26 November 2015

 Welcome to Fintech Horizons. This edition’s briefings cover:

  • Transfers of personal data to the US under the Safe Harbour Agreement no longer legal – Many European organisations transferring individuals’ personal data to the US have relied on the EU/US Safe Harbour Agreement to ensure they comply with data protection law. Partly influenced by Edward Snowden’s disclosures, the Court of Justice for the European Union has declared this agreement invalid. We discuss the decision, the background and the consequences. Please see our alert: CJEU rules US Safe Harbour Agreement no longer valid for more information. 
  • New rules on whistleblowing in the financial services sector – In response to the financial crisis, the PRA and FCA have introduced new rules designed to bolster the culture of “speaking up” within financial services firms. We outline which firms are affected and what they need to do. Please see our alert: Speaking up in the financial services sector: new rules on whistleblowing for more information.
  • The FCA’s Financial Advice Market Review, Regulatory Sandbox initiative and automated advice – With the FCA’s Call for Input deadline and the Regulatory Sandbox stakeholder event, December is a busy time for Fintech businesses looking at the automated advice market. Please see our alert: FAMR and automated advice for more information.
  • The ECJ rules Bitcoin exchanges are VAT-exempt – The decision provides further certainty to businesses looking to set up Bitcoin exchanges within the EU and is likely to boost confidence in cryptocurrencies. Please see our alert: Court of Justice of the European Union: Bitcoin exchanges for more information.

If you would like further information on any of the topics above, please contact a member of the fintech team, or your usual lawyer at Burges Salmon.

Key contact

Cheryl Parkhouse

Cheryl Parkhouse Senior Associate

  • Nuclear 
  • Projects
  • Public Sector

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