On 12 December 2024, the Bank for International Settlement’s Financial Stability Institute published a paper which explores the potential transformative impact of artificial intelligence (AI) on the financial sector. In summary, the paper notes that while AI exacerbates existing risks such as model risk and data privacy, it does not introduce fundamentally new
Join our panel of lawyers from Asia, Dubai, Europe, London and the US who will explore the key regulatory developments, issues and considerations and examine some real-world case studies.
On 19 November 2024, the International Organization of Securities Commissions (IOSCO) issued a new roadmap to enhance retail investor online safety.
The first wave of the roadmap comprises of three consultation reports:
On 14 November 2024, the Financial Stability Board (FSB) issued a report on the financial stability implications of artificial intelligence (AI).
High-level overview
The report provides a high-level overview of recent developments in AI, along with an assessment of their potential financial stability implications. It revisits the 2017 FSB report on
On 22 October 2024, the Financial Stability Board (FSB) issued a letter outlining the work it has taken on financial innovation, payments systems, and cyber and operational resilience.
The FSB also publishes the reports that it is submitting to the G20 addressing these issues, including:
On 20 August 2024, the Financial Services Regulatory Authority (the FSRA), the financial services regulator in the Abu Dhabi Global Market, published Consultation Paper No. 7 of 2024 (CP7) on a proposed regulatory framework for the issuance of stablecoins that are backed by a fiat currency, or what CP7 refers to as
The UAE Central Bank (the CBUAE) has issued its Payment Token Services Regulation (the PTSR) for regulating stablecoins-related services in the UAE. The PTSR applies across the UAE except in the Dubai International Financial Centre (the DIFC) and the Abu Dhabi Global Market (the ADGM). We note that the PTSR also
On 16 July 2024, the Bank for International Settlements published a speech by Klass Knot (Chair of the Financial Stability Board (FSB) and President of the Netherlands Bank). The speech is dated 11 July 2024 and is entitled The AI adventure – how artificial intelligence may shape the economy and the financial system
Introduction
The Dubai Financial Services Authority (the DFSA) recently announced some notable amendments to its Crypto Token regime. These changes arise from the proposals in Consultation Paper 153 – Updates to the Crypto Token regime which was published in January 2024. Implementing these changes will help the Crypto Token regime which was initially launched
On 16 May 2024, the Basel Committee on Banking Supervision (Basel Committee) published a report on the implications of the digitalisation of finance on banks and supervision.
The report builds on the Basel Committee’s 2018 paper, Sound practices: implications of fintech developments for banks and bank supervisors and takes stock of recent developments