. The consultation paper also highlights key international regulatory standards from the Basel Committee, FATF, CPMI and IOSCO that could … 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

IOSCO report on global stablecoin initiatives

On 23 March 2020, the International Organization of Securities Commissions (IOSCO) published a report identifying the possible implications of global stablecoin initiatives for securities markets regulators. The report, Global Stablecoin Initiatives, examines the regulatory issues arising from the use of global stablecoins and explores how existing IOSCO Principles and Standards could apply to these arrangements. … 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

FATF guidance on digital ID

On 6 March 2020, the Financial Action Task Force (FATF) published guidance on digital identity (digital ID). The FATF guidance is intended to assist governments, regulated entities and other relevant stakeholders in determining how digital ID systems can be used to conduct certain elements of customer due diligence under FATF Recommendation 10. Section II of … Continue Reading

EBA digital finance priorities for 2020

On 3 March 2020, the European Banking Authority (EBA) published a speech delivered by its chairperson, José Manuel Campa, at the 4th Annual Conference on ‘FinTech and Digital Innovation: Delivering for the Future’. In his speech, Mr Campa focuses on the progress the EBA has made towards removing obstacles to the application of innovative technologies … Continue Reading

Protecting the European financial sector: the Cyber Information and Intelligence Sharing Initiative

On 27 February 2020, the European Central Bank (ECB) published the introductory remarks from Fabio Panetta (ECB Executive Board member) at the fourth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures. Key points in the remarks include: the ECB’s 2018 cyber resilience oversight expectations are now being followed by financial infrastructure operators … Continue Reading

Crypto Assets: Germany introduces new regulatory regime

Germany has adopted a new regulatory regime for crypto assets in connection with the implementation of the Fifth Anti-Money Laundering Directive (AMLD5). On 29 November 2019, the second chamber of the German parliament (Bundesrat) approved the “Act on the Implementation of the Amendment Directive to the Fourth EU Money Laundering Directive” (Gesetz zur Umsetzung der Änderungs­richt­linie … Continue Reading

IOSCO publishes key considerations for regulating crypto-asset trading platforms

On 12 February 2020, the International Organization of Securities Commissions (IOSCO) published a final report on issues, risks and regulatory considerations relating to crypto-asset trading platforms (CTPs). The key considerations relate to: access to CTPs; safekeeping of participant assets, including custody arrangements; identification and management of conflicts of interest; transparency of operations; market integrity, including … 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

Central Bank group to assess potential cases for central bank digital currencies

On 21 January 2020, the Bank of England (BoE) announced that it has created a group of international central banks to share experiences as they assess the potential cases for central bank digital currencies. The group will also closely coordinate with the Financial Stability Board and the Committee on Payments and Market Infrastructures. The group … Continue Reading

EBA report on Big Data and Advanced Analytics

On 13 January 2020, the European Banking Authority (EBA) published a report on Big Data and Advanced Analytics (BD&AA) in the banking sector. The reports aims to share knowledge on the current use of BD&AA by providing a background on this area, alongside key observations and outlining the key pillars and elements of trust that … Continue Reading

Commission inception impact assessment on a legislative proposal for digital operational resilience framework for the financial services sector

On 19 December 2019, the European Commission (Commission) published an inception impact assessment on a proposal for a regulation on digital operational resilience for the financial services sector. The impact assessment has been published alongside a public consultation requesting feedback on how the financial services sector can be improved to be more secure and resilient … Continue Reading

Commission inception impact assessment on a legislative proposal for EU framework on markets in cryptoassets

On 19 December 2019, the European Commission (Commission) published an inception impact assessment entitled ‘Directive/regulation establishing a European framework for markets in cryptoassets’. The impact assessment has been published alongside a public consultation requesting feedback on the current regulatory framework for cryptoassets as part of the Commission’s work to promote a new Digital Finance Strategy … Continue Reading
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