The regulatory perimeter continues to expand as the Securities and Futures Commission introduces a comprehensive regime to regulate virtual asset service providers. By Simon Hawkins and Adrian Fong In December 2022, Hong Kong passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (Amendment Bill), which will establish a new licensing regime and statutory framework … Continue Reading
The rule requires that lenders collect and report extensive applicant data to the CFPB, intended to deter discrimination and promote economic growth. By Parag Patel, Victor Razon, and Deric Behar On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) finalized a regulation implementing Section 1071 of the 2010 Dodd-Frank Act. The regulation requires lenders, including … Continue Reading
Congress will be “starting from scratch” in attempting to establish a regulatory framework for stablecoins — an issue that many believe is the top digital asset legislative priority. By Arthur S. Long, Parag Patel, Yvette Valdez, Pia Naib, and Deric Behar On April 15, 2023, the US House Financial Services Committee (Committee) published a draft … Continue Reading
The report, which includes contributions from Latham, provides an in-depth look at Mexico’s fintech ecosystem. By Yvette Valdez On April 18, 2023, the Asociación Fintech México released its Fintech Mexico 2023 Annual Report. Along with a detailed discussion of Mexico’s booming fintech industry, the white paper presents a comparative analysis of the regulatory framework encompassing … Continue Reading
The DSA has a broad scope and regulates many aspects of digital services, including in the fintech space. By Gail E. Crawford, Jean-Luc Juhan, Susan Kempe-Mueller, Deborah J. Kirk, Lars Kjølbye, Elisabetta Righini, Sven B. Völcker, Ben Leigh, Victoria Wan, and Amy Smyth As a key part of the EU’s digital regulation strategy, the Digital … Continue Reading
A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state. By Jack Barber, Parag Patel, Arthur S. Long, John J. Sikora, Stephen P. Wink, Pia Naib, and Deric Behar On February 21, 2023, the Illinois Department of Financial and Professional Regulation (IDFPR) announced the Consumer … Continue Reading
Poised for a banner year, insurtech has drawn the attention of investors and regulators alike. Insurtech has become a darling of both traditional players in the insurance market and disruptive fintech operations. The coming year looks to continue this trend, with companies looking to insurtech as a venue for penetrating new markets. Yet as insurtech’s … Continue Reading
A consultation that will remain open until 11 April 2023 offers further clarity on the proposals to regulate buy-now-pay-later products. By Rob Moulton, Becky Critchley, Ella McGinn, and Dianne Bell On 14 February 2023, HM Treasury published its consultation and accompanying draft legislation on the regulation of buy-now-pay-later (BNPL) lending. The consultation follows the proposals … Continue Reading
The new regime specifies licensing and reporting requirements for a range of activities related to virtual assets in the Emirate of Dubai. By Brian A. Meenagh, Matthew Rodwell, and Ksenia Koroleva On February 7, 2023, the Dubai Virtual Assets Regulation Authority (VARA) adopted the Virtual Assets and Related Activities Regulations 2023 (the Regulations) together with … Continue Reading
Unpacking three key competition issues for digital asset innovators and investors: M&A, interlocking directorates, and interoperability. By Kelly Fayne, Anna Rathbun, and Evan Omi In a sea of regulatory hurdles and issues, antitrust and competition laws may be low on the list of concerns of digital asset innovators and investors. But competition in the digital … Continue Reading
Assertive regulators are bringing greater clarity and new challenges as they step up oversight of fintech innovation. By Stuart Davis, Tom D. Evans, Nicola Higgs, Christian F. McDermott, David J. Walker, Brett Carr, Catherine Campbell, and Charlotte Collins As the fast-growing fintech industry thrives, the sector has begun to attract greater regulatory scrutiny. We expect new legal and regulatory focus and oversight of … Continue Reading
The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers. By Matt Hays, Benjamin Naftalis, Parag Patel, Barrie VanBrackle, and Deric Behar On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) — the US government agency established under the Dodd-Frank Wall Street Reform and Consumer … Continue Reading
