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Global Weekly Fintech Update

22 June 2020

22 June 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.

CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

Clifford Chance briefing – Clifford Chance briefing - Test, Track & Trace: The Coronavirus Health & Safety, Human Rights and Data Protection Conundrum for Employers


SPOTLIGHT

Global IP Newsletter

The latest edition of our Global IP Newsletter reflects the impact of the COVID-19 pandemic with articles including an overview of measures recently implemented by courts and Intellectual Property Offices around the world in response and an analysis of the conflict between the contributions Big Data can make to collective safety vs data protection safeguards.

GLOBAL LEGAL & REGULATORY UPDATES

International

  • (29 May 2020) WIPO revised issues paper on intellectual property policy and artificial intelligence, taking into account comments from more than 250 submissions to the original draft issues paper published in December 2019

Africa

Mauritius:  

  • (15 Jun 2020) Mauritian Financial Services Commission guidance notes on security token offerings and security token trading systems | Press release

Americas

US:  

  • (11 Jun 2020) The US Department of Justice has announced that fifteen defendants have plead guilty for their roles in an online auction fraud involving cryptocurrency | Press release.
  • (10 Jun 2020) Financial Industry Regulatory Authority consultation paper on the use of artificial intelligence apps in the securities industry.

Europe

Europe:  

  • (10 Jun 2020) The High-Level Forum on capital markets union final report on the EU’s capital markets union, which includes proposals to clarify the application of financial markets legislation to digital assets.

France:

  • (15 Jun 2020) Autorité de Contrôle Prudentiel et de Résolution discussion document on the governance of AI algorithms in the finance sector, including specific questions for public consultation. The consultation aims to focus on specific financial sector AI issues, including (i) AI governance and design; and (ii) implementation of AI in regulated processes (e.g. anti-money laundering and combating terrorism financing, risk modelling and customer protection).

Italy:

  • (16 June 2020) During the Italian securities regulator Consob's Annual Meeting with the Financial Market, its Chairman Paolo Savona advocated for the adoption of publicly issued cryptocurrencies, citing the disentanglement of the system of payments from the realm of asset management among the benefits, and cast doubt on the viability of privately issued cryptocurrencies, such as Facebook's Libra, on the grounds of the hybrid nature of private cryptocurrencies, behaving both as a means of payment and as financial instruments. | Annual Meeting (in Italian)​

United Kingdom:

  • (18 Jun 2020) Centre for Data Ethics and Innovation AI Barometer report on the most pressing opportunities, risks, and governance challenges associated with AI and data use, initially across five key UK sectors (Criminal Justice, Financial Services, Health & Social Care, Digital & Social Media and Energy & Utilities), drawing on the expertise of over 120 expert panellists from industry, academia, civil society and government.
  • (Jun 2020) UK Finance report outlining recommendations for a proposed model to support the future provision of Open Banking Services following the closure of the Implementation Roadmap. | Press release
CLIFFORD CHANCE EVENTS

- Following the outbreak of coronavirus (Covid-19), we are keeping our global events programme under review. We anticipate that many events will be hosted online. Please continue to sign up for events of interest to ensure you receive news of the latest developments and any changes to location or schedule –

Tech Live: The right pace for technology-driven growth (25 June 2020):

In the first of a CC Talking Tech webinar series, our tech partners Dr. Claudia Milbradt, Dr. Gunnar Sachs and Dr. Jörg Rhiel, will discuss what you need to consider in tech transactions, from initiation to the post-merger integration of a new business, how the distribution of rights in research cooperations or contract development can be made sustainable and how IT transitions can be best implemented. | For more information and to register for the webinar see the Talking Tech event page.

Disrupt Network event: Real Estate Tokenization: Current status and future potential (29 June 2020):

In this online panel discussion hosted by Disrupt Network, Clifford Chance partner Gregor Evenkamp will be speaking on the opportunities of real estate tokenization alongside other panelists from Frankfurt School Blockchain Centre, RTX21, AZHOS and Finoa. The panel will discuss current tokenization projects around the globe and end with a vision for a future in which real estate is more accessible, decentralized, fair and easy. | For more information and to register for the webinar 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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