Go back to menu

Global Weekly Fintech Update

20 October 2020

20 October 2020

Welcome to this week's global fintech round-up, summarising fintech regulatory developments that have happened around the world along with our Clifford Chance fintech publications and upcoming events.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

Please click here to subscribe to future editions of the round-up.


EVOLVE 2020 – Rethinking operational resilience for financial services - 26-27 October 2020 As Clifford Chance is excited to be sponsoring 'EVOLVE 2020 – Rethinking operational resilience for financial services', a two-day virtual event next week. Join our partners, Monica Sah, Kate Scott and Andre Duminy, as they speak about operational resilience in 2021 and beyond, managing cyber risk, understanding technology risk oversight, as well as hearing insights from other senior leaders from across the financial services sector.

For more information and to register, see the event webpage





  • ​(15 Oct 2020) The New York Department of Financial Services (NYDFS) has announced the launch of its first 'TechSprint', which will bring together regulators and industry stakeholders to work on developing innovative methods to digitalise the regulatory reporting process for virtual currency companies | Press release
  • (14 Oct 2020) NYDFS report on the findings of its investigation into the July hack of Twitter that targeted several high profile accounts and used them to solicit over USD 100,000 in Bitcoin. The report reviews the facts surrounding the hack and provides recommendations for improved cybersecurity oversight of large social media companies. 



  • (14 Oct 2020) Head of Payments Policy at the Reserve Bank of Australia, Tony Richards, speech​ on central bank digital currencies (CBDCs), in which he emphasises that the bank still does not see a strong public policy case for introducing a digital Australian dollar but will continue to research the potential benefits and policy implications.


  • (14 Oct 2020) The Ministry of Economy Trade and Industry has provided an update on the Asia Digital Transformation (ADX) project, an initiative to provide support to Japanese companies developing digital solutions to socio-economic challenges | Press release​
  • (9 Oct 2020) Bank of Japan report​ on its approach to CBDCs and its plans to conduct practical experiments on the issuance of a general purpose CBD​C.



  • (12 Oct 2020) European Central Bank (ECB) consultation on the issuance and design of the digital euro | Full list of consultation questions | ECB digital euro hub
  • (12 Oct 2020) ECB Executive Board Member, Fabio Panetta, speech​ on the bank's digital euro initiative, including the report published on 9 October and the consultation launched on 12 October (see above).
  • (8 Oct 2020) EU Parliament non-binding resolution, in which it sets out its recommendations to the EU Commission on a digital finance framework to address issues around cryptoassets, cyber-resilience, data sharing and customer safety. | Press release


  • (7 Oct 2020) Governor of the Banque de France, François Villeroy de Galhau, speech on the bank's work to support fintechs and its role in the EU's current CBDC initiatives.


  • (13 Oct 2020) Central Bank of Russia consultation (in Russian) ​on draft proposals regarding its regulation of digital assets, including the proposal (in Russian) to restrict the amount of digital assets that non-qualified investors can buy to ​RUB 600,000 (GBP 5,930)​. Responses are due by 27 October 2020. | Explanatory note (in Russian)
  • (13 Oct 2020) Central Bank of Russia consultation (in Russian) on the development of a CBDC (the digital ruble). Responses are due by 31 December 2020. | Press release (in Russian)


  • (13 Oct 2020) The Council of Ministers has approved a draft law aimed at preventing new forms of tax avoidance, including stricter controls over the cryptocurrency market and new obligations to provide information on cryptocurrency transactions | Press release​ (in Spanish).


  • (22 Oct 2020) Information Commissioner's Office (ICO) upcoming webinar on what organisations that use artificial intelligence (AI) need to do to ensure lawfulness, fairness and transparency in their AI systems. This is the second of four planned webinars the ICO is hosting, inspired by its new AI and data protection guidance, published in July. For more information and to register, please see the event webpage.
  • (14 Oct 2020) Financial Conduct Authority (FCA) article​ on future financial market dynamics, with a focus on the impact of big tech and data disruption.
  • (14 Oct 2020) House of Lords European Select Committee letter​ to the Economic Secretary to the Treasury, which calls for further clarification of the UK government's approach to the EU Commission's proposed crowdfunding framework and its application in the UK after the end of the Brexit transition period.
  • (13 Oct 2020) Bank of England (BoE) Executive Director in Banking, Payments and Innovation​, Victoria Cleland, speech​ on innovations in cross-border payments, including discussion of CBDCs, stablecoins and multilateral payment platforms.
  • (12 Oct 2020) Deputy Governor for Markets and Banking at the BoE, Dave Ramsden, speech​ at the launch of the Artificial Intelligence Public-Private Forum (AIPPF), a joint initiative of the BoE and FCA. | AIPFF terms of reference
  • (9 Oct 2020) Speech from Andrea Coscelli, Chief Executive of the Competition and Markets Authority (CMA), in which he talks about the work the CMA has been doing on the use of algorithms by digital businesses and how requirements for audibility and 'explainability' might work in practice. The CMA intends to publish a paper shortly on the potential harms posed by algorithms in the digital markets and ways to mitigate them.

Warsaw Perspectives series – Artificial intelligence and third party liability (21 October 2020):
Work on the implementation of clear and comprehensive principles governing third party liability for artificial intelligence in European countries, which has been ongoing for several years, is reflected in the draft regulation drawn up by the Committee on Legal Affairs of the EU Parliament, the implementation of which was recommended to the EU Commission. During the seminar, we will take a closer look at the proposed legal and regulatory solutions and discuss the significance of their implementation, both for the developers of artificial intelligence and for the entities using it. | Please note this seminar will be delivered in Polish, for more information and to register, please contact the Warsaw Perspectives team

Perspectives series – Security token offerings: a global perspective (5 November 2020):
Security token offerings (STOs) involve the offering or issuance of digital tokens to investors using distributed ledger technology (DLT) or blockchain, as an alternative to traditional debt or equity financing options. As the global market for STOs has developed over the last few years, so have the approaches taken by regulators in different jurisdictions. Our panel will consider how STOs can be successfully undertaken across key global financial centres and the risks and regulatory challenges to be aware of. | For more information and to register, see the registration form

Perspectives series – Accelerating digital transformation: turning compliance, regulation and automation to your advantage (17 November 2020):
Earlier this year, Clifford Chance worked with Forbes on a global survey of 300 senior business executives, which explored their approach and attitudes to tech-driven growth. In this webinar we will discuss some of the trends and issues raised by the report – including ethical tech, Board reskilling, tech regulation, the workforce of the future, and AI and big data – and how important these are in a post-COVID-19 world. Our speakers will look at the impact these issues could have over the next decade, and what businesses need to think about now.| For more information and to register, see the registration form

Additional Information

This publication does not necessarily deal with every important topic nor cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. Clifford Chance is not responsible for third party content. Please note that English language translations may not be available for some content.

Want to get this round-up delivered directly to your email inbox? Please click here to subscribe to the round-up.