Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to S26: Techsauce Global Summit 2018
Similar to S26: Techsauce Global Summit 2018 (20)
More from Kullarat Phongsathaporn
More from Kullarat Phongsathaporn (11)
Recently uploaded
Recently uploaded (20)
S26: Techsauce Global Summit 2018
- 1. A new world of FinTech regulation: what the future holds Techsauce Global Summit 2018
- 2. © 2018 Baker & McKenzie Ltd. ' The regulatory development wheel 2 Financial Markets Financial Regulations Financial Policies Technology / Innovation
- 3. © 2018 Baker & McKenzie Ltd. Regulations • Institutional Reform • Overhaul in the financial policies and banking regulations in many countries • Consumer protection, executive pay cuts, shadow banking system, systemically important institutions. • Dodd–Frank Act • Consumer Financial Protection Bureau • Basel III’s capital requirements The Regulatory Change Cycle 3 Challenges Policies 1997 Asian Financial Crisis Improve banking supervision Regulatory changes 1997 Asian Financial Crisis 2008 Global Financial Crisis Enhance financial stability and consumer protection 2008 Global Financial Crisis Past Financial Crisis
- 4. © 2018 Baker & McKenzie Ltd. Finding the Equilibrium Point 4 Financial Market Stability / Integrity Consumer / Investor Protection Innovation
- 5. © 2018 Baker & McKenzie Ltd. Keeping up with the pace of technological innovation 5 Migration to unregulated sectors, ML/TF, operational risks related to IT cybercrime and cybersecurity, outsourcing risks, legal uncertainty transparency vs. privacy, accountability - Will a more decentralized financial system be more stable, or less? - Will risks be more dispersed? -Will the diminished role of traditional intermediaries mean that emerging risks are more likely to go undetected? A Regulatory Approach to Fintech Christine Lagarde, Managing Director of IMF
- 6. © 2018 Baker & McKenzie Ltd. FinTech Regulatory Trends D: Data • Open Banking – PSD 2 • Data Protection • PDPB • GDPR C: Cybersecurity • European Parliament's number one priority • shadow infrastructure – too connected • cybersecurity and outsourcing rules Support • Sandboxes – global regulatory sandbox • Ease of existing rules • Tax and sponsor Incentives Holistic Approach • EC’s FinTech Action Plan • Draft FinTech Act Cross-Border • Divergence • International Cooperation Rise of RegTech • For regulators • For FinTech players A: AML/CTF • e-KYC / e- Authentication • FATF – cryptocurrencies • NDID B: Blockchain • Blockchain • no "one size fits all“ • Legal code VS Technical code • Crypto Assets • divergent but more strictly regulated “Regulation is not poison. Regulators are not always your enemies.”
- 7. Baker & McKenzie Ltd. is a member firm of Baker & McKenzie International, a global law firm with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as “Attorney Advertising” requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. © 2018 Baker & McKenzie Ltd. www.bakermckenzie.com