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Global Weekly Fintech Roundup

30 September 2019

30 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

(26 Sep 2019) R3 video – Peter Chapman (Partner, London) talks to R3 at Sibos 2019 about the key themes of this year's event and why it was important for Clifford Chance to attend | View on LinkedIn | View on Twitter

(26 Sep 2019) Talking Tech article – Italy defines "distributed ledger technology" and "smart contract": Article 8-ter of Law no. 12/2019 provides the first legal definitions

(26 Sep 2019) Talking Tech article – Open data gains momentum in Italy (and the European Union): The Public Sector Information Directives

(25 Sep 2019) Talking Tech article – Italian regulators cooperation produces guidelines and policy recommendations on big data

(24 Sep 2019) Sibos 2019 video – Simon Gleeson (Partner, London) moderates "The future of banking" Big Issue Debate with an illustrious panel at Sibos 2019

(20 Sep 2019) Talking Tech article – Data ownership: future of delusion? General ideas and the different proposals in German legal literature for regulating the ownership of data

(19 Sep 2019) KPMG video – Simon Gleeson (Partner, London) discusses his views on the future of financial services ahead of Sibos 2019

Spotlight

Clifford Chance ranked in band 1 for Fintech in Legal 500 UK 2020

We are delighted to announce that Clifford Chance has been ranked in band 1 for Fintech in the recently published Legal 500 UK 2020. This is testament to the market leading work the team has undertaken over the past twelve months. Peter Chapman, co-head of the firm's fintech practice, was also ranked as a leading individual. The full rankings and commentary can be viewed here.

GLOBAL LEGAL AND REGULATORY UPDATES

International

  • (Sep 2019) Institute of International Finance recommendations for supervisors and regulators when developing policies around the use of machine learning in the finance sector.

Americas

US:  

  • (25 Sep 2019) Commodity Futures Trading Commission Director of Enforcement, James McDonald, speech at the Practising Law Institute's White Collar Crime 2019 Program, discussing the agency's recent enforcement actions involving virtual currencies and digital assets.
  • (24 Sep 2019) The US House Financial Services Committee held a hearing entitled 'Oversight of the SEC: Wall Street's Cop on the Beat' at which cryptocurrency regulation, including potential US securities regulatory issues surrounding Facebook's Libra digital currency, figured prominently. In response to a question at the hearing from Representative Alexander Green as to whether Libra is a security, Securities and Exchange Commission (SEC) Chairman Jay Clayton responded that he was "not prepared to make a decision like that here." | Committee hearing website | Committee memorandum discussing securities law applicability to cryptoassets | SEC Commissioners' written testimony discussing digital assets.
  • (18 Sep 2019) US Attorney (Eastern District of New York) charges two men with extortion of a cryptocurrency start-up. | Press release
  • (18 Sep 2019) Consumer Financial Protection Bureau request for information on opportunities where Tech Sprints could be used to encourage regulatory innovation and to develop solutions to regulatory compliance challenges.
  • (6 Sep 2019) Bill to Amend the Commodity Exchange Act with Respect to the Regulation of Virtual Currencies Bill (H.R. 4234) introduced to Congress by Sean Patrick Maloney. The Bill adds a definition of 'virtual currency' to the Commodities Exchange Act and introduces a requirement that spot market platforms report trade data for contracts and swaps related to virtual currencies.

Europe

Romania:     

  • (23 Sep 2019) National Bank of Romania launches a fintech innovation hub to facilitate dialogue with companies seeking to develop innovative solutions in the areas of payments and financial services and to allow the bank to identify and mitigate any potential risks posed by these solutions. | Press release

Middle East

Qatar:

  • (22 Sep 2019) Qatar Financial Centre (QFC) has expanded the number of fintech activities that can be licensed by and conducted on the QFC platform, including cybersecurity, blockchain development and artificial intelligence. | Press release
CLIFFORD CHANCE EVENTS

London – Sibos Debrief – Payments Industry Forum (2 Oct 2019):
Following on from Sibos 2019, Clifford Chance is hosting a payments industry forum event followed by networking drinks. Clifford Chance Partner Simon Gleeson moderated the conference's The future of banking Big Issue Debate and other members of our market leading tech and payments services teams were at Sibos to pick up the latest market, regulatory and legal issues in the banking, payments and fintech sectors. Please join us on 2 Oct 2019 for an update on what they learned. | For more information and to register see the Talking Tech event webpage.

London – Breakfast Seminar: Financing Tech Companies for Private Debt Funds (20 Oct 2019):
The fast-developing technology sector presents both new opportunities and challenges for private debt providers. Please join us for our next breakfast seminar for private debt funds where we will be discussing the key issues to be considered when lending to, or financing the acquisition of, tech companies. Our panel of experts will discuss the crucial diligence concerns (including in relation to regulated sectors such as financial services) as well as how best to address documentation challenges. | For more information and to RSVP see the event webpage.

London Perspectives Series: The digital future of finance (12/13 Nov 2019):
The Huw van Steenis report on the Future of Finance predicts major changes for the finance industry over the next decade, as the market and regulators adapt to a digital economy. Our experts will discuss what this means for financial institutions and how the Bank of England is looking to shape this transformation through smart data, the responsible use of AI and by responding to new risks. | For more information and to RSVP see the 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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