Category Archives: Fintech and Networking Events

[Brookings Institution Event Dec 5]: How to build guardrails for facial recognition technology

Brookings Institution | Dec 4, 2019

facial recognition - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technologyFacial recognition technology has raised many questions about privacy, surveillance, and bias. Algorithms can identify faces but do so in ways that threaten privacy and introduce biases. Already, several cities have called for limits on the use of facial recognition by local law enforcement officials. Now, a bipartisan bill introduced in the Senate proposes new guardrails for the use of facial recognition technology by federal law enforcement agencies.

See:  Smart Cities Offer Promises and Concerns Over Privacy

On Thursday, December 5, the Center for Technology Innovation at Brookings will feature Senators Chris Coons (D-Del.) and Mike Lee (R-Utah), who introduced the bipartisan Facial Recognition Technology Warrant Act this past November. The discussion will focus on how placing procedural safeguards on facial recognition technology, such as requiring warrants and limiting the duration of surveillance, can alleviate concerns over security and privacy while encouraging innovation.

-

Brookings Institution

Falk Auditorium

1775 Massachusetts Avenue N.W.

Washington, DC

20036

More information on registering for the Webcast or attending --> here

 

 


NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Singapore Fintech Week: Data, technology and policy coordination – BIS Speech

BIS | Agustín Carstens | Nov 14, 2019

BIS Agustín Carstens - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technologyKeynote speech by Mr Agustín Carstens, General Manager of the BIS, at the 55th SEACEN Governors' Conference and High-level Seminar on "Data and technology: embracing innovation", Singapore, 14 November 2019.

Introduction

It is a great honour to address this distinguished audience today. We meet against the backdrop of the Singapore Fintech Festival and the opening, here in Singapore, of one of the first three BIS Innovation Hub Centres.

Singapore has positioned itself as a centre of innovation, research and development at the heart of the world's most dynamic economic region.1 The impressive achievements in fintech relate in no small part to the work of the Monetary Authority of Singapore (MAS) and Singaporean authorities in creating a solid public infrastructure to foster innovation.

This morning, I will discuss the role of personal data in digital financial innovation. The use of new technology with such data holds great promise, but it also presents new and complex policy trade-offs, and a clear need for domestic and international policy coordination. I would also like to share some thoughts on how the work of the BIS can contribute to this debate.

The value of personal data

Personal data are often touted as the gold of the 21st century.2 Our transactions data, browsing histories, geolocation and broader digital footprint can all be highly valuable in assessing credit quality, pricing insurance policies or marketing financial services. For example, one recent study finds that a user's operating system (iOS versus Android) has information content on income, that the time of day purchases are made (morning versus night) is correlated with character, and that the use of lower case or a name in the user's email address has information on reputation.3 Another study finds that non-traditional information from mobile phone applications and e-commerce platforms can significantly improve the predictive power of credit scoring models.4 Very often, this results in greater efficiency and lower costs.5 In many cases, there are benefits to consumers and society from new applications. For instance, the use of data can foster greater financial inclusion, greater convenience and more tailored and personalised products.

See:  What does the future of banking look like, according to the experts?

In credit, we are already seeing evidence that fintech and big tech credit, using alternative data, has been a boon for borrowers who are unserved or underserved by banks.6 In China, the major platforms have facilitated credit for hundreds of millions of new personal and business borrowers.7 In many countries, including here in Southeast Asia, access to transaction data, payment of utility bills, platform reviews, etc is driving greater access to financial services. Leveraging their personal data, taxi drivers can borrow to buy their own cars, and students can finance their education. Even in the United States, research suggests that personal transaction data can help the 45-60 million "thin credit file" Americans, ie those who have inadequate credit history, to obtain loans.8

In insurance, the use of personal data can help extend coverage to clients who did not previously have access. This can include small farmers in need of crop insurance, based on geolocation and weather data. Similarly, big techs and large insurers are using data on everything from people's search histories to their driving behaviour to price insurance policies.

Yet as we all know, there are important questions about how best to organise the access to personal data - in other words, rights or control over data. If data are the new gold, what is the new gold standard? There are important questions about the distribution of the gains from the use of data among customers, financial institutions, big techs and others, and about the impact on competition. Finally, there are fundamental policy questions about data privacy. Answers will depend in part on the science - for instance, on the technological possibilities presented by machine learning and big data. However, they may also depend on social preferences, which have deep cultural roots.

