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Global Weekly Fintech Update

30 March 2020

30 March 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 – Italian Data Protection Authority raises the bar for the cybersecurity measures hosting providers must implement

Talking Tech article – Please forget me! EU-US parallelism on the right to be forgotten

Clifford Chance seminar recording – Perspectives: The new cryptoassets regime in the UK – some practical challenges | Slides | Monica Sah, Diego Ballon Ossio, Madeleine Yates

SPOTLIGHT
Coronavirus - Cybersecurity compliance in times of crisis

Covid-19 has significantly increased the cyber risk for businesses with dependency on digital technologies greater than ever, employees dispersed as they work from home and compliance teams and cyber policies being stretched to their limits

For more on Coronavirus and its (tech and non-tech) impact on businesses operating in the financial markets, find our new Topic Guide here as part of our wider Financial Markets Toolkit

GLOBAL LEGAL AND REGULATORY UPDATES

International

  • (24 Mar 2020) Financial Action Task Force (FATF) business bulletin which states, amongst other things, that FATF has been monitoring the implementation and impact of its new standards on mitigating the potential money laundering and terrorist financing risks posed by virtual assets and that it intends to publish a report analysing the risks associated with stablecoins later this year.
  • (23 Mar 2020) International Organization of Securities Commission report​ on global stablecoin initiatives | Press release.
  • (20 Mar 2020) World Federation of Exchanges response to the EU Commission's consultation on the suitability of the existing regulatory framework for cryptoassets
  • (19 Mar 2020) International Association of Insurance Supervisors issues paper on the use of big data analytics in insurance.
  • (19 Mar 2020) International Monetary Fund Deputy Managing Director, Tao Zhang, speech​ on central bank digital currencies.
  •  (18 Mar 2020) International Capital Market Association response to the EU Commission's consultation on the suitability of the existing regulatory framework for cryptoassets.

Americas

US:  

  • (24 Mar 2020) Commodity Futures Trading Commission guidance on the application of the 'actual delivery' exception under the Commodity Exchange Act to the delivery of digital assets | Press release.
  • (23 Mar 2020) Take Responsibility for Workers and Families Act (H.R.6379) introduced to Congress by​​ Nita Low. The Bill sets out fiscal stimuli and public policy measures in response to the coronavirus (Covid-19) pandemic. Amongst other things, it envisages the creation of digital wallets for US citizens maintained by the Federal Reserve, into which 'digital dollar' relief payments could be paid for qualifying individuals.

Europe

EU/Europe:

  • (19 Mar 2020) Association for Financial Markets in Europe response to the EU Commission's consultation on the suitability of the existing regulatory framework for cryptoassets.
  • (19 Mar 2020) European Association of Co-operative Banks response to the EU Commission's consultation on the suitability of the existing regulatory framework for cryptoassets.

Russia:          

(17 Mar 2020) Bill on experimental regulatory regimes for digital innovation (in Russian) introduced to the State Duma. Amongst other things, the Bill sets the groundwork for the use of digital sandboxes to test innovative products in Russia.

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/remotely instead. 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 -

Perspectives Series ­– Ready, steady, grow – what every global business needs to think about when developing their tech-driven growth strategy (5 and 6 May 2020):

Clifford Chance teamed up with Forbes to survey 300 senior business executives globally on their approach and attitude to tech-driven growth. In this session we look at some of the big tech trends and issues raised by the report – including ethical tech, Board reskilling, tech regulation, the workforce of the future and AI and big data. Our speakers will discuss their real-life experiences and highlight the impact these issues could have over the next decade, and what you need to think about now | For more information and to RSVP see the Perspectives form.

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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