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Global Fintech Update

19 March 2025

Fintech Banking & Finance 19 March 2025

Welcome to this week's global fintech round-up, summarising fintech regulatory developments that have happened around the world along with our Clifford Chance fintech publications and upcoming events.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

CLIFFORD CHANCE BRIEFINGS AND MATERIALS

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

International

  • (14 Mar 2025) Loan Market Association (LMA) blog post on artificial intelligence (AI) in the loan markets.
  • (12 Mar 2025) International Organization of Securities Commissions (IOSCO) consultation report on neo-brokers. Deadline for comments: 12 May 2025. | Press release

Europe

EU:

  • (25 Mar 2025) The European Securities and Markets Authority (ESMA) will be hosting a webinar on 25 March 2025 at which a group of experts will present the findings from their recent 'Trends, Risks and Vulnerabilities' article 'Artificial intelligence in EU investment funds: adoption, strategies and portfolio exposures' and take questions from the audience. Register by 24 March 2025. | Webinar page
  • (18 Mar 2025) The European Supervisory Authorities (ESAs) have published the official translations of their guidelines on the estimation of aggregated annual costs and losses caused by major ICT-related incidents under the Digital Operational Resilience Act (DORA). Date of application: 19 May 2025.
  • (14 Mar 2025) The following EU Commission Delegated Regulations setting out regulatory technical standards (RTS) under the Markets in Cryptoassets Regulation (MiCA) have been published in the Official Journal: Delegated Regulation (EU) 2025/416 specifying the content and format of order book records for cryptoasset service providers (CASPs) operating a trading platform for cryptoassets; and Delegated Regulation (EU) 2025/417 specifying the manner in which CASPs operating a trading platform for cryptoassets are to present transparency data.Entry into force: 3 April 2025.
  • (12 Mar 2025) European Central Bank (ECB) working paper on consumer attitudes towards a central bank digital currency.

Italy:

Russia:

  • (12 Mar 2025) The Bank of Russia has proposed allowing a limited circle of Russian investors to buy and sell cryptocurrencies and establishing a special experimental legal regime for this purpose for a period of three years. | Press release (in Russian)

Türkiye:

  • (13 Mar 2025) Capital Markets Board (CMB) communiqué (in Turkish) on regulatory procedures and principles regarding the establishment, commencement of operations, activities and suspension of activities of cryptoasset service providers.

UK:

  • (18 Mar 2025) The Chancellor of the Exchequer, Rachel Reeves, has announced details of the launch of the procurement process for the pilot Digital Gilt Instrument (DIGIT) issuance. HM Treasury and the UK Debt Management Office (DMO) have published a preliminary market engagement notice and further information on the scope of the DIGIT pilot, and are seeking views from potential suppliers, including the financial services sector, to inform the development and delivery of DIGIT. Deadline for comments:  | Press release
  • (12 Mar 2025) Speech by Sir Geoffrey Vos, Master of the Rolls and Head of Civil Justice, to the LawTech UK Conference 2025, in which he discussed the work of the UK Jurisdiction Taskforce (UKJT), including new projects on: (i) control in relation to third category digital assets, (ii) liability for harms caused by AI, and (iii) the formation of an International Jurisdiction Taskforce (IJT).

EVENTS

  • Global Financial Markets Perspectives Series: Navigating US and EU regulatory regimes for tech and ESG/sustainability – managing risk and divergence (online, 25 March 2025): Our panel will examine legal considerations for global businesses navigating regulatory change on technology (including AI), data and on ESG/sustainability in the US and the EU. We will discuss practical steps in managing the extra-territorial effects of key regimes in the context of a rapidly changing policy environment in both the US and the EU, areas of enforcement prioritisation and de-prioritisation, and risk mitigation strategies for boards and management. | To register, please see the event series registration form
  • Global Financial Markets Perspectives Series: AI Series: AI litigation and enforcement – the latest trends (online, 3 April 2025): As artificial intelligence becomes mainstream and increasingly advanced, organisations face changing litigation and regulatory enforcement risks. Our panel will discuss key areas of AI-related litigation and enforcement, including privacy issues, cybersecurity, intellectual property, consumer protection and 'AI washing'. Looking at recent cases and enforcement and anticipating potential hotspots in 2025, we will discuss practical approaches to AI risk management for organisations using AI and for financial investors. | To register, please see the event series registration form
  • Global Financial Markets Perspectives Series: In conversation with Kenn Cukier – human advantage in an age of technology and turmoil (London, 29 April 2025): As part of Clifford Chance's Ethics Series, we are delighted that Kenn Cukier, Deputy Executive Editor at The Economist, and an AI, technology and data expert, will be in conversation with Clifford Chance lawyer Herbert Swaniker. They will discuss ethical considerations in AI by reference to Kenn's latest book 'Framers: Human Advantage in an Age of Technology and Turmoil' during which he will consider the important role that humanity will continue to play in an age of increasingly sophisticated AI. | To register, please see the event series registration form

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