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Published in OJ – Regulation 2022/858 on a pilot regime for market infrastructures based on DLT, and amending MiFIR, CSDR and MiFID II

On 2 June 2022, there was published in the Official Journal of the EU, Regulation 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (DLT), and amending MiFIR, CSDR and MiFID II. Most of the provisions of the Regulation apply from 23 March 2023. The Regulation is … Continue Reading

Trilogue discussions on the proposed “travel rule” for crypto-assets continue

On 28 April 2022, a first political trilogue on the proposed regulation on information accompanying transfer of funds and certain crypto-assets  (Transfer of Funds Regulation) took place between the European Commission, the Council and the European Parliament. By way of background, the proposed legislation seeks to implement in European law the so called “travel rule” … Continue Reading

Council and European Parliament reach provisional agreement on DORA

On 11 May 2022, it was announced that the Council presidency and the European Parliament had reached provisional agreement on the Digital Operational Resilience Act (DORA). The provisional agreement is subject to approval by the Council and the European Parliament before going through the formal adoption procedure. The European Parliament’s press release on the provisional … 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

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

European Commission launches EU Digital Finance Platform

On 8 April 2022, the European Commission (the Commission) launched an EU Digital Finance Platform that is intended to bring together industry and European public authorities in a joint effort to continue building the Single Market in digital finance. The Platform provides for a Digital Finance Observatory including, among other functionalities, a European Fintech Map … Continue Reading

European Commission consults on establishment of a digital euro

On 5 April 2022, the European Commission (the Commission) lunched a targeted consultation on a prospective establishment and regulation of essential aspects of a digital euro as a new form of central bank money. The Commission recognises that there are wide ranging challenges that a prospective digital euro would need to tackle. These range from … Continue Reading

ECON publishes report on the proposal for a regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (recast)

On 1 April 2022, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report setting out its proposed amendments to the draft regulation on information accompanying transfers of funds and certain crypto-assets (recast). The Transfer of Funds Regulation (EU) 2015/847 was adopted to enhance the traceability of transfers funds by requiring payment … Continue Reading

Council of EU text of proposed DLT Pilot Regime Regulation

On 30 March 2022, the Council of the EU published its text of the proposed Regulation on a pilot regime for market infrastructures based on distributed ledger technology. Earlier this month the European Parliament published its adopted text of the draft Regulation. The next step for the draft Regulation is for the Council to adopt … Continue Reading

FCA publish call for input on synthetic data to support financial services innovation

On 30 March 2022, the FCA published a call for input regarding synthetic data to support financial services innovation. The FCA aims to understand the existing market maturity of ‘synthetic data’ within financial services and its potential for safely opening data sharing between firms, regulators and other public bodies. Financial data, such as consumer transaction … Continue Reading

New FCA webpage: Innovation Hub: market insights

On 28 March 2022, the FCA published a new webpage titled ‘Innovation Hub: market insights’. The Innovation Hub has been helping forms to develop innovative products and services since launching in 2014. During this time, the FCA has gathered a considerable quantity of data and insights into the growing FinTech market in the UK. This … Continue Reading

European Parliament legislative resolution for the proposed Regulation on a pilot regime for market infrastructures based on DLT

On 24 March 2022, the European Parliament published the text of a legislative resolution on the proposal for a Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology.… Continue Reading

EP report on proposed Regulation on markets in crypto-assets

On 23 March 2022, the European Parliament published the text (dated 17 March 2022) of the report adopted by its Economic and Monetary Affairs Committee on the European Commission’s legislative proposal for a Regulation on markets in crypto-assets (MiCA). On 23 November 2021, the Council of the EU announced that it had adopted its position … Continue Reading

FSB report – FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability

On 21 March 2022, the Financial Stability Board (FSB) published a report regarding FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability. The main outcome of the report was that the COVID-19 pandemic has accelerated the trend toward digitalisation of retail financial services. While comprehensive data on the market shares of … Continue Reading

EU financial regulators warn consumers on the risks of crypto-assets

On 17 March 2022, the European Supervisory Authorities (ESAs) published a warning to consumers that many crypto-assets are highly risky and speculative. The ESAs set out key steps consumers can take to ensure they make informed decisions. The warning is a result of growing consumer activity and interest in crypto-assets and the aggressive promotion of … Continue Reading

Basel Committee newsletter on AI and machine learning

On 16 March 2022, the Basel Committee on Banking Supervision issued a newsletter on artificial intelligence (AI) and machine learning (ML). Among other things the Basel Committee mentions that it is working to develop further insights into AI and ML and its discussions are focusing on the following areas: The extent and degree to which … 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

ESAs recommend further actions for digital finance, strengthening supervision of BigTech active in financial services

On 7 February 2022, the European Supervisory Authorities (ESAs), comprising of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), published their Joint Advice to the European Commission on Digital Finance. The joint advice was prepared in response to the European Commission’s (Commission) … Continue Reading

IOSCO consults on measures to address risks arising from digitalisation of retail marketing and distribution

On 17 January 2022, the International Organization of Securities Commissions (IOSCO) published a consultation report intended to assist its members in adapting their regulatory and enforcement approaches to meet the challenges posed by recent technological developments and the rapid growth in digitalisation and use of social media which is changing the way financial products are … 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

ISDA paper – Contractual Standards for Digital Asset Derivatives

On 14 December 2021, the ISDA published a paper ‘Contractual Standards for Digital Asset Derivatives’. The paper: Identifies novel technology and market-driven events that could disrupt the operation of a digital asset derivatives transaction and provides a framework for dealing with these events. Explores how digital assets (and the derivatives that reference them) can be … 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

Open banking around the world: A global comparative guide

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

Co-legislators continue negotiations over Digital Operational Resilience Act proposal

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
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