I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies. How can you regulate a global currency that has no view of state or national laws? MORE
9), Michigan became the first state in the union to pass statewide, comprehensive self-driving vehicle regulations that allow autonomous vehicles to drive … well, autonomously. The new regulations allow for testing and deployment of on-demand networks of self-driving vehicles as well as the eventual sale of self-driving cars to consumers. On Friday of last week (Dec. MORE
So I just attended a really interesting two day meeting that covered all things blockchain, regulations, innovation and more. The Regulatory Sandbox was announced at … The post Regulations, Innovations, Sandboxes and #RegTech appeared first on Chris Skinner's blog. MORE
According to The Wall Street Journal , the federal derivatives-market regulator also handed out around $900 million in penalties, higher than the amount in five of the eight years of the Obama administration. MORE
I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Innovation Opinion Payments RegulationSomeone made the comment on my platform piece about what happens when there are no Jack Ma’s or Mark Zuckerberg’s, as the whole thing is decentralised? MORE
watchdog in charge of investor oversight proposed tough new regulations regarding peer-to-peer (P2P) lending platforms, in a bid to help consumers wade through the new landscape, according to a report by Reuters. has also sought clarity on regulations as a means to better compete against established banks. The proposed rule changes come in the wake of a 2016 study of regulations that govern the sector, which dates back to 2014. The U.K. MORE
“We were very focused on what we can do by executive order and through regulators,” Fortune quoted Mnuchin as stating. Separately, IBM gives an inkling of how technology might be leveraged to help shape financial regulation. The tech behemoth is using Watson, the artificial intelligence platform, to launch software that helps FIs deal with financial regulations, with an eye on compliance. Bank Regulation Featured News financial regulation News treasury MORE
but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. ” “Regulators are likely to fail not only because they lack technical expertise regarding FinTech, but also because they have always been targeting nodes in the system and never had to face such a peer-to-peer network,” Santori added. MORE
Investors shouldn’t shrug off fines against big banks that run afoul of banking regulations because they impact returns over the longer term. Meanwhile, Credit Suisse was called out by the regulator for not having enough oversight, although it wasn’t hit with any fines. MORE
The Japanese Financial Services Agency, or FSA, has signed a fintech letter of cooperation with Swiss regulators the Financial Market Supervisory Authority, the agencies announced yesterday. MORE
As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. FinTech solutions – facial recognition, for example – hold out great hope for the industry, but haven’t been embraced as quickly as some might like by regulators around the world,” said Mark Austen, the association’s chief executive. MORE
Following a complaint from Citizens Advice, Britain’s competition regulator might investigate financial service and telecom companies. Europe API British regulator cma Competition Regulation FCA financial services News regulation uk What's HotThe group had contended that consumers were being “ripped off” if they didn’t switch providers, Reuters reported. The charity claims that customers were being overcharged by $5.2 billion annually. MORE
. In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the bill. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said. MORE
A bigger question must also be: how can a regulatory check that a bank is compliant with their regulatory changes, if their regulations change every 12 minutes are run to 1,000’s of pages? The answer is they can’t, but they don’t … The post The Semantic Regulator (#RegTech Rules) appeared first on Chris Skinner's blog. Blockchain Fintech Grid Regulation Technology UncategorizedA bank has to make a regulatory change every 12 minutes. That’s some task. MORE
The People’s Bank of China has announced new anti-money laundering (AML) and counter-terrorism financing regulations for online financial institutions (FIs). MORE
Department of Justice has naturally done its best to set up regulations that would prevent criminals from using the cryptocurrentcy for nefarious purposes. But those regulations may be doing more harm than good, since they’re also keeping vigilante security consultants from doing business to protect their law-abiding clients from those same cybercriminals. With digital currency still relatively young, it will probably be a while before regulators get it right. MORE
In fact, what gets me is that regulations are the big ticket barrier to change in banking. It’s what protects the banks from disruption and change, as … The post Bank regulations change every 12 minutes appeared first on Chris Skinner's blog. Grid Regulation UncategorizedI recently spent a day in a meeting discussing Governance, Risk and Compliance (GRC) … yawn. Well, it is a bit of a dull area, but highly important. MORE
