By

John M. Casanova

12 September 2018

“Cryptoassets are here to stay”: EU Authorities to Provide Guidance on Cryptocurrencies and ICOs

On September 4, the Innovation Group of the European Parliament’s Committee on Economic and Monetary Affairs met to discuss a proposal presented by the rapporteur Ashley Fox,1 member of the European Parliament, to include a framework for initial coin offerings (ICOs) within the proposed European Union (EU) financial services regulatory regime for crowdfunding2 (see European Commission (Commission) proposal COM(2018) 113 final).3

As part of the public discussion, the Commission, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the UK Financial Conduct Authority (FCA) were present to provide their thoughts. (more…)

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06 September 2018

European Data Protection Board Clarifies Application of GDPR to Payment Service Providers

On July 5, 2018, the European Data Protection Board (EDPB)1 replied to a request from a Member of the European Parliament (MEP), Dutch Democrat Sophie in ‘t Veld, for clarification on a number of issues relating to the protection of personal data under the EU General Data Protection Regulation (2016/679) (GDPR) and the revised EU Payment Services Directive (2015/2366) (PSD2). In its response, the EDPB set out its position on how the requirement to obtain explicit consent from payment service users under PSD2 interacts with the GDPR. The EDPB also provided guidance on the use of personal data relating to a payee by an account information service provider or a payment initiation service provider acting for a payer.

This post summarizes the EDPB’s stated positions on these points and explores the implications for firms providing payment services in the European Economic Area (EEA).

(more…)

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22 August 2018

Fintech Without Borders: Regulators Consult on Global Financial Innovation Network

On August 7, a group of regulators from 11 jurisdictions published a consultation (the Consultation) on the Global Financial Innovation Network (the GFIN), which aims to promote international cooperation on innovation and the use of technology in financial services (FinTech) and in regulatory processes (RegTech).

The group — which includes the U.S. Consumer Financial Protection Bureau, the UK Financial Conduct Authority (the FCA), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) — is one of the first major collaborative efforts on FinTech and RegTech issues among regulators in developed financial services markets. The Consultation builds on the FCA’s proposal earlier this year to create a “global sandbox” for innovative financial services firms.

This post summarizes the proposed role of the GFIN, the issues on which its founding regulators are consulting and how these may affect financial services firms.

(more…)

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15 March 2018

Singapore Joins APEC Cross-Border Privacy Rules System and Privacy Recognition for Processors Program

On March 6, 2018, Singapore announced that it has joined the APEC Cross-Border Privacy Rules (CBPR) system as well as the APEC Privacy Recognition for Processors (PRP) program. Singapore is the sixth member of the CBPR system, which includes Canada, Japan, Korea, Mexico and the United States, and is the second member of the PRP program after the US. (more…)

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01 March 2018

Monetary Authority of Singapore Consults on Proposed E-Payments User Protection Guidelines

On Feb. 13, 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the Proposed E-Payments User Protection Guidelines (Consultation Paper). Under the Consultation Paper, the MAS proposes to issue a set of guidelines (Guidelines) to standardize the protection offered to individuals or micro-enterprises from losses arising from unauthorized or mistaken payment transactions.

The Guidelines are part of MAS’s ongoing review of Singapore’s regulatory framework for payment services.  They are meant to provide general guidance and are not intended to be comprehensive or to replace or override any legislation.

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11 September 2017

FinTech and Regulatory Sandboxes in the UK, Hong Kong and Singapore

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…)

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30 May 2017

Money Laundering Regulations 2017: Preparing for the UK’s New Customer Due Diligence Regime

The UK is expected to introduce its updated customer due diligence regime with effect from June 26 or shortly thereafter. The changes are wide-ranging and will affect virtually all financial services firms doing business in the UK.

The Government has published a near-final draft of the new legislation. To the extent they’ve not already started, affected firms should be planning for the changes that will be required to their existing policies, procedures and systems.

In this post, we highlight the key issues for financial services firms, and propose a series of action points that they may wish to consider over the next month as they move to implement the new requirements. (more…)

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05 October 2016

Impact of the EU’s General Data Protection Regulation on the Insurance and Reinsurance Industry

After almost four years of negotiations, drafting and discussions, the General Data Protection Regulation (GDPR) entered into force earlier this year. Businesses, including insurance companies, now have until May 25, 2018 to meet the new requirements under the GDPR. The GDPR aims to harmonize data protection legislation across the European Economic Area (EEA), making compliance for (re)insurance companies that operate in multiple EEA jurisdictions easier. However, in order to achieve this, the GDPR introduces a number of new requirements that will have a significant, and sometimes onerous, impact on (re)insurance companies. The GDPR is also likely to still be relevant to (re)insurance companies based in the UK despite Brexit, as the GDPR will become law in May 2018, which may be before the UK withdraws from the European Union, and even after withdrawal, the GDPR will continue to apply to UK companies that process data on EEA residents. Some of the key provisions of the GDPR that are of particular relevance for the insurance and reinsurance industry are summarized below.

(more…)

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14 March 2011

European Shift to Concrete Cost Analysis of Data Protection

BNA’s Privacy & Security Law Report

Following meetings held Feb. 24-25, the Council of the European Union released its ‘‘Conclusions’’ in response to the EU Commission’s Nov. 4, 2010 ‘‘Communication’’ proposing ‘‘a comprehensive approach on personal data protection in the European Union.’’ The Council is the main decision-making body of the European Union, comprising the ministers of the Member States. Depending on the issue on the agenda, each country is represented by the minister responsible for that subject (foreign affairs, finance, social affairs, transport, agriculture, etc.).

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