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Topic: Future of fintech

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Monthly Global FinTech regulatory updater

September 06, 2022

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here

The Law Commission's 'data objects': digital assets as a new property class

August 01, 2022

Those who have forgotten to choose a thriller for their summer holiday reading can breathe a sigh of relief; the Law Commission has come to the rescue by publishing its 549-page consultation paper on the future of digital assets. Spoiler alert: the Law Commission suggests that, while English law has demonstrated a degree of flexibility in accommodating the use (and regulating the misuse) of digital assets, now is the time to develop a coherent legal framework capable of dealing with all manner of digital assets, instead of relying on the iterative development of the common law. Such a framework would entail new legal fictions, and while the Law Commission’s proposals do not amount to an overhaul of English property law, they would, if implemented, result in fundamental changes.

HM Treasury consultation on managing the failure of systemic digital settlement asset firms

June 13, 2022

On 31 May 2022, HM Treasury published an open consultation seeking views on a regime to address the failure of a systemic digital settlement asset (DSA) firm.

Law Commission proposal on electronic trade documents: a significant demonstration of their approach to new technology and a new era for trade finance

May 25, 2022

The Law Commission’s Report and draft Bill on Electronic Trade Documents is the first piece of proposed legislation arising out of their recent focus on new technologies and gives a significant hint as to the outcome of other consultations, particularly that on cryptoassets. The Law Commission proposes a single far-reaching change – decreeing that several types of electronic trade document may be ‘possessed’ – and accompanies this with a number of subtle accommodations that demonstrate their understanding of the power of the English common law to assimilate new concepts. If this influences other jurisdictions to adopt a consistent approach, it could transform international trade finance documentation. Norton Rose Fulbright LLP was one of only three law firms that submitted a complete response to the consultation that led to this proposal.

ESAs recommend further actions for digital finance, strengthening supervision of BigTech active in financial services

April 14, 2022

On 7 February 2022, the European Supervisory Authorities (ESAs), comprising of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), published their Joint Advice to the European Commission on Digital Finance. The joint advice was prepared in response to the European Commission’s (Commission) request for technical advice that was issued to the ESAs in February 2021 (please see our blog). It sets out sets out the ESAs’ findings and advice in response to the Commission’s request.

New FCA webpage: Innovation Hub: market insights

April 14, 2022

On 28 March 2022, the FCA published a new webpage titled ‘Innovation Hub: market insights’.

FSB report: FinTech and Market Structure in the COVID-19 pandemic: Implications for financial stability

April 12, 2022

On 21 March 2022, the Financial Stability Board (FSB) published a report regarding FinTech and Market Structure in the COVID-19 pandemic – Implications for financial stability.

Financial Services Future Regulatory Framework Review

December 14, 2021

On 9 November 2021, HM Treasury published its response to the feedback received to its earlier consultation on the launch of the second phase of the Future Regulatory Framework (FRF) Review, which considers how the regulatory framework for financial services needs to adapt to be fit for the future. The response makes a series of proposals to deliver the intended outcomes of the FRF Review, building on the strengths of the UK’s existing framework. The deadline for comments on the proposals is 9 February 2022.

Day 1 of the Singapore FinTech Festival: the Keynote

December 14, 2021

Singapore FinTech Festival is off to a great start with the announcement by Deputy Prime Minister Heng Swee Keat at the Singapore Fintech Festival x Singapore Week of Innovation and Technology 2021 to set aside an additional SGD 180 million for AI research – which could not be more timely.

Day 2: Themes of the Singapore FinTech Festival

December 14, 2021

On Day 2 of the Singapore FinTech Festival, attendees were invited to an in-depth exploration of key technological pillars of the Web 3.0 ecosystem – distributed ledger technology (DLT), artificial intelligence (AI), the internet of things (IoT), 5G and quantum computing. Through a series of foundational discussions, deep dives, and overviews of key global trends, the current state of each of these technologies, along with future developments to look out for, were thoroughly explored. The day culminated in a session with a panel of chief executives – Calvin Choi of AMTD Group, Helen Wong of OCBC Bank, Mike Wells of Prudential and Piyush Gupta of DBS – who offered their thoughts on the global trends in Web 3.0 and how it might transform financial services.