The EBA is taking forward work … The post Shape the future of European FinTech regulations appeared first on Chris Skinner's blog. Fintech Future Grid Reading Regulation MORE
regulators to introduce stricter small business (SMB) lending regulations, claiming that lax regulatory oversight is what allowed RBS to avoid punishment after a watchdog found the financial institution (FI) had unfairly treated small business customers of its Global Restructuring Group (GRG). “Some sort of regulation around that seems to be needed.” The Royal Bank of Scotland ‘s (RBS’) chief executive is calling on U.K. MORE
Last month, Canada’s Competition Bureau released its final study on tech-led innovation in FinTech, offering regulators some thoughts on competition in the payments sphere, along with suggestions on where the competitive landscape could be improved. In order to boost competition within FinTech, said the Bureau, among other recommendations, regulation should be neutral when it comes to technology, and move to embrace Open Banking. MORE
Building on yesterday’s discussions of regulating, I got copied on a letter that’s doing the rounds from Sam Woods, Deputy Governor of the PRA (the Prudential Regulatory Authority). It lays out the official position and expectations of the regulator when financial insitutions are dealing with crypto-assets. It makes for interesting … The post The UK regulators official position on crypto-assets appeared first on Chris Skinner's blog. MORE
Before 2010, I was writing a lot about technology but it was all heavily geared towards regulations. MiFID and PSD were top of mind, along with Basel III and other global, European and domestic regulations. I wrote a lot about regulations. MORE
Some of the biggest banks in Europe are urging regulators to increase oversight of large technology companies that are moving into the financial services market. He said they are another way to take deposits from customers — and as a result, should be regulated the same way. For me ‘wallet’ is close to deposit, so they [regulators] have to take a view on this.”. Despite the pleas, the report noted that regulators don’t seem keen to make any changes. “We MORE
Regulators in China are gearing up to issue new rules on digital coin offerings and could move to ban them until the new rules are put in place. According to a news report in Business Insider , citing the Beijing-based financial magazine Caixin , Chinese regulators including the People’s Bank of China and the China Securities Regulatory Commission are currently looking at how best to approach initial coin offerings (ICOs). It’s just not regulators in China eyeing the ICO market. MORE
In addition, the regulator charged, the three operators broke laws governing commodity trading. Bitcoin bitcoin CFTC cryptocurrency News regulation SEC What's HotIn the latest sign of regulatory action in the virtual currency realm, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against three virtual currency operators, with allegations that the trio had defrauded customers. MORE
From an entrepreneur’s standpoint, it removes bureaucracy and regulation upfront, while gauging customer interest, and enables them to focus on product development.”. With this bill, firms must prove to the regulator three main things: 1) their product or service serves a public interest; 2) it improves access to the industry; and 3) the product doesn’t pose a risk to both the financial system and consumers. MORE
Seven billion people have access … The post How do governments regulate a networked world? Opinion Regulation Technology UncategorizedFollowing on from yesterday’s blog about Little Britain and a hard Brexit, we all know the world has been globalising and, even though there is currently a backlash against globalisation per se, it is unstoppable. It is unstoppable primarily because of technology. The whole planet is now on the network. MORE
Cryptocurrencies such as bitcoin and ether don’t pose much of a risk to global financial stability at the current time, but that isn’t stopping global regulators from creating a framework to monitor risk from cryptocurrency. Reuters cited the Financial Stability Board which is in charge of coordinating financial regulation among the Group of 20 Economies when reporting that the framework covers how risks from crypto assets could spread to other areas of the financial system. MORE
B2B Payments ADP B2B debit card fees Healthcare labor Medicaid News Payment Methods payments payroll regulations workers' unionThe U.S. Supreme Court ruled earlier this year to prohibit unions from collecting fees from non-member public workers, but the government’s pressure on organized labor may not end there. MORE
According to the Wall Street Journa l , foreign investors in 27 industries — including semiconductors, telecommunications and defense — will be subjected to the new regulations because the Committee on Foreign Investment in the U.S. A U.S. MORE
In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the list. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said. MORE
