Tag: FinTech

New bipartisan bills aim to regulate and promote blockchain and cryptocurrencies

Legislation has been introduced in the US House of Representatives directed at regulating virtual currency.  In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills. Readers interested in learning more about cryptocurrency can sign up for updates on our FinTech law and regulation page.… Continue Reading

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found … Continue Reading

ASIC updates INFO 225: Corporate regulator bytes back at misleading and deceptive ICOs

The Australian Securities and Investments Commission (ASIC) has released its updated guidance with respect to the treatment of initial coin offerings (ICOs) and cryptocurrencies. In its updated Information Sheet (INFO 225), the corporate regulator has clearly outlined its intent to crack down on any misleading or deceptive conduct by ICO issuers and cryptocurrency traders. Misleading … Continue Reading

Extending data protection protocols for financial institutions: A reminder to hold third party service providers accountable

Recent instances of cyber-attacks targeting third party service providers of government agencies and private sector organisations have coincided with the latest release of the Australian Cyber Security Centre (ACSC)’s 2017 Threat Report. This report comes as a timely reminder of the ongoing digital threats to organisations, such as those in the financial services sector, especially … Continue Reading

Hong Kong and Australia seal agreement on fintech cooperation

There is an argument that the financial services sector is always changing and that fintech is a case of déjà vu. For those of us with some grey hair we have seen important innovations such as credit cards, automated banking machines and, more recently, online banking. But such innovation did not revolutionise financial services, even … Continue Reading

Annual Financial Institution Symposium

Norton Rose Fulbright is pleased to offer you a rare opportunity to hear from some of the leading voices in risk and disruption. We will be hosting our annual Financial Institutions Symposium in our Sydney office on Thursday 27 October 2016. Discussion will focus on current ‘Risks & Disruptors’ in the global technology and regulatory … Continue Reading

New FinTRAC Guidance – ID Verification

Since July 2015, when draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Draft Regulations) were published in the Canada Gazette, the industry has been expecting changes to aspects of the current AML/TF regime, particularly with respect to customer identification. After a lengthy delay, caused at least in part by the … Continue Reading

New incentives for investors in early stage venture capital funds

Executive Summary The recent passing of the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Act) reflects the Federal Government’s commitment to further its National Innovation and Science Agenda.  The measures should help in boosting the use of pooled venture capital focused funds as a way of channelling investor capital into otherwise cash starved … Continue Reading

ASIC consults on online calculators – an opportunity for regulatory innovation

The drive towards automated financial services will gather pace in 2016 and here’s the next opportunity to influence the debate. After updating its relief to better facilitate electronic delivery of mandated disclosure and the use of innovative product disclosure statements (see RG 221), ASIC has released Consultation Paper CP 249 Remaking ASIC class order on generic … Continue Reading

Innovation and Disruption

Financial Institution Symposium  Technology-led innovation has the potential to truly disrupt existing business models and distribution channels in the financial services industry. In Australia and more broadly, we have seen start-ups build innovative payment systems, peer-to-peer lending platforms, crypto-currencies, robo-advice and automated investment management. However, the large institutions are well capitalised, have large customer bases … Continue Reading
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