On 16 March 2023, the FCA published a Dear CEO letter on its priorities for payments firms. The letter was sent to CEOs of firms within the FCA’s payments portfolio, including those authorised or registered under the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs). The letter explains that the FCA … Continue Reading
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
On 16 February 2023, the Financial Stability Board (FSB) published a report on the financial stability risks of decentralised finance (DeFi). The report describes DeFi as an umbrella term commonly used to describe a variety of services in crypto-asset markets that are intended to replicate some functions of the traditional financial system by seemingly disintermediating … Continue Reading
On 14 February 2023, the European Systemic Risk Board (ESRB) published a report on advancing macroprudential tools for cyber resilience. The report has been published given the recent geopolitical backdrop of heightened cyber risk, and the need to boost cyber resilience. The report builds on previous work by the ESRB to prevent and mitigate risks … Continue Reading
On 9 February 2023, the FCA published Feedback Statement 23/1 ‘Synthetic Data Call for Input Feedback Statement’ (FS23/1). Introduction In March 2022, the FCA published a Call for Input seeking feedback on the benefits and limitations of synthetic data in resolving the challenges of data sharing, the use cases where synthetic data can provide benefits … Continue Reading
On 7 February 2023, the Bank of England (BoE) published a speech by Sir Jon Cunliffe (Deputy Governor, Financial Stability), given at UK Finance, on the digital pound. The speech begins by setting out the headline conclusions from the recent report from the BoE – HM Treasury Taskforce on the introduction in the UK of … Continue Reading
On 8 February 2023, the European Banking Authority (EBA) published the keynote speech by Jose Manuel Campa at the AFORE’s 7th annual conference on fintech and regulation. In his speech, Mr Campa acknowledges the progress made, such as the Digital Operational Resilience Act and the Markets in Crypto-assets Regulation (MiCA). Furthermore, the proposal for the … Continue Reading
On 7 January 2023, HM Treasury and the Bank of England (BoE) published a joint Consultation Paper on the digital pound: a new form of money for households and businesses? Introduction In this consultation HM Treasury and the BoE are consulting on a proposal for a retail UK central bank digital currency (CBDC). A UK … Continue Reading
On 6 February 2023, the FCA published a statement in which it urged firms marketing cryptoassets to UK consumers to start preparing now for the new financial promotions regime. The FCA plans to publish its final rules for crypto promotions once the relevant legislation has been made. The Government announced in January 2022 its intention … Continue Reading
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
On 3 February 2023, HM Treasury published the following collection of Fundamental Elements documents produced by the G7 Cyber Expert Group since 2016: G7 Fundamental Elements for Effective Assessment of Cybersecurity in the financial sector (dated October 2017)… Continue Reading
On 31 January 2023, the Bank of England (BoE) published a letter sharing the thematic findings from the latest annual cycle of CBEST assessments conducted by the BoE, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively, the regulators) on participating banks, insurers, asset and investment managers and financial market infrastructure. CBEST … Continue Reading
On 24 January 2023, the FCA published a speech by Jessica Rusu (FCA Chief Data, Information and Intelligence Officer) entitled Building better foundations in AI. Key points in the speech include:… Continue Reading
On 12 January 2023, the Joint Committee of the European Supervisory Authorities (ESAs) published a thematic report on national financial education initiatives on digitalization, with a focus on cybersecurity, scams and fraud. The report is based on an analysis of the joint ESA’s thematic repository of 127 national financial education initiatives on digitalization with a … Continue Reading
On 11 January 2023, UK Finance announced that five industry associations have come together to form a new alliance, The UK Forum for Digital Currencies (UK FDC). The UK FDC will provide a forum for discussion and collaboration around the industry’s response to digital currency developments in the UK. This includes the potential for a … Continue Reading
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
On 4 January 2023 the European Banking Authority (EBA) published a letter from the European Commission (“the Commission”) to the European Supervisory Authorities (ESAs) requesting advice on designation criteria and fees for the oversight framework for critical third-party service providers set out under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). … Continue Reading
On 4 January 2023, the European Commission published a letter it had sent to the European Banking Authority (EBA) being a provisional request for technical advice on certain delegated acts that the Commission intends to adopt under the Regulation on Markets in Crypto-Assets (MiCA). The request for advice concerns delegated acts on certain criteria for … Continue Reading
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse its finalised prudential standard on banks’ cryptoasset exposures and the Committee’s work programme and strategic priorities for 2023-24. The standard provides that unbacked cryptoassets and stablecoins with ineffective … Continue Reading
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
On 8 December 2022, the FCA published a new webpage providing insights arising from the discussions held at the FCA’s quarterly Cyber Coordination Group (CCG) meetings throughout 2021. The webpage is split into three sections: the first highlights the cyber risk landscape, as well as emerging cyber risks discussed at the CCGs in 2021. The … Continue Reading
On 7 December 2022, the Digital Regulation Cooperation Forum (DRCF) issued a call for input on its workplan for 2023 to 2024. The DRCF comprises of four UK regulators – the Competition and Markets Authority, the Office of Communications, Information Commissioner’s Office and Financial Conduct Authority – which seek to deliver a coherent approach on … Continue Reading
On 21 November 2022, the Bank of England (the Bank) published a speech by Jon Cunliffe at Warwick Business School’s Gilmore Centre Policy Forum Conference on Defi and Digital Currencies. In his speech, Mr Cunliffe reflects on recent crypto market developments and the work the authorities are doing on the regulation of crypto stablecoins and … Continue Reading
