In March 2017, the European Commission (EC) issued a public consultation document on Fintech. Cloud computing is a major area covered by the EC request for comment and requires delicate balancing between innovation and risk minimization. On one hand, cloud is an easily scalable and cost effective way for financial institutions to manage their data storage and processing. However, cloud also presents major banks with increased cybersecurity and compliance risk. The topic of cloud is particularly relevant because certain Fintech enterprises may not be subject to the same regulatory constraints as major financial institutions.
The European Banking Authority (EBA) published … Continue Reading
This year was a tremendously active year for Fintech in Canada and internationally, and 2017 promises to be even more so. In the Fall of 2016, we co-authored a comprehensive report together with the Digital Finance Institute, “FinTech in Canada: British Columbia Edition” on the state of the Canadian Fintech ecosystem, highlighting a number of the then-current industry and regulatory developments. As we head into 2017, we provide a brief summary of some of last year’s Fintech regulatory developments in Canada and globally, and some developments to watch for in the upcoming year.… Continue Reading
In March of 2014, the Minister of Finance tasked the Standing Senate Committee on Banking, Trade and Commerce to examine the use of digital currencies. The Committee pursued an extensive fact-finding mission in Canada and in the United States, speaking with, amongst others, representatives from regulatory bodies, financial institutions, digital currency interest groups, law enforcement, and universities. The long-anticipated, 64-page report was published this month with a clear message: while there are steps to take to address the risks digital currencies could pose in money laundering, terrorist financing, and tax evasion, the federal government should tread carefully in developing regulations … Continue Reading