August 22, 2016 – FinTech and Blockchain Law Watch

Government committed to introducing mandatory data breach notification laws

Aug 22 2016

By Cameron Abbott and Rebecca Murray

After much delay, a spokesperson for Attorney-General, George Brandis has said the government is committed to introducing the Mandatory Data Breach Notification laws this year. We will be sure to look out for it during the next term of Parliament. You can find more information on the proposed scheme and its regulatory impact on the Attorney General’s Department consultation for Serious Data Breach Notification webpage.

Bank of England Governor remarks on FinTech

Aug 22 2016

By Jonathan Lawrence

In remarks that were rather overlooked in the run-up to the Brexit vote in June, Mark Carney, the Governor of the Bank of England, talked on several FinTech topics. He mentioned five ways the Bank is enabling the FinTech transformation:

Widening access to central bank money to non-bank Payments Service Providers
Being open to providing access to central bank money for new forms of wholesale securities settlement
Exploring the use of Distributed Ledger (DL) technology in the Bank’s core activities, including the operation of Real-time gross settlement systems (RTGS)
Partnering with FinTech companies on projects of direct relevance to the Bank’s mission
Calibrating its regulatory approach to FinTech developments

Archive:August 22, 2016