European Union lawmakers have proposed new regulations aimed at stopping an online marketplace such as Amazon from using data from merchants’ product sales to boost sales of their own branded products. MORE
As mentioned on Friday, they see … The post The regulator’s view of bitcoin, 2017 appeared first on Chris Skinner's blog. Blockchain Digital Bank Fintech Grid Innovation Opinion Regulation MORE
The Securities and Exchange Commission is getting into the bitcoin market, saying it will regulate the popular digital currency and other cryptocurrencies. Seeking Alpha noted the regulations apply to companies that use distributed ledger or blockchain technology for things like an initial coin offering or token sales. According to a report in Seeking Alpha , the SEC said the cryptocurrencies are subject to federal securities laws. MORE
A lot of it was focused upon Artificial Intelligence and Machine Learning towards the end, but the first half was interesting as it focused upon why there is a backlash against Silicon … The post Tech firms will be regulated like banks in future appeared first on Chris Skinner's blog. Case Studies Digital Bank Future Grid Opinion Regulation TechnologyI just listened to a presentation by Nick Thompson, editor-in-chief at Wired, about all things in the future of tech. MORE
As noted by the Conference of State Bank Supervisors (CSBS), state regulators earlier this month released the inaugural Money Services Business Industry Report, which featured transaction data tied to 2017 and focused on licensed money transmission and payments. MORE
The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation. Fintech has another cousin. MORE
Regulators from the U.K., The Global Financial Innovation Network will be made up of 11 other regulators, including the U.S. The regulators will also share policy ideas to ensure they are up-to-date in areas such as artificial intelligence, Big Data and blockchain. Regulation FCA financial regulation FinTech fintech regulation FinTech Sandbox News What's Hotand Hong Kong announced on Tuesday (Aug. MORE
Regulation AML banking Banks Danske Bank DoJ EBA EU Financial Crime investigation money laundering News regulation scandal What's Hot MORE
In an effort to get more clarity on the regulation of digital currencies, U.S. The lawmakers are looking for the official to lay out how the agency plans to regulate digital currency in clearer terms, CNBC reported. Cryptocurrency bitcoin cryptocurrency cryptocurrency regulation cryptos Ethereum ICO News SEC What's Hotrepresentatives wrote to U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton. MORE
Just a few weeks in, the data privacy law that has just taken root in the European Union already has some regulators seeking exemptions around the globe. As noted last week, some regulators, spanning the United Kingdom, North America and Asia, are seeking those exemptions as they contend that the General Data Protection Regulation ( GDPR ) could stymie cross-border law enforcement actions that focus on fraud and manipulations of markets. MORE
has developed its own payroll debit card with ADP to circumvent proposed regulations that would impact the ability for unions to have member dues deducted automatically from paychecks. It’s an effort by the union to ensure member dues are paid as unions prepare for upcoming regulations that could restrict unions’ collection of fees from members. B2B Payments ADP B2B debit card fees Healthcare labor News payroll regulations SEIU What's Hot In B2B Workers Unions MORE
Regulators in the U.S. are considering the regulation of digital tokens outside bitcoin. The Wall Street Journal reported that the inquiry is focused on the cryptocurrency Ethereum, which hasn’t been in the crosshairs of regulators as of yet. If regulators determine Ethereum is a security and is subject to SEC rules, the WSJ reported it could spur a sell-off and upset cryptocurrency trading exchanges such as Coinbase that let people buy and sell ether. MORE
Short-term lending – specifically, payday loans – have attracted a lot of attention in recent years, from the media and from the regulators. A little more than a year ago, the CFPB (now also known as the BCFP) dropped its final version of its new payday lending regulations – though, as it turns out, “ final ” was probably not the right word to describe them. MORE
Regulation Related Topics PYMNTS
OCTOBER 8, 2018
According to The Wall Street Journal , the federal derivatives-market regulator also handed out around $900 million in penalties, higher than the amount in five of the eight years of the Obama administration.
Chris Skinner
NOVEMBER 3, 2017
I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies. How can you regulate a global currency that has no view of state or national laws?
PYMNTS
OCTOBER 15, 2018
As noted by the Conference of State Bank Supervisors (CSBS), state regulators earlier this month released the inaugural Money Services Business Industry Report, which featured transaction data tied to 2017 and focused on licensed money transmission and payments.
Chris Skinner
SEPTEMBER 1, 2017
Before 2010, I was writing a lot about technology but it was all heavily geared towards regulations. MiFID and PSD were top of mind, along with Basel III and other global, European and domestic regulations. I wrote a lot about regulations.
