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Global Weekly Fintech Round-up

26 August 2019

25 August 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.


(21 Aug 2019) Talking Tech article – Federal Trade Commission's $5 Billion Penalty Against Facebook: Momentum Builds For Increased U.S. Regulatory Focus On Data Privacy

(21 Aug 2019) Talking Tech article – AI Resources: Replacing the "Human" in Global Recruitment


From privacy to premiums: the rise of cyber risk insurance

With cyber security increasingly being recategorised as a boardroom-level risk, one important form of mitigation is cyber insurance. In this article, we ask what a dedicated cyber insurance policy will cover and if it is worth it?




  • (21 Aug 2019) Treasury's Office of Foreign Assets Control adds three Chinese nationals to its Specially Designated Nationals (SDN) list for trafficking narcotics and includes their associated digital currency addresses | Updated SDN list | Press release
  • (20 Aug 2019) Securities and Exchange Commission (SEC) cease-and-desist order, in which it imposes a fine and orders Russia-based company ICO Rating, which researches, evaluates and rates initial coin offerings (ICOs), to cease touting ICOs constituting securities offerings without disclosing that it receives compensation from issuers for doing so. The SEC found that, despite having no physical presence in the US, ICO Rating derived a significant portion of web traffic to its website from the US and failed to implement measures to block or otherwise deter US persons from accessing and viewing its website and social media accounts.
  • (19 Aug 2019) New York court decision, in which it rules that it has both personal and subject matter jurisdiction to oversee the New York Attorney General's investigation of Hong Kong-based stablecoin issuer Tether and British Virgin Islands-based cryptocurrency exchange Bitfinex, rejecting Tether and Bitfinex's request to halt the investigation for lack of jurisdiction. The court states that stablecoins like Tether could be either securities or commodities under New York law. | Defendants' notice of appeal
  • (16 Aug 2019) Bakkt receives trust company charter from New York Department of Financial Services to provide bitcoin custody for physically settled bitcoin futures contracts listed on Intercontinental Exchange (ICE) Futures US and cleared by ICE Clear US | Press release
  • (9 Aug 2019) National Institute of Standards and Technology report setting out plans for federal engagement in developing technical standards and related tools for artificial intelligence



  • (13 Aug 2019) The Association of Cryptocurrency Enterprises and Start-ups consultation on its code of practice for the digital asset industry (developed in association with the Monetary Authority of Singapore and the Association of Banks in Singapore) | Consultation webpage



  • (20 Aug 2019) European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) letter to the EU Commission in which they set out the work they are currently doing in the area of cryptoassets. Amongst other things the EBA and ESMA intend to launch a stocktaking exercise of national regimes applicable to cryptoassets, with a particular focus on stablecoins.


  • (16 Aug 2019) Federal Financial Supervisory Authority (BaFin) guidance note (in German) regarding prospectus and licensing requirements for cryptotokens | Press release (in German)
  • (31 Jul 2019) Bill (in German) implementing the fifth Anti-Money Laundering Directive (AMLD 5) published by the Federal Cabinet. Amongst other things, the Bill includes virtual wallet providers in the group of obliged entities and classifies cryptocustody business as a financial service under the German Banking Act. It will become effective on 1 Jan 2020. | Bill webpage (in German)

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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