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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.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

You are welcome to share the round-up with colleagues who may like to subscribe.

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

SPOTLIGHT: 
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

International 

  • (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

Americas

US:  

  • (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.

APAC

Australia:  

Hong Kong

  • (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.

Europe

EU:  

  • (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

Germany

  • (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
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. 

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.