On 28 November 2022, the Council of the European Union adopted the Digital Operational Resilience Act (DORA). Now that the DORA proposal is formally adopted, aspects that require national transposition will be passed into law by each EU Member State. At the same time, the relevant European Supervisory Authorities, such as the European Banking Authority, … 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 … Continue Reading
On 17 October 2022, the Financial Stability Board (FSB) published a consultative document in which it sets out proposed recommendations to address impediments to achieving greater convergence in cyber incident reporting (CIR) with a view to promoting better practices, while recognising that a one-size-fits-all approach is not feasible or preferable. The FSB’s proposals include: Recommendations … Continue Reading
On 11 October 2022, the Financial Stability Board (FSB) published a consultative report which sets out a number of proposed recommendations to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets intended to strengthen international cooperation, coordination and information sharing. The recommendations apply to any type of crypto-asset … Continue Reading
On 27 September 2022, the European Securities and Markets Authority (ESMA) published a report on the Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT Pilot). The DLT Pilot will start applying on 23 March 2023. The DLT Pilot includes a recital requiring ESMA to assess whether the regulatory technical … Continue Reading
We have published a new briefing note, Regulating crypto-assets in Europe: Practical guide to MiCA. The briefing note provides a high-level overview of some of the key requirements that the new legislation will impose upon issuers of crypto-assets and crypto-asset service providers and sets out some practical points for consideration for firms active in crypto-asset … 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 … Continue Reading
On 14 July 2022, the International Organization of Securities Commissions (IOSCO) issued a report on the use of innovation facilitators in growth and emerging markets. The report covers three types of innovation facilitators (IFs): innovation hubs, regulatory sandboxes, and regulatory accelerators. Chapter 1 of the report covers definitions and the risks and opportunities posed by … 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 13 July 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report containing final guidance on the application of the Principles for Financial Market Infrastructures (PFMIs) to stablecoin arrangements (SAs) that are considered systemically important financial market infrastructures (FMIs), including the entities integral to … Continue Reading
On 11 July 2022, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on standard forms, formats and templates to apply for permission to operate a distributed ledger technology (DLT) market infrastructure. Regulation No 858/2022 on a pilot regime for market infrastructures based on distributed ledger technology (DLTR) introduces three … Continue Reading
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
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
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
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
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 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
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
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
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
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
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
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
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
