United Kingdom

Topic: Fintech

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BoE, FCA and MAS announce collaboration on cybersecurity

On 13 June 2019, the Bank of England (BoE) published a press release alongside the FCA and the Monetary Authority of Singapore (MAS) regarding collaboration in the field of cyber security. Specifically, the MAS, the BoE and the FCA have announced that they will be working together to strengthen cyber security in their financial sectors. … Continue Reading

FSB report on decentralised financial technologies

On 6 June 2019, the Financial Stability Board (FSB) published a report considering the implications of decentralised financial technologies. The report considers the financial stability, regulatory and governance implications of the use of decentralised financial technologies such as those involving distributed ledgers and online peer-to-peer, or user-matching, platforms. The report focuses on technologies that may … Continue Reading

IOSCO update on 2019 work programme

On 30 May 2019, the International Organisation of Securities Commissions (IOSCO)  issued a press release following its meeting this month in which priority issues facing securities market regulators and supervisors were discussed. The priority issues include: crypto-assets. IOSCO will be publishing a consultation report on crypto-asset trading platforms, in response to a G20 request. IOSCO … Continue Reading

FSB reports on work underway to address crypto-asset risks

On 31 May 2019, the Financial Stability Board (FSB)  published a report on crypto-assets, which considers work underway, regulatory approaches and potential gaps. The report is being delivered to G20 Finance Ministers and Central Bank Governors for their meeting in Fukuoka on 8-9 June. International organisations are working on a number of fronts, directly addressing … Continue Reading

IOSCO consults on key considerations for regulation of crypto-asset exchanges

On 28 May 2019 the International Organization for Securities Commission (IOSCO) published a consultation paper on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Prepared by IOSCO’s Committee 2 on the Regulation of Secondary Markets, the consultation paper seeks stakeholder views in order to help IOSCO members evaluate the issues and risks relating … Continue Reading

FSB updates G20 on its work related to cyber incident response and recovery

On 28 May 2019, the Financial Stability Board (FSB) published a progress report on its work todate on developing effective practices for financial institutions’ response to, and recovery from, a cyber incident. As part of its work programme to enhance the cyber resilience of financial institutions, the FSB is developing a toolkit of effective practices … Continue Reading

The Cyber-Attacks (Asset-Freezing) Regulations 2019

On 20 May 2019, The Cyber-Attacks (Asset-Freezing) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations provide a domestic framework for the implementation of Council Regulation 2019/796 concerning restrictive measures against cyber-attacks threatening the EU or its Member States. The Council Regulation came into force on 17 May 2019. … Continue Reading

Consensus New York & Blockchain week – key takeaways

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London and Dallas to join our New York team to attend Consensus and Blockchain week in NYC (13-15 May).  Consensus is an annual global conference which brings together the world’s most innovative minds to explore and debate the future of blockchain and crypto. … Continue Reading

UKJT consultation on issues underlying cryptoassets, DLT and smart contracts

On 9 May 2019, the UK Jurisdiction Taskforce (UKJT) published a consultation on identifying the key issues of legal uncertainty regarding cryptoassets, distributed ledger technology (DLT) and smart contracts. The UKJT is one of the six taskforces of the LawTech Delivery Panel. Its objective is to demonstrate that English law and the jurisdiction of England and … Continue Reading

FCA speech on progress of project Innovate

On 29 April 2019, the FCA published a speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, on the progress of Project Innovate. Key points to note within the speech include: the FCA has now launched  the first cross-border tests of the Global Financial Innovation Network (GFIN) – a group of regulators working together to … Continue Reading

ESAs publish joint advice on information and communication technology risk management and cybersecurity

On 10 April 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published two pieces of joint advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan: Joint Advice on the need for legislative improvements relating to Information and Communication Technology risk management requirements in the EU … Continue Reading

FSB crypto-assets regulators directory

On 5 April 2019, the Financial Stability Board (FSB) published its crypto-assets regulators directory. The purpose of the directory is to provide information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them. The directory will be delivered to the … Continue Reading

Commission announces the launch of the INATBA

On 3 April 2019, the European Commission announced the launch of the International Association of Trusted Blockchain Applications (INATBA). Per the Commission’s announcement, the INATBA aims to bring together industry start-ups, small and medium enterprises, regulators and standard setting bodies to bring blockchain and distributed ledger technology into the mainstream. More than 100 organisations have … Continue Reading

BIS committees report on central bank digital currencies

On 13 March 2019, the Markets Committee and Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS committees) published a report on central bank digital currencies (CBDCs). The report follows work from the BIS committees on CBDCs in which they analysed the potential implications for payment systems, monetary policy implementation and … Continue Reading

Basel Committee statement on crypto-assets

On 13 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a statement on crypto-assets. In recognition that crypto-assets do not reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value, the Basel Committee’s statement sets out its prudential expectations related … Continue Reading

FCA report setting out insights on cyber security

On 8 March 2019, the FCA published a report on industry insights into cyber security. The FCA notes that since 2017, it has brought together over 175 firms across different financial sectors to share information and ideas from their cyber experiences. The FCA runs Cyber Coordination Groups (CCGs) with the industry to help improve cyber security … Continue Reading

FCA reveals findings from first crypto-assets consumer research

On 7 March 2019, the FCA published two pieces of research looking at UK consumer attitudes to crypto-assets. The first piece of research explores the attitudes, understanding and motivations behind people’s decisions to purchase and use different crypto-assets, through qualitative interviews with a small number of crypto-asset owners. The second piece of research is a … Continue Reading

Commission speech on progress of FinTech action plan

On 26 February 2019, the European Commission published the speech given by Vice-President Valdis Dombrovskis (VD) at the 3rd Annual Afore Fintech Conference. VD begins his speech by covering the Commission’s Fintech Action Plan. Last year the Commission asked the European Supervisory Authorities to report on regulatory sandboxes and innovation hubs in Member States. VD … Continue Reading

FSB report assesses FinTech developments and potential financial stability implications

On 14 February 2019, the Financial Stability Board (FSB) published a report on FinTech and market structure in financial services. The FSB defines FinTech as technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services. The report considers … Continue Reading

FCA update on functions, membership and governance of GFIN

On 31 January 2019, the FCA published a webpage providing information on the Global Financial Innovation Network (GFIN). GFIN was formally launched in January 2019 by an international group of financial regulators and related organisations committed to supporting financial innovation in the interests of consumers, including the FCA. This built on the FCA’s early 2018 … Continue Reading

FCA consults on cryptoassets guidance

On 23 January 2019, the FCA published Consultation Paper 19/3 (CP19/3) concerning guidance on cryptoassets. Within the UK Cryptoasset Taskforce’s report of October 2018, the Taskforce set out a commitment to provide extra clarity to firms about where current cryptoasset activities are regulated. The FCA is consequently consulting in CP19/3 on guidance to fulfil that … Continue Reading