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Category Archives: Big Data

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Financial Stability Board Releases Report on Financial Stability Implications of Artificial Intelligence and Machine Learning

Posted in AI and Machine Learning, Big Data, Financial, FinTech

On November 1, 2017, the Financial Stability Board (the “FSB”)[1] published its report on the market developments and financial stability implications of artificial intelligence (“AI”) and machine learning in financial services. The FSB noted that the use of AI and machine learning in financial services is rapidly growing and that the application of such technologies… → Read More

Canadian Competition Bureau Releases Fintech Report for Consultation

Posted in Big Data, FinTech, Open Banking

On November 6, 2017, the Competition Bureau (Bureau) released a draft report on its market study into technology-led innovation in the Canadian financial services (Fintech) sector.[1] The Bureau has invited feedback from interested parties only until November 20, 2017, an uncharacteristically short comment period. Financial services are an area of interest for the Bureau due… → Read More

U.S. Consumer Financial Protection Bureau Sets Out Principles for Consumer-Authorized Data Sharing and Aggregation

Posted in Big Data, FinTech, Open Banking

On October 18th, 2017 the U.S. Consumer Financial Protection Bureau (“CFPB”) outlined the principles to be followed (“Principles”) when consumers authorize third party companies to access their financial data to provide certain financial products and services. These principles will be of particular note to the Fintech sector, in which a significant number of companies incorporate… → Read More

Basel Committee on Banking Supervision Issues Consultative Document Highlighting Implications of Fintech on Banks

Posted in AI and Machine Learning, Big Data, Cybersecurity, FinTech, Payments, Privacy

On August 31, the Basel Committee on Banking Supervision (the “BCBS”) published a consultative document on the implications of Fintech for the financial sector. The consultative document was produced by BCBS’s task force mandated with identifying trends in Fintech developments and assessing the implication of those developments on the financial sector. Parts I and II… → Read More

Europeans Express Positive Views on AI and Robotics: Report on Preliminary Results from Public Consultations

Posted in AI and Machine Learning, Big Data, European Union, Privacy

On October 6, 2017, the European Parliament released its preliminary findings on its public consultation on robotics and artificial intelligence. The consultations resulted in 298 responses reflecting public perceptions about the risks and benefits of AI technology. According to the EU Committee website, the results of the consultation will inform the Parliament’s position on ethical,… → Read More

McCarthy Tétrault Event: Big Data Seminar – October 18th, 2017

Posted in Big Data, Competition, Privacy

The second part of McCarthy Tétraults Transformative Technologies Series explores the asset that underpins many of today’s transformative technologies: big data. This seminar will provide an overview of some of the pressing legal questions businesses are facing as big data takes centre stage. Businesses are increasingly harnessing big data in ways that drive innovation and… → Read More

Competition Bureau Releases Big Data White Paper for Public Comment

Posted in Big Data, Competition

On September 18, 2017, the Competition Bureau (the “Bureau”) published a white paper for public consultation titled “Big data and Innovation: Implications for competition policy in Canada”. The white paper draws from the Bureau’s recent abuse of dominance investigations involving big data considerations, and also considers US and European developments in order to identify challenges… → Read More

European Banking Authority Responds to European Commission Public Consultation on Fintech: Potential Takeaways for Canada

Posted in AI and Machine Learning, Big Data, Cybersecurity, Financial, FinTech

In March 2017, the European Commission issued a public consultation document on Fintech.  The goal of the European Commission (EC) document is to further the objective of a digital single market within Europe.  This will be done by supporting the development of digital infrastructure,  improving access to goods and services, and ensuring rules foster technological… → Read More

A Glimpse into a Tangled Future: Implications of an Increasingly Connected World

Posted in AI and Machine Learning, Big Data, Internet of Things

Looking forward to living in a house that reduces your workload by mowing your lawn? What about having your front door beam you photographs of everyone your adolescent children let into your home while you are at work? Or, even better, a door that will only open for certain people at specific times during the… → Read More

Lawyers need to keep up with AI

Posted in AI and Machine Learning, Big Data

For decades, novelists, scientists, mathematicians, futurists and science fiction enthusiasts have imagined what an automated society might look like. Artificial intelligence, or AI, is rapidly evolving, and the society we could only once imagine may be on the brink of becoming our new reality. Simply, and generally, AI refers to the ability of a computer… → Read More

U.S. Consumer Protection Regulator Consults on Use of Alternative Credit Data

Posted in Big Data, Financial, FinTech

On February 16, 2017, the U.S. Consumer Financial Protection Bureau (the “CFPB”) issued a Request for Information (“RFI”) seeking feedback from the public on the use or potential use of alternative data and methodologies to assess consumer credit risk, thereby expanding access to credit for credit invisible segments of the population. Presently, most lenders make… → Read More

U.S. Federal Insurance Office Issues Report Addressing InsurTech and Traditional Insurance

Posted in Big Data, Cybersecurity, Discrimination, FinTech

The Federal Insurance Office, U.S. Department of the Treasury (“FIO”) released its first annual Report on Protection of Consumers and Access to Insurance (the “Report”). The Report reviews developments and concerns relating to five insurance issues: technology; environmental hazards; fairness in insurance practices; fairness in state insurance standards; and retirement and related issues. The Report… → Read More

