Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Global | Publication | November 2016
There is much excitement globally about smart contracts and distributed ledger technologies that support them. Properly funded technology vendors and consortia have emerged which are now able to give tangible expression to that sense of excitement in the form of new and innovative smart contract and distributed ledger products and services.
It has become apparent to us, however, that when industry stakeholders (both buyers of the new technologies and vendors) speak of smart contracts, they can mean very different things. As any contracts lawyer will tell you, words matter. Consistency of language is vital if clear lines of communication are to be achieved in a rapidly evolving industry. What do we mean by a smart contract? Is it smart? Is it a contract? Do lawyers and technologists understand each other when they use these terms?
Recognising the imperative for clarity on these issues, R3 and Norton Rose Fulbright offer this White Paper as a step forward in forging a consensus of understanding between industry stakeholders, lawyers and technologists in relation to smart contracts.
The White Paper considers whether a smart contract can constitute a legally binding contract under the law of a number of key jurisdictions. It also examines the practicalities of enforceability and provides some suggestions for dispute resolution within a smart contract context.
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Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is now half way through its first phase of compliance, while the supporting regulatory frameworks constituting the building blocks for the CORSIA and Article 6 markets are incrementally being cemented in place and the market is developing fair mechanisms for managing key gap risks.
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