The FCA, PRA, and Bank of England have published their finalised critical third party (CTP) rules (and accompanying guidance) in PS24/16 Operational resilience: Critical third parties to the UK financial sector....more
11/25/2024
/ Bank of England ,
Compliance ,
Consultation ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Supply Chain ,
Technology ,
Technology Sector ,
Third-Party ,
Third-Party Risk ,
Third-Party Service Provider ,
UK
Long IT sub-contracting chains can make it hard for financial institutions to understand the vulnerabilities in their IT estate and the location of key functions (where these may be located in entities who do not have a...more
9/23/2024
/ Bank of England ,
Compliance ,
Compliance Dates ,
Cybersecurity ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Implementing Technical Standards (ITS) ,
Information Technology ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Technology ,
Third-Party Service Provider ,
UK
In recent years, there has been a noticeable increase in green products and the promotion of sustainable objectives across the financial services industry. For example, we have seen much discussion of green loans, green...more
2/13/2024
/ Banks ,
Climate Change ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
France ,
Germany ,
Greenwashing ,
Investment Funds ,
SFDR ,
Sustainable Business Practices ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
11/10/2022
/ Anti-Fraud Provisions ,
Anti-Money Laundering ,
Banking Sector ,
Business Interruption ,
Commercial Court ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Disparate Impact ,
Economic Sanctions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
Fraud ,
Greenwashing ,
Imports ,
Liquid Natural Gas ,
NYDFS ,
Russia ,
Trade Restrictions ,
UK ,
UK Parliament ,
Ukraine
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
10/21/2022
/ Anti-Money Laundering ,
Bank of England ,
Climate Change ,
Economic Sanctions ,
EU ,
FDIC ,
Financial Services Industry ,
Foreign Investment ,
NY Supreme Court ,
Pending Legislation ,
Risk Mitigation ,
Russia ,
UK
The FCA has launched its consultation (the Consultation), open for feedback until 25 June 2021, on a new category of authorised fund vehicle designed to accommodate investment in illiquid assets, the Long Term Asset Fund...more
Welcome to our Spring 2021 Funds First Update: a snapshot of some of the main developments and upcoming changes that we think will be of interest to fund managers, fund investors and to the funds sector as a whole. Despite...more
2/16/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Coronavirus/COVID-19 ,
EU ,
Financial Services Industry ,
Fund Management Companies ,
Fund Managers ,
HM Treasury ,
Investment Funds ,
Open-Ended Fund Companies (OFCs) ,
REIT ,
UK Brexit
Following our previous update on the various regulatory responses to the Coronavirus crisis, we set out here a summary of the key developments that have materialised since. As we observed in our previous update, there are two...more
The impact of the Coronavirus crisis has been sudden and steep in the UK. There has been a huge number of announcements and initiatives of relevance to the UK financial services industry. We have selected the key items that...more
Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more
2/10/2020
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
Bribery ,
Cartels ,
Corporate Governance ,
Corporate Misconduct ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Insurance Industry ,
Payment Systems ,
Risk Management ,
SMCR ,
Technology ,
UK ,
United Arab Emirates (UAE) ,
Whistleblower Protection Policies
Welcome to our Funds First Update. In this briefing we set out an overview of some of the main developments and upcoming changes that we think will be of impact to fund managers, fund investors and to the funds sector as a...more
2/6/2020
/ Alternative Investment Funds ,
Anti-Corruption ,
Anti-Money Laundering ,
Asset Management ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Fund Managers ,
Senior Managers ,
SMCR ,
UK Brexit
What is it?
The EU has finalised and issued a new framework for the prudential regulation of investment firms. It will set new classification for investment firms that will in turn determine which of the new capital...more
12/2/2019
/ AIFM ,
Banking Sector ,
Capital Requirements ,
Capital Requirements Directive IV (CRDIV) ,
Capital Requirements Regulation (CRR) ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Firms ,
Investment Management ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Regulation Technical Standards (RTS) ,
UCITS ,
UK Brexit
The financial services industry is often referred to as the jewel in the crown of the UK, but as the possibility of a “no-deal” draws ever closer, what measures are being put in place to ensure that the financial services...more
3/6/2019
/ Cross-Border Transactions ,
EU ,
EU Directive ,
EU Passport ,
European Economic Area (EEA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
UK ,
UK Brexit ,
Withdrawal Agreement
Welcome to our Funds First Update. Whilst a lot of focus at present is on Brexit and the uncertainties surrounding that process, there have been a great many other developments in the past few months that are of relevance to...more
2/28/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Capital Gains ,
Corporate Governance ,
EU ,
Financial Services Industry ,
Investment Funds ,
Liquidity Coverage Ratio ,
MiFID II ,
MLD5 ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
SMCR ,
UK ,
UK Brexit