Lecture 9 Flashcards

1
Q

What did the EU parliament adopt in October 2015?

A

PSD2

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2
Q

What did the UK implement in 2016?

A

Required largest UK banks to share customer bank data with licensed start ups.

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3
Q

What is the aim of PSD2?

A

Harmonize payments regulation and consumer protection

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4
Q

What is open banking?

A

Secure way to give providers access to your financial information

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5
Q

How many regulated providers enrolled in open banking in 2021?

A

300

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6
Q

What is UK open banking implementation entity (OBIE)?

A

A non profit created to establish standards in data sharing to deliver open banking

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7
Q

Who governs OBIE and who funds it?

A

CMA and UK’s 9 largest banks

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8
Q

What is the purpose of OBIE?

A

Design specifications for banks and building societies to securely provide open banking

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9
Q

What are the dangers of open banking?

A

Non “tech savvy” people could be exploited by businesses offering new types of expensive loans or misuse of personal info

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10
Q

What are the 3 types of application programming interface (API’s)?

A

Internal, Partner and Public

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11
Q

What is an internal API?

A

API’s used by developers within enterprises for cost reduction, operational efficiency and enhanced security

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12
Q

What is a partner API?

A

used by partners (inc suppliers, providers, resellers) for API monetisation and enhanced security

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13
Q

What is a public API?

A

Used by external partners and developers for innovation through engaging developer community and extended market research

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14
Q

What is the US regulation on cryptocurrencies?

A

SEC applies US federal securities laws to crypto offerings

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15
Q

What is MICA in the UK and when is it expected to start?

A

Markets in crypto-assets and in 2023

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16
Q

What is a crypto asset?

A

digital representation of a value or right that can be transferred and stored electronically using distributed ledger technology or similar tech

17
Q

What are some obligations under MICA?

A
  • must issue white-papers not prospectus
  • issuers must have registered office in EU for supervision
  • NFT’s excluded
18
Q

What is General data protection regulation (GDPR) and what does it address?

A

regulation on data protection and privacy in EU, addresses transfer of personal data outside EU.