Latest Posts
Search for:
Category

Financial Institutions

Category
In Artificial Intelligence

Taiwan Financial Supervisory Commission has published the “Guidelines for the Application of AI in the Financial Industry”

by and 6 Mins Read

On 17 October 2023, the Taiwan Financial Supervisory Commission (FSC) first published the “Core Principles and Relevant Promotion Policies for the Application of AI in the Financial Industry” (“Principles”) as part of the FSC’s efforts to assist financial institutions in effectively utilizing the advantages of AI, while at the same time managing risks, ensuring fairness, protecting consumer rights, maintaining system security, and achieving sustainable development. The Principles provide six core principles for application of AI…

In Financial Institutions

US SEC Surprises Crypto Community by Approving Ether ETFs

by 4 Mins Read

The United States Securities and Exchange Commission surprised the crypto community on May 23, 2024, when it effectively approved the sale of spot Ether Exchange-Traded Funds (ETFs). First, some historical context. In 2013, Gemini founders Tyler and Cameron Winklevoss first sought to launch a Bitcoin ETF. The SEC rejected that application and, for about 10 years, rejected all other applications to list spot Bitcoin ETPs (an Exchange Traded Fund is the most common type of…

In Financial Institutions

Providing Cloud Solutions to the Financial Sector: Navigating the Regulatory Landscape

by , , , and 1 Min Read

Cloud service providers looking to capitalise on increased demand from the financial sector need to be aware of the risks and issues that come with the territory. Providers need to be sensitive to the specific needs of financial sector customers in order to build successful relationships with this diverse and often sophisticated user base. The regulatory landscape in the jurisdictions where the customer operates is a key consideration. Cloud service providers seeking to serve the…

In Data Privacy

ICO and FCA issue joint letter to Finance and Building Societies Association regarding data protection and effective communications to savings customers

by 3 Mins Read

Background On 18 July 2023, the Information Commissioner’s Office (“ICO”) and Financial Conduct Authority (“FCA”) issued a joint statement in response to queries from some firms regarding whether UK data protection laws prevented sending communications to customers about better savings rates. In the joint letter, the ICO and FCA confirmed that data protection and direct marketing laws do not prevent organisations from sending such “regulatory communications”. Summary The joint letter reiterates the ICO’s existing direct…

In Cybersecurity

EU publishes draft technical standards for operational resilience in the financial services sector

by , , and 1 Min Read

Last month, the European Supervisory Authorities (ESAs) launched a consultation package on the first batch of certain draft regulatory technical standards (RTS) and draft implementing technical standards (ITS) on certain aspects of the EU’s Digital Operational Resilience Act, DORA. You can find more detail in our alert here. The draft technical standards cover: The deadline for responses to this consultation package is 11 September 2023. The ESAs have made clear that all responses will be…

In Data Privacy

SEC’s Proposed Updates to Reg S-P: How Will This Impact Your Company?

by , , , and 5 Mins Read

In Brief On March 15, 2023, the US Securities Exchange Commission (“SEC”) proposed amendments to Regulation S-P (“Reg S-P”). If adopted, the amendments would introduce new data security and governance requirements for broker-dealers, investment companies, and investment advisers registered with the SEC. Background When the SEC first promulgated Regulation S-P in 2000, the goal was to ensure that covered entities establish adequate safeguards to protect customer information. The existing version consists essentially of two cornerstone…

In Financial Institutions

SEC Ramping Up Examination and Enforcement Scrutiny of Cybersecurity at Financial Institutions

by , , , and 3 Mins Read

As predicted in our Connect on Tech discussion in March, the U.S. Securities and Exchange Commission (“SEC”) is ramping up its examination and enforcement focus on cybersecurity at financial institutions, including scrutiny on actual implementation and deployment of published procedures in response to discovery of cyber breach incidents. Furthermore, the SEC appears to signal its expectation that multi-factor authentication (“MFA”) for email accounts containing sensitive client and customer information should be in place. Email Account…

In Blockchain

Blockchain and cryptocurrency in Africa

by 1 Min Read

Baker McKenzie is pleased to announce that the Blockchain and Cryptocurrency in Africa report is now available. This guide summarizes the latest and key developments taking place in 22 selected African jurisdictions in respect of blockchain and cryptocurrency, focusing on the regulatory approaches up until the end of 2018. This guide also provides a comparative assessment of the stance adopted by such regulators, with a view to providing a better understanding of the opportunities and…

In Financial Institutions

U.S. views all types of interstate gambling as subject to Federal anti-gambling prohibitions

by 3 Mins Read

In January 2019, the U.S. Department of Justice published an opinion declaring that the agency interprets the federal Wire Act, which prohibits certain types of betting businesses in the U.S., to apply to gambling activities outside of sporting events and contests. This essentially reverses the Department of Justice’s opinion in 2011 that the Wire Act only applies to sports gambling. Therefore, businesses involved in interstate gambling activities of any type, such as lotteries and casino…

In Financial Institutions

Digital Currencies and Digital Tokens are Regulated as Securities under Malaysian Securities Laws

by 2 Mins Read

Pursuant to the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the Prescription Order), which came into force on 15 January 2019, digital currencies and digital tokens which are not issued or guaranteed by any government body or central bank, and fulfils other specific features, are prescribed as securities.The implications of treating digital currencies and digital tokens as securities are significant as the Malaysian Capital Markets and Services Act…

Load More