Archive: September 2022

On September 15, 2022, US President Joseph Biden issued an Executive Order (EO) directing the Committee on Foreign Investment in the United States (CFIUS) to consider a specified list of national security risks when reviewing covered transactions. The EO represents the first time a US president has issued an executive order providing formal Presidential direction on priority national security risks since CFIUS was first established in 1975.

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here

On July 29, 2022, the New York Department of Financial Services (NYDFS) announced a “pre-proposed outreach” of material proposed changes to almost every section of its cybersecurity regulations, and would affect each entity covered by the current regulations of 23 NYCRR Part 500. Because this version is the “preposed” copy of the changes, there is only a brief comment period, with comments due by August 18, 2022. NYDFS will release the official proposed changes at a later date, and they will be subject to the usual 60-day comment period.

On July 27, 2022, the Office of the Information and Privacy Commissioner of Alberta (OIPC) released its 2022 PIPA Breach Report. The report analyzes the nearly 2,000 breach reports received by the OIPC during the ten year period since reporting was mandated in Alberta under the Personal Information Protection Act (PIPA).

On July 13, 2022, the Office of the Superintendent of Financial Institutions (OSFI) released its final Guideline B-13 (the Guideline), setting out technology and cyber risk management expectations for all federally regulated financial institutions (FRFIs), such as banks, insurance and trust companies. FRFIs will need ensure that they have taken steps to comply with the requirements of the Guideline prior to it coming into effect on January 1, 2024.

There is a major earthquake happening in the sphere of digital assets, which is expected to create shockwaves that will impact tech not only in the real world but also in the metaverse.

Requirements for a change in control– The webpage now provides that, an FCA registered cryptoasset firm (i.e. a cryptoasset exchange provider and/or a custodian wallet provider) is subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs). It is not subject to the regime under Financial Services and Markets Act 2000 (FSMA). The Money Laundering, Terrorist Financing and Transfer of Funds (Amendment) (No.2) Regulations 2022 bring elements of the FSMA change in control provisions within the scope of MLRs.