Jones Day Presents: State Regulations and Blockchain
In Short - The Situation: Regulatory "sandboxes" are trending. They represent a unique approach to regulation that permits selected companies to test and experiment with new and innovative products and services....more
The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The rescission was effective on...more
The CFPB and the Colorado AG’s Office have announced they will hold joint virtual office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint virtual office hours will be held on December 2,...more
SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more
The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in...more
The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision,...more
Kentucky House Bill 386 is the first comprehensive framework for an insurance regulatory “sandbox” in the nation. It allows companies, even those without an insurance license, to market their inventions in a tailored...more
Jones Day's Margaret Lyle discusses the approach various state legislatures are taking with respect to blockchain, which is to support the technology and foster entrepreneurship. She also describes how states are dealing with...more
On February 19, Wyoming Governor Mark Gordon signed HB 57, which creates a regulatory sandbox program in the state for companies to test innovative financial products and services. Wyoming becomes the second state in the...more
Washington, D.C. Mayor Muriel Bowser recently established the District of Columbia Financial Services Regulatory Sandbox and Innovation Council (the “Council”). The Council has been tasked with analyzing and reporting on the...more
The Cato Institute announced that it will hold a policy forum in Washington, D.C. on January 17, 2019 at which the topic will be “Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes.”...more
The U.K. Financial Conduct Authority has announced that the application window has opened for cohort five of its regulatory sandbox. The FCA announced the successful applicants to the previous cohort in July 2018....more
Until very recently, the Financial Services Authority (OJK) only regulated peer-to-peer fintech lending platforms (P2P Firms). A recently issued OJK regulation (POJK 13/2018) increases its regulatory mandate over fintech...more
At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. earlier this week, the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose...more
Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe....more
On August 3, 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first...more
In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of...more
Arizona’s Fintech Sandbox - Last month Arizona became the first U.S. state to enact a law allowing for the establishment of a fintech regulatory sandbox program (H.B. 2434) to facilitate the growth of innovative financial...more
On March 23, 2018, Arizona Governor Doug Ducey signed House Bill 2434 into law, which makes Arizona the first state in the United States to enact a fintech regulatory “sandbox.” The bill was sponsored by Representative Jeff...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