Category:FinTech Industry & Regulation

1
ASIC Consults on Updated Crypto Guidance–What’s New?
2
Australian Treasury Proposes New Consumer Data Right Rules for Non-Bank Lenders
3
Federal Court Vacates SEC’s Expanded Dealer Definition
4
AI and Your Obligations as Licensee
5
Banking Regulators’ Growing Concerns over Bank-Fintech Partnerships
6
Vermont Enters a New Age of Virtual Currency Money Transmission
7
Warning: UK Makes Reimbursing Customers Tricked into Authorizing Payments Mandatory
8
The Long and Winding Road: Navigating Fintech and Crypto App Approvals by the Apple Store
9
CFPB Aims to End the Use of Medical Debt Information in Making Credit Determinations and in Credit Reporting
10
Australia: Crypto in the Courts

ASIC Consults on Updated Crypto Guidance–What’s New?

By: Daniel Knight, Simon Kiburg and Ben Kneebush

The Australian Securities and Investments Commission (ASIC) recently released proposed updates to Information Sheet 225 (INFO 225) and a corresponding consultation paper.  

Read More

Australian Treasury Proposes New Consumer Data Right Rules for Non-Bank Lenders

By: Daniel Knight, Simon Kiburg, Hugo Chow and Madison Jeffreys

The Australian Treasury released an Exposure Draft on 26 November 2024 (Amending Rules) proposing amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (CDR Rules). Whilst the government designated the non-bank lending sector as subject to the CDR regime on 21 November 2022 and had released draft rules for consultation last year, the new proposed Amending Rules have taken into account stakeholder feedback and reflects the government’s recent ‘reset’ of the CDR regime. 

Read More

Federal Court Vacates SEC’s Expanded Dealer Definition

By: Eden L. Rohrer, Richard F. Kerr, Jessica D. Cohn, and Joshua L. Durham

On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of securities dealers.

Read More

AI and Your Obligations as Licensee

By: Daniel Knight, Ben Kneebush and Madison Jeffreys

As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, there is a risk that the deployment of AI might cause licensees to fall short of their existing regulatory obligations and emerging best practices.

Read More

Banking Regulators’ Growing Concerns over Bank-Fintech Partnerships

By: Jeremy M. McLaughlin, Grant F. Butler, Andrew C. Glass, Gregory N. Blase, and Joshua L. Durham

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) have jointly issued a request for information (RFI) seeking input on the nature, risks, and implications of bank-fintech partnerships. Accompanying the RFI, the agencies issued a joint statement on banks’ arrangements with third parties to deliver bank deposit products and services (Joint Statement). We will be hosting a webinar on this topic on 10 September (register here), and comments to the RFI are due 30 September.

Read More

Vermont Enters a New Age of Virtual Currency Money Transmission

By: Jeremy McLaughlin and Joshua Durham

Effective July 2024, Vermont rehauled its money transmission law, joining the other states (approximately half) that have enacted some or all of the Money Transmission Modernization Act (MTMA). In doing so, Vermont furthers a trend of states expanding their regulators’ purview over the virtual currency industry.

Read More

Warning: UK Makes Reimbursing Customers Tricked into Authorizing Payments Mandatory

By: Kai Zhang and Judie Rinearson

Authorized push payment frauds (APP fraud) happen where one is tricked into sending money to a fraudster posing as a genuine payee. Currently some protection is provided to UK victims via a voluntary industry code. However, this has been considered insufficient. So now a new mandatory reimbursement regime is coming, from 7 October 2024.

Read More

The Long and Winding Road: Navigating Fintech and Crypto App Approvals by the Apple Store

By: Andrew Hinkes and Judie Rinearson

Much has been written about the effort it takes to have a new app approved by the Apple App Store. With good reason, Apple’s strict approval process ensures quality and maintains the standards of its ecosystem. As Apple itself reports, in 2023 it “rejected more than 1.7 million app submissions for failing to meet the App Store’s stringent standards for privacy, security, and content.”1 An article from Decode about the top reasons for an Apple rejection2 included the usual tech-related problems: The app is low quality; there are broken links; lots of bugs and crashes; etc.

Read More

CFPB Aims to End the Use of Medical Debt Information in Making Credit Determinations and in Credit Reporting

By: Andrew C. Glass, Gregory N. Blase, and Joshua L. Durham

On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) published a Notice of Proposed Rulemaking (NPRM) to ban the inclusion of medical bills in consumer credit reports.

Read More

Australia: Crypto in the Courts

By: Daniel Knight and Ben Kneebush

On 4 June 2024, the latest chapter in ASIC’s crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services (ASIC’s media release can be found here).

Read More

Copyright © 2025, K&L Gates LLP. All Rights Reserved.