FIN.

Category - Fintech & Innovation

Crowdfunding Regulation in OJEU

The EU Regulation on Crowdfunding and the accompanying amendments to MiFID 2 have been published in the Official Journal.  It will apply from 10 November 2021. Please ask us if you’d like to see the articles...

EP approves crowdfunding proposals

The European Parliament has approved, in plenary, the proposal for EU-wide regulation of crowdfunding services and platforms. Given that the Council’s position was approved unamended, the text was deemed adopted...

FCA opens 2 sandbox windows

FCA has opened two new application windows in its Sandbox – applications for Cohort 7 of the now established regulatory sandbox, and the pilot of a new Digital Sandbox. The emphasis is on firms providing products...

FCA reports on regulatory perimeter

FCA has published its second report on the regulatory perimeter. The report looks at: consumer confusion about the perimeter – and when FCA has the power to act. It also notes that customers may be confused as to...

EU proposes crypto-asset market Regulation

The EU has published a proposal for a Regulation on markets in crypto-assets, as part of its Digital Finance package.  The proposal notes many Member States have legislated on issues relating to crypto-assets which has...

MEPs call for action on FinTech

MEPs are pleased that the Commission has committed to an early finalisation of its Action Plan on Fintech, but stress the measures must get the balance right between innovation and consumer protection. They want a...

FCA updates on digital sandbox

FCA has updated on the results of its 3 week “DataSprint” which created datasets that the firms now in the digital sandbox can use for testing and developing proofs of concept around 3 use cases related to...

EBA seeks views on Regtech

EBA has published a RegTech industry survey to seek views on how RegTech solutions are being, and could be, used. It wants to understand current activity, raise awareness of it, and have information to inform future...

EVENT: Open Banking Webinar

Our next retail banking mixer by webinar will focus on open banking. Our session will include a brief introduction to the topics followed by a discussion that you’d be welcome to join in with: Open banking from a...

FCA updates on sandbox

FCA has announced its acceptance of 22 businesses into cohort 6 of its sandbox.  It had received 68 applications, mainly from the retail banking, payments and retail lending sectors. More than half were seeking to...

Government launches Fintech review

The Government has launched an independent Fintech Strategic Review to set priorities for industry, policy makers and regulators. Its aims are: to ensure UK fintech has the resources to grow and succeed to create...

FCA reminds crypto businesses to register

FCA has reminded businesses that carry on cryptoasset activity in the UK to register with it for AML purposes, if they have not done so already.  Firms that were carrying on the activities before 10 January 2020 must...

EVENT: Retail Banking Mixer Webinar

Our next r=Retail Banking Mixer will be held by webinar on 18th June at 10am.  We are delighted to be joined by Rosemary Ford and Amber Andrade from Deloitte this time. The webinar continues the focus on COVID-19.  Our...

FCA updates on Innovation Hub help

FCA has updated its information on requesting Innovation Hub support in light of Covid-19. It wants to hear from firms who have creative and innovative solutions to the challenges the virus is posing, and is...

FCA pilots digital sandbox

FCA has announced a pilot of a digital sandbox to give support to innovative firms that are tackling challenges caused by Covid-19. It is asking for expressions of interest before opening applications later in the...

Up next from FCA

Unsurprisingly, FCA’s recent publications have almost exclusively focused on Covid-19. However, in BAU, it still proposes: a consultation on exit fees on investment platforms and comparable firms over the summer;...

Commission approves Green Finance position

The European Commission has sent a Communication to the Parliament on the sustainable finance initiative. It explains the background to the “taxonomy” for the common classification system, and the areas on...

FMLC responds on crypto taxonomy

FMLC has responded to the European Commission’s consultation on classification of crypto assets. The detailed response notes: the current parallel classification of cryptoassets in the UK on the one hand and the...

JMLSG consults on crypto guidance

JMLSG is consulting on a new part to its sectoral guidance, to cover cryptoasset exchange providers and custodian wallet providers. The new Part 22: defines crypto-assets, noting some examples which firms should...

PIFMA concerned about Open Finance

PIFMA has responded to FCA’s call for input on open finance. While it applauds FCA’s stance on encouraging innovation, and feels the financial services sector has lagged behind other sectors in adopting...

FCA speaks on digital assets

Therese Chambers has spoken on the financial crime risks presented by stablecoins and other digital assets. She spoke of: early attempts to launch non-state backed digital currency, and Bitcoin’s predecessors...

EIOPA speaks on digital finance risks

Fausto Parente, EIOPA executive director, has spoken on managing the risks of digital finance in cyber underwriting.  He spoke of the value of data to insurers in enabling them to customise customer products, but the...

FATF blacklists Iran

At FATF’s February plenary meeting it: updated its list of high risk jurisdictions. Notably, it decided Iran has not met commitments to complete its action plan, or enact the Palermo and Terrorist Financing...

