On 13 December 2021, the Prudential Regulation Authority (PRA) issued a statement announcing that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test firms’ ability to meet the impact tolerance for … 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
We are delighted to announce the launch of the 2021 version of ‘Open banking around the world: A global comparative guide’. Our guide profiles the latest developments being taken to facilitate open banking throughout key jurisdictions in 2021, covering what open banking means in each jurisdiction, applicable legislation, requirements for third party access and strong … Continue Reading
The legislative bodies of the European Union, the Council of the European Union (the Council) and the European Parliament (Parliament), are getting closer to reaching their individual positions on the proposed regulation on digital operational resilience for the EU financial sector (DORA). The proposal was published by the European Commission (Commission) in September 2020 and … Continue Reading
On 11 November 2021, the European Banking Authority (EBA) published a discussion paper on machine learning for internal ratings-based (IRB) models. The discussion paper is a first step to engage the industry and the supervisory community to investigate the possible use of machine learning as IRB models and to build up a common understanding of … 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 22 October 2021, the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (the Rules) was published on the legislation.gov.uk website. The Rules are being introduced under section 411(1A) (a), (2), (2C) and (3) of the Insolvency Act 1986 (as applied and modified by regulation 37 of the Regulations). It follows the … Continue Reading
On 7 October 2021, the Financial Stability Board (FSB) published a progress report setting out the progress made on the implementation of its high-level recommendations for the regulation, supervision and oversight of global stablecoin arrangements. The progress report incorporates the results of a stocktake of the implementation of the FSB’s high level recommendations in 21 … Continue Reading
On 5 October 2021, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a consultative report that proposes guidance on the application of the Principles for Financial Market Infrastructures (PFMIs) to systemically important stablecoin arrangements (SAs), including the entities integral to such arrangements. The proposed guidance focuses … Continue Reading
On 7 September 2021, the International Organization of Securities Commissions (IOSCO) published guidance to help its members regulate and supervise the use of Artificial Intelligence (AI) and Machine Learning (ML) by market intermediaries and asset managers, following its consultation report published in June. The guidance consists of six measures that reflect expected standards of conduct … 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 20 July 2021 the European Commission (the Commission) published a proposed Regulation on transfer of funds and certain crypto-assets. The proposed legislation will recast Regulation 2015/847 on the transfer of funds, and once adopted, it will implement in European law the Financial Action Task Force (FATF) recommendation to accompany the transfer of crypto-assets with … Continue Reading
The FCA has published a first supervisory notice in respect of investment firm, Binance, one of the world’s largest crypto exchanges, which has subject to a well-publicised restriction on its activities in the UK. The supervisory notice confirms that Binance must not, without the prior written consent of the FCA, carry out any regulated activities … 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 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced … Continue Reading
On 10 August 2021, the FCA updated its webpage dealing with the Digital sandbox and coronavirus. On this webpage the FCA has added a new section “Apply to develop your solution in the Digital Sandbox”. The FCA states that it will be opening the application window for the sustainability cohort on 6 September 2021, with … Continue Reading
On 6 August 2021, the European Securities and Markets Authority (ESMA) published a report on the use of FinTech by central securities depositories (CSDs). The report focuses on the use of FinTech by CSDs. ESMA has gathered the views of Member State competent authorities (NCAs) and relevant market players on the existing experience with the … Continue Reading
On 2 August 2021, the FCA announced that the regulatory sandbox had moved from being operated on a cohort basis to being always open, allowing firms to submit their applications throughout the year.… 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 29 June 2021, the European Banking Authority (EBA) published an analysis of the current RegTech landscape in the EU. The report assesses the overall benefits and challenges faced by financial institutions and RegTech providers in the use of RegTech. It also identifies potential risks arising from RegTech solutions that supervisors will need to address … Continue Reading
On 11 June 2021, the Bank for International Settlements (BIS) and the Bank of England announced the launch of a BIS Innovation Hub London Centre, the fourth new Innovation Hub Centre to be opened in the past two years. The launch is part of a plan to expand the Hub’s global reach, which also includes … Continue Reading
On 10 June 2021, the FCA published a new webpage ‘Regulatory sandbox – cohort 7’. The FCA reports that 13 firms have been accepted into cohort 7 of the regulatory sandbox to test innovative products and services. The FCA also reports that the regulatory sandbox is currently run on a cohort basis, with periodic application … 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
We understand that the Council of the European Union (the Council) is getting closer to reaching a general approach on the proposed regulation on digital operational resilience for the EU financial sector (DORA). The Council, which consists of the EU Member States, has been discussing the proposal since September 2020. In advance of the Council … Continue Reading
