We are advising on two projects accepted into cohort 6 of the FCA regulatory sandbox.
Cohort 6 of the FCA regulatory’s sandbox received 68 applications in total from firms looking to bring innovation and improvements to the financial services space. For the first time, the FCA has called out for innovation including propositions that ‘make finance work for everyone’ and ‘support the UK in the move to a greener economy’.
22 of these applications have been accepted into Cohort 6, and we are delighted that DLA Piper’s team is advising on two of these. Being at the forefront of innovation in financial services reflects the quality and depth of understanding our lawyers bring to delivering services and products to our clients that work with or are dependent on financial services and products.
DLA Piper RegTech proposition
The first project is led by Martin Bartlam who is developing a rules-based methodology to digitally manage regulatory compliance. This will improve the delivery and efficiency of regulatory advice to a wide range of clients and is likely to be adopted particularly by those more advanced in digitalised issuance processes. We are currently developing the project working with digital issuers on the issuance of regulated digital securities.
Safekeeping and transacting of digital assets using distributed ledger technology
We are also delighted to be working on Project Pyctor, a project led by ING Bank in collaboration with ABN AMRO, BNP Paribas Securities Services, Invesco, State Street, UBS and others. This project is a decentralised network that aims to provide institutional grade digital asset safekeeping and transaction services, with a focus on regulated security tokens issued either on private or public blockchain.
Martin Bartlam is acting as legal counsel to ING and the other banks on Project Pyctor.