FCA publishes annual sector views

The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...

Up next from FCA

The latest Policy Development Update highlights the following publications before the end of Q1 2020: policy statement on fees and levies; consultation on exit fees in investment platforms and comparable firms;...

FCA writes strategy letter to platforms

FCA’s latest  portfolio strategy letter to CEOs has been sent to platforms. It starts by making the point that it expects firms will have used the SMCR to ensure clear accountability within senior management and...

FCA updates AML pages

FCA has updated its pages on AML to take account of the coming into force of the changes to the MLRs implementing MLD5 and the regime for registration of those in the cryptoasset sector. It also confirmed the...

FCA confirms crypto-AML requirements

FCA has formally confirmed that it has, as of 10 January, become the AML/CTF supervisor of businesses carrying on certain crypto-asset activities that now fall under the MLRs.  It reminds market participants that no new...

UK regulators announce data reforms

The FCA has released its new Data Strategy which outlines plans to develop its data capabilities through a renewed focus on the use of advanced analytics and automation techniques.  The FCA hopes this strategy, an...

EVENT: Retail Banking Mixer

Bringing together professionals in the insurance, banking and other financial services sectors, we will be hosting the first of our quarterly RETAIL BANKING MIXERS at our Edinburgh office on 9th January from 4pm –...

FCA calls for input on open finance

FCA has launched a Call for Input on Open Finance. The concept builds on the principles of open banking and extends it to a wider range of products.  FCA has a vision that open finance will allow consumers and...

EU calls for halt on stablecoins

The European Council and Commission have called for a halt on any stablecoin arrangements in the EU, saying they should not start operating until the legal, regulatory and oversight challenges and risks have been...

AFME calls for crypto supervision convergence

AFME has published a paper setting out recommendations to help deliver consistent regulatory treatment of crypto-assets within Europe. It wants to establish a taxonomy; provide clear expectations for market participants...

FSB holds Paris plenary

The FSB Plenary met in Paris to review vulnerabilities in the global financial system and to discuss advances in FinTech.  The Plenary also agreed its work programme for 2020. Current vulnerabilities The Plenary...

FATF consults on digital identity

FATF is consulting on the use of digital ID systems for CDD.  It has published some currently unapproved guidance and is asking for views on a number of key issues. It asks for comment by 29 November.

FCA speaks on future of regulation

Nausicaa Delfas spoke on the future of UK financial regulation post-Brexit. She said FCA continued to prepare for Brexit, whatever form it takes and whenever it happens, and referenced its preparations for a no-deal...

FMLC evaluates exchange tokens

The Financial Markets Law Commission has published a report in which it evaluates some of the live issues and considerations in relation to exchange tokens and virtual currencies. The report provides an overview of...

Regulatory risks of Stablecoins in focus

The emergence of global stablecoins has been a focus point over the past few days, with the FSB, FATF and the G7 Working Group on Stablecoins all publishing statements on the impact and risks of the development of these...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

ESAs respond on crypto assets

EBA and ESMA have published a joint response to the Commissions’ paper on crypto-assets.  The response explains the work the ESAs are undertaking, including an imminent national stock-taking exercise on the...

ASA takes action on misleading crypto ad

ASA has told HDR Global Trading to take down an ad and ensure in future that financial information was set out so as to be readily understood by the audience it was aimed at and that the risks of the relevant...

EBA FinTech report published

The EBA has analysed the regulatory landscape for FinTech firms, both in terms of activities around the regulatory perimeter and within authorisation.  The report sets out the findings of this analysis, including...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

CMA launches digital advertising market study

The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...

FCA speaks on regulating innovation

Christopher Woolard has spoken on regulating financial innovation. He explained how valuable early engagement is, and how working with innovative firms helps FCA to get a good bird’s eye view of what it should...

BIS to set up Innovation Hub

The Board of the Bank for International Settlements (BIS) has announced the establishment of a BIS Innovation Hub to foster international collaboration on innovative financial technology within the central banking...

FCA publishes first perimeter report

FCA has published the first of what will be an annual report on its regulatory perimeter. Among other things, the report is designed to explain what challenges the perimeter is presenting and whether there might be a...

FCA speaks on tech activism

Nick Cook, FCA’s director of innovation, has spoken on the need for regulators to keep up to speed with innovation.  He spoke about: the continuing success of the FCA sandbox and the high proportion of firms that...

FSB Report on Crypto-Asset Risks

The FSB has published a report on crypto-assets,  which will be delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Fukuoka in June 2019. In particular the report notes: the work...

FCA Call for Input on Cross-Sector Sandbox

The FCA has published a Call for Input, requesting the views of interested parties on the concept of cross-sector sandbox. Since October 2018, the FCA has engaged with a range of regulators and a small group of firms to...