Financial Services – FinTech and Blockchain Law Watch

New House AI Bills for the Financial Services Sector

Dec 13 2024

By: Christopher Valente, Scott Gelbman, and Joshua Durham

Artificial intelligence (AI) remains top of mind for lawmakers and regulators, who continue to grapple with new legislative proposals, as well as a changing regulatory regime designed to prepare the US government to interact with AI-related issues, while also positioning the US to be a leader in AI innovation. In line with 15 USC Ch. 119 and Executive Order 14110, two more bipartisan House bills were just introduced to further the government’s response to AI.

Australian Treasury Proposes New Consumer Data Right Rules for Non-Bank Lenders

Dec 04 2024

By: Daniel Knight, Simon Kiburg, Hugo Chow and Madison Jeffreys

The Australian Treasury released an Exposure Draft on 26 November 2024 (Amending Rules) proposing amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (CDR Rules). Whilst the government designated the non-bank lending sector as subject to the CDR regime on 21 November 2022 and had released draft rules for consultation last year, the new proposed Amending Rules have taken into account stakeholder feedback and reflects the government’s recent ‘reset’ of the CDR regime.

Federal Court Vacates SEC’s Expanded Dealer Definition

Nov 25 2024

By: Eden L. Rohrer, Richard F. Kerr, Jessica D. Cohn, and Joshua L. Durham

On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of securities dealers.

AI and Your Obligations as Licensee

Nov 22 2024

By: Daniel Knight, Ben Kneebush and Madison Jeffreys

As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, there is a risk that the deployment of AI might cause licensees to fall short of their existing regulatory obligations and emerging best practices.

SFC Circular on Intermediaries Engaging in Tokenized Securities Activities (Part 2)

Jan 12 2024

By: Jay Lee and Beatrice Wun

In our previous blog, we discussed the Hong Kong Securities and Futures Commission (SFC)’s position on the taxonomy of tokenized securities and digital securities, and whether tokenized securities will be regarded as “complex products”. In this blog, we explore the guidance set forth in the SFC’s circular on intermediaries engaging in tokenized securities-related activities (the Circular).

SFC Circular on Intermediaries Engaging in Tokenized Securities Activities (Part 1)

Dec 29 2023

By: Jay Lee and Beatrice Wun

On 2 November 2023, Hong Kong’s Securities and Futures Commission (SFC) issued a circular addressing the participation of intermediaries in tokenized securities-related activities (the Circular). The move was timely, as we are seeing a growing interest among financial institutions in tokenizing traditional financial instruments in global financial markets.

The Circular supersedes the SFC’s 2019 Statement on Security Token Offerings (2019 Statement) and clarifies the meaning of tokenized and digital securities.

Singapore to Share Cryptocurrency Tax Information With Other Countries

Nov 14 2023

By: Nicolet-Serra and Josh Durham

Singapore has just become the 48th nation (joining the US) to begin implementing the international Crypto-Asset Reporting Framework (CARF), which is intended to standardize the automatic exchange of personal financial information between countries and to reduce tax evasion by those engaging in cryptocurrency transactions.

Hong Kong Monetary Authority Unveils Fintech Promotion Roadmap

Sep 27 2023

By Jay Lee and Beatrice Wun

In a transformative step for the financial technology (fintech) industry, the Hong Kong Monetary Authority (HKMA) recently announced a new Fintech Promotion Roadmap (Roadmap), which outlines its key initiatives to be taken over the next 12 months to expedite the growth of the Fintech ecosystem and give stronger impetus to fintech adoption in the Hong Kong financial services sector.

Annual Consumer Financial Services Symposium to Focus on 5 Top Issues

Apr 19 2021

K&L Gates is proud to host the 2021 Consumer Financial Services Symposium – Virtual Edition. This symposium will consist of a series of webinars over the course of several weeks with the first panel focusing on FinTech Trends, Developments, and New Directions on Wednesday, April 21 at 1:00 – 2:00 p.m. EST.

FinTech outlook for 2018: US Banks look to AI

Dec 22 2017

By Cameron Abbott and Harry Crawford

With 2017 at a close, US banks have set out their 2018 FinTech new year resolutions. According to American Banker, US banks are likely to focus their FinTech investment in 4 major areas in 2018:

Artificial intelligence and machine learning
Open banking
Cybersecurity and biometrics
Commercial banking innovation

Tag:Financial Services