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Weekly Global Fintech Update - 10 May 2019

The latest fintech regulatory developments

13 May 2019

Clifford Chance is launching a new global fintech round-up, a summary of fintech regulatory developments that have happened around the world along with recent Clifford Chance fintech publications and upcoming events. Please see below for an example of the content.

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.

CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

(9 May 2019) Clifford Chance briefing - US Securities & Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE) risk alert highlights key Regulation S-P data and cyber requirements for SEC registered entities

(8 May 2019) Clifford Chance article - HM Treasury considers gold-plating 5MLD requirements for cryptos

(1 May 2019) Talking Tech video - Why security tokens will transform the real estate industry

(30 Apr 2019) Clifford Chance article - Cyber-enabled crime highlighted as key risk area for financial and economic crime in the UK National Crime Agency's 2019/20 Annual Plan

FEATURED ARTICLE
Crypto Considerations for Fund Managers

Private funds investing in blockchain-based digital assets have exploded in popularity in recent years. In this recent article some of our US fintech team explain the unique legal risks such investments may pose.

GLOBAL LEGAL AND REGULATORY UPDATES
Americas

Canada:

  • (2 May 2019) Monetary Authority of Singapore and the Bank of Canada report, which proposes different design options for cross-border settlement systems, following the two banks' cross-border and cross-currency payments trial using central bank digital currencies | Press release

USA:

  • (9 May 2019) FinCEN guidance on the applications of its regulations to certain business models involving convertible virtual currencies.
  • (9 May 2019) Securities and Exchange Commission Commissioner Hester Peirce speech on using the Howey Test on digital assets.
  • (30 Apr 2019) Office of the Comptroller of the Currency consultation on its proposed Innovate Pilot Program, a regulatory sandbox designed to support innovation in the US federal banking system | Press release | FAQs
  • (26 Apr 2019) Washington Governor signs Senate Bill 5638 into law, which provides a legal definition for 'distributed ledger technology' and recognises its validity as a means of producing digital signatures and licences.
APAC

Singapore:

  • (2 May 2019) Monetary Authority of Singapore and the Bank of Canada report, which proposes different design options for cross-border settlement systems, following the two banks' cross-border and cross-currency payments trial using central bank digital currencies | Press release
Europe

Europe:

  • (9 May 2019) Financial Stability Bank's Regional Consultative Group for Europe met to discuss, amongst other things, implications of the growing use of artificial intelligence, machine learning and big data for the regulation and supervision of the financial system | Press release

Estonia:

  • (3 May 2019) Estonian government approves a bill (in Estonian) to set stricter requirements for granting activity licences to virtual currency service providers in an effort to reduce the risk of money laundering and the financing of terrorism | Press release  

Lichtenstein:

  • (7 May 2019) Lichtenstein government adopts law on tokenisation, virtual asset service providers and distributed ledger technology, which is intended to improve consumer protection and provide regulatory clarity | Government report (in German)

UK:

  • (9 May 2019) LawTech Delivery Panel's UK Jurisdiction Taskforce consultation on key issues of legal uncertainty regarding crypto-assets, DLT and smart contracts | Press release.
  • (9 May 2019) Financial Conduct Authority published minutes from board meeting on 28 Mar 2019, including discussion on the government's proposed approach to crypto-asset regulation and supervision.
  • (29 Apr 2019) Department for International Trade (DIT) and HM Treasury launch fintech bridge pilot programs in Hong Kong and Australia, to provide support for select innovative companies seeking to expand internationally | Press release.
  • (29 Apr 2019) DIT, HM Treasury and Innovate Finance report on the UK's fintech industry, aimed at informing stakeholders for trade and investment.
Middle East

UAE:

  • (1 May 2019) Abu Dhabi Global Market (ADGM), the UAE Ministry of Finance and the World Bank have signed a memorandum of understanding for the establishment of an International Technology Centre in Abu Dhabi, in order to help boost the fintech sector in the MENA region | Press release
CLIFFORD CHANCE EVENTS
  • London - LMA Fintech Conference (23 May 2019):
    Clifford Chance is a platinum sponsor of the Loan Market Association's (LMA) inaugural fintech conference in London. The event will bring together senior loan market professionals and technology experts to discuss why, how and when fintech solutions could be introduced to the loan market. | For more information and registration for LMA members see the event webpage
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

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