November 2019 – FinTech and Blockchain Law Watch

OCC and FDIC Propose Rules to Confirm “Valid-When-Made” Doctrine

Nov 27 2019

By Rebecca Laird, Anthony Nolan and Daniel Cohen

Over the last two days, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (together, the “Agencies”) each issued a proposed rule (collectively, the “Proposed Rules”) that would codify the Agencies’ position that the interest on a loan originated on a bank, if permissible when the loan was made, will continue to be a permissible and an enforceable term of the loan following the sale, assignment, or transfer of the loan. This is known as the “valid-when-made” doctrine.

International FinTech Watch: China Announced Positive Stance on Blockchain Technology

Nov 26 2019

By Jim Bulling and Wendy Li

On 24 October 2019, China President Xi Jinping expressed strong support for blockchain, which was depicted as “a core technology” to promote China’s industry innovation and digital economy development. In his speech, he also noted that blockchain technology has already been applied in a number of sectors like digital finance, internet of things, intelligent manufacturing and supply chain management, and that since China has a solid foundation of blockchain technology, it should seize the opportunity to build up blockchain industrial ecology and accelerate the integration of blockchain, AI, big data and other cutting edge technologies.

Open super in Australia: The Consumer Data Right could be extended to the superannuation industry

Nov 08 2019

By Jim Bulling and Rebecca Gill

On 23 October 2019, the Senate Committee on Financial Technology and Regulatory Technology (Committee) published an issues paper regarding its comprehensive inquiry into fintechs and regtechs in Australia. One aspect of the inquiry looks into the possibility of extending the Consumer Data Right (CDR) to the superannuation industry.

Archive:November 2019