The Basel Committee on Banking Supervision released on 31 August 2017 a consultative document on the implications of fintech for the financial sector. Sound practices: Implications of fintech developments for banks and bank supervisors assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors […]
Smart contracts and distributed ledger technology (DLT) are increasingly being seen as a way for the derivatives industry to realise operational efficiencies and cut costs. With these new technologies potentially transforming how derivatives are executed and managed through the entire lifecycle, it seems the derivatives market is on the cusp of significant modernisation.
On 22 May 2017, the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) published a report analysing opportunities and risks linked to increasing share of credit provision through FinTech platforms.
Although FinTech credit markets are currently small in size relative to traditional credit markets, they are […]
[Newsflash n. 31]
On 18 May 2017, the European Banking Authority (“EBA”) launched a public consultation on its recommendations on the use of cloud services by financial institutions.
While a set of CEBS guidelines on outsourcing (“CEBS Guidelines”) have been introduced in 2006 for general outsourcing to a third party of activities that would normally be […]
On 23 February 2017, the Securities and Exchange Commission (S.E.C.) published information and guidance for investors and the financial services industry on the fast-growing use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online with often limited human interaction.
Because of the unique issues raised by […]
On 21 February 2017, IAIS (International Association on Insurance Supervisors) issued a report on “FinTech Developments in the Insurance Industry”, which contains a description of the emerging technologies and innovative business models that have the potential to transform the insurance business, also defined as “InsurTech”.
In addition to depicting the relevant innovations, the report considers […]
On 10 February 2017, the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) launched a public consultation on draft regulatory technical standards (RTS) to help Member States determine when payment service providers and electronic money issuers should appoint a Central Contact Point (CCP) to support the fight against […]
On 8 February 2017, IOSCO published a report on the evolution of financial technologies and its intersection with securities markets regulation.
Many definitions of FinTech have been provided in the last year or so. IOSCO distinguishes two areas within the FinTech phenomenon:
[Newsflash n. 24]
With recent Communication of 7 February 2017, Consob has issued a warning to the market concerning the marketing of contract for difference (CFD), rolling spot forex and binary options.
In light of the increasing dissemination of such speculative forms of investment, the authority has raised the level of awareness of these products alerting […]