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Global Weekly Fintech Update

Christmas 2019

23 December 2019

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
2019's TOP 10 ARTICLES & BRIEFINGS

1.     Talking Tech: AI and IP: copyright in AI-generated works (UK law)         

2.     Clifford Chance briefing: Fintech in 2019 – Five trends to watch

3.     Clifford Chance briefing: Facebook’s libra – an exciting but challenging road ahead

4.     Clifford Chance briefing: The digital future of syndicated loans 

5.     Talking Tech: Scraping the barrel? Facebook sues data scrapers

6.     Clifford Chance briefing: AI and risk for financial institutions

7.     Talking Tech: GDPR: the story so far 

8.     Talking Tech: Italian court rules that cryptocurrency is "property" and a "means of payment"

9.     Talking Tech: AI and IP: copyright infringement by AI-systems (UK law)

10.   Talking Tech: Busting Bitcoin's Anonymity

International
  • (18 Dec 2019) International Capital Market Association directory of recent distributed ledger technology regulatory guidance, legislative initiatives, strategy papers and publications in selected jurisdictions across Europe, North America, and Asia-Pacific. | Press release​
  • (17 Dec 2019) Financial Stability Board 2020 work programme, which includes key deliverables relating to fintech and global stablecoins. | Press release
  • (16 Dec 2019) International Organization of Securities Commissions proposed guidance on conflicts of interest and associated conduct risks during the debt capital raising process, which includes an annex consulting market participants about ways that blockchain and distributed ledger technology could be applied to the bond issuance process.
  • (10 Dec 2019) International Association of Insurance Supervisors (IAIS) Secretary General, Jonathan Dixon, speech on the IAIS's current and planned fintech initiatives.
Americas

US:  

  • (18 Dec 2019) The Securities and Exchange Commission (SEC) has announced it has settled securities registration charges with an issuer of digital tokens offered in an unregistered initial coin offering (ICO). The order imposes a US$250,000 penalty, requires the issuer to return funds to investors who request the return of their funds invested in the ICO, and requires the issuer to register with the SEC and file periodic disclosure reports. | Press release
  • (18 Dec 2019) Member of the Board of Governors of the Federal Reserve System, Lael Brainard, speech on digital developments in monetary policy and central banking, covering digital currencies, stablecoins and the challenges ahead.
  • (18 Dec 2019) The Manhattan District Attorney, Cyrus Vance Jr., has indicted a Brooklyn resident for stealing the identities of at least 75 people in a SIM-swapping scheme and stealing US$1,000,000 in cryptocurrency. | Press release
  • (12 Dec 2019) The New York Attorney General, Letitia James, has announced that Eran Eyal, founder of a company that would purportedly allow customers to create a 'universal shopper profile' that would track their information across numerous online retailers using blockchain technology, has been convicted of felony securities fraud. The Securities and Exchange Commission has also brought a civil case against Eyal in connection with the same scheme. | Attorney General press release | SEC press release
  • (5 Dec 2019) Internal Revenue Service annual criminal investigations report which details numerous enforcement actions involving virtual currencies.
APAC

China:            

  • (13 Dec 2019) National Internet Finance Association guidance (in Chinese) on mitigating risks posed by ICOs and virtual currency transactions.

Hong Kong:

  • (16 Dec 2019) Hong Kong Monetary Authority circular on managing money laundering and terrorism financing risks associated with virtual assets and their providers.

India:             

  • (15 Dec 2019) Bank for International Settlements report on designing a digital financial infrastructure and the lessons to be learnt from India's approach.

Japan:           

  • (17 Dec 2019) Japan Fair Trade Commission guidelines on the regulation of digital platform operators with regard to the misuse of consumers' personal information. | Press release
Europe

EU:  

  • (19 Dec 2019) EU Commission consultation on the suitability of the existing regulatory framework for cryptoassets, including stablecoins. Responses are due by 12 March 2020.
  • (19 Dec 2019) EU Commission consultation on potential initiatives to improve digital operational resilience in the area of financial services. Responses are due by 12 March 2020.
  • (19 Dec 2019) The EU Council and Parliament have announced they have reached a provisional political agreement regarding the final text of the EU Commission's proposed framework for crowdfunding and peer-to-peer finance. | EU Commission press release | EU Parliament press release
  • (17 Dec 2019) European Central Bank (ECB) report on anonymity in central bank digital currencies (CBDCs), in which it sets out its proposed 'anonymity voucher' system, which will allow CBDC users to send tokens anonymously (and without review by the ECB's proposed anti-money laundering authority), provided they hold sufficient vouchers.
  • (13 Dec 2019) EU Commission expert group on regulatory obstacles to financial innovation report, which sets out 30 recommendations on how to create an accommodative framework for the technology-enabled provision of financial services.
  • (13 Dec 2019) ECB Vice-President, Luis de Guindos, speech on Europe's approach to using financial innovation to achieve inclusive growth.

France:          

  • (5 Dec 2019) Ministerial order​ (in French) published, which amends the General Regulation of the Autorité des Marchés Financiers (AMF) to specify the registration and licensing conditions and the organisational and business conduct rules applicable to digital asset service providers under the PACTE law.

The Netherlands:      

Sweden:       

  • (13 Dec 2019) The Swedish Central Bank has announced that it has, in collaboration with Accenture, begun work on an e-krona pilot project. | Press release

Switzerland:

  • (13 Dec 2019) Federal Council report on central bank digital currencies and the opportunities and risks of introducing a central bank 'cryptofranc' | Press release​

UK:

We will be taking a break for the holiday season – you will receive your next weekly global fintech round-up on 10 January 2020, covering the full festive period. Happy Holidays.

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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