The scope for gains from better tailoring of products will depend on the type of personal data shared. Some data are purely private or only meant to be shared with a restricted number of users - eg medical records. At the other extreme are data that people may want to share freely, and which can be shared without causing any harm. In between, there may be data that can be lent out (temporarily) and combined with other data, eg for credit assessments or insurance pricing. There may also be data that are not valuable to users (eg browsing histories), but may be valuable to private sector companies as they may help better target both general and customer-specific services. As a user, I may want to sell such data to the highest bidder.

The complex trade-offs between stability, efficiency and privacy

This must all be conducted within a carefully calibrated regulatory and policy context. For public policy, there are broadly three objectives at play here: not only the well known areas of financial stability and fair competition, but also data protection. The growing importance of data protection and privacy introduces new problems that could alter the usual trade-offs between the three objectives.9

One problem is that ownership of personal data is rarely clearly defined. In many countries, the default outcome is that financial institutions or big techs have de facto ownership of customer data. As such, these firms often reap a large share of the profits from new data use. For instance, if companies can estimate more precisely how much customers are willing to pay, they can engage in price discrimination, charging varying prices for the same service, and capture a greater share of the consumer surplus.10 Left to its own devices, this will not lead to an increase in consumer welfare.

See:  While Canada debates, others are commercializing our most valuable asset: data

One solution is to assign property rights over data to consumers (ie the "Coasian solution", named after the Chicago economist Ronald Coase). But this brings legal, regulatory and conceptual challenges. For example, especially big techs in particular are able to obtain data from activities outside financial services. How should we assign the property rights for such mixed data? Another issue is the importance of network effects. Data can only be efficiently used in large amounts. In other words, there are returns to scale and scope in data. This gives incumbents that already have extensive data on customers an advantage over potential competitors, which might deter entrance of new firms. However, even if we could create a level playing field between providers of financial services, it is not clear that we should: fragmenting the data landscape might preclude potential benefits from being generated in the first place. Finally, data are non-rival, ie multiple parties can use data without diminishing the availability for others. As such, some argue that we should not be talking about ownership around data at all. They prefer the term data rights.11

In the light of these challenges, solutions like data stacks can help. We will hear more later today about Aadhaar in India and MyInfo here in Singapore. Digital identity can be an important foundation for digital services, and once these digital infrastructures are in place, payments, government services and a host of other solutions are made possible. Making consumers data-rich, and giving them greater ability to give informed consent over their data can bring important improvements.12 Recent research suggests that assigning control rights to consumers can generate outcomes that are close to optimal.13

Another issue is that there can be costs to the widespread sharing and use of data. People value their privacy, and breaches of personal data are harmful.14 Arguably, data privacy also has attributes of a fundamental right that cannot be traded off against economic benefits. Even if data privacy is guaranteed by law, breaches of personal data can occur - and they can erode trust in the financial system. A number of recent high-scale breaches of consumer data underscore these risks. Think for instance of the theft of credit card information on over 106 million American and Canadian customers in the Capital One hack, or theft of personal data from 9.4 million Cathay Pacific passengers. Until now, these large-scale breaches have not led to large changes in consumer behaviour or effects on financial stability, but one can imagine cases where such breaches could have broader effects. There is research suggesting that given certain characteristics of data, especially non-rivalry, firms may have an incentive to underinvest in data security.15

Available evidence suggests that cultural views towards data privacy differ across countries, and across age cohorts. For example, in one recent survey, respondents were asked if they would be open to their bank securely sharing their data with other organisations in exchange for better offers on financial services.16 In India, 65% of respondents said yes. In the Netherlands, this was only 13%. At the country level, it appears that willingness to share data is correlated with the level of income per capita, declining as incomes increase. That suggests that these preferences may change as economies develop. In the same survey, 38% of 25- to 34-year-olds globally were willing to share their data, but only 16% of those over 65 were.

