Financial Innovation

US regulator consults on framework for FinTech and Responsible Innovation

The Office of the Comptroller of the Currency (OCC) has published the white paper “Supporting Responsible Innovation in the Federal Banking System”. The paper describes the OCC’s vision for responsible innovation in  the federal banking system and discusses the principles that will guide the development of our framework for evaluating new and innovative financial products and services asking all stakeholders for feedback on the proposed framework. While innovation …

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The basics of Blockchain

In our first article on Cryptocurrencies “An Introduction to Bitcoin and Cryptocurrencies” we have already given you an overview on the topic. With this article we want to look at the underlying technology, the so-called Blockchain and the questions that surround it. In 2008 Satoshi Nakamoto published a paper describing the cryptocurrency Bitcoin for the first time. …

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FCA publishes Handbook changes for crowdfunding and P2P lending

The FCA today published the policy statement “PS16/8: FCA Handbook changes regarding the segregation of client money on loan-based crowdfunding platforms, the Innovative Finance ISA, and the regulated activity of advising on peer-to-peer agreements”. This policy statement summarises and gives the FCA’s response to feedback to CP16/4: Loan-based crowdfunding platforms and segregation of client money …

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ESMA maintains market risk indicator at highest level

The European Securities and Markets Authority (ESMA) latest risk report has found that overall market risks for European securities markets remain high with the market risk indicator remaining at very high – the highest level – with a stable outlook, while liquidity and contagion risk remain at high with a stable outlook. The details are …

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Swiss regulator aims to reduce obstacles to FinTech

The Swiss Financial Market Supervisory Authority FINMA has published a new circular facilitating video and online client identification. In addition to removing a number of unnecessary obstacles from its regulations, FINMA also supports the introduction of a new licensing category for financial innovators and a licence exempt area for start-up companies. An increasing number of …

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FCA reports on regulatory barriers to innovation in digital and mobile solutions

The FCA today published FS16/2: Feedback Statement on Call for Input: Regulatory barriers to innovation in digital and mobile solutions, in which it summarises the feedback it has received, sets out its response and explains the next steps in the context of the wider Project Innovate agenda. The FCA has issued this statement since it in June …

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Irish regulator speaks about Culture, FinTech and RegTech

The Director of Markets Supervision, Gareth Murphy, of the Central Bank of Ireland today made a speech, which touched on a wide range of current important issues for regulators. The Director of Markets Supervision addressed the issue of culture and personal accountability and highlighted that firms that promote a culture, which is client-focussed, which is …

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FSB 2016 work programme focusses on vulnerabilities in the financial system including FinTech risk

The Financial Stability Board (FSB) today published a letter from Mark Carney, Chair of the FSB, which was sent to G20 Finance Ministers and Central Bank Governors in advance of their meeting in Shanghai on 26‑27 February. In the letter, the FSB Chair notes that more difficult economic and financial conditions since the start of …

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Italian regulator issues update on crowdfunding regulation

The Italian regulator, Consob has approved the reform of regulations on equity crowdfunding, the collection of risk capital through online portals. The changes, introduced following two consultation stages with the market (see “Consob Informs” nos. 24/2015 and 46/2015), simplify the regulation, aiming to reduce collection costs and to broaden the range of subjects who can …

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