Category

FinTech

01 October 2021

Rohit Chopra Confirmed as CFPB Director; Historically Active Enforcement and Regulatory Regime Begins

On September 30, the U.S. Senate confirmed Commissioner Rohit Chopra of the Federal Trade Commission as the new Director of the Consumer Financial Protection Bureau (CFPB). Director Chopra is expected to usher in a regime of dramatically increased enforcement and creative, expansive regulation. Many financial institutions will have questions and … Read More

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30 September 2021

SEC Fines Alternative Data Provider for Securities Fraud

On September 14, 2021, the U.S. Securities and Exchange Commission (SEC) settled an enforcement action against App Annie Inc., an alternative data provider for the mobile app industry, and its former CEO Bertrand Schmitt. The SEC charged App Annie and Schmitt with securities fraud, under Section 10(b) of the Securities … Read More

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27 July 2021

Enhanced Focus on Digital Asset Intermediaries by SEC, Congress, and State Securities Regulators

Given the substantial growth in digital asset investments this year, intermediaries offering trading and lending services are now the target of regulatory and enforcement focus that we expect will continue in the coming months and years. Recent examples of this increased scrutiny of digital asset service providers and intermediaries include… Read More

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25 February 2021

UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services

On January 28, 2021, the UK Financial Conduct Authority (FCA) published Consultation Paper CP21/3, “Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual” (Consultation Paper). This follows the FCA’s announcement in its 2020-21 business plan that … Read More

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21 January 2021

A Digital Europe – Digital Health and other Recent EU Data Initiatives

Taking a step into the digital age, the European Commission announced that the 2020s shall become the EU’s Digital Decade.  The EU’s digitalization, including in the area of health, is one of the Commission’s key priorities and covers a wide range of actions and related initiatives.

Building on prior initiatives, … Read More

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24 December 2020

FinCEN Proposes Tracking and Reporting Virtual Currency Transactions Involving Unhosted Wallets

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPR) regarding a proposal to impose on banks1 and money service businesses (MSBs) new recordkeeping, reporting, and identity verification requirements in relation to certain transactions involving convertible virtual currency (CVC) or digital assets … Read More

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30 October 2020

Big Data: Legal and Compliance Considerations for Investment Managers

Sidley Partners Nathan J. Greene and Colleen Theresa Brown are co-authors of a new chapter of the PLI treatise Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law focusing on legal and compliance considerations for use of Big Data.  The chapter examines the expanding range of topics facing … Read More

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