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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

Dutch Minister of Finance answers questions regarding Act implementing 5MLD

On 24 March 2020, the Dutch Minister of Finance (the Minister) sent the Further Memorandum of Reply (nadere memorie van antwoord) with regard to the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) to the Dutch Senate. In the Further Memorandum of Reply the Minister answers a number of … Continue Reading

IOSCO report on global stablecoin initiatives

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

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

FATF guidance on digital ID

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

EBA digital finance priorities for 2020

On 3 March 2020, the European Banking Authority (EBA) published a speech delivered by its chairperson, José Manuel Campa, at the 4th Annual Conference on ‘FinTech and Digital Innovation: Delivering for the Future’. In his speech, Mr Campa focuses on the progress the EBA has made towards removing obstacles to the application of innovative technologies … Continue Reading

Protecting the European financial sector: the Cyber Information and Intelligence Sharing Initiative

On 27 February 2020, the European Central Bank (ECB) published the introductory remarks from Fabio Panetta (ECB Executive Board member) at the fourth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures. Key points in the remarks include: the ECB’s 2018 cyber resilience oversight expectations are now being followed by financial infrastructure operators … Continue Reading

IOSCO publishes key considerations for regulating crypto-asset trading platforms

On 12 February 2020, the International Organization of Securities Commissions (IOSCO) published a final report on issues, risks and regulatory considerations relating to crypto-asset trading platforms (CTPs). The key considerations relate to: access to CTPs; safekeeping of participant assets, including custody arrangements; identification and management of conflicts of interest; transparency of operations; market integrity, including … 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

Central Bank group to assess potential cases for central bank digital currencies

On 21 January 2020, the Bank of England (BoE) announced that it has created a group of international central banks to share experiences as they assess the potential cases for central bank digital currencies. The group will also closely coordinate with the Financial Stability Board and the Committee on Payments and Market Infrastructures. The group … Continue Reading

EBA report on Big Data and Advanced Analytics

On 13 January 2020, the European Banking Authority (EBA) published a report on Big Data and Advanced Analytics (BD&AA) in the banking sector. The reports aims to share knowledge on the current use of BD&AA by providing a background on this area, alongside key observations and outlining the key pillars and elements of trust that … Continue Reading

Commission inception impact assessment on a legislative proposal for digital operational resilience framework for the financial services sector

On 19 December 2019, the European Commission (Commission) published an inception impact assessment on a proposal for a regulation on digital operational resilience for the financial services sector. The impact assessment has been published alongside a public consultation requesting feedback on how the financial services sector can be improved to be more secure and resilient … Continue Reading

Commission inception impact assessment on a legislative proposal for EU framework on markets in cryptoassets

On 19 December 2019, the European Commission (Commission) published an inception impact assessment entitled ‘Directive/regulation establishing a European framework for markets in cryptoassets’. The impact assessment has been published alongside a public consultation requesting feedback on the current regulatory framework for cryptoassets as part of the Commission’s work to promote a new Digital Finance Strategy … Continue Reading

European Commission consults on an EU framework for markets in crypto-assets

On 19 December 2019, the European Commission (Commission) launched a public consultation on the future EU framework for markets in crypto-assets. Launched in parallel with a public consultation on a digital operational resilience framework for financial services, both consultations are initial steps towards the implementation of the new Commission’s President, Ursula von der Leyen, objective … Continue Reading

Commission launches consultation on digital operational resilience framework for financial services

On 19 December 2019, the European Commission (Commission) launched a public consultation on a digital operational resilience framework for financial services. The consultation, which was published in parallel with a separate consultation on crypto assets, comes as the Commission is working towards a new Digital Finance Strategy. The aim of the strategy would be to … Continue Reading

IOSCO consults on conflicts of interest and DLT relating to debt capital raising

On 16 December 2019, the International Organization of Securities Commissions (IOSCO) published a consultation paper with proposed guidance addressing potential conflicts of interest and associated conduct risks that stem from market intermediaries in the debt capital raising process. The proposed guidance consists of eight measures relating to the pricing of debt securities and related risk … Continue Reading

ECB paper on exploring anonymity in central bank digital currencies

On 17 December 2019, the European Central Bank (ECB) published its latest in focus paper which explores anonymity in central bank digital currencies. The paper discusses a proof of concept for anonymity in digital cash (referred to as “central bank digital currency”) that has been developed by the European System of Central Banks. The main … Continue Reading

Basel Committee paper on designing a prudential regime for crypto-assets

On 12 December 2019, the Basel Committee on Banking Supervision (Basel Committee) published a discussion paper seeking views on a range of issues related to the prudential regulatory treatment of crypto-assets. The responses to the discussion paper will inform the Basel Committee’s development of a prudential treatment for crypto-assets at large, including for crypto-assets that … Continue Reading

CPMI report on wholesale digital tokens sets out possible future of transaction settlement

On 12 December 2019, the Committee on Payments and Market Infrastructures (CPMI) published a report on wholesale digital tokens, focussing on their potential for use as a means of settling wholesale transactions. Wholesale transactions are typically settled by updating account balances recorded on a centralised register such as a settlement institution’s ledger. But the development … Continue Reading

FSB publishes reports on financial stability risks stemming from BigTechs and cloud service providers

On 9 December 2019, the Financial Stability Board (FSB) published two reports on financial stability implications of BigTech in finance and third party dependencies in cloud services. The two reports come as BigTech firms – large companies with established technology platforms – play an increasingly prominent role in the financial system and have begun to … Continue Reading

Commission speech on state of play of cryptoassets

On 5 December 2019, the European Commission (Commission) published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, following the final Economic and Financial Affairs Council (ECOFIN) meeting under the Finnish Presidency. Among other things, ECOFIN announced the endorsement of a joint statement with the Commission on stablecoins … Continue Reading

DNB crypto seminar and fact sheets on supervision of crypto service providers

On 8 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a seminar for crypto service providers at its offices in Amsterdam. During the seminar DNB discussed a number of topics which are relevant to the crypto service providers that will be required to register themselves with DNB by 10 January 2020 and … Continue Reading

Council of EU and European Commission draft joint statement on stablecoins

On 6 November 2019, the Council of the EU released a note (13571/19) from its Presidency addressed to it, which annexes a joint statement of the Council and the European Commission (Commission) on stablecoins. In particular, the joint statement provides that “the Council and the Commission state that no global stablecoin arrangement should begin operation … Continue Reading

IOSCO statement on study of emerging global stablecoin proposals

On 4 November 2019, the International Organization of Securities Commissions (IOSCO) released a statement on a study of stablecoin initiatives with a potential global reach (Global Stablecoins). IOSCO’s FinTech Network (the Network), which is chaired by the FCA and was established in May 2018 to facilitate exchanges among IOSCO members on their experiences relating to … Continue Reading
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