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Topic: Fintech

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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

Firms to prepare for phased move to FCA’s new data collection platform RegData

On 22 June 2020, the FCA announced the name of its new data collection platform which replaced Gabriel. The new platform is called RegData. The FCA explains that since April, firms have been registering for RegData through a one-off activity when accessing Gabriel. The FCA explains that it will be moving firms and their users … 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

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
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