The UK Supreme Court’s ruling on undisclosed commissions earned by brokers will significantly impact the automotive sector and lenders. Although banks have been the focus of debate, the decision by His Majesty’s Treasury to...more
European regulators recently published clarifications on the scope of ICT services under the EU Digital Operational Resilience Act (DORA), prepared by the European Commission, which confirms previous guidance and enables...more
Starting as of Friday, January 17, 2025, financial entities must now be compliant with the EU’s Digital Operational Resilience Act (DORA). Implementation efforts have accelerated in recent months to meet the deadline and in...more
UK financial regulators recently published their supervisory expectations for critical third party service providers (CTPs) to the financial sector under the United Kingdom’s new regime extending regulatory oversight to CTPs....more
Starting January 17, 2025, financial entities based in the European Union must have in place processes and policies, as well as mandatory contract provisions with their third-party technology vendors, that comply with the...more
New ICT incident reporting requirements under Circular 24/847 (Circular) of the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, will come into effect on April 1. This introduces a new...more
The European Central Bank (ECB) has published data showing that banks are increasingly using third-party providers to support their critical functions. However, more than 10% of outsourcing contracts covering critical...more
Through strategic outsourcing, companies in the financial services sector can improve the quality of services they offer to clients and increase internal operations by reducing inefficiencies—all while saving costs in key...more
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on December 20, 2022, announced fines totaling £48.65 million ($59 million) on TSB Bank plc (TSB) for operational resiliency failures, after...more
The financial services regulations relating to outsourcing by Luxembourg-headquartered financial institutions have been significantly simplified by the introduction of the Commission de Surveillance du Secteur Financier...more
The Bank of England (Bank) and the UK Financial Conduct Authority (FCA) published their final report of discussions from the UK Artificial Intelligence Public-Private Forum on February 17. Over quarterly meetings and several...more
The European Cloud User Coalition (ECUC) published a paper (the Position Paper) on May 17 recommending, among other matters, the adoption of “model clauses” for the long-term compliant use of cloud technologies....more
6/15/2021
/ Banks ,
Cloud Computing ,
Cloud Service Providers (CSPs) ,
Consumer Service Agreements ,
Cybersecurity ,
Data Privacy ,
Data Processors ,
Data Security ,
EU ,
European Commission ,
Financial Institutions ,
FinTech ,
Innovative Technology ,
Model Clauses ,
Standard Contractual Clauses
The UK Financial Conduct Authority (FCA) has published its findings on an extensive review into the factors which determine failure or success when implementing technology change in the financial services sector....more
In December 2019, we published a blog post introducing open banking; here, we provide an update for 2020. To briefly summarize, open banking comprises a set of rules which permit third-party providers (TPPs) of financial...more
10/1/2020
/ Cyber Crimes ,
Cybersecurity ,
Data Collection ,
Data Management ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Open Banking ,
Personal Data ,
Risk Management ,
Third-Party Service Provider ,
UK Competition and Markets Authority (CMA)
The Financial Stability Board (FSB) published on December 9, 2019, its report on financial institutions’ increasing reliance on third parties to provide cloud computing services (the Report)....more
The Clearing House (the oldest banking association and payments company in the United States) recently released a model agreement as a voluntary starting point to facilitate data sharing between financial institutions and...more