In this regular update, we round-up FinTech-related financial services regulatory developments for the week ending 20 May 2022.
|CPMI publishes working papers on DLT and on building regional payment areas
The Committee on Payment and Market Infrastructures (CPMI) has published two payments-related working papers:
The views expressed in the working papers are those of the authors and not necessarily those of the CPMI or the Bank for International Settlements which hosts and supports the CPMI. [20 May 2022]
|Chair of the FCA comments on the future of UK regulation
The FCA has published the speech, Listening up to level up – regulating finance for the whole of the UK, delivered by its Chair, Charles Randell, at the Centre for Commercial Law Studies, Queen Mary University of London. In his remarks, Mr Randell made a number of observations about the planned new regulatory regime for crypto assets, emphasising the need for the approach to be coordinated between the Government, Parliament and regulators. [20 May 2022]
|Attorney General sets out UK position on the law in cyberspace
In an address to Chatham House, the Attorney General for England and Wales, the Rt Hon Suella Braverman QC MP, set out the UK’s position on applying international law to cyberspace in peacetime. Ms Braverman’s remarks were made against the backdrop of the Integrated Review 2021 (which sets out HMG’s overarching national security and international policy objectives to 2025) and the National Cyber Strategy. [20 May 2022]
|EC evaluation of consumer protection legislation – ensuring fairness online and offline
The EC has published a call for evidence (CfE) for an evaluation on three pieces of consumer protection legislation: the Unfair Commercial Practices Directive (UCPD); the Consumer Rights Directive; and the Unfair Contract Terms Directive. The CfE will support an evaluation which the EC is conducting under the New Consumer Agenda into whether action is needed to ensure an equal level of fairness online and offline.
Responses are requested by 14 June 2022. Further consultation is planned for Q4 2022, with finalisation targeted for Q2 2024. [20 May 2022]
|ESMA: Final report on Crowdfunding Regulation
ESMA has published its final report on the relevance of extending the transitional period set out in Article 48 of the Crowdfunding Regulation (CR). Crowdfunding service providers (CSPs) that provide their services only on a national basis currently benefit from a transitional period that is set to expire on 1 October 2022. In its final report, ESMA discusses the application of the CR to these CSPs as well as the relevance of extending the transitional period set out in Article 48.
ESMA supports granting an extension to the transitional period but suggests that such extension applies only to CSPs which have applied for authorisation pursuant to CR by 1 October 2022. [19 May 2022]
|ECB: Speech on the digital euro
The European Central Bank (ECB) has published a speech by Fabio Panetta, Member of the ECB Executive Board, on public money for the digital era and moving towards a digital euro. Mr Panetta spoke about:
|APRA Chair Wayne Byres addresses ‘The Regulators’ event
Australian Prudential Regulation Authority (APRA) Chair, Wayne Byres, gave a speech to the Financial Services Institute of Australasia on banking, insurance and superannuation. Mr Byres noted that the Australian banking system is resilient, well-capitalised and well-funded, but observed that there are three major shifts which the industry faces – digital disruption, high inflation and raising interest rates. [13 May 2022]
|AUSTRAC CEO Nicole Rose addresses ‘The Regulators’ event
Australian Transaction Reports and Analysis Centre (AUSTRAC) CEO, Nicole Rose, gave a speech to the to the Financial Services Institute of Australasia. Ms Rose set out some of the anti-money laundering and countering the financing of terrorism (AML/CFT) regulator’s areas of focus in 2022, including:
RBI – Interoperable cardless cash withdrawal at ATMs
The RBI has published a circular regarding the introduction of interoperable card-less cash withdrawal (ICCW) at ATMs which was announced in April 2022. Accordingly, all banks, ATM networks and white label ATM operators (WLAOs) may provide the option of ICCW at their ATMs. The circular explains that the National Payments Corporation of India (NPCI) has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks; it also explains a number of arrangements relating to the provision of ICCW. [19 May 2022]