Canada’s Competition Commissioner Emphasizes Innovation, Highlights Fintech Market Study

Posted in Big Data, Financial, FinTech

Canada’s Commissioner of Competition, John Pecman, spoke on October 6th, 2016 to the Canadian Bar Association’s Competition Law Fall Conference, addressing the link between competition and innovation and providing updates on the Fintech market study launched by the Competition Bureau earlier this year. Competition Drives Innovation The Commissioner noted that new disruptive technologies challenge not… → Read More

FinTech in Canada: A Report Studying The Canadian FinTech Ecosystem

Posted in Big Data, Financial, FinTech

“FinTech in Canada: British Columbia Edition” brings insight from more than a hundred stakeholders in the Canadian FinTech sector on challenges and opportunities, provides a comparative overview of the FinTech ecosystem in Canada and 16 other countries, including the U.K., U.S. and Australia and offers recommendations to advance FinTech in Canada. The Digital Finance Institute… → Read More

Monetizing Data: Seizing Opportunities, Managing Risk – – Please Join Us Wednesday, September 28, 2016 for a McCarthy Tétrault Advance™ Seminar

Posted in Big Data, Privacy

Collect all the data. Store all the data. Once you’ve got a massive reservoir of data, you’ll be able to answer all the questions the business wants to ask, right? Bonus: Anonymize the data, package it all and sell it (or insights from it), thereby driving revenue and leapfrogging over the competition. Not so fast…. → Read More

RegTech Stepping Forward: UK Financial Services Regulator Publishes Results on RegTech Consultation

Posted in Big Data, Financial, FinTech, Privacy, Regulatory Compliance

What is RegTech? The UK’s financial prudential regulator, the Financial Conduct Authority (the “FCA”), has recently published its Feedback Statement on Call for Input: Supporting the development and adopters of RegTech, where it outlined the result of its earlier Call for Input on how to support the development of “RegTech”. “RegTech” is defined by the… → Read More

German Regulator Finds Banks’ Data Rules “impede non-bank competitors”

Posted in Big Data, European Union, Financial, FinTech

“Open Banking” is an emerging term in financial services / financial technology that refers, among other things, to the use of open application programming interfaces (“APIs“) enable third party developers to build applications and services around a financial institution. This requires a financial institution to throw open the doors to its customer data and allow… → Read More

Privacy Commissioner Seeks Public Input on Consent Model

Posted in Big Data, Internet of Things, Legislation, Privacy

On May 11, 2016, Privacy Commissioner Daniel Therrien announced the Office of the Privacy Commissioner of Canada (“OPC”) would seek public input on the issue of how Canadians can give meaningful consent to the collection, use and disclosure of their personal information in an increasingly digital age. The OPC has released a discussion paper (“Report”)… → Read More

U.S. Treasury Issues Marketplace Lending White Paper

Posted in Big Data, FinTech, Payments

In response to the U.S. Department of the Treasury’s (“Treasury”) July 20, 2015 request for information on online marketplace lending (the “RFI”), Treasury issued its white paper on marketplace lending “Opportunities and Challenges in Online Marketplace Lending” (the “White Paper”) on May 10, 2016. The White Paper outlines the risks and potential of this emerging… → Read More

Competition Bureau to Increase Scrutiny of Data-Driven Businesses

Posted in Big Data

In a May 25, 2016 speech given at the offices of McCarthy Tetrault, the Commissioner of Competitor John Pecman signalled that the Competition Bureau will be heightening its scrutiny of data-driven businesses, particularly those using Big Data techniques analytics. While supporting “ the emergence of innovative business models in the digital economy”, Pecman noted that… → Read More

Privacy Commissioner Targets IoT Health Devices in Sweep

Posted in Big Data, Internet of Things, Privacy, Telematics, Wearables

What rumours is your fitness tracker spreading about you?  In its latest Internet of Things themed sweep, the Office of the Privacy Commissioner of Canada reviews what personal information is being collected about Canadians by “smart” health and fitness devices. Many of us will remember Time Magazine’s audaciously titled September 2013 issue, which splashed the… → Read More

Multi-use Personal ID Cards: Does Convenience Trump Privacy?

Posted in Big Data, Legislation, Privacy

On January 11, 2016, Manitoba announced its approval of an all-in-one personal identification card (PIC). The PIC will offer Manitobans a combined driver’s licence, photo ID, Personal Health Identification Number (PHIN) and travel document as early as fall 2017.[1] While the consolidation of identification into one location is a blessing for consumers, it raises privacy concerns… → Read More

Insights from the I Spy conference on Big Data and Privacy

Posted in Big Data, Privacy

On Friday February 5, 2016, we attended the I Spy: Opportunities and Challenges Surrounding Privacy and Big Data conference organized by the Osgoode JD/MBA Students’ Association. Speakers from industry, government and private practice explored the challenge organizations face in maximizing insights from big data while maintaining a respect for individual privacy. While we often see… → Read More

Big News for Big Data – European Data Protection Supervisor Releases Opinion on Big Data Challenges

Posted in Big Data, European Union, Privacy

On November 19, 2015, the European Data Protection Supervisor (“EDPS”) published an Opinion entitled Meeting the Challenges of Big Data: A Call for Transparency, User Control, Data Protection by Design and Accountability. Focusing on these issues, the report lays down the foundation for a new approach to how big data should be managed in order… → Read More