Chris Skinner
FEBRUARY 15, 2018
I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Innovation Opinion Payments RegulationSomeone made the comment on my platform piece about what happens when there are no Jack Ma’s or Mark Zuckerberg’s, as the whole thing is decentralised?
PYMNTS
OCTOBER 11, 2018
According to the Wall Street Journa l , foreign investors in 27 industries — including semiconductors, telecommunications and defense — will be subjected to the new regulations because the Committee on Foreign Investment in the U.S. A U.S.
PYMNTS
OCTOBER 8, 2018
Investors shouldn’t shrug off fines against big banks that run afoul of banking regulations because they impact returns over the longer term. Meanwhile, Credit Suisse was called out by the regulator for not having enough oversight, although it wasn’t hit with any fines.
PYMNTS
SEPTEMBER 28, 2018
Following a complaint from Citizens Advice, Britain’s competition regulator might investigate financial service and telecom companies. Europe API British regulator cma Competition Regulation FCA financial services News regulation uk What's HotThe group had contended that consumers were being “ripped off” if they didn’t switch providers, Reuters reported. The charity claims that customers were being overcharged by $5.2 billion annually.
PYMNTS
OCTOBER 5, 2018
In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the list. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said.
PYMNTS
OCTOBER 11, 2018
The People’s Bank of China has announced new anti-money laundering (AML) and counter-terrorism financing regulations for online financial institutions (FIs).
Chris Skinner
SEPTEMBER 18, 2017
As mentioned on Friday, they see … The post The regulator’s view of bitcoin, 2017 appeared first on Chris Skinner's blog. Blockchain Digital Bank Fintech Grid Innovation Opinion Regulation
PYMNTS
OCTOBER 9, 2018
has developed its own payroll debit card with ADP to circumvent proposed regulations that would impact the ability for unions to have member dues deducted automatically from paychecks. It’s an effort by the union to ensure member dues are paid as unions prepare for upcoming regulations that could restrict unions’ collection of fees from members. B2B Payments ADP B2B debit card fees Healthcare labor News payroll regulations SEIU What's Hot In B2B Workers Unions
PYMNTS
JULY 16, 2018
Cryptocurrencies such as bitcoin and ether don’t pose much of a risk to global financial stability at the current time, but that isn’t stopping global regulators from creating a framework to monitor risk from cryptocurrency. Reuters cited the Financial Stability Board which is in charge of coordinating financial regulation among the Group of 20 Economies when reporting that the framework covers how risks from crypto assets could spread to other areas of the financial system.
PYMNTS
OCTOBER 5, 2018
. In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the bill. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said.
Bank Innovation
APRIL 24, 2017
The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation. Fintech has another cousin.
PYMNTS
JUNE 7, 2018
As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. FinTech solutions – facial recognition, for example – hold out great hope for the industry, but haven’t been embraced as quickly as some might like by regulators around the world,” said Mark Austen, the association’s chief executive.
Chris Skinner
JANUARY 31, 2017
A bigger question must also be: how can a regulatory check that a bank is compliant with their regulatory changes, if their regulations change every 12 minutes are run to 1,000’s of pages? The answer is they can’t, but they don’t … The post The Semantic Regulator (#RegTech Rules) appeared first on Chris Skinner's blog. Blockchain Fintech Grid Regulation Technology UncategorizedA bank has to make a regulatory change every 12 minutes. That’s some task.
PYMNTS
SEPTEMBER 28, 2018
In an effort to get more clarity on the regulation of digital currencies, U.S. The lawmakers are looking for the official to lay out how the agency plans to regulate digital currency in clearer terms, CNBC reported. Cryptocurrency bitcoin cryptocurrency cryptocurrency regulation cryptos Ethereum ICO News SEC What's Hotrepresentatives wrote to U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton.
Chris Skinner
JUNE 2, 2016
So I just attended a really interesting two day meeting that covered all things blockchain, regulations, innovation and more. The Regulatory Sandbox was announced at … The post Regulations, Innovations, Sandboxes and #RegTech appeared first on Chris Skinner's blog.
