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Fintech Regulatory News

Week Ending 29 October 2020

28 October 2020: The Bank of England (BoE) has published minutes of the first meeting of the Artificial Intelligence Public-Private Forum (AIPPF) held on 12 October 2020. In the opening remarks, co-chairs Dave Ramsden (BoE) and Sheldon Mills (Financial Conduct Authority) emphasised the importance of the AIPPF, namely the ability for stakeholders to collaboratively identify issues and remedies, and its potential to help the public and private sectors better understand the key issues, clarify the priorities and determine what actions may be needed to support the safe adoption of artificial intelligence (AI) in UK financial services.

26 October 2020: The Bank of England (BoE) has published a speech by its director for fintech, Tom Mutton, at the Bund Summit on digital currency, fintech and inclusive finance, in which he set out why fintech matters to the BoE, how innovation has helped the economy respond to the shock of the coronavirus (COVID-19) pandemic, and the BoE’s approach to a central bank digital currency (CBDC).

27 October 2020: The Financial Markets Law Committee (FMLC) has set out its response to HM Treasury’s consultation on its proposal to bring certain cryptoassets into the scope of financial promotions regulation. The FMLC’s response expresses concern with regards to the definition of a ‘qualifying cryptoasset’ set out in the proposal. The FMLC also encourages HMT to take note of the proliferation of sometimes conflicting or overlapping definitions internationally of cryptoassets for the purposes of regulation.

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