Archive: August 2023

On 15 August 2023, the Payment Systems Regulator (PSR) published two consultations in the lead up to its new authorised push payment (APP) fraud reimbursement requirements.

On 25 August 2023, there was published a correction to the The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023.

On 17 August 2023, the FCA published on its website a statement setting out its expectations for UK cryptoasset businesses complying with the Travel Rule.

On 18 July 2023, Singapore’s Personal Data Protection Commission (PDPC) issued its Proposed Advisory Guidelines on Use of Personal Data In AI Recommendation and Decision Systems (the Proposed AI Advisory Guidelines) for public consultation.

On 1 August 2023, the FCA launched a new webpage: Digital Sandbox pilots.

As data breaches and cyber-attacks continue to surge and attackers become more sophisticated, a comprehensive data breach response plan and robust data security measures are becoming increasingly important.

On July 26, 2023, the US SEC issued the long-awaited final rules for public companies and foreign private issuers requiring rapid disclosure of material cybersecurity incidents as well as periodic disclosure of cybersecurity risk management and policies and procedures (the “SEC Final Rule”). The SEC Final Rule reflects the SEC’s desire to standardize company disclosures regarding cybersecurity incidents that are materially affecting businesses. Read the full alert here.

Our global financial services team has launched a new platform, CryptoNavigator, which provides a mixture of plug-and-play products and tailored advisory services to help firms navigate ever expanding regulatory requirements across the cryptoassets landscape. These include products and services to provide support with financial promotions and authorisations, as well as a global legal and regulatory developments tracker and horizon scanner.

The Singapore Courts have issued yet another landmark decision on the nature of crypto assets. In ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the High Court was presented with the issue of whether crypto assets are property capable of being held on trust, and if so, what type of property they are. These issues arose as the Plaintiff in that case was seeking a declaration that cryptocurrency payments (which were wrongfully transferred out of its accounts by the Defendant, a former employee) were held on constructive trust.

On 28 July 2023, the Joint Money Laundering Steering Group published proposed amendments to Sector 22 (Cryptoasset providers and custodian wallet providers) in Part II of its Guidance. The proposed addition of Annex I to Sector 22 takes account of amendments relating to cryptoasset transfers, as introduced by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022. The deadline for comments on the proposed changes is 25 August 2023.