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Global Fintech Update

26 June 2024

Fintech Banking & Finance 26 June 2024

Welcome to this week's global fintech round-up, summarising fintech regulatory developments that have happened around the world along with our Clifford Chance fintech publications and upcoming events.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

CLIFFORD CHANCE PUBLICATIONS

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

International

  • (25 Jun 2024) Bank for International Settlements (BIS) special chapter on AI and the economy and the implications for central banks, pre-released from the BIS' forthcoming Annual Economic Report 2024. The BIS has called on central banks to embrace the new technology and urged policymakers to anticipate the transformative effects of AI on the economy and to use it to sharpen their own analytical tools in pursuit of financial and price stability. | Press release
  • (20 Jun 2024) Citi Global Perspectives and Solutions report entitled 'AI & Finance: Bot, Bank & Beyond', which analyses the role that AI might play in changing the way both consumers and corporates bank. The report includes an expert interview with Clifford Chance partners Devika Kornbacher and Dessislava Savova on regulating AI for financial services (pages 103-105). | Press release

Europe

EU:

  • (25 Jun 2024) The following three Delegated Regulations supplementing provisions relating to the use of ICT under the Digital Operational Resilience Act (DORA) have been published in the Official Journal: Commission Delegated Regulation (EU) 2024/1772 specifying the criteria for the classification of ICT-related incidents and cyber threats, setting out materiality thresholds and specifying the details of reports of major incidents; Commission Delegated Regulation (EU) 2024/1773 specifying the detailed content of the policy regarding contractual arrangements on the use of ICT services supporting critical or important functions provided by ICT third-party service providers; and Commission Delegated Regulation (EU) 2024/1774 specifying ICT risk management tools, methods, processes, and policies and the simplified ICT risk management framework. The Delegated Regulations will enter into force on 15 July 2024.
  • (24 Jun 2024) European Central Bank (ECB) first progress report on the digital euro preparation phase, which was launched on 1 November 2023 with the aim of laying the foundations for the potential issuance of a digital euro. The report outlines the progress made on key digital euro design aspects and the envisaged next steps for the project. | Press release

Luxembourg:             

  • (24 Jun 2024) Commission de Surveillance du Secteur Financier (CSSF) communiqué inviting financial entities covered by Article 60 of the Markets in Cryptoassets Regulation (MiCA) that are considering providing cryptoasset services following the notification procedure to complete a questionnaire regarding their plans under MiCA by 26 July 2024.
  • (19 Jun 2024) The CSSF and the Banque Centrale de Luxembourg (BCL) have launched a joint survey regarding the use of AI by banks, investment firms, payment institutions, e-money institutions and authorised investment fund managers. Deadline for responses: 7 August 2024 |  Press release

Switzerland:

  • (20 Jun 2024) The Swiss National Bank (SNB) has announced the continuation of the Helvetia Pilot focusing on tokenised securities settlement on SIX Digital Exchange (SDX) in Swiss franc digital central bank money for financial market participants. | SNB announcement | SDX press release

UK:

  • (21 Jun 2024) UK Finance blog post entitled ' NIS2 Directive – are you ready?'
  • (20 Jun 2024) Financial Conduct Authority (FCA) research note on digital engagement practices, which concludes that digital engagement practices used by trading apps, such as gamification, can increase the trading frequency and risk taking of consumers. | Press release
  • (20 Jun 2024) The FCA, working with the Metropolitan Police Service, has conducted an operation to arrest two individuals suspected of running an illegal cryptoasset exchange. Since 10 January 2021, cryptoasset businesses providing certain cryptoasset services in the UK must be registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). | Press release

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