Go back to menu

Global Fintech Update - 17 May 2019

The latest fintech regulatory developments

20 May 2019

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.

CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

(15 May 2019) Clifford Chance briefing - EU financial services horizon scanner

FEATURED ARTICLE

Cryptocurrency Exchange Liable for Technical Glitch


The Singapore International Commercial Court (SICC) handed down judgment in its first cryptocurrency litigation in March 2019, giving important guidance on the interpretation of an online platform's terms and conditions and the application of common law doctrines to new technologies. In this recent article we set out some of the issues considered in, and the lessons to be learned from, the SICC's decision.

GLOBAL LEGAL AND REGULATORY UPDATES
International
  • (14 May 2019) International Monetary Fund financial counsellor and director of the Monetary and Capital Markets Department, Tobias Adrian, speech on 'eMoney' (in this instance, a digital means of payment and store of value fully backed by fiat currency) and its implications, including discussion of central bank digital currencies
Americas

US:

  • (9 May 2019) Senate Committee on Banking, Housing and Urban Affairs open letter to Facebook requesting details on its secret cryptocurrency project.
  • (9 May 2019) House Committee on Financial Services launch task forces on fintech and artificial intelligence, which will look at, amongst other things, the regulation of fintech, the use of big data and the application of AI in financial services. | Press release
 APAC

Australia:

  • (10 May 2019) Australian Securities and Investments Commission announces problem-solving regtech events for financial services industry | Press release

China:

  • (13 May 2019) Chinese think-tank Asia-Pacific Future Financial Research Institute and Monetary Authority of Singapore sign fintech agreement to promote academic exchange, information sharing and research cooperation. | Press release

Hong Kong:

  • (12 May 2019) Hong Kong Monetary Authority and the Bank of Thailand sign fintech cooperation agreement to encourage information exchange and joint innovation projects and establish a referral mechanism for fintech businesses between the two jurisdictions. | Press release

Singapore:

  • (13 May 2019) Monetary Authority of Singapore and Chinese think-tank, Asia-Pacific Future Financial Research Institute, sign fintech agreement to promote academic exchange, information sharing and research cooperation | Press release

Thailand:

  • (12 May 2019) Bank of Thailand and Hong Kong Monetary Authority sign fintech cooperation agreement to encourage information exchange and joint innovation projects and establish a referral mechanism for fintech businesses between the two jurisdictions. | Press release
 Europe

 France:

  • (14 May 2019) France's Autorité des Marchés Financiers and the Israel Securities Authority sign memorandum of understanding to promote innovation and collaboration in their respective financial services sectors.

UK:

  • (16 May 2019) HM Treasury Economic Secretary, John Glen, speech on role of technology in the future of financial services.
Middle East

 Israel:

  • (14 May 2019) The Israel Securities Authority and France's Autorité des Marchés Financiers sign memorandum of understanding to promote innovation and collaboration in their respective financial services sectors.
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
  • London - Security Token Academy Meet-Up (12 Jun 2019): Clifford Chance is a sponsor of the Security Token Academy's inaugural London meet-up. The event will involve a panel discussion focusing on the security token revolution and industry developments, as well as opportunities to network. | For more information and to register 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

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