Fintech Features November Edition

Each quarter we will feature articles and commentary on a range of issues affecting the Fintech sector with input from specialists across the firm.

We’ll also feature guest articles from colleagues across Bird & Bird’s international network. First up this month is a spotlight on the Netherlands.

Bookmark this page for updates from our Fintech team.

The FCA’s new Consumer Duty

The FCA has signalled that it thinks the new Consumer Duty will lead to a major shift in how financial services are delivered and firms will need to adapt their governance mechanisms to ensure their regulatory compliance with the requirements set out in the Consumer Duty.

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DCMS Committee launches inquiry into NFTs and the blockchain

On 4 November 2022, the UK Digital, Culture, Media and Sport (DCMS) Committee launched an inquiry into NFTs and the blockchain and it is likely to examine whether more regulation is needed, ahead of a UK HM Treasury review.

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FCA looks at Big Tech in the financial services sector

The FCA has issued a discussion paper exploring the entry and expansion of Big Tech firms into the retail financial services markets and the potential competition impacts.

In this article, we provide a summary of the key takeaways from the discussion paper and what to expect next.

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Tech-tonic shifts: managing workforce changes in uncertain times

The tech giants have been the bedrock of the US economy in recent years. However, announcements of large-scale layoffs and sharp declines in market capitalisation show that they are having to adjust to the new reality.

Alongside the need to implement job cuts and slash costs, the war for talent in some areas goes on unabated. Against a background of uncertainty taking the long-term view, protecting your reputation and nurturing your talent are all factors which weigh heavily on employers’ minds.

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NFT's & Smart Contracts

In this video Christina Fleming explores the blockchain based technology known as a smart contract. Smart contract technology is something that has been originally pioneered and refined in the crypto world, but may well have the potential to improve efficiency, functionality and reduce risk in the broader financial system. But what do we mean by smart contracts and how are they used?

Full video here

Spotlight on the Netherlands

New technologies in customer due diligence and transaction monitoring allowed according to Dutch Appeals Tribunal

The open standards in the Dutch Prevention of Money Laundering and Terrorist Financing Act can lead to robust discussions.

Authorities, such as the Dutch Central Bank (“DNB”), do not always consider the various possibilities (more particularly by using new technology) in which those open standards can be interpreted and implemented by institutions in accordance with the Dutch AML Act.

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Upcoming events

The Metaverse: potential, pitfalls and politics, Tuesday 29 November 2022

The Metaverse is presenting a range of opportunities and challenges to our clients across the full suite of sectors we work in. Whether you're a fashion brand looking to reach a new audience via a gaming partnership, or a multi-national tech company navigating the world of virtual working, it is becoming a major area of focus for organisations engaging with a more
immersive, integrated online world.

This is a global event aimed at legal and industry professionals, so if you're interested in the Metaverse and digitalisation, please do join us. We very much hope to see you for what will be a fascinating online event.

RSVP

Save the dates!

Fundraising in the Fintech sector in the current economic climate, Thursday February 16th 2023

Fintech Features social, Thursday 2nd March 2023

Women in Fintech, Thursday 20th April 2023