The addition of security tokens to the financial instrument toolbox is helping new, dynamic and lean financial services businesses to emerge and flourish. Blockchain-based technologies help these new entities grow rapidly, offering innovative business initiatives with minimal resources. Many of the required systems and support processes including software, security, operational
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By  Victoria Lee and Andrew W. Grant

On September 12, 2019, the Task Force on Artificial Intelligence, which is a task force within the House Financial Services Committee (FSC), held a hearing titled “The Future of Identity in Financial Services: Threats, Challenges, and Opportunities.” As the FSC wrote before the
Continue Reading Task Force on Artificial Intelligence hearing: the future of identity in financial services – key testimony on threats, challenges, opportunities

On  June 28th, 2019, the UK Financial Conduct Authority (in response to an Opinion published by the European Banking Authority) published a statement on the possible delay of enforcement against businesses that, by September 14th, 2019, will not have met the Regulatory Technical Standards for Strong Customer Authentication (SCA) in
Continue Reading E-Commerce and Payments Developments in the UK: FCA announces possible delay in enforcement of strong customer authentication

Introduction

A recent decision by the UK financial services regulators, the Financial Conduct Authority and the Prudential Regulation Authority, to fine a retail bank serves as a reminder to both customers and technology vendors and service providers to the financial services sector to ensure that their services and contracts include
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This article first appeared on dlapiper.com on May 31.

DLA Piper is pleased to announce the release of a special report titled “Cryptocurrency and its impact on insolvency and restructuring.” The firm prepared the report on behalf of INSOL International, a global federation of national associations for accountants and lawyers
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One of the most noticeable recent trends in financial services is the number of collaboration which are taking place between FinTechs and banks. As banks have been transforming to increasingly drive business through digital channels, they have sought to partner with FinTechs to accelerate the pace of change.

There is


Continue Reading Collaboration in Financial Services – Regulation and Challenges

Sitting at 36,000 feet over the Atlantic writing this article, I’m unusually aware of the traditional use of the phrase “black box”: an aircraft’s flight data recorder, there to let investigators understand what went awry should the worst happen. It seems odd that a device whose purpose is to provide
Continue Reading Isn’t the whole point of a black box to tell you exactly what happened? AI’s explainability conundrum

The growth of usage of blockchain based smart contracts in Italy might be boosted by a new law which deemed them equal to written documents in some cases.

What are smart contracts?

According to Investopedia, smart contracts are

Smart contracts are self-executing contracts with the terms of the
Continue Reading Blockchain based smart contracts equal to written documents in Italy