United States

Top US Fed official warns of digital currency’s risks. Federal Reserve Governor Jerome Powell said at a Yale Law School conference that central banks that issue digital currencies are susceptible to cyber attacks and criminal activities, along with privacy issues that still need to be looked at. He noted that a digital currency such as bitcoin would be a “prime target” for global criminal activities including money laundering, and added that central banks would need to keep track of digital currency issuance but could raise serious privacy concerns by users. (3/3/2017) Reuters.

Labor Department proposes delay of fiduciary rule implementation. CFOreported that the Labor Department is proposing a 60-day delay in implementation of the “fiduciary” rule on retirement advisers so that it can have more time to evaluate whether the rule harms consumers by limiting their investment options. Implementation of the rule, which the department is proposing be delayed until June 9th, was originally set to go into effect on April 10th. (3/3/2017)

FSOC meets to discuss nonbank firm’s ‘too big to fail’ designation. Reutersreported that the Financial Stability Oversight Council, which consists of all major US financial regulators, met on March 2nd to review its designation of a nonbank firm as “too big to fail.” This was the first such meeting chaired by newly confirmed Treasury Secretary Steven Mnuchin. (3/2/2017)

Canada

OSC announces new Commissioner appointments. OSC Chair and CEO Maureen Jensen announced two Commissioner appointments to the OSC. (3/7/2017)

OSC shares insights from Canada’s first regulatory hackathon. The OSC announced its publication of a white paper and video to highlight key insights gained from RegHackTO, the first hackathon by a securities regulator in Canada. (3/6/2017)

CSA launches regulatory sandbox initiative. The CSA announced that it has launched a regulatory sandbox, an initiative that supports businesses seeking to offer innovative products, services and applications. (2/23/2017)

OSC and FCA sign co-operation agreement to support innovative businesses. The OSC announced that, under a new Co-Operation Agreement, innovative FinTech businesses in Ontario and the United Kingdom will be able to seek support from their financial regulators as they seek to operate in the other’s market. The agreement allows the FCA and the OSC to refer to one another innovative businesses seeking to enter the other’s market. The regulators may provide support to innovative businesses to help reduce regulatory uncertainty and time to market. (2/22/2017)