On 29 April, UK Chancellor Rachel Reeves unveiled draft legislation aimed at regulating cryptoassets at the International Fintech Growth Summit (IFGS) in London, sponsored by Latham & Watkins.
The proposed legislation...more
The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.
In October 2023, the UK’s Jurisdiction Taskforce (UKJT), which is made up of...more
Assertive regulators are bringing greater clarity and new challenges as they step up oversight of fintech innovation.
As the fast-growing fintech industry thrives, the sector has begun to attract greater regulatory...more
A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit.
On 16 June 2021, the Taskforce on Innovation,...more
6/17/2021
/ Banking Sector ,
Counterparties ,
Digital Currency ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Information Reports ,
MiFID II ,
Open Banking ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Banks ,
UK ,
UK Brexit
Throughout 2020, cryptocurrencies experienced incremental progress towards the mainstream as institutional investors and financial institutions made positive statements about the nascent asset class, an increasing number of...more
1/29/2021
/ Anti-Money Laundering ,
Banking Sector ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Initial Coin Offering (ICOs) ,
Investment Firms ,
Investors ,
Popular ,
Virtual Currency
The proposed regulation will provide greater consumer and investor protection and lessen the risks of participating in digital finance.
The EU Commission has published a proposal for a wide-ranging EU regulation covering...more
Crypto-asset trading is a fast-growing part of the financial sector. Some countries have wholeheartedly embraced crypto-assets; others have been reticent to permit widespread adoption. Generally, countries have interpreted...more
The Fintech Strategic Review aims to ensure the ongoing growth and success of UK fintech as a world leader in financial innovation.
On 20 July 2020, HM Treasury announced the launch of an independent review into the UK’s...more
An ECON draft report on digital finance recommends legislative action in relation to cryptoassets and cyber resilience and a framework for digital onboarding.
On 4 June 2020, the European Parliament’s Economic and Monetary...more
The consultation provides a key opportunity for market participants to provide feedback on the regime.
Key Points:
..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
2/27/2020
/ Commodities ,
Derivatives ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FinTech ,
Foreign Exchanges ,
Investors ,
MiFID II ,
MiFIR ,
Public Consultations ,
Small and Medium-Sized Enterprises (SMEs)
Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance.
Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...more
1/23/2020
/ Banking Sector ,
Capital Requirements ,
Consumer Financial Products ,
Data Protection ,
Data-Sharing ,
Financial Conduct Authority (FCA) ,
FinTech ,
Open Banking ,
Personal Data ,
Popular ,
PSD2 ,
Regulatory Standards ,
Third-Party Service Provider ,
UK
Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services.
In a bid to keep pace with rapid advances in cloud adoption across financial services, regulators have published a...more
11/12/2019
/ CLOUD Act ,
Cloud Storage ,
Data Protection Authority ,
EU ,
European Banking Authority (EBA) ,
Financial Services Industry ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
New Guidance ,
Open Banking ,
Regulatory Agenda ,
Reinsurance
FCA finalises guidance on cryptoassets and consults on product intervention measures.
FCA guidance on the regulation of cryptoassets -
As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more
8/2/2019
/ Asset Tokens ,
Cryptoassets ,
Derivatives ,
E-Money ,
EU ,
European Economic Area (EEA) ,
Exchange-Traded Products ,
Final Guidance ,
Financial Conduct Authority (FCA) ,
FinTech ,
Market Participants ,
MLD5 ,
Payment Systems ,
Regulatory Standards ,
Securities ,
SMCR ,
UK
ESMA and the EBA publish documents considering the application of the EU regulatory regime to crypto-assets and ICOs.
Key Points:
..ESMA highlights the importance of taking a technology-neutral approach to regulation,...more
FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox.
The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a...more
The Strategy emphasises the UK government’s continued push to create a world-leading FinTech sector.
At the second International Fintech Conference held on 22 March 2018, Philip Hammond, Chancellor of the Exchequer,...more
The FCA seeks industry feedback to capitalise on global regulatory sandbox trend.
The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can...more
The UK government’s 2017 Autumn Budget included some measures of particular interest for fintech firms, demonstrating the government’s continued commitment to making the UK a world-leading fintech hub.
The government has...more
On 15 November 2017, the European Central Bank (ECB) published a newsletter containing an article on how the ECB is dealing with the increasing number of fintech bank applications. The ECB is the banking supervisor, alongside...more
Regulatory sandboxes are becoming a global trend, providing plenty of opportunities for innovative businesses.
Pioneered in the UK as part of the Financial Conduct Authority’s (FCA) “Project Innovate”, a regulatory sandbox...more
Initial Coin Offerings (ICOs) involve issuers offering virtual coins or tokens that are created and disseminated using distributed ledger or blockchain technology. The capital raised from the offer will fund the development...more
9/5/2017
/ Blockchain ,
Canadian Securities Administration ,
Cross-Border Transactions ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Howey ,
Initial Coin Offering (ICOs) ,
Monetary Authority of Singapore ,
Securities ,
UK
The Bank of England (BoE) announced on 19 July 2017 that it is extending direct access to its real-time gross settlement (RTGS) service to non-bank payment service providers (i.e., e-money institutions and payment service...more
Cloud services come with the promise of many benefits for the financial services sector. Cloud computing offers large-scale and cost-effective solutions for data storage and efficient processing and is also the underlying...more
RTGS service to be interoperable with distributed ledger technology, to allow greater access and to provide sophisticated data interface for liquidity management.
There is an important opportunity for early-stage...more
On April 28th, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report about Fintech and the influence of technology on the future of the financial sector. The report, prepared by Cora...more