On 22 April 2024, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England published their strategic approaches to regulating AI in response to the UK government’s July 2022 AI...more
5/3/2024
/ Artificial Intelligence ,
Corporate Counsel ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Technology ,
UK
In April 2024, the UK government reiterated its vision for open finance, with UK Economic Secretary Bim Afolami (MP) announcing the creation of the Open Finance Taskforce at the 2024 Innovate Finance Global Summit. The...more
4/30/2024
/ Banking Sector ,
Consumer Protection Laws ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HMRC ,
Payment Systems ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs) ,
UK
UK regulators have recently announced a number of reforms for banks and other financial institutions.
- On 23 November 2023, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (together,...more
1/8/2024
/ Banking Sector ,
Capital Requirements Regulation (CRR) ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Hedge Funds ,
Holding Companies ,
Investment Firms ,
Investment Management ,
Limited Partnerships ,
New Guidance ,
Private Equity ,
Private Equity Funds ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Remuneration ,
Sovereign Wealth Funds ,
UK
On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more
11/10/2023
/ Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HM Treasury ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
The landscape of cryptoasset regulation in the UK entered a new phase in October 2023 with the extension to cryptoassets of marketing restrictions for financial products and services. In particular, crypto firms based outside...more
The European Union and U.K. are establishing comprehensive regimes for the regulation of cryptoassets. The Markets in Crypto-Assets Regulation (MiCA) was published in the Official Journal of the European Union on June 9,...more
In May 2023, the board of the International Organization of Securities Commissions (IOSCO) published its Policy Recommendations for Crypto and Digital Asset Markets Consultation Report, which proposes 18 policies it plans to...more
6/13/2023
/ CFTC ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Disclosure ,
EU ,
Financial Markets ,
Financial Services Industry ,
IOSCO ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
UK
The UK’s Financial Conduct Authority (FCA) published final guidance (FG22/5) and a policy statement (PS22/9) for the new consumer duty (Duty) on 27 July 2022. The main rules will come into force on 31 July 2023 for existing...more
On 1 February 2023, the U.K. Treasury launched a consultation and call for evidence on a series of proposals for the future financial services regulatory regime for cryptoassets. The proposals mark the next stage of the...more
Following the recently introduced Solvency UK for insurers, the UK Chancellor of the Exchequer Jeremy Hunt (the UK finance minister) has announced the Edinburgh Reforms, a further series of reforms aimed at the UK financial...more
12/20/2022
/ Bank of England ,
Banking Sector ,
Digital Currency ,
Enforcement ,
EU ,
Financial Institutions ,
FinTech ,
Investment ,
Investment Management ,
New Legislation ,
Proposed Legislation ,
Proposed Regulation ,
Regulatory Agenda ,
UK
The European Union’s proposed Markets in Crypto-assets (MiCA) regulation, which includes new regulations for the classification, issuance and admission to trading of cryptoassets, as well as for the provision of services on...more