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Global Weekly Fintech Round-up

29 July 2019

29 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.

Please click here to subscribe to future editions of the round-up.

CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

(25 Jul 2019) Clifford Chance Tech Group Policy Unit briefing – Smart Data: UK Government consults on data sharing in regulated markets

(22 Jul 2019) Clifford Chance briefing – Virtual banking: Singapore proposes new digital bank framework

SPOTLIGHT

Video  Legal implications for Facebook's Libra

Xavier Petet, Frédérick Lacroix and Olivier Plessis from the Clifford Chance Tech Group discuss Facebook's Libra and the legal implications in France and elsewhere.

GLOBAL LEGAL AND REGULATORY UPDATES

Americas

Canada:       

  • (24 Jul 2019) Ontario Securities Commission settlement agreement with CoinLaunch Corp, a firm that operated in the cryptoasset sector by advertising a package of 'crypto consulting' marketing and promotional services and assistance with security token offerings and token crowdsales, for engaging in and holding itself out as engaging in the business of trading in securities without registration. | Press release

US:  

  • (25 Jul 2019) Securities and Exchange Commission grants no-action relief to a second token issuer, Quarters. | Press release
  • (24 Jul 2019) Senate Committee on Banking, Housing, and Urban Affairs announces it will be holding a Committee hearing, 'Examining regulatory frameworks for digital currencies and blockchain', on 30 Jul 2019. | Hearing webpage
  • (23 Jul 2019) New York Department of Financial Services (NY DFS) launches new Research and Innovation Division which will be, amongst other things, responsible for licensing and supervising virtual currencies. | Press release
  • (19 Jul 2019) President of St Louis Federal Reserve Bank, James Bullard, presentation on public and privately-issued (i.e. crypto) currency competition
  • (18 Jul 2019) Financial Industry Regulatory Authority (FINRA) regulatory notice on digital assets, which extends the deadline for firms to notify FINRA of any digital asset activities from 31 Jul 2019 to 31 Jul 2020.
  • (15 Jul 2019) NY DFS grants licences to Seed CX companies to permit them to provide virtual currency services for institutional customers. | Press release#(15 Jul 2019) Rhode Island Governor signs House Bill 5847 into law, which, amongst other things, requires that virtual currency business activity is licensed.

APAC

India:             

  • (22 Jul 2019 - dated 28 Feb 2019) Department of Economic Affairs report on virtual currencies, which recommends banning all cryptocurrencies and contains a copy of its proposed legislation, the 'Banning of cryptocurrency and regulation of official digital currency' Bill. | Press release

Taiwan:        

(16 Jul 2019) The Financial Supervisory Commission of Taiwan and France's Autorité de Contrôle Prudentiel et de Resolution have signed a fintech cooperation agreement to establish a referral mechanism for fintech businesses between the two jurisdictions and to facilitate information exchange | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.

Europe

France:          

  • (16 Jul 2019) The Financial Supervisory Commission of Taiwan and France's Autorité de Contrôle Prudentiel et de Resolution have signed a fintech cooperation agreement to establish a referral mechanism for fintech businesses between the two jurisdictions and to facilitate information exchange | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.

Germany:    

(22 Jul 2019) Deutsche Bundesbank bulletin (in German) on cryptotokens in payment transactions and securities settlement, which includes discussion of the advantages and disadvantages of central bank digital currencies and stablecoins.

Malta:           

  • (19 Jul 2019) Malta Financial Services Authority consultation on the regulation of security token offerings.

The Netherlands:           

  • (25 Jul 2019) Dutch Central Bank discussion paper containing general principles for the responsible use of artificial intelligence (AI) in the financial sector. The principles cover, amongst other things, consideration of AI applications' soundness, accountability, fairness, ethics, skills and transparency. | Press release

Switzerland:

  • (23 Jul 2019) Federal Council's Data Protection and Information Commissioner announces he has not yet been approached by Facebook regarding their cryptocurrency project but has written to them for information on the current status of the project so that he can assess the extent to which his advisory competences and supervisory powers would apply. | Press release
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.

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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