As the FinTech industry continues to expand, regulators around the globe are starting to react. The past 18 months have seen the emergence of a new trend in financial services regulation, the “sandbox.”
Since the launch of the UK’s regulatory sandbox in May 2016, regulators across the globe have adopted similar frameworks. There are now regulatory sandboxes in Abu Dhabi, Australia, Canada, Hong Kong, Lithuania, Singapore, Switzerland and Thailand, to name a few, and the European Union recently set out proposals for a possible EU-wide regulatory sandbox. (more…)
Singapore’s Personal Data Protection Commission (PDPC) has launched a public consultation into a proposed revision to the law that would require reporting of certain data breaches. Singapore currently uses a voluntary approach to data breach notifications, but, according to the PDPC, this has resulted in uneven notification practices. Under the proposals, it will be mandatory for organizations to inform customers of personal data breaches that pose any risk of impact or harm to the affected individual as soon as they are discovered. If an incident involves 500 or more individuals, organizations will need to notify the PDPC as soon as possible but no later than 72 hours after discovery of the breach. The proposals aim to allow individuals to take steps to protect their interests in the event of a data breach, for example, by changing their password. (more…)
On July 1, 2015, China’s top legislature adopted a new National Security Law (中华人民共和国国家安全法), highlighting cyber security and paving the way for a coordinated crisis management system. The law aims to provide a general legislative framework to cover a wide range of areas, ranging from finance, politics, the military and cyber security to culture, ideology and religion.