Archive: June 2022

Join our global FinTech team to hear about the developing regulatory approaches and trends in the BNPL sector across the world.

On June 14, the House of Commons introduced Bill C-26: An Act respecting cyber security, amending the Telecommunications Act and making consequential amendments to other Acts (Bill C-26).

On 24 June 2022, HM Treasury published two post-implementation reviews and a forward looking review of the UK’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime.

On 24 June 2022, there was published the terms of reference of the Joint Regulatory Oversight Committee (Committee).

The Committee comprises of the Competition and Markets Authority, Financial Conduct Authority, Payment Systems Regulator and HM Treasury. The Committee’s role is to oversee the planning and preparation for the future open banking entity and consider the vision and strategic road-map for further developing open banking. The Committee will also be responsible for overseeing and, where applicable, monitoring the future entity, once set up, until a permanent regulatory framework is in place.

The Department for Culture, Media and Sport (DCMS) has finally published the UK government’s long-awaited response to the consultation on the future of the UK data protection regime.

On 16 June 2022, the European Central Bank (ECB) published a speech by Executive Board member Fabio Panetta entitled ‘Bringing European payments to the next stage: a public-private endeavour’. In his speech Mr Panetta discusses the EU’s retail payments strategy and the introduction of a digital euro.

As privacy incidents and security breaches involving personal information become increasingly frequent, organizations are more and more aware of the importance of implementing a robust privacy program to mitigate the risks and impacts of such incidents. While this preparation is important, organizations must also consider the aftermath of a privacy incident. In this first blog post, we will discuss legal obligations and procedural considerations regarding record-keeping of privacy incidents.

Germany further broadens the scope of its new legislative regime for electronic securities: On 18 June 2022, the German Regulation on Crypto Fund Units (Verordnung über Krypto­fonds­an­teile – KryptoFAV; link) entered into force. The KryptoFAV introduces the possibility to issue units in common funds (Sonder­ver­mögen) via decentralised crypto securities registers which are typically based on distributed ledger technology (DLT).

On 16 June 2022, the government announced that it would be reforming the Consumer Credit Act 1974 and move much of the Act from statute to the FCA Handbook. The reforms will build on the recommendations of the FCA’s retained provisions report and the Woolard Review – which both made recommendations for a reformed regime. A consultation is expected to be published by the end of this year outlining the government’s proposals, and seeking views from stakeholders on how the Act should be reformed.

On 20 June 2022, HM Treasury published the government’s response to its October 2021 consultation on the regulation of Buy-Now Pay-Later (BNPL) products.