Partners Franca Harris Gutierrez, chair of WilmerHale’s Financial Institutions Practice and co-chair of the Securities and Financial Regulation Practice, and Tiffany Smith discussed fintech regulations and best practices in a recent Q&A featured in Black In-House Counsel’s Annual Report.
Excerpt: Understanding the most rigorous version of regulation even if it’s not common practice in your sector [is best practice]. Many tech firms have the assumption that because they’re building the technology, they’re not triggering any type of financial regulatory obligation, but those coming from the financial world understand that there’s been iterations over time in which regulators have said that providing technology to do certain functions results in the technology firm itself becoming a regulated entity.