On March 6, 2018, the World Economic Forum (WEF) published a white paper report analyzing challenges that financial services and fintech firms face in protecting customer information against the increasing risk of cyber-attacks and setting out proposals to better manage
Cleary FinTech Update
The Latest Insights Into Innovation in Financial Services
The Cleary FinTech Update, published by Cleary Gottlieb Steen & Hamilton LLP, focuses on legal developments and regulatory issues in the financial technology sector. It covers topics such as artificial intelligence and its impact on dispute resolution, quantum computing and cybersecurity in finance, fiduciary duties of cryptoasset software developers, regulatory actions related to digital assets, and enforcement trends involving cryptocurrency companies. The blog addresses emerging challenges at the intersection of technology, finance, and law, including data protection, intellectual property, financial regulation, and compliance matters relevant to fintech businesses and stakeholders.
Latest from Cleary FinTech Update - Page 7
AMF Consultation on ICOs – Initial Feedback
Further to its consultation on potential legal framework of Initial Coin Offerings (“ICOs”) (the “Consultation”), the French Autorité des Marchés Financiers (“AMF”) published on February 22, 2018 a summary of the responses received.[1]
The majority of respondents favor an…
The AMF Consults on Potential Legal Framework for ICOs and Launches Digital Asset Fundraising Sandbox
On October 26, 2017, the French Autorité des Marchés Financiers (“AMF”) launched a consultation on Initial Coin Offerings (“ICOs”) and the potential regulation of such offerings (the “Consultation”). The Consultation was opened as of October 26, 2017 until December 22,…
SEC and CFTC Testimony on Virtual Currencies: Is More Regulation on the Horizon?
On February 6, 2018, Chairman Clayton of the Securities and Exchange Commission (SEC) and Chairman Giancarlo of the Commodity Futures Trading Commission (CFTC) testified before the Senate Banking Committee (the Committee) on their agencies’ oversight role for virtual currencies. Consistent…
Chinese Government Moves To Effectively Ban Cryptocurrency Trading
Secretary Mnuchin Announces FSOC Working Group to Combat Money Laundering and Speculative Risks in Virtual Currencies
On Friday, January 12th, during an appearance at The Economic Club in Washington, D.C. United States Treasury Secretary Steven Mnuchin announced that the Financial Stability Oversight Council (FSOC) was forming a virtual currency working group. The announcement follows FSOC’s discussion…
SEC Requests Withdrawal of Bitcoin Futures ETFs
Following the December 2017 listing of futures contracts based on Bitcoin by two exchanges regulated by the Commodity Futures Trading Commission (CFTC), several fund sponsors and securities exchanges applied to the Securities and Exchange Commission (SEC) to list exchange-traded funds…
Regulators Remain Focused on Risks Associated with Cryptocurrencies, ICOs, and Cryptocurrency-Related Investment Products
On January 4, 2018, the North American Securities Administrators Association (NASAA) released an investor reminder regarding the risks associated with cryptocurrencies, initial coin offerings (ICOs), and cryptocurrency-related investment products. In the warning, the NASAA described factors that investors should consider…
The CFTC Issues a Proposed Interpretation Regarding Retail Commodity Transactions Involving Virtual Currency
On Friday, December 15, 2017, the Commodity Futures Trading Commission (CFTC) issued a proposed interpretation of the term “actual delivery” for purposes of determining whether certain virtual currency transaction could be deemed “retail commodity transactions” subject to the CFTC’s jurisdiction…
U.S. District Court for the Southern District of New York Dismisses NYDFS OCC FinTech Charter Suit
On December 12, 2017, the U.S. District Court for the Southern District of New York dismissed the New York Department of Financial Services’ (NYDFS) suit against the Office of the Comptroller of the Currency (“OCC”) challenging the proposed special purpose…