See:  FCA: Regulating innovation: a global enterprise

Finally, there are important questions about how data are processed, and the potential for discrimination, financial exclusion and even exploitation. Different algorithms on the same raw data will result in very different outcomes. This has led observers to say that "algorithms are opinions embedded in code".17 There is some evidence on discriminatory outcomes in credit. For instance, one recent study of the US mortgage market found that black and Hispanic borrowers were less likely to benefit from lower interest rates from machine learning-based credit scoring models than non-Hispanic white and Asian borrowers.18 Even more worrying is the potential for intentional harm. There is evidence on new methods for actors to misuse personal data to manipulate the behaviour of consumers, through their understanding of factors like emotional contagion and behavioural biases. For instance, one study based on about 670,000 Facebook users unaware of the experiment found that people's emotional state can be transferred to others through contagion. This can lead people to experience the same emotions without being aware of the cause. Beyond the scientific result, this experiment clearly raises economic, not to mention ethical, concerns about a firm's ability to manipulate consumer and investor sentiment.19 Could similar capabilities, in the wrong hands, be used to manipulate markets or cause financial instability?

Continue to the full BIS speech --> here

 

 


NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Recession gatecrashes Hong Kong’s fintech party | SFC outlines VATP regulatory framework and China’s digital currency

Reuters | Sharon Lam | Nov 8, 2019

HK - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology

Recession gatecrashes Hong Kong’s fintech party

HONG KONG (Reuters Breakingviews) - Hong Kong’s economic travails are an unwelcome guest in the city’s fintech party. Enthusiasm for online-only banks was palpable at the Fintech Week conference. Yet months of political unrest have hit small businesses, and the added risks may delay local launches by the likes of Standard Chartered and Tencent.

Attendees this week descended on Hong Kong’s Lantau Island for the financial hub’s fourth annual gathering. With appearances from top officials like Financial Secretary Paul Chan to executives at Singapore’s $14 billion Grab and other rising stars, there was plenty of buzz. Hot topics included central bank digital currencies and cross-border payments.

See:  News on China cryptocurrency and more reforms

Virtual banks, as these branchless outfits are known in Hong Kong, took centre stage. Earlier this year, Hong Kong authorities granted eight licenses for such firms to offer payments, deposits and other services, in a long overdue shakeup. HSBC, Bank of China Hong Kong, Hang Seng Bank and Standard Chartered account for some three-quarters of the city’s mortgages and two-thirds of retail loans. Online challengers, including a joint venture between Chinese handset maker Xiaomi and AMTD, as well as insurance giant Ping An, are ready to muscle in. About 30% of total banking revenue, or $15 billion, is up for grabs, analysts at Goldman Sachs reckon.

Yet just 40 kilometres away from sunny Lantau, Hong Kong’s central business districts and elsewhere are reeling from broader malaise. The financial centre’s economy shrank by 3.2% in the third quarter, plunging it into recession for the first time in a decade, as increasingly violent anti-government protests took hold. Lenders now face lower profitability as risks of loan losses and higher credit costs rise, Morgan Stanley analysts warned in a recent note. The protest-battered city’s 340,000 small and medium-sized businesses, prime customers for online-only banks, have been hit the hardest. Virtual banks say they remain fully committed to Hong Kong.

Continue to the full article --> here

 

Latham and Watkins LLP | Simon Hawkins and Kenneth Y.F. Hui

SFC outlines new regulatory framework for virtual asset trading platforms, HKMA highlights recent FinTech initiatives, and PBOC discusses China’s forthcoming central bank digital currency.

The fourth annual Hong Kong FinTech Week conference kicked off with a major announcement from Mr. Ashley Alder, Chief Executive Officer of the Securities and Futures Commission (SFC), who introduced a new, formalized regulatory framework for virtual asset trading platforms (VATPs). A panel of central bankers also discussed stablecoins and central bank digital currencies, including the People’s Bank of China’s (PBoC) forthcoming central bank digital currency, referred to as the digital currency / electronic payment (DCEP) coin.

VATP Regulation

Last year, the SFC published its conceptual framework for the potential regulation of VATPs and, since then, the SFC has worked behind the scenes with some of Hong Kong’s existing VATPs to better understand their operations, and to explain the SFC’s regulatory expectations, while also assessing VATPs capability to comply with the SFC’s expected requirements.

Importantly, under Hong Kong’s securities laws, the SFC only has power to regulate a VATP that trades virtual assets or tokens that are legally “securities” or “futures contracts.” Bitcoin and other, more familiar, cryptoassets are not securities, and nothing in the SFC’s new framework alters this position. The new framework therefore only applies to VATPs, which include at least one security virtual asset or token for trading. Thereafter, the SFC’s new rules will apply to all of a VATP’s operations, even if the vast majority of other virtual assets or tokens traded on the platform are not securities.

