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Global Weekly Fintech Round-up

12 August 2019

02 September 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

(2 Aug 2019) Clifford Chance briefing – Decrypting crypto-funds: the key questions

(2 Aug 2019) Talking Tech article ­– AI and Patents: can AI be an inventor?

SPOTLIGHT

AI and IP: copyright in AI-generated works

While you're thinking about AI and intellectual property, you may be interested in this article where we consider whether copyright can subsist in an AI-generated work under UK law. 

GLOBAL LEGAL AND REGULATORY UPDATES

International

  • (5 Aug 2019) Representatives from information commissions in Albania, Australia, Canada, Burkina Faso, the EU, UK and US joint-statement to Facebook on global privacy expectations of the Libra network

Americas

US:  

  • (6/7 Aug 2019) State securities regulators in the US participate in 'Operation Cryptosweep', an initiative to crack-down on fraudulent cryptocurrency-related investment schemes. Actions include:
  • (6 Aug 2019) US Attorney (Eastern District of California) reaches plea agreement with dark web vendors, which includes forfeiture of cryptocurrency made through drug distribution. | Press release.
  • (5 Aug 2019) Federal Reserve announces plans to develop real-time payment and settlement service. | Press release.
  • (1 Aug 2019) US Patent & Trademark Office patent application from Walmart for a stablecoin payment system.
  • (29 Jul 2019) Commodity Futures Trading Commission Chairman, Heath Tarbert, opinion article, published in FOXBusiness, in which he cites regulating blockchain as key challenge for the agency.
  • (25 Jul 2019) Virtual Value Tax Fix Act (H.R. 3963) introduced to Congress by Ted Budd. The Bill is intended to ensure that cryptocurrencies are not subject to double taxation under the Internal Revenue Code.

APAC

Australia:     

(1 Aug 2019) Australian Stock Exchange update on crypto-related activities, in which it sets out its concerns and compliance requirement

China:            

  • (2 Aug 2019) People's Bank of China statement (in Chinese) on the Party Central Committee and the State Council financial priorities, in which it recommends accelerating the research and development of its digital currency.

Singapore:   

  • (7 Aug 2019) Monetary Authority of Singapore launches its new fintech sandbox, 'Sandbox Express', which offers fast-track approvals for low risk project.| Press release.

Europe

EU:  

  • (7 Aug 2019) European Central Bank report on the risks and measurement issues posed by cryptoassets.

UK:

  • (1 Aug 2019) Financial Conduct Authority insights article on artificial intelligence in the boardroom, in which it argues that boards and senior management of regulated firms are responsible for the challenges and issues raised by AI.

Middle East

Iran:

  • (4 Aug 2019) Iran's government has issued a directive officially recognising cryptocurrency mining as an industry but banning the use of cryptocurrencies as a means of domestic payment. | Press release (in Persian).
CLIFFORD CHANCE EVENTS       

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.

Berlin – Talking Tech Live: Innovation in Business (19 Sep 2019)

Join us in Berlin, Germany at our inaugural Talking Tech Live conference, where we will be talking tech and looking at managing innovation in business. We'll be joined throughout the afternoon by a series of expert panellists and keynote speakers for a series of energetic and insightful talks by tech industry leaders like Airbus, Microsoft, Nokia and Spotify among others. On request, you will also have the unique opportunity to exchange with our tech experts from around the globe in individual one-on-one-meetings. | For more information and to register see the Talking Tech event webpage

London – Sibos Debrief – Payments Industry Forum (2 Oct 2019)

Clifford Chance will be hosting a payments industry forum event following Sibos 2019, which takes place in London on 23-26 Sep this year. Clifford Chance Partner Simon Gleeson will be moderating The future of banking panel and other members of our market leading payments services team will be at Sibos 2019, with ears open to pick up the very latest market, regulatory and legal issues in the banking, payments and fintech sectors. The following week, on 2 Oct 2019, please join us for a payments industry forum event, where we will update you on what we learned. | For more information and to RSVP 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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