Welcome to the October edition of Fintech Features, in which Bird & Bird's cross-practice FinTech team bring you the most important updates for the FinTech sector.
In this edition:
PS – for any financial entities or ICT third party service providers: don’t forget to register for our upcoming webinar on DORA. Details below under “Upcoming Events”!
We are delighted to announce the official opening of Bird & Bird's Tokyo office as of early September! Expanding into Tokyo, a global hub for technological innovation, including FinTech, is a perfect fit for our technology-focused law firm. This marks an exciting new chapter for Bird & Bird, as we continue to grow in this dynamic, tech-driven environment.
To mark the opening of the new office, in this edition we will be profiling Legal Director at Bird & Bird's London office, Shingo Ito.
‘I joined the Bird & Bird team in June 2024. I support Japanese clients across industries such as FinTech, advising on in-bound acquisitions, joint-ventures, and restructurings in Europe, as well as regulatory and employment matters.
I began my career as a Japanese-qualified bengoshi in Tokyo in 2008, and since moving to London in 2016, I have combined my Japanese and English expertise to better serve our clients.
With Bird & Bird’s new Tokyo office, I'm looking forward to enhancing our support for Japanese clients by providing seamless cross-border advice and using my background to strengthen our links between Japan and Europe’.
As announced on 25 September 2024, the Financial Conduct Authority (FCA) has launched a consultation on proposed changes to the safeguarding regime for payments and e-money firms, including interim rules to improve compliance with the current regime and new final rules to enhance consumer protection. Importantly, e-money firms have until 17 December 2024 to seek clarification and provide feedback on the proposed rules.
For three years, our IP team at Bird & Bird have been leading a claim at the heart of cryptocurrency and token systems worldwide. On one side: a pretender to the throne of cryptocurrency, with a plan to take a grand prize. On the other, a coalition of individuals and companies, led by the Crypto Open Patent Alliance - a nonprofit organisation formed to promote openness in crypto generally, and represented by Bird & Bird.
The technology was Bitcoin, and the pretender is Craig Steven Wright. The prize he claimed was the legacy of Satoshi Nakamoto itself.
Following the European Data Protection Board's decision to focus on data subject access rights (DSARs) as a topic for "coordinated enforcement action" in 2024, the UK's Information Commissioner's Office (ICO) recently highlighted compliance with DSARs in the financial sector. In this article, our team provides a summary of the ICO's suggestions for improving compliance.
There have been a number of recent developments in the UK's Authorised Push Payment (APP) fraud regime. On 25 September 2024, the Payment Systems Regulator (PSR) confirmed a new cap of £85,000 as the maximum level of reimbursement for APP fraud claims. Separately, in early September, the PSR published its policy statement and Specific Direction 21, which extends APP fraud reimbursement protection to consumers of CHAPS.
AI capabilities are constantly evolving and becoming more advanced over time. Financial services providers are exploring how they can integrate AI into their operations to improve customer outcomes and reduce costs. However, given the industry's strict regulatory framework, it is critical for these providers to fully understand the specific compliance challenges associated with AI implementation.
The Monetary Authority of Singapore (MAS) has recently introduced several important regulatory and payments updates. In this update, our team outlines the key developments affecting Singapore's financial sector.
As the world's most comprehensive legal framework for AI developers, users and importers, the EU Artificial Intelligence Act (AI Act) aims to ensure that AI systems entering the European Union's internal market are safe, comply with existing laws on fundamental rights and are in line with EU values.
To help you navigate the AI Act, our multi-disciplinary team is producing an AI Act Guide. This guide will provide a concise overview of the key elements of the Regulation and outline the essential steps organisations need to take to achieve compliance.
If you'd like to be among the first to receive the guide when it's published, please register your interest using the link below.
We are always busy publishing news and alerts relevant to the fintech industry. Here is a roundup of recent articles you may have missed.
Online Webinar - 30 October 2024
Join this webinar on the Digital Operational Resilience Act (DORA) on October 30, 2024, to help financial institutions and third-party ICT service providers understand how DORA will shape the future of digital resilience and cybersecurity. The event will cover topics such as ICT risk management, resilience testing, and contractual obligations for regulated entities, providing key insights for those involved in the financial services sector as they prepare for DORA’s regulatory requirements starting in January 2025.