PYMNTS
MAY 1, 2018
Regulators in the U.S. are considering the regulation of digital tokens outside bitcoin. The Wall Street Journal reported that the inquiry is focused on the cryptocurrency Ethereum, which hasn’t been in the crosshairs of regulators as of yet. If regulators determine Ethereum is a security and is subject to SEC rules, the WSJ reported it could spur a sell-off and upset cryptocurrency trading exchanges such as Coinbase that let people buy and sell ether.
PYMNTS
OCTOBER 17, 2018
Short-term lending – specifically, payday loans – have attracted a lot of attention in recent years, from the media and from the regulators. A little more than a year ago, the CFPB (now also known as the BCFP) dropped its final version of its new payday lending regulations – though, as it turns out, “ final ” was probably not the right word to describe them.
Chris Skinner
JULY 24, 2018
Building on yesterday’s discussions of regulating, I got copied on a letter that’s doing the rounds from Sam Woods, Deputy Governor of the PRA (the Prudential Regulatory Authority). It lays out the official position and expectations of the regulator when financial insitutions are dealing with crypto-assets. It makes for interesting … The post The UK regulators official position on crypto-assets appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 14, 2018
European Union lawmakers have proposed new regulations aimed at stopping an online marketplace such as Amazon from using data from merchants’ product sales to boost sales of their own branded products.
PYMNTS
OCTOBER 10, 2018
B2B Payments ADP B2B debit card fees Healthcare labor Medicaid News Payment Methods payments payroll regulations workers' unionThe U.S. Supreme Court ruled earlier this year to prohibit unions from collecting fees from non-member public workers, but the government’s pressure on organized labor may not end there.
Chris Skinner
AUGUST 9, 2017
The EBA is taking forward work … The post Shape the future of European FinTech regulations appeared first on Chris Skinner's blog. Fintech Future Grid Reading Regulation
Chris Skinner
OCTOBER 12, 2016
Seven billion people have access … The post How do governments regulate a networked world? Opinion Regulation Technology UncategorizedFollowing on from yesterday’s blog about Little Britain and a hard Brexit, we all know the world has been globalising and, even though there is currently a backlash against globalisation per se, it is unstoppable. It is unstoppable primarily because of technology. The whole planet is now on the network.
Chris Skinner
JANUARY 30, 2017
In fact, what gets me is that regulations are the big ticket barrier to change in banking. It’s what protects the banks from disruption and change, as … The post Bank regulations change every 12 minutes appeared first on Chris Skinner's blog. Grid Regulation UncategorizedI recently spent a day in a meeting discussing Governance, Risk and Compliance (GRC) … yawn. Well, it is a bit of a dull area, but highly important.
Chris Skinner
MAY 9, 2018
A lot of it was focused upon Artificial Intelligence and Machine Learning towards the end, but the first half was interesting as it focused upon why there is a backlash against Silicon … The post Tech firms will be regulated like banks in future appeared first on Chris Skinner's blog. Case Studies Digital Bank Future Grid Opinion Regulation TechnologyI just listened to a presentation by Nick Thompson, editor-in-chief at Wired, about all things in the future of tech.
PYMNTS
OCTOBER 9, 2018
regulators to introduce stricter small business (SMB) lending regulations, claiming that lax regulatory oversight is what allowed RBS to avoid punishment after a watchdog found the financial institution (FI) had unfairly treated small business customers of its Global Restructuring Group (GRG). “Some sort of regulation around that seems to be needed.” The Royal Bank of Scotland ‘s (RBS’) chief executive is calling on U.K.
PYMNTS
JUNE 19, 2017
“We were very focused on what we can do by executive order and through regulators,” Fortune quoted Mnuchin as stating. Separately, IBM gives an inkling of how technology might be leveraged to help shape financial regulation. The tech behemoth is using Watson, the artificial intelligence platform, to launch software that helps FIs deal with financial regulations, with an eye on compliance. Bank Regulation Featured News financial regulation News treasury
PYMNTS
DECEMBER 12, 2016
9), Michigan became the first state in the union to pass statewide, comprehensive self-driving vehicle regulations that allow autonomous vehicles to drive … well, autonomously. The new regulations allow for testing and deployment of on-demand networks of self-driving vehicles as well as the eventual sale of self-driving cars to consumers. On Friday of last week (Dec.
