Data privacy and alternative data

Ronan Crosson and Dallán Ryan

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

Fintech, regtech, suptech and central bank decision making

This chapter is an exploration into developments in data privacy, particularly how they are impacting the availability of alternative data and regulatory oversight. Consideration is given to three areas: data privacy; data sources in the regulatory spotlight; and legal considerations surrounding alternative data. Increasingly, these factors along with the consumer protection movement have been the main drivers of regulatory change.

With ever-evolving data privacy regulations across the US and in Europe, regulatory technology (regtech) and supervisory technology (suptech) may be the most cost-efficient and effective answer for financial institutions and corporates concerned about the huge amounts of data they store. Harnessing these new technologies not only improves the overall process around addressing data privacy, but also guarantees the safety of stakeholder data and solidifies the relationship between innovation and regulation.

The goal of the chapter is to highlight changes in data privacy and what the drivers of these changes are. The importance of delivering trust and transparency is more important than ever, and through the rapid increase in regulations some

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