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Global Weekly Fintech Round-up

28 June 2019

18 July 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.

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CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

(27 Jun 2019) Talking Tech article - Industry sceptical about how "travel rule" recommendation will apply to crypto

(Jun 2019) LMA FinTech conference speaker interview with Financial Markets partners Faizal Khan and Peter Chapman, discussing some of the key legal, regulatory and practical hurdles for the adoption of technology solutions to the current challenges in the syndicated loan market and the form the LMA Facility Agreement and secondary trading documents of the future will take | LMA registration required

SPOTLIGHT

Facebook Libra - an exciting but challenging road ahead

Facebook has announced that it is to launch Libra, a global digital currency, backed by some of the biggest names in financial services and tech including Visa, Mastercard, Uber and Spotify. However, getting a project of this global reach and magnitude off the ground gives rise to a range of regulatory, legal, practical and political challenges, some of which we discuss in this briefing.

GLOBAL LEGAL AND REGULATORY UPDATES

International

  • (27 Jun 2019) International Monetary Fund (IMF) and World Bank publish a policy paper finding that countries are engaging with the opportunities that arise from fintech despite their regional and national differences.
  • (21 Jun 2019) Financial Action Task Force (FATF) publishes guidance for a risk-based approach to virtual assets and virtual asset service providers | US Treasury Secretary speech.
  • (20 Jun 2019) Basel Committee on Banking Supervision meeting to discuss policy and supervisory issues, including matters relating to fintech and cryptoassets.
  • (18 Jun 2019) International Organization of Securities Commissions (IOSCO) publishes final report of its cyber taskforce which seeks to promote sound cyber standard practices and includes guidance on cyber resilience for FMIs.
  • (Jun 2019) The Global Financial Innovation Network reports on its first year | GFiN webpage

APAC

Singapore:

  • (27 Jun 2019) Infocomm Media Development Authority publishes a consultation on the Electronic Transactions Act. Amongst other things, the review aims to offer certainty on the use of technologies such as Distributed Ledger Technology, Smart Contracts and Biometrics.
  • (13 Jun 2019) The Monetary Authority of Singapore (MAS) and UK financial authorities announce they will work together to strengthen cyber security in their financial sectors, and work towards a MOU.
  • (12 Jun 2019) MAS, Enterprise Singapore and the National Research Foundation launch SFF x SWITCH which combines the Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH) and will run from 11 to 15 November 2019 | Chairman's speech.
  • (6 Jun 2019) The Monetary Authority of Singapore publishes consultation paper on the proposed payment services notices on prevention of money laundering and countering the financing of terrorism.

AMERICAS

US:  

  • (25 Jun 2019) Securities and Exchange Commission (SEC) notice of filing of proposed rule change to amend NYSE Arca Rule 8.201-E (commodity-based trust shares) and to list and trade shares of the US Bitcoin and Treasury Investment Trust.
  • (25 Jun 2019) Commodity Futures Trading Commission approves LedgerX LLC as a designated contract market for virtual currency futures contracts.
  • (24 Jun 2019) U.S. House Financial Services Committee schedules hearing for 17 July to examine Facebook's proposed cryptocurrency Libra.
  • (21 Jun 2019) Task Force on Financial Technology hearing on domestic and international perspectives on Fintech Regulation – includes testimonies from SEC's head of digital assets regulation and Christopher Woolard of the UK Financial Conduct Authority. 
  • (21 Jun 2019) US Treasury Secretary, Steven T. Mnuchin, speech on the new FATF guidelines on virtual currency.
  • (Jun 2019) US Treasury Financial Crimes Enforcement Network head, Kenneth Blanco, speech on FinCEN's approach to money laundering of virtual currencies

EUROPE

France:          

  • (21 June 2019) Governor of the Banque de France, François Villeroy de Galhau, speech on the risks of money laundering and the financing of terrorism, including as they apply to cryptoassets providers and confirmation that a G7 task force is being established for stablecoins like Facebook's Libra to examine anti-money laundering and consumer protection requirements, operational resilience, and issues relating to monetary policy transmission.

United Kingdom:       

  • (25 Jun 2019) Department for International Trade announces partnership with FinTech Alliance.
  • (13 Jun 2019) The Monetary Authority of Singapore and UK financial authorities announce they will work together to strengthen cyber security in their financial sectors, and work towards a memorandum of understanding.
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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