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  • 1.

    Which activities trigger a licensing requirement in your jurisdiction?

  • 2.

    Is consumer lending regulated in your jurisdiction? Describe the general regulatory regime.

  • 3.

    Are there restrictions on trading loans in the secondary market in your jurisdiction?

  • 4.

    Describe the general regulatory regime for collective investment schemes and whether fintech companies providing alternative finance products or services would generally fall within the scope of any such regime.

  • 5.

    Are managers of alternative investment funds regulated?

  • 6.

    May regulated activities be passported into your jurisdiction?

  • 7.

    May fintech companies obtain a licence to provide financial services in your jurisdiction without establishing a local presence?

  • 8.

    Describe any specific regulation of peer-to-peer or marketplace lending in your jurisdiction.

  • 9.

    Describe any specific regulation of crowdfunding in your jurisdiction.

  • 10.

    Describe any specific regulation of automated investment advice in your jurisdiction.

  • 11.

    Describe any specific regulation of invoice trading in your jurisdiction.

  • 12.

    Are payment services a regulated activity in your jurisdiction?

  • 13.

    Do fintech companies that wish to sell or market insurance products in your jurisdiction need to be regulated?

  • 14.

    Are there any legal or regulatory rules in your jurisdiction regarding the provision of credit references or credit information services?

  • 15.

    Are there any legal or regulatory rules in your jurisdiction that oblige financial institutions to make customer or product data available to third parties?

  • 16.

    Does the regulator in your jurisdiction make any specific provision to encourage the launch of new banks?

  • 17.

    Describe any specific rules relating to notification or consent requirements if a regulated business changes control.

  • 18.

    Does the regulator in your jurisdiction make any specific provision for fintech services and companies? If so, what benefits do those provisions offer?

  • 19.

    Does the regulator in your jurisdiction have formal relationships or arrangements with foreign regulators in relation to fintech activities?

  • 20.

    Are there any local marketing rules applicable with respect to marketing materials for financial services in your jurisdiction?

  • 21.

    If a potential investor or client makes an unsolicited approach either from inside the provider’s jurisdiction or from another jurisdiction, is the provider carrying out a regulated activity requiring a licence in your jurisdiction?

  • 22.

    If the investor or client is outside the provider’s jurisdiction and the activities take place outside the jurisdiction, is the provider carrying out an activity that requires licensing in its jurisdiction?

  • 23.

    Are there continuing obligations that fintech companies must comply with when carrying out cross-border activities?

  • 24.

    Are there any legal or regulatory rules or guidelines in relation to the use of distributed ledger (including blockchain) technology in your jurisdiction?

  • 25.

    Are there any legal or regulatory rules or guidelines applicable to the use of digital currencies or digital wallets, including e-money, in your jurisdiction?

  • 26.

    Are there any rules or guidelines relating to the operation of digital currency exchanges or brokerages in your jurisdiction?

  • 27.

    Are there legal or regulatory rules or guidelines in relation to initial coin offerings (ICOs) or token generating events in your jurisdiction?

  • 28.

    What are the requirements for executing loan agreements or security agreements? Is there a risk that loan agreements or security agreements entered into on a peer-to-peer or marketplace lending platform will not be enforceable?

  • 29.

    What steps are required to perfect an assignment of loans originated on a peer-to-peer or marketplace lending platform? What are the implications for the purchaser if the assignment is not perfected? May these loans be assigned without informing the borrower?

  • 30.

    Will the securitisation be subject to risk retention requirements?

  • 31.

    Would a special purpose company for purchasing and securitising peer-to-peer or marketplace loans be subject to a duty of confidentiality or data protection laws regarding information relating to the borrowers?

  • 32.

    Which intellectual property rights are available to protect software, and how do you obtain those rights?

  • 33.

    Is patent protection available for software-implemented inventions or business methods?

  • 34.

    Who owns new intellectual property developed by an employee during the course of employment?

  • 35.

    Do the same rules apply to new intellectual property developed by contractors or consultants? If not, who owns such intellectual property rights?

  • 36.

    Are there any restrictions on a joint owner of intellectual property’s right to use, license, charge or assign its right in intellectual property?

  • 37.

    How are trade secrets protected? Are trade secrets kept confidential during court proceedings?

  • 38.

    What intellectual property rights are available to protect branding and how do you obtain those rights?

  • 39.

    How can new businesses ensure they do not infringe existing brands?

  • 40.

    What remedies are available to individuals or companies whose intellectual property rights have been infringed?

  • 41.

    Are there any legal or regulatory rules or guidelines surrounding the use of open-source software in the financial services industry?

  • 42.

    What are the general legal or regulatory requirements relating to the use or processing of personal data?

  • 43.

    Are there legal requirements or regulatory guidance relating to personal data specifically aimed at fintech companies?

  • 44.

    What legal requirements or regulatory guidance exists in respect of anonymisation and aggregation of personal data for commercial gain?

  • 45.

    Are there legal requirements or regulatory guidance with respect to the outsourcing by a financial services company of a material aspect of its business?

  • 46.

    How common is the use of cloud computing among financial services companies in your jurisdiction?

  • 47.

    Are there specific legal requirements or regulatory guidance with respect to the use of cloud computing in the financial services industry?

  • 48.

    Are there specific legal requirements or regulatory guidance with respect to the internet of things?

  • 49.

    Are there any tax incentives available for fintech companies and investors to encourage innovation and investment in the fintech sector in your jurisdiction?

  • 50.

    Are there any specific competition issues that exist with respect to fintech companies in your jurisdiction or that may become an issue in future?

  • 51.

    Are fintech companies required by law or regulation to have procedures to combat bribery or money laundering?

  • 52.

    Is there regulatory or industry anti-financial crime guidance for fintech companies?

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Simmons & Simmons is a leading international law firm, providing clients with commercially aware legal advice, whenever and wherever they need it. We have over 900 legal staff situated in key business and financial centres across Europe, the Middle East, and Asia.

View more information about Simmons & Simmons LLP


Dubai
Level 7, The Gate Village, Building 10
Dubai International Financial Centre
(PO Box 506688)
Dubai
United Arab Emirates
T: +971 4 709 6600
F: +971 4 709 6601


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