See:  Hong Kong being pulled into the 21st Century — digital banking licenses finally arrive

Essentially, the new regulatory framework allows a VATP to “opt in” to SFC regulation by electing to trade at least one security virtual asset. The SFC’s view is that the principal benefit of being regulated is that the VATP would be able to represent itself to clients as a supervised business. Once licenses are granted to the VATPs that choose to opt in, investors will then be able to distinguish easily between regulated platforms and platforms that are not regulated.

VATPs that wish to opt in under the new framework may apply to the SFC to be licensed for Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities. The SFC will only accept license applications from centralized VATPs that are based in Hong Kong, so decentralized and peer-to-peer VATPs will not be able to obtain licenses (for the time being, at least).

License applicants must demonstrate that they are willing and able to comply with the expected standards under the regulatory framework published by the SFC. Under the key licensing conditions that will be imposed on licensees, a VATP operator must:

  • Only offer its services to “professional investors” (i.e., the general public will not be able to trade on SFC-licensed VATPs)
  • Have stringent criteria for the inclusion of virtual assets to be traded on its platform
  • Obtain the SFC’s prior written approval for any plan or proposal to add any product to its trading platform
  • Submit monthly reports to the SFC on its business activities
  • Engage an independent professional firm acceptable to the SFC to conduct an annual review of its activities and operations and prepare a report confirming that it has complied with the licensing conditions and all relevant legal and regulatory requirements
  • Only provide services to clients who have sufficient knowledge of virtual assets
  • Not conduct any offering, trading, or dealing activities of virtual asset futures contracts or related derivatives
  • Adopt a reputable external market surveillance system to supplement its own market surveillance policies and controls
  • Ensure that an insurance policy covering the risks associated with custody of virtual assets is in effect at all times

Notably, SFC-licensed VATPs should only include security virtual assets that are (i) asset-backed; (ii) approved or qualified by, or registered with, regulators in comparable jurisdictions; and (iii) with a post-issuance track record of 12 months.

VATPs

In light of the intensive assessment process and to meet the expected regulatory standards, the time required for processing a licensing application from a VATP may be longer than the 16-week period that is typically expected for a standard securities licensing application.

If a platform operator is licensed, its infrastructure, core fitness and properness, and conduct of virtual asset trading activities should be viewed as a whole. Although trading activities in non-security virtual assets or tokens are not “regulated activities,” the SFC’s regulatory remit over all of these aspects of platform operations will be engaged once a platform involves trading activities in security virtual assets or tokens, even if these activities are a small part of its business.

The SFC has stated that it will continue to monitor the evolution of cryptoassets and work with the Hong Kong government to explore the need for legislative changes in the longer term.

See:  The future of Asia: Asian flows and networks are defining the next phase of globalization

Other FinTech Initiatives in Hong Kong

Mr. Eddie Yue, Chief Executive of the HKMA, highlighted a series of recent initiatives aimed to foster the FinTech ecosystem in Hong Kong:

  • The subsidiaries of Hong Kong Interbank Clearing Limited and Institute of Digital Currency of the PBoC have signed a memorandum of understanding to connect the digital trade finance platforms of Hong Kong and the PRC.
  • The HKMA and the Bank of Thailand are conducting a joint research project to study the application of central bank digital currency to cross-border payments, with a view to facilitating HKD-THB payment-versus-payment among banks in Hong Kong and Thailand. A joint report is scheduled for release in the first quarter of 2020.
  • The first-ever innovation hub of the Bank of International Settlements (BIS) commenced operations in Hong Kong in November 2019. The mandate of the BIS innovation hub is to identify and develop in-depth insights into critical trends in financial technology of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation.
  • The HKMA is conducting a study on the application of artificial intelligence (AI) technology in the banking industry and will release a series of publications on this topic in the coming months. This announcement follows a circular issued by the HKMA earlier in November 2019, setting out high-level principles that banks should take into account when designing and adopting AI and big data analytics applications.
  • The HKMA has jointly launched the Fin+Tech Collaboration Platform with the Hong Kong Science and Technology Parks to support FinTech development. Industry players can use the platform to organize FinTech-related activities, such as hackathons.

