Archive: October 2023

On 28 September 2023, the Cybersecurity Administration of China (CAC) released the Draft Provisions on Regulating and Promoting Cross Border Data Flow (规范和促进数据跨境流动规定) (Draft Provisions) for public consultation. The Draft Provisions, if passed, will ease the requirements around cross border data transfer under the Personal Information Protection Law (PIPL). The consultation closed on 15 October 2023.

Norton Rose Fulbright Canada invites you to our annual technology, privacy and cybersecurity virtual summit. Navigating the evolving world of technology is not easy for companies today. From AI to effective company records management, privacy considerations, and cybersecurity breaches, there’s a lot to consider as businesses work to maximize operational effectiveness and minimize risk.

On 17 October 2023, the European Securities and Markets Authority (ESMA) published a statement, clarifying the timeline for MiCA and encouraging market participants and Member State national competent authorities (NCAs) to start preparing for the transition.

On 16 October 2023 the Australian Federal Treasury released its public consultation paper regarding the proposed regulatory regime for digital asset platforms. The proposed framework highlights the Australian Government’s intention to ensure consistent oversight and safeguards for consumers by regulating digital asset platforms and other intermediaries within the existing Australian Financial Services Licence (AFSL) regime and introducing a new type of financial product called a ‘digital asset facility’. The announcement can be found here.

On 16 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for comment a draft Q&A on supervisory boards at payment institutions and electronic money institutions (EMIs). The draft Q&A provides firms with guidance on the circumstances DNB requires a supervisory board at a payment institution or EMI.

During UK FinTech Week earlier this year, the Economic Secretary to the Treasury announced the launch of the UK FinTech Census.

On 12 October 2023, the Payment Systems Regulator (PSR) published an updated penalty statement.

On 17 October 2023, the European Securities and Markets Authority (ESMA) published a letter to Member State national competent authorities (NCAs), where it sets out its proposed approach to ensure a smooth transition towards the upcoming application of the Markets in Crypto-Assets Regulation (MiCA).

On 17 October 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultation document on the disclosure of crypto-asset exposures.

On 11 October 2023, the European Securities and Markets Authority (ESMA) published two articles on decentralised finance (DeFi), one on developments and risks in the EU market and another on a methodology for the categorisation of smart contracts. In these articles, ESMA highlighted risks to consumers, new forms of market abuse, and possible vulnerabilities to financial stability.