Author Archives: Brett Carr

ECB and BOJ publish joint research paper on Payment systems: Liquidity saving mechanisms in a distributed ledger environment

In December 2016, the Bank of Japan (BOJ) and the European Central Bank (ECB) launched their joint research project entitled “Stella”, which studies the possible use of Distributed Ledger Technology (DLT) for financial market infrastructures. Today, they published their findings. In the first step of their cooperation, the BOJ and the ECB conducted in-depth experiments […]

Hong Kong Securities and Futures Commission makes statement on initial coin offerings

Much like the recent investigative report from the SEC in the USA in relation to the DAO token issuance, in which it was determined that a token sale amounted to the issuance of securities, this statement from the SFC serves to explain that, depending on the facts and circumstances of an ICO, digital tokens that are […]

basel committee releases fintech consultation

The Basel Committee on Banking Supervision today released a consultative document on the implications of fintech for the financial sector. The document assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors in the near to medium term. Various future potential scenarios are considered, with their […]

Minor amendment to PRIIPS RTS published in the Official Journal

Background A corrigendum to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards (RTS) with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling […]

ECB: Brexit clock is ticking

Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, talks about developments in the preparatory work of banks and supervision in light of the UK leaving the European Union, Supervision Newsletter (Summer 2017) In summary, Lautenschläger said that: all affected banks should prepare themselves with […]

bank for international settlements releases working paper on fintech opportunities

The BIS has today released Working Paper No 655 (the FinTech Opportunity) by Thomas Philippon. The paper assesses the potential impact of FinTech on the finance industry. It documents first that financial services remain surprisingly expensive, which explains the emergence of new entrants. It then argues that the current regulatory approach is subject to significant political […]

faster payments has successfully tested payments in the tens of millions of pounds

In an announcement from Faster Payments, it was announced a ‘Live Proving’ exercise was carried out to test the ability for all existing Participants to receive a payment of a significantly higher value than the current £250,000 limit. First multi-million pound Faster Payments The exercise was successfully completed on Tuesday 11th July 2017, with all 16 Participants […]

8 EU states offer to host the EBA post-brexit

The EC has today announced that the following cities have proposed to host the EBA: Brussels (Belgium) Dublin (Ireland) Frankfurt (Germany) Paris (France) Prague (Czech Republic) Luxembourg-City (Luxembourg) Vienna (Austria) Warsaw (Poland) The applications will be assessed on the basis of six criteria agreed by the 27 member states: guarantees that the agency will be operational when […]

FCA to consider whether there is a place for unarranged overdrafts in the modern banking market

In a Feedback Statement published today, the FCA stated that: they have significant concerns about how unarranged overdrafts operate. Charges are high, complex and potentially harmful. Based on the evidence they have to date, they believe there is a case to consider fundamental reform of unarranged overdrafts and consider whether they should have a place in any modern […]

Payments strategy forum releases its consultation on the blueprint for the future of UK payments

The Forum has published its Blueprint for the Future of UK Payments for public consultation until 22nd September 2017. The Consultation is an opportunity for everyone to have their say on the detailed design for the New Payments Architecture (NPA) and the future of payments in the UK. The Forum is hosting a Consultation Briefing Session […]