JERSEY
United Kingdom
Law and Practice Contributed by: Christopher Griffin, Sophie Hancock, Tshogofatso Dhlamini, Rachael Barber, David Patterson and Mike Kushner Carey Olsen Contents 1. Fintech Market p.434 1.1 Evolution of the Fintech Market p.434 2. Fintech Business Models and Regulation in General p.434 2.1 Predominant Business Models p.434 2.2 Regulatory Regime p.435 2.3 Compensation Models p.436 2.4 Variations Between the Regulation of Fintech and Legacy Players p.436 2.5 Regulatory Sandbox p.436 2.6 Jurisdiction of Regulators p.437 2.7 No-Action Letters p.437 2.8 Outsourcing of Regulated Functions p.437 2.9 Gatekeeper Liability p.437 2.10 Significant Enforcement Actions p.437 2.11 Implications of Additional, Non-Financial Services Regulations p.438 2.12 Review of Industry Participants by Parties Other than Regulators p.438 2.13 Conjunction of Unregulated and Regulated Products and Services p.438
Jersey
France
2.14 Impact of AML and Sanctions Rules p.438 2.15 Financial Action Task Force Standards p.438 2.16 Reverse Solicitation p.438 3. Robo-Advisers p.439 3.1 Requirement for Different Business Models p.439 3.2 Legacy Players’ Implementation of Solutions Introduced by Robo-Advisers p.439 3.3 Issues Relating to Best Execution of Customer Trades p.439 4. Online Lenders p.439 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Entities p.439 4.2 Underwriting Processes p.440 4.3 Sources of Funds for Fiat Currency Loans p.440 4.4 Syndication of Fiat Currency Loans p.440 5. Payment Processors p.440 5.1 Payment Processors’ Use of Payment Rails p.440 5.2 Regulation of Cross-Border Payments and Remittances p.441
430 CHAMBERS.COM
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