Tag Archives: FinTech

Open banking: the Basel Committee on Banking Supervision has its say

On 19 November 2019, the Basel Committee on Banking Supervision (BCBS) published its report on open banking and its implications for banks and banking supervision. The report builds on the BCBS’ previous findings on open banking and application programming interfaces (APIs) in its 2018 report (“Sound practices on the implications of FinTech developments for banks … Continue Reading

FinTech patents may not be grounded within the contours of patentable subject matter under Alice

The U.S. District Court for the Southern District of New York recently invalidated Western Express Bancshares, LLC’s (Western Express) U.S. Patent No. 8,498,932 relating to a method of transferring funds through a bankcard. This decision was the result of a motion to dismiss a patent infringement action brought by Western Express against Green Dot Corporation … Continue Reading

MIAX keeps stocking up the wins against Nasdaq in Fintech patent battle

Within two weeks, Miami International Holding Inc. and its subsidiaries (MIAX) have attained five victories before the Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office. The PTAB declared that five Nasdaq patents (U.S. Patent Nos. 6,618,707, 7,246,093, 7,921,051, 7,747,506, and 8,386,371), related to electronic securities trading systems, are invalid under … Continue Reading

The fintech Carney-val

Mark Carney’s extension as the governor of the Bank of England to January 2020 was put in place to ensure a smooth Brexit. Mr Carney has become increasingly vocal in his attempts to maintain financial stability during that period. This has resulted in ‘Brexiteers’ hurling accusations of fuelling “Project Hysteria” after the bank published its … Continue Reading

London as the capital of FinTech

London has historically been considered the centre of European financial services. Now it is also viewed as the capital of financial technology (FinTech). However, with the likelihood of a no-deal Brexit becoming ever more real, and increasing attempts to lure FinTech firms to the continent, London’s title is under threat. London provides a haven where … Continue Reading

Federal Court deals SEC a setback in Blockvest ICO litigation

On November 28, 2018, the U.S. Securities and Exchange Commission’s (SEC) request for a preliminary injunction against Defendants Blockvest, LLC (Blockvest) and Blockvest’s founder and chairman Reginald Buddy Ringgold, III (Ringgold) was denied by United States District Court for the Southern District of California. Blockvest and Ringgold were offering and selling unregistered securities in the … Continue Reading

Germany: Berlin court holds that bitcoin is not a financial instrument contrary to the practice of the financial regulator

The German regulatory practice has been to treat bitcoin as a unit of account and thus a financial instrument. Consequently, commercial services involving bitcoin and other cryptocurrencies (including trading, brokerage, operating exchanges, investment advisory ) are regulated activities, requiring the relevant authorisation of Germany’s Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin). On 25 September … Continue Reading

European Commission outlines blockchain development plans, calls for a feasibility study and unveils FinTech Action Plan.

The EU Commission continues to show its support and investment in new technologies in the digital economy. On February 1, 2018, the Commission and the European Parliament launched the EU Blockchain Observatory and Forum, and earlier this month, the Commission also unveiled its FinTech Action Plan. The Blockchain Observatory The observatory is designed to be … Continue Reading

Bitcoin’s Blocksize Debate Continues

As Bitcoin’s (BTC) popularity continues to grow, its network built on 1MB blocks struggles to keep up with the growing number of transactions. Two groups within the Bitcoin community, the “Big Blockers” and “Decentralists,” disagree on how to address the blocksize issue. Big Blockers are focused on realizing Bitcoin’s potential to serve as a cash … Continue Reading

German Federal Financial Supervisory Authority (BaFin) publishes circular on regulatory requirements for financial institutions’ IT systems

On 3 November 2017, the German regulator for the financial sector, the Federal Financial Supervisory Authority (“BaFin”), published a new circular titled Rundschreiben 10/2017 (BA) vom 3. November 2017 – Bankaufsichtliche Anforderungen an die IT (in English: Circular 10/2017 – Regulatory Requirements for IT-Systems – “BAIT”). The BAIT is available in German language at the BaFin’s website. The … Continue Reading

FTC’s FinTech Forum continues focus on emerging technologies including AI and Blockchain Technologies

The Federal Trade Commission continues its efforts to be the leading federal regulator in the areas of privacy and data security.  Its latest FinTech Forum highlights emerging issues relating to blockchain, machine learning, and related tools that increasingly influence how sensitive information about consumers is collected, used, shared and secured.  These programs help inform the … Continue Reading

Leveraging the Blockchain to Provide an Unalterable, Distributed Ledger for Transactions, Supply Chains and Other Corporate Processes

On Monday, November 14, 2016, the Securities and Exchange Commission (SEC) hosted a forum to discuss financial technology (FinTech) innovation in the financial services industry. The summit discussed several topics, but the second panel, titled “Impact of Recent Innovation on Trading, Settlement, and Clearance Activities,” specifically addressed blockchain-enabled distributed ledger technology and its applicability in … Continue Reading
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