FW: What are your predictions for the evolution of the digital economy in the months and years forward? How assured are you that regulators can preserve tempo with the dramatic velocity of technological change?
Ragha: The environmental, social and governance (ESG) agenda will form the evolution of the digital economy. A key side of aiming to attain an equitable and inclusive transition to a net-zero economy is ESG disclosures, together with climate-related monetary disclosures and reporting necessities in relation to variety and inclusion. The use of refined information units, along with distributed ledger applied sciences (DLT), comparable to blockchain, and AI will help with gathering information and assembly reporting necessities. Regulators have launched a variety of ESG-related guidelines and laws, notably in the asset administration area, to assist facilitate funding selections. There is elevated regulatory safety of greenwashing, the place corporations or funds make exaggerated claims about their ESG credentials, as evidenced by the US Securities and Exchange Commission’s (SEC’s) current effective of BNY Mellon’s funding adviser division in relation to its misstatement and omission of details about ESG funding concerns for mutual funds beneath its administration.
Meera Ragha is a senior affiliate in the monetary regulation group at Clifford Chance in London, the place she advises on UK and EU monetary regulation and compliance. She specialises in appearing for fee establishments, e-money issuers, banks, retailers, funds platforms and expertise corporations on a variety of funds and FinTech regulation, together with PSD2, regulatory reforms regarding cryptocurrencies, and the affect of the monetary providers regulatory framework in the EU and UK on FinTech merchandise. She will be contacted on +44 (0)20 7006 5421 or by electronic mail: meera.ragha@cliffordchance.com.
Diego Ballon Ossio is a senior affiliate specialising in advising expertise corporations, monetary establishments and different market contributors on regulatory facets of digital asset buying and selling and custody. He gained important expertise in monetary regulation working at the UK Financial Conduct Authority (and predecessor organisation) from 2010 to 2015 and has been ranked by Legal 500 as a “rising star” since 2020. He is a member of the Financial Markets Law Committee Working Group on FinTech. He will be contacted on +44 (0)20 7006 3425 or by electronic mail: diego.ballonossio@cliffordchance.com.
Daniel Schwarz is a senior affiliate at Clifford Chance LLP, advising companies and governments on all areas of competitors regulation. He is a authorized fellow at Cambridge University’s Centre for Finance, Technology & Regulation. He has lectured at HM Treasury, Bank of Spain, OECD and Oxford University. He beforehand labored as a counsel at the International Monetary Fund in Washington, DC. He will be contacted on +44 (0)20 7006 8924 or by electronic mail: daniel.schwarz@cliffordchance.com.
Jamie Andrew is a senior affiliate who’s skilled in advising on up to date and rising expertise points, notably in the context of knowledge, together with international information regulation, exploitation and cyber incident preparedness and response. He can also be skilled in negotiating strategic industrial contracts, notably in the context of FinTech options and monetary expertise procurement. He will be contacted on +44 (0)20 7006 1367 or by electronic mail: jamie.andrew@cliffordchance.com.
Nicola Hemsley is a companion in the Clifford Chance London tax apply. She advises corporates, monetary buyers and monetary establishments on the tax facets of all kinds of cross-border company, fairness capital markets and finance transactions. She specialises in mergers and acquisitions, public takeovers, joint ventures and preliminary public choices (IPOs). She will be contacted on +44 (0)20 7006 4215 or by electronic mail: nicola.hemsley@cliffordchance.com.
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