Continue to the full article --> here

 

 


NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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[Osgoode Professional Development NOV 28-29]: Certificate in Blockchains, Smart Contracts and the Law

Osgoode Professional Development - York University | Nov 5, 2019

Osgoode Professional Development Blockchain Certificate3 - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology

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OSGOODE PROFESSIONAL DEVELOPMENT

Certificate on Blockchains, Smart Contracts & the Law

Interpret and plan for global market change through this educational course developed for lawyers, business leaders, managers and influencers with an interest in blockchain.

The Osgoode Certificate on Blockchains, Smart Contracts & the Law is designed to cohesively integrate relevant information on governance, regulation, policy, law and distributed ledger systems in a way that is tailored to help you to understand the implications on how blockchain works, and its potential impact.

The program is run in two modules, which includes three online primers and the textbook A Practical Guide to Smart Contracts & Blockchain Law. Participants can expect to learn the basics of blockchain use cases, including its importance in intellectual property, smart contracts, and the tax structure of digital assets..

*MODULE 1

November 28-29, 2019
8:30 a.m. - 4:30 p.m. EST

Osgoode Professional Development Centre
1 Dundas St. W., 26th Floor Toronto, ON (map)

*In person and Webcast

 

*MODULE 2

January 20-21, 2020
8:30 a.m. - 4:30 p.m. EST

Osgoode Professional Development Centre
1 Dundas St. W., 26th Floor Toronto, ON (map)

*In person and Webcast

 

The overall course was great [and] all of the speakers gave top-notch advice, were open to answering detailed questions, and covered a gamut of issues I have been grappling with for some time. The opportunity to network with some of Canada’s preeminent experts on this subject was invaluable.” 

Heather Anne Hubbell, Head of Governance, Hubbell Associates Limited, and MD Digital Bonds Salt Exchange

REGISTER WITH NCFA 25% DISCOUNT CODE -> NOW

BLOCKCHAIN-19 (case sensitive)

 

 

CHANGE IS HERE.  YOU NEED TO GET PREPARED

The rapid growth and implementation of blockchain technologies has already begun to disrupt and revolutionize the financial system and other industries. Change can present challenges and it can also provide opportunities. The key to unlocking opportunities lies in determining how the legal system can best foster the development of this new business sector by truly understanding the nature of blockchain transactions, the implications of differences in business models, and an appropriate approach to address the numerous legal issues arising from this paradigm shift.

As with many new technology services offerings, there are vital risk-based issues that need to be carefully considered before businesses, particularly heavily-regulated ones, can start to fully realize the full potential of distributed ledger technologies.

Designed for lawyers and executives without a technical background, over the course of this comprehensive, focused and practical program, you will explore the potential of the blockchain industry, as well as the effect of the technology on other industries, to enhance your understanding of blockchain and to arm you with the knowledge and insights you need to incorporate blockchain into your practice and/or business strategy.

You will Learn

In two intensive modules, this one-of-a-kind, focused and practical program has been developed with a sophisticated audience in mind and is presented by a faculty comprised of legal thought leaders to address key elements, including:

  • Understanding blockchains and distributed ledger ecosystems
  • Cryptocurrencies, initial coin offerings and characterizing blockchain tokens
  • Smart contracts and decentralized applications
  • Competently advising through blockchain innovation
  • Analyzing the nature of blockchain transactions and differences in business models
  • Transforming enterprise business models

Participants can also navigate the more complex legal issues surrounding blockchain, such as blockchain litigation, the challenges of collecting blockchain evidence and seizing cryptocurrency, and trends in blockchain litigation.  The curriculum will also explore issues of money laundering, terrorist financing, and how economic sanctions affect blockchain.

How blockchain can be used as a method of equity financing will also be explored—a hot topic in an industry still in flux. It’s one that both the tech and legal industries are watching closely. Evan Thomas, part of the team representing 3iQ and The Bitcoin Fund is on faculty.  3iQ is the recent high-profile decision in which the Ontario Securities Commission just allowed 3iQ, a Canadian investment manager to offer the world’s first publicly traded bitcoin investment fund. The decision distinguishes decisions by the U.S. Securities and Exchange Commission, which refused to approve the listing of bitcoin exchange traded funds.

“Very good overall. Broad & deep on blockchain and crypto. Regulation is coming.”

Paul Chipperton, Director, Angel Investors Ontario, and CEO & President, Mperia Therapeutics Inc.

