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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

Beware the use of Whatsapp at work

Introduction Before the onset of COVID-19, many firms did not permit the use of WhatsApp in a work context.  However, many employees are now working remotely in response to the government’s guidance to avoid non-essential social contact and travel with effect from Monday March 16 2020, and certain firms may be contemplating relaxing their Whatsapp … 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

JMLSG consults on new chapter of AML and CTF guidance relating to cryptoasset exchanges and custodian wallet providers

On 17 March 2020, the Joint Money Laundering Steering Group (JMLSG) published for consultation the proposed text of a new chapter to be added to Part II of its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance for the financial services sector. The proposed new chapter (referred to as Sector 22) contains sectoral guidance relating … 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

FCA summary of cyber co-ordination group insights

On 11 March 2020, the FCA published a web page providing the latest insights from its cyber co-ordination groups that were first brought together in 2017. These groups meet every quarter and allow firms to share knowledge of their common experiences and discuss best practices in their approach to cyber security. Each cyber co-ordination group  … Continue Reading

FCA speech – Unstable coins: cryptoassets, financial regulation and preventing financial crime in the emerging market for digital assets

On 6 March 2020, the FCA published a speech given by Therese Chambers (Director of Retail and Regulatory Investigations, FCA) entitled Unstable coins: cryptoassets, financial regulation and preventing financial crime in the emerging market for digital assets. In summary, highlights in the speech include: cryptoassets such as Bitcoin, present different financial crime risks from traditional … 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

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

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

Financial Services AI public private forum

On 23 January 2020, the FCA and the Bank of England (BoE) announced that they were establishing a Financial Services artificial intelligence public private forum. The forum will explore the means to support safe adoption of technology within financial services, and whether principles, guidance, regulation and/or industry good practice could support the safe adoption of … 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

Fees (Cryptoasset Business) Instrument 2020

On 13 January 2020, there was published on the FCA website, The Fees (Cryptoasset Business) Instrument 2020 (the Instrument). The Instrument has been made by the FCA in exercise of the power conferred by regulation 102 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended by … 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

European Commission consults on an EU framework for markets in crypto-assets

On 19 December 2019, the European Commission (Commission) launched a public consultation on the future EU framework for markets in crypto-assets. Launched in parallel with a public consultation on a digital operational resilience framework for financial services, both consultations are initial steps towards the implementation of the new Commission’s President, Ursula von der Leyen, objective … Continue Reading

Commission launches consultation on digital operational resilience framework for financial services

On 19 December 2019, the European Commission (Commission) launched a public consultation on a digital operational resilience framework for financial services. The consultation, which was published in parallel with a separate consultation on crypto assets, comes as the Commission is working towards a new Digital Finance Strategy. The aim of the strategy would be to … Continue Reading

IOSCO consults on conflicts of interest and DLT relating to debt capital raising

On 16 December 2019, the International Organization of Securities Commissions (IOSCO) published a consultation paper with proposed guidance addressing potential conflicts of interest and associated conduct risks that stem from market intermediaries in the debt capital raising process. The proposed guidance consists of eight measures relating to the pricing of debt securities and related risk … Continue Reading
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