FinTech

Davis Polk Client Memorandum: Federal Reserve Announces Plan to Build Its Own Real-Time Gross Settlement System for Retail Payments

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The Federal Reserve has announced that it plans to build its own 24x7x365 real-time gross settlement (RTGS) system for retail payments, called the FedNow Service.  In a 4-1 decision, with Vice Chairman for Supervision Quarles dissenting, the Federal Reserve stated that the FedNow Service would allow consumers and businesses to settle retail payments in real time through the U.S. commercial banking system at any time of the day or night, 365 days a year. The Federal Reserve anticipates that the proposed new service will be available by 2023 or 2024.

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The race to regulate—can the law keep pace with technology innovation?

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The UK legal system is not built upon a single code of conduct, but rather has evolved to reflect changes in society’s culture and values. Many of our laws remain in statute books, untouched since the day they were made. The right to ‘due legal process’ is found in clause 29 of the Magna Carter 1215 and was cited by a High Court judge as recently as 2007. Conversely, technology is advancing so rapidly that changes once taking centuries now happen in years. This sharp contrast bodes the question; can the law keep up with these rapid technological advances?

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Davis Polk Client Memorandum: SEC and FINRA Staffs Highlight Broker-Dealer Regulatory Challenges Raised by Digital Assets—And Hint at Solutions

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Broker-dealer custody of on-blockchain assets has been a key hurdle in the development of a more regulated financial infrastructure for digital assets in the United States.  In a joint statement (the Joint Statement), the staffs of the SEC and FINRA outlined their concerns about broker-dealers’ ability to comply with their financial responsibility rules—in particular, the requirement to obtain and maintain physical possession or contr

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The FSB and IOSCO Are Watching Crypto Assets and DeFi

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The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) are increasing their focus on crypto assets and decentralized financial technologies (DeFi). Over the past week, the organization published reports providing updates on, discussing developments in, and assessing risks relating to crypto-asset and DeFi initiatives around the world.  Given that these organizations facilitate coordination among national financial regulators, these reports may reflect the thinking of U.S.

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Why Letting Data Go Matters to Customers and Companies

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BY MARKUS BUHMANN

Data Management and Architecture Leader

16 May 2019, London.

We hear a lot of talk about how, why and when organisations collect data from individuals. Rightly so. There are laws to comply with, and good practice to implement. No company, surely, wants to be put through the wringer for failing on either ground.

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Building blocks: the useful elements of blockchain

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Simon Scorer

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The Fintech Charter Goes into Hibernation

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A federal judge has put the fintech charter into the deep hibernation of a long litigation battle. It is back to the drawing board for those who might desire a fintech charter. Time to take another look at bank partnerships or industrial loan companies.

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Why Many Blockchains Will Fail (aka A Cautionary Guide to Implementing Blockchain)

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BY KEITH PRITCHARD
This article was first published on TABB Forum, February 2019

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Why Many Blockchains Will Fail (aka A Cautionary Guide to Implementing Blockchain)

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BY KEITH PRITCHARD
This article was first published on TABB Forum, February 2019

Fancy your chances?

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