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Topic: Fintech

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FCA speech: Levelling the playing field – innovation in the service of consumers and the market

On 20 April 2021, the FCA published a speech given by its CEO, Nikhil Rathi, during the FinTech Week event. The speech is entitled Levelling the playing field – innovation in the service of consumers and the market. Highlights in the speech include: The Chancellor has announced that the FCA will be taking forward the … Continue Reading

Navigating global crypto-custody requirements

29 April 2021 09:00 – 10:00 BST / 16:00 – 17:00 HKT 16:00 – 17:00 BST / 11:00 – 12:00 EDT As the global crypto-economy continues to grow and mature, one area stands out as a critical core capability: custody. In this webinar, members of our global financial services team will compare notes on their … Continue Reading

Member States consider amendments to MiCA proposal

On 18 March 2021, the Portuguese Presidency of the Council hosted a meeting of a working group where representatives of Member States continued discussions over the proposed regulation on markets in crypto-assets (MiCA). The agenda for the meeting included discussion on the MiCA provisions concerning cross-border and supervision issues, as well as the Presidency’s drafting … 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

ECON Rapporteur publishes draft report on DLT market infrastructures pilot regime

On 12 March 2021, European Parliament rapporteur Johan van Overtveldt (BE, ECR) published his draft report on the European Commission’s proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT) [link]. The proposal is part of the Commission’s September 2020 legislative package, which also includes a proposal for … Continue Reading

Member States consider amendments to MiCA

On 24 February 2021, the Portuguese Presidency of the Council held a working group meeting dedicated to continue the review of the European Commission’s proposal for the regulation on markets in crypto-assets (MiCA). The agenda for the meeting included a discussion on select issues under Title I, IV and V of the proposed regulation, as well … Continue Reading

GLEIF unveils issuance and infrastructure models for verifiable LEI system

On 11 February 2021, the Global Legal Entity Identifier Foundation (GLEIF) published issuance and technical infrastructure models for its recently announced verifiable LEI (vLEI) system. A vLEI is a secure digital attestation of a conventional LEI. When fully developed, the vLEI will enable instant and automated identity verification between counterparties operating across all industry sectors, … Continue Reading

Part 3: The expansion of virtual currencies – Are virtual assets businesses ready for regulators?

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance specialists, located in the UK, … Continue Reading

European Commission asks ESAs for technical advice on digital finance

On 2 February 2021, the European Commission (the Commission) sent a request to the European Supervisory Authorities (ESAs) for technical advice  on digital finance and related issues. Specifically, the Commission requested advice on how to address “same activity, same risk, same rules” issues, more fragmented value chains, the scope of the supervisory perimeters, the prudential … Continue Reading

ESAs letter on legislative proposal for a regulation on digital operational resilience for the financial sector

On 9 February 2021, the European Supervisory Authorities (ESAs) published a letter they had sent to the Chair of ECON, the President of the ECOFIN Council and the EU Commissioner in charge of Financial stability, financial services and capital markets. The letter concerns the legislative proposal for a regulation on digital operational resilience for the … 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

Member States continue review of proposed EU legislation on markets in crypto-assets

On 4 February 2021 the Portuguese Presidency of the Council held a first working group during its term in office to continue Member States’ discussions over the proposed regulation on markets in crypto-assets (MiCA). Two main issues on the agenda included discussion on selected issues related to asset-referenced tokens (ART) with payment purposes and those … Continue Reading

Commission call for advice from the ESAs on digital finance and related issues

On 2 February 2021, the European Commission published a call for advice to the European Supervisory Authorities (ESAs) regarding digital finance and related issues. It calls on the three ESAs to provide advice on the regulation and supervision of more fragmented or non-integrated value chains, platforms and bundling of services, and risks of groups combining … Continue Reading

UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence

On 7 January 2021, HM Treasury issued a consultation document on the Government’s approach to cryptoasset regulation, with a focus on stablecoins and a call for evidence on investment and wholesale uses. In the March 2020 Budget HM Treasury outlined two measures as part of the UK’s response to cryptoassets: Consulting on bringing certain cryptoassets … Continue Reading

Member States continue MiCA review

On 14 December 2020, the outgoing German Presidency of the Council hosted the last working group under its leadership for Member States representatives with a purpose of continuing discussions on the recently proposed regulation on markets in crypto-assets (MiCA). The meeting’s agenda covered the fundamental issue of scope and definitions, as well as own fund … Continue Reading

New EU Cybersecurity Strategy and new rules to make physical and digital critical entities more resilient

On 16 December 2020, the European Commission published a new EU cybersecurity strategy. Key components of the strategy include: A proposed Directive on measures for a high common level of cybersecurity across the EU (revised NIS Directive or ‘NIS 2′), in order to increase the level of cyber resilience of critical public and private sectors. … Continue Reading

FCA establishes Temporary Registration Regime for cryptoasset businesses

The FCA has established a Temporary Registration Regime to allow existing cryptoasset firms, who have applied to be registered with the FCA before 16 Dec, to continue trading after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application. Firms that did not submit an application by 15 December 2020 will … Continue Reading

Member States continue DORA review

On Tuesday, 8 December 2020, the outgoing German Presidency of the Council held another working group to continue its substantive review of the European Commission’s proposal for regulation on digital operational resilience in financial services (DORA). On the agenda for discussion was, among other, in-depth review of certain provisions concerning third-party ICT service providers. Key … Continue Reading

DeFi: Insurance / Alternative Risk Coverage

In this series of blogposts, we explore some of the main types of decentralised finance (DeFi) applications (dApps), and key areas of legal risk that may be of particular relevance for that type of application or product. In this second blogpost in the series, we consider the nature of tokenised insurance or alternative risk coverage … 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
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