Category

FinTech

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 … Read More

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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 … Read More

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28 March 2017

Office of the Comptroller of the Currency Issues Draft Fintech Charter Licensing Guidance

On March 15, 2017, the Office of the Comptroller of the Currency published a draft supplement to the Comptroller’s Licensing Manual that sets forth details of the OCC’s proposal to accept applications from financial technology companies for special purpose national bank charters. The OCC’s guidance makes clear that it intends … Read More

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09 December 2016

OCC Moves Forward with Proposal to Issue FinTech Charters

The Office of the Comptroller of the Currency (OCC) has confirmed its intention to explore issuing limited-purpose national bank charters to fintech firms engaged in banking activities — commonly called the “fintech charter.” Earlier this year, the OCC had signaled this possibility. Now, through the release of a policy paper … Read More

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25 October 2016

Federal Banking Agencies Request Comment on Enhanced Cyber Risk Management Standards

On Oct. 19, the Board of Governors of the Federal Reserve System (the Board), the Office of the Comptroller of the Currency (the OCC) and the Federal Deposit Insurance Corporation (the FDIC, and collectively with the Board and the OCC, the Agencies) issued a joint advanced notice of proposed rulemaking … Read More

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18 October 2016

G7 Sets Guidelines for Cybersecurity for the Financial Sector

As the financial services sector becomes ever more reliant on new technologies to decrease costs and create more efficient systems, it becomes more vulnerable to cyber attacks. On October 11, 2016, the Group of Seven (“G7”) industrial nations agreed on a set of guidelines to combat the cyber risks that … Read More

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23 September 2016

Toward a National FinTech Charter: Comptroller Proposes Receivership Rule for Uninsured Banks

On Tuesday, Sept. 13, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking and request for public comment (the Proposed Rule) introducing a regulatory regime to govern the receivership of national banks that are not insured (uninsured banks) by the Federal Deposit Insurance Corporation … Read More

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25 May 2016

FTC Bans Payment Methods Under Its Telemarketing Sales Rule

*This article originally appeared in the FinTech Law Report, Volume 19, Issue 2 for March/April 2016.

On November 18, 2015, the Federal Trade Commission (FTC) issued final amendments to the Telemarketing Sales Rule (TSR) banning payment methods that the FTC believes are disproportionately used by scammers (Final Rule). The Final … Read More

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28 April 2016

CFTC Asserts Jurisdiction Over Bitcoin Derivatives

This Article originally appeared in the Thomson Reuters FinTech Law Report, Volume 18, Issue 6 (2016).

On September 17, 2015, the Commodity Futures Trading Commission (“CFTC”) issued an order (“Coinflip Order”) settling charges brought against Coinflip, Inc., the operator of an online trading platform that facilitated the trading of derivatives … Read More

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