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Global Weekly Fintech Round-up

08 July 2018

08 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

(1 Jul 2019) Clifford Chance video – Herbert Swaniker and Jamie Andrew (Clifford Chance London) discuss their take-aways from the General Assembly of the EU Artificial Intelligence Alliance

(1 Jul 2019) Talking Tech article – Chasing the unknown: malicious actors in cyber space

SPOTLIGHT

Innovating in Sukuk Capital Markets

Islamic finance products, including Sukuk instruments, have contributed to growth in an increasingly global capital markets landscape. This paper, cowritten with R3 and Wethaq, evaluates the Wethaq platform, a new solution built on R3's Corda blockchain to streamline and expand the Sukuk market.

GLOBAL LEGAL AND REGULATORY UPDATES

International

  • (3 Jul 2019) Financial Action Task Force (FATF) updated version of its international standards on combating money laundering and the financing of terrorism, which includes the FATF guidance for a risk-based approach to virtual assets and virtual asset service providers adopted last week.
  • (1 Jul 2019) The International Chamber of Commerce and Dubai's Chamber of Commerce and Industry, along with blockchain start-up Perlin, have signed a memorandum of understanding aimed at boosting the adoption of blockchain trade solutions | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.
  • (30 Jun 2019) Bank for International Settlement (BIS) announces establishment of innovation hub aimed at fostering global collaboration on innovative financial technology within the central banking community | Press release.
  • (29 Jun 2019) G20 leaders statement following the Osaka summit which, amongst other things, reaffirms their view that cryptocurrencies do not currently pose a threat to monetary stability but that they remain committed to monitoring existing and emerging risks.
  • (23 Jun 2019) BIS report on the opportunities and risks posed by big tech in finance.

Americas

US:  

  • (2 Jul 2019) Representatives from the US House of Representatives Committee on Financial Services letter to Facebook requesting an immediate moratorium on the implementation of its proposed cryptocurrency project.
  • (1 Jul 2019) Commodity Futures Trading Commission grants a derivatives clearing organization (DCO) registration to ErisX, which will permit it to clear fully-collateralised virtual currency futures | Press release.

APAC

Australia:     

  • (28 Jun 2019) Australian Payments Council strategic agenda aimed at ensuring the Australian payments system continues to meet the needs of the rapidly digitalising economy | Press release.

Europe

EU:  

  • (1 Jul 2019) EU Parliament briefing on the economic impact of artificial intelligence
  • (26 Jun 2019) EU Council Committee of Permanent Representatives (Coreper) endorsement of the Council's negotiating position on the EU Commission's proposed crowdfunding framework.
  • (24 Jun 2019) EU Council Presidency publishes compromise texts on the proposed crowdfunding framework | Proposed regulation compromise text | Proposed directive compromise text

The Netherlands:      

  • (1 Jul 2019) Ministers' action plan (in Dutch) on a proposed approach to tackling money laundering, which calls for, amongst other things, tighter regulation of cryptocurrencies and related services | Press release (in Dutch).

Switzerland:

UK:

  • (3 Jul 2019) Financial Conduct Authority (FCA) consultation on a proposed ban on sale, marketing and distribution to retail consumers of any derivatives and exchange traded notes that reference cryptoassets | Press release.
  • (2 Jul 2019) FCA Executive Director of Strategy and Competition, Christopher Woolard, speech on regulating financial innovation and approach to Facebook's launch of Libra.

Middle East

Dubai:

  • (1 Jul 2019) Dubai's Chamber of Commerce and Industry and the International Chamber of Commerce, along with blockchain start-up Perlin, have signed a memorandum of understanding aimed at boosting the adoption of blockchain trade solutions | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.
CLIFFORD CHANCE EVENTS       
  • London – London Fintech Week 2019 (8-9 Jul 2019):
    Clifford Chance partner Simon Gleeson will be participating in a lively and timely debate on "The Future of Money: Libra and the Internet of Value", considering the future of payments and finance. | For more information and to register see the event webpage
  • London – CBI Conference Series: Cyber Security (12 Sep 2019):
    Clifford Chance is delighted to be hosting CBI's Cyber Security Conference 2019. The conference brings together business leaders and the UK’s foremost industry experts on cyber security. Through in-depth presentations, panel discussions and breakout sessions, our experts will provide the cutting-edge insight and practical solutions to enable you to plan your strategy with confidence. | For more information and to register see the Talking Tech event webpage

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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