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Collaboration and corporate venturing in the financial services industry

Posted by Chris Arnold and Michaël Heene on 8 April 2021

In the past ten years, the financial services industry has experienced significant change. Customer behaviours have developed significantly. In this report, we look at the changing nature of the Financial Services sector and how collaboration (including through M&A) is increasing between established financial institutions and FinTechs. 

New data lifecycle guidelines for financial institutions in China

Posted by Carolyn Bigg, Venus Cheung and Fangfang Song on 20 April 2021

Important new guidelines outlining how personal and other types of financial information should be handled by financial institutions throughout the data lifecycle have just come into force in China, including a new data localisation obligation. The “Financial Data Lifecycle Guidelines” (金融数据生命周期安全规范) were published by the PBOC (the PRC banking regulator) and came into force on 8 April 2021.

Amendments to the Securitisation Regulation and Capital Requirements Regulation

Posted by Eileen Johnston and Conor Houlihan on 19 April 2021

The amendments to both the Securitisation Regulation (EU 2017/2404) and Capital Requirements Regulation (EU 454/2013) were proposed to i) extend the STS regime for balance sheet synthetic securitisations, which would allow banks to transfer certain risks to the market, thus allowing the bank to benefit from a prudential treatment reflecting the real risk of these instruments; and ii) remove the regulatory impediments to allow for the securitisation of non-performing loans (NPLs).

Renewable energy and the role blockchain technology can play to bring greater transparency

Posted by Team Blockchain on 16 April 2021

Tokenization is at the heart of the digitisation of infrastructure for several industries - it is the foundation for a digitised society with the potential for disruptive social opportunities. These opportunities are seen particularly in the field of energy, more specifically for a flexible and sustainable energy system. Part of this is the search for (i) a system in which "energy data" becomes more widely available, while at the same time the end-user (ii) retains control of his data and (iii) has control over who has access to his data.

Airliners use of blockchain technology

Posted by Team Blockchain on 16 April 2021

Several international airlines have been exploring various ways in which Blockchain technology can be used to help improve the efficiency in the way they operate. Team Blockchain go into further detail and share some examples from within the sector. 

Crypto-asset advertising becomes regulated in Spain

Posted by Ricardo Plasencia on 16 April 2021

The issuance, sale and purchase of crypto-currencies and/or other crypto-assets is not a regulated activity in Spain, to the extent such crypto-assets do not qualify as financial instruments, in which case the relevant Prospectus Directive and MiFID rules would apply.

Spain has not implemented the fifth anti-money laundering directive (AML5) yet - although implementation is expected this year - and, when implemented, crypto-currency exchanges and custodians will need to register with the Bank of Spain and comply with Spanish AML rules.

France continues the completion of its AML framework

Posted by Sébastien Praicheux and Célestine Barthout on 15 April 2021

Following Order no 2020-1342 of 4 November 2020 reinforcing the system for asset freezing, the adoption of the French Decree no 2021-387 of 2 April 2021 clarified the requirements relating to digital assets and the anti-money laundering and terrorist financing national framework. These provisions became effective on 5 April 2021, with the exception of those relating to digital assets, applicable as of 1 May 2021.

FCA extends annual financial crime reporting obligations to cryptoasset firms

Posted by Martin Bartlam and Marina Troullinou on 14 April 2021

On 31 March 2021, the Financial Conduct Authority (FCA) published policy statement PS21/4 which extends the annual financial crime reporting obligation to a wider range of firms, including cryptoasset businesses.

Locking down market abuse

Posted by Patrick Rappo and Tiffany McConaghy on 14 April 2021

The FCA has recently taken action against a number of individuals for market manipulation and insider dealing. This is a clear sign of the regulator re-focusing its attention on these offences, and is something that readers need be aware of to ensure they stay on the right side of the rules.

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