Global Weekly Fintech Update
04 May 2020
04 May 2020
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
Data breaches - when are employers liable? In a useful clarification of the law around vicarious liability in the context of data breaches, the UK Supreme Court has recently found that an employer was not liable for a data leak caused by an employee acting maliciously
GLOBAL LEGAL & REGULATORY UPDATES
- (30 Apr 2020) G20 summary of its virtual meeting on the role of digital technologies in the fight against the coronavirus pandemic.
- (29 Apr 2020) The Bank for International Settlements (BIS) Innovation Hub and Saudi G20 Presidency have announced the launch of the next G20 TechSprint, which calls for innovative technological solutions to a range of operational problems in the areas of financial regulatory compliance (regtech) and supervision (suptech) | Press release | TechSprint webpage.
- (28 Apr 2020) World Economic Forum toolkit for blockchain deployment, which provides guidance on building more resilient supply chains using distributed ledger technology.
- (17 Apr 2020) BIS Innovation Hub Head, Benoît Cœuré, speech on the value of technology in the global financial system during and after the coronavirus crisis.
- (28 Apr 2020) The Cayman Islands Government has gazetted five bills (the Virtual Asset (Service Providers) Bill; the Monetary Authority (Amendment) (No.2) Bill; the Securities Investment Business (Amendment) Bill; the Mutual Funds (Amendment) (No. 2) Bill; and the Stock Exchange Company (Amendment) Bill) which are intended to introduce a regulatory framework for virtual asset service providers | Press release.
- (23 Apr 2020) Members of Congress letter to Treasury Secretary, Steven Mnuchin, in which they call on the Treasury to consider new technologies when looking at ways to distribute cash and supplies during the coronavirus crisis.
- (27 Apr 2020) The People's Bank of China has announced that it intends to expand the fintech regulatory pilot introduced in Beijing in Dec 2019 to six more locations (Shanghai, Chongqing, Shenzhen, Hebei Xiong'an New District, Hangzhou and Suzhou) | Press release (in Chinese)
- (27 Apr 2020) Cyberspace Administration of China measures (in Chinese), which introduce certain requirements for cybersecurity reviews.
- (28 Apr 2020) European Central Bank blog post on maintaining resilient payment mechanisms during the coronavirus crisis, in which it discusses, among other things, the work it is doing on the 'digital euro'.
- (15 Apr 2020) EU Parliament answer to a question on whether there are any plans to introduce further legislation aimed at addressing the money laundering risks posed by cryptoassets. The EU Parliament states it intends to come forward with a legislative initiative in Q3 2020.
- (13 Apr 2020) The EU Council Presidency has published the final compromise text of the proposed crowdfunding framework | Regulation final compromise text | Directive final compromise text
- (24 Apr 2020) The Bank of Greece has requested support from the EU Commission for the establishment of a regulatory sandbox to test fintech and innovative projects | Procurement application.
- (21 Apr 2020) Council of Ministers digital transition action plan (in Portuguese) in which it proposes the creation of various 'technological free zones' with tailored regulatory regimes aimed at encouraging technological innovation and experimentation.
- (30 Apr 2020) Capital Markets and Technology Association industry standards for the custody and management of digital assets.
CLIFFORD CHANCE EVENTS
Online Perspectives Series – Solutions for transacting from home under English law webinar (5 May 2020): The sudden switch to working from home has resulted in a variety of challenges ranging from: how to execute documents, how to serve notices under contracts, what to do about meeting requirements, whether for bondholders or companies, and how to manage real estate requirements. Clifford Chance partners Kate Gibbons, Louise Keary, Kate Scott and Matt Taylor and Knowledge Directors Kathryn Roberts and Jessica Walker will share their experiences and explain how the market has started to develop solutions. | For more information and to RSVP see the Perspectives form.
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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