Tag: FinTech

ESMA publishes report on the DLT pilot regime

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

DRFC publishes response to call for input submissions on the algorithmic processing work stream

On 23 September 2022, the Digital Regulation Cooperation Forum (DRCF) published stakeholder views submitted in response to two discussion papers that it published in April 2022 related to algorithmic auditing. One of the papers looked at the specific harms and benefits posed by algorithmic systems, including those powered by machine learning methods. The other looked … Continue Reading

Regulating crypto-assets in Europe: Practical guide to MiCA

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

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

FCA Occasional Paper No. 61 ‘Robo-Advice for Borrower Repayment Decisions’

Introduction On 30 August 2022, the FCA published Occasional Paper No. 61 ‘Robo-Advice for Borrower Repayment Decisions’. Concerns about consumer indebtedness and financial distress are growing. Most debt advice services – both free and paid for – are designed to help consumers already in serious financial difficulty. But poor repayment decisions upstream of this – … Continue Reading

FCA launches webpage on diversity, equity and inclusion innovation spotlight

 On 24 August 2022, the FCA launched a new webpage announcing that it has launched a diversity, equity and inclusion (DEI) spotlight initiative. The initiative aims to encourage firms developing innovative products, focused in the DEI space, to work with the FCA’s innovation services. The FCA is mindful that the financial wellbeing of consumers has … Continue Reading

Terms of reference for the Digitisation Taskforce

On 20 July 2022, HM Treasury published the Terms of Reference for the Digitisation Taskforce. On 19 July 2022, the Government announced that it would be taking forward Mark Austin’s Secondary Capital Raising Review (SCRR) recommendation to establish a taskforce driving forward full digitisation of shareholdings, led by an independent, neutral chair. The objectives of … Continue Reading

IOSCO recommendations related to the use of innovation facilitators

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

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

ESMA consults on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure

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

KryptoFAV: Germany introduces crypto fund units as part of dematerialisation of securities law

Germany further broadens the scope of its new legislative regime for electronic securities: On 18 June 2022, the German Regulation on Crypto Fund Units (Verordnung über Krypto­fonds­an­teile – KryptoFAV; link) entered into force. The KryptoFAV introduces the possibility to issue units in common funds (Sonder­ver­mögen) via decentralised crypto securities registers which are typically based on distributed ledger … Continue Reading

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

HM Treasury consultation on managing the failure of systemic digital settlement asset firms

On 31 May 2022, HM Treasury published an open consultation seeking views on a regime to address the failure of a systemic digital settlement asset (DSA) firm. The government is taking a staged approach to cryptoasset regulation with the goal to create the conditions for issuers and service providers of stablecoins (used as a means … 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

Blog: FCA review finds Challenger Banks need to enhance financial crime controls

The FCA has recently conducted a review of financial crime controls at a sample of six challenger banks  in order to identify the key financial crime risks to which such banks are exposed. The review was prompted by a substantial increase in the volume of Suspicious Activity Reports (SARs) filed by challenger banks. Whilst the … 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

Regulation Tomorrow Plus podcast – HM Treasury’s response on the UK regulatory approach to cryptoassets, stablecoins and DLT

A new Regulation Tomorrow Plus episode covering HM Treasury’s response to its consultation on the UK regulatory approach to cryptoassets, stablecoins and DLT is out now to stream and download. In this episode Hannah Meakin and Albert Weatherill discuss various aspects of HM Treasury’s response including the possible impact that the proposed changes will bring … 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

FCA speech – Building a digital regulator: how the FCA is riding the innovation wave

On 4 April 2022, the FCA published a speech by Jessica Rusu (Chief Data, Information and Intelligence Officer, FCA) entitled Building a digital regulator: how the FCA is riding the innovation wave. Key points in the speech include: The role of data and technology is increasingly pertinent given the volatile geopolitical conditions, as can be … Continue Reading

Keynote Speech by John Glen, Economic Secretary to the Treasury, at the Innovate Finance Global Summit

On 4 April 2022, HM Treasury published the keynote speech given by John Glen, Economic Secretary to the Treasury, at the Innovate Finance Global Summit during Fintech Week 2022. Key points in the speech include: Year-on-year investment growth in UK fintech was up more than 200% in 2021. Almost half of the fintech unicorns in … 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
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