On 23 September 2020 the European Commission published its long-awaited draft regulation on markets in crypto-assets (MiCA), with its accompanying annex and a draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLTR). The proposals, which are part of the broader Digital Finance Strategy package, are the first European-level legislative … Continue Reading
On 24 September 2020 the European Commission published its long-awaited draft regulation on digital operational resilience for the EU financial services sector (DORA). The proposal, which is part of the broader Digital Finance Strategy package, is a first European-level legislative initiative aiming to introduce harmonised and comprehensive framework on digital operational resilience for European financial … Continue Reading
On 15 September 2020, the European Central Bank (ECB) announced that members of the Euro Cyber Resilience Board for pan-European Financial Infrastructures have created the Cyber Information and Intelligence Sharing Initiative (CIISI-EU). This is a multilateral initiative which brings together a community of public and private entities. The CIISI-EU initiative is further explained in a … Continue Reading
In September 2020, SWIFT (a global member-owned cooperative and provider of secure financial messaging services) published a report to support market participants in understanding the money laundering techniques which underpin large-scale cyber-attacks. The report sets out the end-to-end journey commonly used by criminals to launder funds obtained through illicit cyber-crime related activities, and focusses on … Continue Reading
We have updated our popular online briefing note, Cybersecurity: Not just an IT issue, but a regulatory one too. The briefing note is here.… Continue Reading
On 21 August 2020, the Bank for International Settlements (BIS) published a speech by Benoît Cœuré, Head of the BIS Innovation Hub, which focussed on the main challenges to the development of reg tech and sup tech in the financial services sector. Cœuré begins by describing the differences between reg and sup tech – namely … Continue Reading
On 12 August 2020, the European Banking Authority (EBA) launched a RegTech industry survey inviting all relevant stakeholders to share their views and experience on the use of RegTech solutions, on a best effort basis. The EBA has prepared two separate RegTech questionnaires. One is to be completed by financial institutions, and the other one … 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 29 June 2020, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued their respective responses to the European Commission’s consultation on a new EU Digital Finance Strategy. In its response the EBA highlights the importance of technological neutrality in regulatory and supervisory approaches as a means to facilitate innovation … Continue Reading
On 25 June 2020, the International Organisation of Securities Commissions (IOSCO) issued a consultation report ‘The use of artificial intelligence and machine learning by market intermediaries and asset managers’. The consultation report proposes guidance to assist IOSCO members in providing appropriate regulatory frameworks to supervise market intermediaries and asset managers that utilise artificial intelligence (AI) … Continue Reading
On 24 June 2020, the European Commission published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on digital finance. In terms of crypto-assets Mr Dombrovskis states that Europe is in a position to lead the way on regulation and for this a common approach is needed … Continue Reading
On 23 June 2020, the FICC Markets Standards Board (FMSB) published for consultation a transparency draft of a statement of good practice on algorithmic trading in the wholesale fixed income, commodity and currency markets. The statement sets out 10 good practice statements which cover the governance of, and management of conduct risks associated with, the … Continue Reading
Work on the development of a legislative proposal on a future EU framework for markets in crypto-assets is gathering pace. On 18 May 2020, the European Commission hosted a meeting of an Expert Group on Banking, Payments and Insurance (EGBPI), composed of Member States experts, during which it presented its ideas for future legislation in … Continue Reading
Work on the development of a legislative proposal on a future EU framework for markets in crypto-assets is gathering pace. On 18 May 2020 the European Commission hosted a meeting of an Expert Group on Banking, Payments and Insurance (EGBPI), composed of Member States experts, during which it presented it ideas for a future legislation … 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
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 29 April 2020, the Saudi G20Presidency and the Bank for International Settlements (BIS) Innovation Hub launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges. The BIS Innovation Hub, through its Singapore Centre, and the Saudi G20 Presidency have published high-priority RegTech/SupTech operational … Continue Reading
On 20 April 2020, the Financial Stability Board (FSB) published a consultation report on Effective Practices for Cyber Incident Response and Recovery. In its consultation report the FSB sets out a toolkit of effective practices that aims to assist organisations in their cyber incident response and recovery activities. The toolkit lists 46 effective practices, structured … Continue Reading
On 14 April 2020, the Financial Stability Board (FSB) published a consultation paper proposing 10 high-level recommendations that are addressed to national authorities to advance consistent and effective regulation and supervision of global stablecoin (GSC) arrangements. The consultation paper also highlights key international regulatory standards from the Basel Committee, FATF, CPMI and IOSCO that could … Continue Reading
Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector. It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore, … 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 23 March 2020, the International Organization of Securities Commissions (IOSCO) published a report identifying the possible implications of global stablecoin initiatives for securities markets regulators. The report, Global Stablecoin Initiatives, examines the regulatory issues arising from the use of global stablecoins and explores how existing IOSCO Principles and Standards could apply to these arrangements. … 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 6 March 2020, the Financial Action Task Force (FATF) published guidance on digital identity (digital ID). The FATF guidance is intended to assist governments, regulated entities and other relevant stakeholders in determining how digital ID systems can be used to conduct certain elements of customer due diligence under FATF Recommendation 10. Section II of … Continue Reading
