Clifford Chance

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 BRIEFINGS AND MATERIALS

• (20 Aug 2025) Clifford Chance briefing – From equivalence to recognition: the new UK approach to non-UK regulatory regimes (update)

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

International

• (22 Aug 2025) Bank for International Settlements (BIS) paper presenting the results of the 2024 BIS survey on central bank digital currencies (CBDCs) and crypto. | Webpage

Americas

US:

• (21 Aug 2025) Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham has announced that the CFTC will begin its next crypto sprint initiative for the implementation of the recommendations in the President’s Working Group on Digital Asset Markets report. The CFTC invites all interested stakeholders to submit feedback and suggestions on all recommendations for the CFTC in the Working Group's report. Deadline for comments: 20 October 2025. | Press release

Europe

Germany:

• (21 Aug 2025) German Federal Financial Supervisory Authority (BaFin) supervisory guidance note (in German) to assist companies in implementing the simplified requirements of the Digital Operational Resilience Act (DORA) relating to information and communication technology (ICT) risk management (Article 16 of DORA) and ICT third-party risk management (Articles 28 – 30 of DORA).

UK:

• (21 Aug 2025) The Financial Conduct Authority (FCA) has published a set of high-level observations from its multi-firm review of algorithmic trading controls.

EVENTS

• Calling all GENIUSes back to school; lets get CLARITY on Digital Assets! (New York, 10 September 2025): Confused between a central bank currency and a stablecoin, or a digital commodity and a tokenized security? Women in RegTech NYC join forces with Clifford Chance to unpack where we are in digital asset legislation and regulation including the GENIUS and CLARITY Acts. How will the new rules change the marketplace as well as existing technical requirements? Hear from our expert panel including Steven Gatti, Partner, Clifford Chance, Jamie Udinson, Head of Crypto Asset Investigation, FINRA and Kerry Gendron, JP Morgan (moderator). Both newcomers and experts are welcome as we work to understand the new crypto regime. |  Register for event.