PYMNTS
AUGUST 29, 2017
Regulators in China are gearing up to issue new rules on digital coin offerings and could move to ban them until the new rules are put in place. According to a news report in Business Insider , citing the Beijing-based financial magazine Caixin , Chinese regulators including the People’s Bank of China and the China Securities Regulatory Commission are currently looking at how best to approach initial coin offerings (ICOs). It’s just not regulators in China eyeing the ICO market.
PYMNTS
AUGUST 17, 2017
The Securities and Exchange Commission is getting into the bitcoin market, saying it will regulate the popular digital currency and other cryptocurrencies. Seeking Alpha noted the regulations apply to companies that use distributed ledger or blockchain technology for things like an initial coin offering or token sales. According to a report in Seeking Alpha , the SEC said the cryptocurrencies are subject to federal securities laws.
PYMNTS
JANUARY 19, 2018
In addition, the regulator charged, the three operators broke laws governing commodity trading. Bitcoin bitcoin CFTC cryptocurrency News regulation SEC What's HotIn the latest sign of regulatory action in the virtual currency realm, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against three virtual currency operators, with allegations that the trio had defrauded customers.
PYMNTS
JULY 2, 2018
Just a few weeks in, the data privacy law that has just taken root in the European Union already has some regulators seeking exemptions around the globe. As noted last week, some regulators, spanning the United Kingdom, North America and Asia, are seeking those exemptions as they contend that the General Data Protection Regulation ( GDPR ) could stymie cross-border law enforcement actions that focus on fraud and manipulations of markets.
PYMNTS
JULY 27, 2018
watchdog in charge of investor oversight proposed tough new regulations regarding peer-to-peer (P2P) lending platforms, in a bid to help consumers wade through the new landscape, according to a report by Reuters. has also sought clarity on regulations as a means to better compete against established banks. The proposed rule changes come in the wake of a 2016 study of regulations that govern the sector, which dates back to 2014. The U.K.
Bank Innovation
APRIL 5, 2018
The Japanese Financial Services Agency, or FSA, has signed a fintech letter of cooperation with Swiss regulators the Financial Market Supervisory Authority, the agencies announced yesterday.
PYMNTS
SEPTEMBER 22, 2016
From an entrepreneur’s standpoint, it removes bureaucracy and regulation upfront, while gauging customer interest, and enables them to focus on product development.”. With this bill, firms must prove to the regulator three main things: 1) their product or service serves a public interest; 2) it improves access to the industry; and 3) the product doesn’t pose a risk to both the financial system and consumers.
PYMNTS
MAY 29, 2017
but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. ” “Regulators are likely to fail not only because they lack technical expertise regarding FinTech, but also because they have always been targeting nodes in the system and never had to face such a peer-to-peer network,” Santori added.
PYMNTS
MAY 24, 2018
Some of the biggest banks in Europe are urging regulators to increase oversight of large technology companies that are moving into the financial services market. He said they are another way to take deposits from customers — and as a result, should be regulated the same way. For me ‘wallet’ is close to deposit, so they [regulators] have to take a view on this.”. Despite the pleas, the report noted that regulators don’t seem keen to make any changes. “We
PYMNTS
AUGUST 7, 2018
Regulators from the U.K., The Global Financial Innovation Network will be made up of 11 other regulators, including the U.S. The regulators will also share policy ideas to ensure they are up-to-date in areas such as artificial intelligence, Big Data and blockchain. Regulation FCA financial regulation FinTech fintech regulation FinTech Sandbox News What's Hotand Hong Kong announced on Tuesday (Aug.
PYMNTS
FEBRUARY 5, 2018
Last month, Canada’s Competition Bureau released its final study on tech-led innovation in FinTech, offering regulators some thoughts on competition in the payments sphere, along with suggestions on where the competitive landscape could be improved. In order to boost competition within FinTech, said the Bureau, among other recommendations, regulation should be neutral when it comes to technology, and move to embrace Open Banking.
PYMNTS
JUNE 19, 2017
Department of Justice has naturally done its best to set up regulations that would prevent criminals from using the cryptocurrentcy for nefarious purposes. But those regulations may be doing more harm than good, since they’re also keeping vigilante security consultants from doing business to protect their law-abiding clients from those same cybercriminals. With digital currency still relatively young, it will probably be a while before regulators get it right.
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