Global FinTech & Payments Blog

Insights and commentary on the latest tech, regulatory, and market trends driving innovation in financial services

Blog Authors

Latham & Watkins LLP

Amy Shao

Latham & Watkins

Latest from Global FinTech & Payments Blog

Global FinTech & Payments Blog

Cyber and Payments Are Priority Areas for Policy Changes

By Latham & Watkins LLP

September 18, 2020

Elisabeth Stheeman of the Financial Policy Committee outlined the new frameworks for building operational resilience against cyber risks and protection of payment chains. By Brett Carr and Stuart Davis On 9 September 2020, Elisabeth Stheeman, an External Member of the Financial Policy Committee (FPC) for the Bank of England (BoE) delivered a speech entitled, “The Financial ‘Plumbing’ Committee: from Plumbing to Policy” outlining the changes that financial services firms can expect in two priority areas…

Global FinTech & Payments Blog

BoE Governor Speaks: Payments Firms Should Expect Regulatory Change

By Latham & Watkins LLP

September 9, 2020

Andrew Bailey outlined what payments market participants can expect from regulators seeking to address financial stability risk in the world of payments, including as part of the rise and adoption of global stablecoins. By Brett Carr and Stuart Davis On 3 September 2020, the Governor of the Bank of England (BoE) Andrew Bailey delivered a speech “Reinventing the Wheel (with more automation)”, in which he outlined regulatory changes that payments market participants can expect, including…

Global FinTech & Payments Blog

SAMA Updates Payment Services Provider Licensing Regime in the KSA

By Latham & Watkins LLP

September 3, 2020

The updates are part of SAMA’s efforts to promote an innovation-based financial technology ecosystem in the KSA. By Salman Al-Sudairi, Brian A. Meenagh, and Homam Khoshaim Last month, the Saudi Arabian Monetary Authority (SAMA) issued an update to the recently implemented Payment Services Provider Regulations (PSPR), which was introduced in January 2020 to regulate Payment Services Providers (PSPs) operating in the Kingdom of Saudi Arabia (KSA). The PSPR provides a clear path for…

Global FinTech & Payments Blog

A Path Forward for Open Banking

By Latham & Watkins LLP

August 21, 2020

As third-party access to consumer financial data expands, regulators balance innovation, customer choice, and data protection. By Brett Carr, Charles Weinstein, and Deric Behar Consumers’ rights to access and use their personal financial information has been a key focus of innovators and regulators over the past decade. The development of “open banking” fintech models has proliferated, as customers discover the value in allowing third-party financial service providers to access dispersed personal data through…

Global FinTech & Payments Blog

Latham Collaborates on Pioneering Paper for Outsourcing in Financial Services

By Latham & Watkins LLP

August 14, 2020

New resource developed following increased regulatory focus on outsourcing. Latham & Watkins has partnered with the Association for Financial Markets in Europe (AFME) and law firms Matheson and BSP to develop: Outsourcing – Guidance on the Legal and Regulatory Framework, a pioneering resource examining the key European legislation, rules, and guidance for financial services firms to consider in relation to outsourcing. In light of the plethora of legislative change and increasing regulatory focus on…

Global FinTech & Payments Blog

OCC’s New Comptroller Announces Innovative Fintech Initiatives

By Latham & Watkins

July 30, 2020

A new Payments Charter could enable entities to engage in payments-related activities on a nationwide basis, rather than by state. By Alan W. Avery, Todd Beauchamp, Pia Naib, Loyal T. Horsley, and Charles Weinstein The US Office of the Comptroller of the Currency’s (OCC) newly appointed Acting Comptroller, Brian P. Brooks, is already advancing the agency’s fintech-focused modernization initiatives and taking steps to fulfill his promise to support technological innovation in…

Global FinTech & Payments Blog

From Safe Deposit Boxes to Cold Wallets, Bank Custody Evolves

By Latham & Watkins LLP

July 30, 2020

The OCC greenlights bank custody of cryptoassets, opening a significant door to mainstream adoption and innovation. By Alan W. Avery, Todd Beauchamp, Yvette D. Valdez, Pia Naib, Loyal T. Horsley, Charles Weinstein, and Deric Behar On July 22, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1170 (the Letter), giving national banks and federal savings associations (FSAs) the greenlight to provide customers with…

Global FinTech & Payments Blog

FCA Issues New Safeguarding Guidance for Payment and E-Money Firms Amid COVID-19

By Latham & Watkins LLP

July 28, 2020

The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19. By Stuart Davis, Brett Carr, and Anna Lewis-Martinez On 9 July 2020, the FCA published its finalised guidance on safeguarding customers’ funds during the COVID-19 crisis. The finalised guidance applies to payment and e-money firms. The FCA’s guidance for firms on safeguarding and managing prudential risk is already…

Global FinTech & Payments Blog

What the CFTC Interpretation of “Actual Delivery” Means for Crypto

By Latham & Watkins LLP

July 27, 2020

The long-awaited guidance clarifies the application of the “actual delivery” exception to leveraged virtual currency transactions with retail purchasers. By Yvette D. Valdez, J. Ashley Weeks, and Deric Behar Earlier this year, the US Commodity Futures Trading Commission (CFTC) approved final interpretive guidance (Guidance) concerning retail commodity transactions involving certain digital assets. The Guidance clarifies the CFTC’s views regarding the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) in…

Global FinTech & Payments Blog

UK Government Proposes to Strengthen Protections Around Promotion of Financial Products and Cryptoassets

By Latham & Watkins LLP

July 24, 2020

HM Treasury is planning significant changes to the financial promotion regime, including expanding its scope to certain cryptoassets, and amending the approval process for promotions of unauthorised firms. By Stuart Davis, Sam Maxson, and Anna Lewis-Martinez On 20 July 2020, HM Treasury published two consultation papers on a regulatory framework for approval of financial promotions and cryptoasset promotions. The consultations propose to establish a regulatory “gateway” that a firm must pass through…

Global FinTech & Payments Blog

Insights and commentary on the latest tech, regulatory, and market trends driving innovation in financial services

Blog Authors

Cyber and Payments Are Priority Areas for Policy Changes

BoE Governor Speaks: Payments Firms Should Expect Regulatory Change

SAMA Updates Payment Services Provider Licensing Regime in the KSA

A Path Forward for Open Banking

Latham Collaborates on Pioneering Paper for Outsourcing in Financial Services

OCC’s New Comptroller Announces Innovative Fintech Initiatives

From Safe Deposit Boxes to Cold Wallets, Bank Custody Evolves

FCA Issues New Safeguarding Guidance for Payment and E-Money Firms Amid COVID-19

What the CFTC Interpretation of “Actual Delivery” Means for Crypto

UK Government Proposes to Strengthen Protections Around Promotion of Financial Products and Cryptoassets

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