Participants can also engage with both crypto and legal innovation leaders, who are part of the program and often pioneering regulation in the industry. Faculty include Michael Casey, Chief Content Officer at CoinDesk ; Toufi Saliba, CEO Toda.Network former Chair ACM PB CC, Co-authored TODA/IP decentralized p2p internet protocol; Charlene Cieslik, chief anti-money laundering officer and chief privacy officer of Coinsquare, one of Canada’s most high-profile crypto exchanges; Greg Wolfond, founder of SecureKey, which is currently working with Canada’s big five banks to create digital verification based on blockchain; Addison Cameron-Huff, Ethereum’s first lawyer co-founder of Toronto Blockchain Week, and Ethan Buchman, Technical Director, Interchain Foundation, and Chief, CoinCulture Cryptoconsulting, and many others (View 2019-2020 Faculty and Program Advisors).

 

Download the Brochure, Program and Agenda

-----

Who Should Attend

This program is carefully designed to help lawyers, financial services and business professionals, entrepreneurs, government officials and public administrators better understand the technical underpinnings of blockchain, how it will likely interact with existing legal and financial systems, and the opportunities for innovation in blockchain systems.  The Certificate bridges a wide gap between specialist and generalist knowledge and is ideal for anyone with a keen interest in blockchain technology, including:

• Lawyers

• Business leaders in a managerial, executive or director position

• Professionals in technology, innovation and new product design

• Business leaders, managers and influencers who want insight into and knowledge of blockchain technology and examples of its uses

• Blockchain enthusiasts

• Government officials, public administrators and policy makers

• General counsel and in-house counsel

• Anti-Money Laundering professionals

• Federal and provincial regulators

• Banking and financial services professionals

• Compliance and risk management professionals

• Business owners and entrepreneurs

• Management consultants and technology consultants

• Technologists involved in deploying systems at scale utilizing blockchains and distributed ledger technology

• Anyone aspiring towards a career that will benefit from knowledge of blockchain technology

 

Not ready to complete the full Certificate? Choose to register for: Module One (Nov 28-29, 2019) OR Module Two (Jan 20-21, 2020)


REGISTER WITH 25% NCFA DISCOUNT CODE!

BLOCKCHAIN-19 (case sensitive)

Register for Osgoode Certificate in Blockchains, Smart Contracts and the Law --> Now

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NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Living on Defi: How I Survive Argentina’s 50% Inflation

Ethereum Devcon 5 | Mariano Conti | Oct 9, 2019

living on defi surviving 55 percent inflation - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology
Living in Argentina but getting paid in Dai, Mariano can access financial systems that are usually not available to us. He wants to show how Ethereum's DeFi movement has been working fine for the last 2 years, by leveraging Dai and secondary lending platforms, and how that is changing the financial reality for people in developing economies. Someone in South America getting paid in crypto can access more stable currencies than their local ones, with better interest rates, and this is all happening right now, and scaling right now.

 


Continue to the full article --> here

 


NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Bitcoin company Hut 8 Mining first to trade on TSX via new listing initiative

Betakit | | Oct 4, 2019

bitcoin mining hut 8 lists - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technologyThis week, Hut 8 Mining Corp., a cryptocurrency mining and blockchain infrastructure company headquartered in Toronto, announced it would begin trading on the Toronto Stock Exchange (TSX) on October 8.

In addition to expediting new listings and transactions, the Sandbox could also become a channel for new securities policy development.

The company is the first blockchain or cryptocurrency company to be listed on the TSX, and is also the first to be listed via the TSX Sandbox. The program aims to accept more listing applications and transactions, and grant access to newer companies that don’t meet all the traditional requirements to be listed, such as market capitalization, a long-form prospectus, management team’s experience level, incorporation in Canada, or corporate governance practices.

“Our move to the TSX, the senior public market of the TMX Group, is another significant step in our evolution to provide improved liquidity and enhanced public disclosure to investors,” Andrew Kiguel, CEO of Hut 8, said when the company first announced it would list last month.

“We are grateful to the TSX for conditionally approving Hut 8 to be the first company through the TSX Sandbox.”

The TSX said Sandbox will be a laboratory of sorts for new policies that would normally require longer consideration periods before being executed. A blog post from law firm Bennett Jones suggested the TSX Sandbox could also become a channel for securities policy development, as well as an expeditor of new listings and changes in capital structure, for issuers.

