Lecture 9 Flashcards
What did the EU parliament adopt in October 2015?
PSD2
What did the UK implement in 2016?
Required largest UK banks to share customer bank data with licensed start ups.
What is the aim of PSD2?
Harmonize payments regulation and consumer protection
What is open banking?
Secure way to give providers access to your financial information
How many regulated providers enrolled in open banking in 2021?
300
What is UK open banking implementation entity (OBIE)?
A non profit created to establish standards in data sharing to deliver open banking
Who governs OBIE and who funds it?
CMA and UK’s 9 largest banks
What is the purpose of OBIE?
Design specifications for banks and building societies to securely provide open banking
What are the dangers of open banking?
Non “tech savvy” people could be exploited by businesses offering new types of expensive loans or misuse of personal info
What are the 3 types of application programming interface (API’s)?
Internal, Partner and Public
What is an internal API?
API’s used by developers within enterprises for cost reduction, operational efficiency and enhanced security
What is a partner API?
used by partners (inc suppliers, providers, resellers) for API monetisation and enhanced security
What is a public API?
Used by external partners and developers for innovation through engaging developer community and extended market research
What is the US regulation on cryptocurrencies?
SEC applies US federal securities laws to crypto offerings
What is MICA in the UK and when is it expected to start?
Markets in crypto-assets and in 2023
What is a crypto asset?
digital representation of a value or right that can be transferred and stored electronically using distributed ledger technology or similar tech
What are some obligations under MICA?
- must issue white-papers not prospectus
- issuers must have registered office in EU for supervision
- NFT’s excluded
What is General data protection regulation (GDPR) and what does it address?
regulation on data protection and privacy in EU, addresses transfer of personal data outside EU.
