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
The UK Financial Conduct Authority (FCA) on October 31, 2024 published observations and key lessons from how firms responded to the CrowdStrike IT outage. The outage caused disruption across several industries globally, and...more
In the weeks following a defective software update that disrupted several industries globally, including financial services, aviation, retail, and emergency services, remediation efforts remain ongoing while organizations...more
The European Securities and Markets Authority (ESMA) recently published its first formal guidance on the use of artificial intelligence (AI) in the provision of retail investment services. The guidance outlines AI’s potential...more
Beginning January 17, 2025, financial entities based in the European Union must have in place processes and policies, and mandatory contract provisions with their third-party technology vendors, that comply with the EU...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
As part of our Technology Marathon webinar series, partners Kristin Lee, Mike Pierides, and Steven Stone recently discussed the increasing regulatory focus by financial regulators on artificial intelligence (AI). Here are...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
On October 11, the Bank of England (BoE), the Prudential Regulation Authority (PRA), and the UK Financial Conduct Authority (FCA) (together, the Supervisory Authorities) published a discussion paper (DP5/22) on the safe and...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
We recently noted that the UK Financial Conduct Authority (FCA) published the outcome of a review into the factors that determine failure or success when implementing technology change in the financial services sector and...more
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