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Global Weekly Fintech Update

8 June 2020

08 June 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.

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

CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

Talking Tech article – The survival of digital data: preserving digital identity

Clifford Chance briefing – UK Coronavirus Future Fund: converting potential


SPOTLIGHT

Moving forward on explainable AI – new guidance from the UK ICO and Turing Institute

Greater transparency or "explainability" for AI systems has been a key regulatory focus. Project explAIn, a collaboration between the UK Information Commissioner's Office and the Alan Turing Institute, recently published detailed guidance with practical advice on explaining AI decisions to meet legal requirements and best practice. In this article we consider some of the existing legal requirements for AI explainability in the UK and explore the key takeaways from the Project explAIn guidance

GLOBAL LEGAL & REGULATORY UPDATES

International

  • ​(4 Jun 2020) A group of technology and business trade associations have issued recommendations to the G20 governments on areas of priority for the promotion of innovation, digital technologies and trade. | Press release
  • (2 Jun 2020) Bankers Association for Finance and Trade business best practices and technical best practices for distributed ledger payment commitments embodied in, or arising from, electronic trade instruments on distributed ledgers.
  • (2 Jun 2020) International Capital Market Association fintech newsletter focusing on its work in the areas of fintech and market electronification, as well as recent key regulatory and market developments. 
  • (22 May 2020) World Economic Forum blockchain principles, which are intended to provide a global baseline for creating blockchain applications that respect participant rights, safeguard data and protect users. | Press release

Americas

Canada:       

US:  

  • (4 Jun 2020) Office of the Comptroller of the Currency notice of proposed rulemaking, in which it requests feedback on how it regulates new technologies and digital banking activities, including cryptoassets, distributed ledger technology, regtech and artificial intelligence | Press release.
  • (3 Jun 2020) The New York State Department of Financial Services and the French Autorité de Contrôle Prudentiel et de Résolution have signed a memorandum of understanding to promote mutual cross-border collaboration in fintech, establish a referral mechanism for innovative businesses between the two jurisdictions and encourage sharing of knowledge and best practice | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.

APAC

Australia:     

China:            

  • (1 Jun 2020) Central Committee of the Communist Party plan​ (in Chinese) for the establishment of the Hainan Free Trade Port, which, among other things, encourages government institutions to use blockchain and other innovative technologies when exploring methods of improving free trade.

Singapore:   

  • (26 May 2020) Monetary Authority of Singapore (MAS) updated guidance on the application of the securities laws administered by the MAS in relation to offers or issues of digital tokens in Singapore. The guide has mainly been amended to update and include further references to the Payment Services Act 2019, which came into force on 28 Jan 2020.

Europe

EU:  

France:          

  • (3 Jun 2020) The New York State Department of Financial Services and the French Autorité de Contrôle Prudentiel et de Résolution have signed a memorandum of understanding to promote mutual cross-border collaboration in fintech, establish a referral mechanism for innovative businesses between the two jurisdictions and encourage sharing of knowledge and best practice | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.

UK:

  • (3 Jun 2020) Payment Systems Regulator Head of Policy, Genevieve Marjoribanks, speech​ on innovation and regulation of payment systems
CLIFFORD CHANCE EVENTS

- Following the outbreak of coronavirus (Covid-19), we are keeping our global events programme under review. We anticipate that many events will be hosted online. Please continue to sign up for events of interest to ensure you receive news of the latest developments and any changes to location or schedule –

Cyber security – Key trends to watch in the Kingdom of Saudi Arabia and United Arab Emirates (9 Jun 2020):
AS&H, in co-operation with Clifford Chance, are delighted to invite you to a webinar on the key trends in cyber security in KSA and UAE. Cyber security is increasingly shaped by global factors, particularly with the worldwide doubling of cyber incidents across all types of organisations, resulting in a significant cost to the global economy. Regulation and guidance is on the rise to counter increasingly sophisticated attacks which will impact cyber security measures undertaken by many organisations. This webinar will focus on key lessons and tips for organisations in KSA and the UAE arising from global cyber security trends and regional initiatives to combat the cyber security threat. The discussion will also explore how organisations can embed cyber security effectively whilst addressing digital business, risk management and legal and compliance challenges. | For more information and to RSVP please contact Carly Skillman.

FinTECHTalents Virtual Spring Conference (10 Jun 2020):
We are delighted to be sponsoring FinTECHTalents Virtual Spring – their inaugural virtual-first festival held online on 10 Jun 2020 from 9am (BST). Clifford Chance partners Simon Crown and Caroline Dawson will be sharing their views on open finance and how fintech companies have responded to COVID-19, and our global team will be participating in live debates and hosting an interactive virtual booth. The event is free to attend and global attendees are welcome. | To find out more and to register see the event webpage

Warsaw Perspectives Series – Digitization on financial markets: from blockchain technology to artificial intelligence – regulatory challenges (17 Jun 2020):
At this seminar we will explore the most recent technological solutions that have appeared in the financial markets and identify the key regulatory changes required to address them. | For more information please contact the Warsaw Perspectives team.

Additional Information

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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