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While in the TSX Sandbox program, Hut 8’s common shares will trade in the same way as other TSX-listed companies. Under the terms of the agreement, Hut 8 said it will exit the TSX Sandbox program upon the receipt of a prospectus, and no significant compliance issues for a 12-month period. If there are any significant compliance issues, the 12-month period will reset, Hut 8 said.

The TSX Sandbox does not have a designated list of eligibility factors or conditions in order to list, as the conditions are modified to fit each individual applicant. Sandbox is, however, only open to companies already listed on the TSX, and Hut 8 had previously been trading on the TSX Venture Exchange, an exchange for smaller companies, that is still owned by TSX.

Companies interested in Sandbox can request a pre-filing meeting before applying to the TSX Sandbox. Applications must consist of the same documents as those of a regular application, but should also add a submission requesting the application be reviewed by the TSX Sandbox. Applicants from all sectors and stages are eligible to apply to the TSX Sandbox.

Hut 8 has raised $140 million through private placements and debt, which do not require a public prospectus. Kiguel told BetaKit Sandbox allowed the company to “bypass” the requirement of a prospectus, which he said can be expensive and runs the risk of being declined by a provincial securities regulator like the Ontario Securities Commission (OSC).

The TSX Sandbox does not have prescribed eligibility requirements to list, as they are modified to each applicant.

“This would have resulted in substantial cash wasted,” Kiguel said. “While I’m not a lawyer, private placements require that investors meet certain accredited investors’ criteria before investing for investor safety. Thus, Hut 8’s private placements were only open to sophisticated investors and institutions. If we had filed and cleared a prospectus, anyone would be able to buy. That is more risky in my opinion for a startup.”

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A spokesperson from the TSX told BetaKit the OSC is aware of and regulates the business of the exchange, but has no day-to-day involvement in the operations of Sandbox.

Kiguel said a private placement is quicker, less expensive, and targeted at sophisticated investors, which is a better mechanism for earlier-stage companies. He said shares offered through a prospectus are better for larger, more established companies seeking to raise large amounts of capital because they are available for purchase by anyone.

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NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Silicon Valley VCs Are Planning to Get Bankers Out of the IPO Business

Fortune | Sonali Basak and Bloomberg | Oct 1, 2019

benchmark capital holdings - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technologyPowerful figures are gathering 2,500 miles from Wall Street to redesign one of its oldest and most lucrative businesses -- but few from the industry will have a seat at the table.

Venture capitalists and executives from hundreds of private companies will meet in Silicon Valley on Tuesday to discuss whether the financial industry’s system for initial public offerings is still working after a year in which many of the biggest deals flopped. Attendees plan to discuss alternative strategies including direct listings, which replace financial underwriters with cutting-edge computer code.

“I’m not anti-banker, I’m pro-algorithm,” Bill Gurley, a general partner at venture capital titan Benchmark who is one of the meeting’s organizers, said in a phone interview. He said investment bankers are largely uninvited.

For months, he and others including Sequoia Capital’s Mike Moritz have been pitching the benefits of direct listings, in which computers shift privately held shares to public markets without banks buying giant blocks of stock and parceling them out to clients at a single price the night beforehand. Humans, Gurley said, have been systematically “mispricing” IPOs for decades. Fewer banks are typically involved in a direct listing, advising startups and helping to drum up investor interest.

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Gurley points to research by Jay Ritter, a professor at the University of Florida who studies how stocks perform after market debuts to judge whether top banks such as Goldman Sachs Group Inc. and Morgan Stanley are optimally pricing shares on behalf of budding ventures. His calculations show startups are often significantly underpriced.

To be sure, investors expect IPOs to feature first-day “pops” in price that reward the risk they take supporting a market debut. Yet while companies going public sometimes appreciate the positive press and the demand that such rallies create for future offerings, some entrepreneurs have lamented the money left on the table that could’ve gone into operations instead of speculators’ pockets.

While the biggest IPO advisers won’t be making their pitch, the Silicon Valley summit doesn’t totally exclude finance.

Doug Baird, a longtime banker at Citigroup Inc., and William Blair & Co.’s Carl Chiou are speaking on a panel titled “A Voice of Reason,” according to an agenda seen by Bloomberg. It’s sandwiched between presentations by Gurley and Ritter that are critical of the current IPO model.

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NCFA Jan 2018 resize - [Brookings Institution Event Dec 5]:  How to build guardrails for facial recognition technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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