Global Weekly Fintech Update
16 August 2021
16 August 2021
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.
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CLIFFORD CHANCE PUBLICATIONS AND MATERIALS
Talking Tech article - Tech Policy Unit Horizon Scanner August 2021
Talking Tech article - Protection Against Undesired Control in Telecommunications in the Netherlands
Clifford Chance briefing - PRC Data Security Law – A New Milestone in Data Legislation
The Fintech Files: The payment services framework – where to start
Are you developing a new payments business or product in the UK? Well don’t worry, Clifford Chance's payments specialists can help. In this short video produced in collaboration with Crafty Counsel, our expert team explore the questions to ask at the outset, the territorial scope of the different regulators, and where to look for further guidance.
To find out the answers to these and more from expert members of our fintech group watch the full video Or watch the full boxset of The Fintech Files: Payments & Crypto.
GLOBAL LEGAL AND REGULATORY UPDATES
- (11 Aug 2021) OECD report on AI, machine learning and big data in finance, which aims to help policy makers assess the implications of new technologies and identify the benefits and risks related to their use. | Webpage
- (10 Aug 2021) Senate passes Infrastructure Bill which contains proposed tax-reporting requirements for cryptocurrencies.
- (5 Aug 2021) Speech by the Federal Reserve Governor, Christopher Waller, in which he argues that the introduction of a central bank digital currency (CBDC) would not resolve any of the issues that the US payment system currently faces.
- (11 Aug 2021) APRA response paper outlining new approach to licensing and supervising new authorised deposit-taking institutions (ADIs), proposing stronger requirements for being granted a banking licence and closer supervision of new entrants as they seek to establish themselves. | Press release | Further materials, including guidelines and an information paper
- (11 Aug 2021) HKMA issues circulars to direct authorised institutions and stored value facility licensees regarding a recent report published by the Financial Action Task Force (FATF) entitled 'Opportunities and Challenges of New Technologies for AML/CFT' and sharing upcoming HKMA initiatives promoting such responsible use of new technologies as part of its broader Fintech 2025 strategy.
- (6 Aug 2021) European Securities and Markets Authority report on the use (or planned use) of financial technology and DLT by central securities depositories. | Press release
- (5 Aug 2021) German Federal Ministry of Finance draft ministerial ordinance on the requirements for electronic securities registries (Verordnung über Anforderungen an elektronische Wertpapierregister, eWpRV), which it drafted together with the German Federal Ministry of Justice and Consumer Protection (in German). | CC Finance Alerter summary
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The content above relating to the People's Republic of China (PRC) is based on our experience as international counsel representing clients in business activities in the PRC and should not be construed as constituting a legal opinion on the application of PRC law. As is the case for all international law firms with offices in the PRC, whilst we are authorised to provide information concerning the effect of the Chinese legal environment, we are not permitted to engage in Chinese legal affairs. Our employees who have PRC legal professional qualification certificates are currently not PRC practising lawyers.