UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable.
On 28 October 2019, the Treasury Committee published a report on IT failures in the financial...more
10/30/2019
/ Banking Sector ,
Corporate Communications ,
Corporate Management ,
Financial Services Industry ,
HM Treasury ,
Information Reports ,
Information Technology ,
Outsourcing ,
Risk Management ,
SMCR ,
UK
Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services -
The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more
10/21/2019
/ Compliance ,
Digital Currency ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider ,
UK
Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.
Key Points:
..ESMA is seeking industry views on various aspects of MAR and whether they...more
10/11/2019
/ Banking Sector ,
Benchmarks ,
Comment Period ,
Competition ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Insider Information ,
New Guidance
The FSB is reviewing cloud provider concentration risk in the latest example of regulator concern over reliance on leading cloud providers by financial services institutions.
The Financial Stability Board (FSB), an...more
The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules.
Key Points:
..Overall, the FCA found that the rules have produced “positive changes” and have had...more
The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms.
Key Points:
..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more
Call for evidence on regulatory cooperation marks the first phase of the planned review.
The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more
On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more
4/2/2019
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consultation ,
Cryptoassets ,
Enforcement ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
SMCR ,
UK ,
UK Brexit
The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario.
Key Points:
..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal...more
HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU.
Key Points:
..Post-Brexit, HM Treasury will take on the role of making equivalence decisions...more
1/22/2019
/ Capital Requirements Regulation (CRR) ,
Credit Rating Agencies ,
EMIR ,
EU ,
EU Benchmark Regulation ,
EU Prospectus Regime ,
European Economic Area (EEA) ,
Financial Services Industry ,
HM Treasury ,
MiFIR ,
Onshoring ,
Proposed Legislation ,
Short Selling ,
Solvency II ,
UK ,
UK Brexit
Technology outsourcing by financial institutions (FIs) has increased in recent years as FIs look to the latest innovations to improve their day-to-day business processes and to reduce costs. FIs outsource key functions to a...more
The UK’s temporary permissions regime appears to be a helpful concession for inbound firms, but there are some hidden challenges.
Key Points:
..The UK regulators have set out further details of the rules they propose...more
The FCA has announced that it plans to consult further on the scope of the Client Dealing Function under the SMCR.
Key Points:
..The FCA acknowledges that the scope of the Client Dealing Function needs to be clarified,...more
Latham & Watkins demystifies the process for onshoring the MiFID II regime, and outlines the key changes for firms operating in the UK.
Key Points:
..The onshoring process is designed to preserve the status quo as much...more
The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.
Key Points:
..The Report provides an overview of crypto-assets and...more
This update takes a look at the FCA’s Interim Report and its initial views relating to the review of the provisions of the Consumer Credit Act 1974 (CCA), which show early signs of a more pragmatic approach to regulation than...more
8/14/2018
/ Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Credit Reporting Agencies ,
Credit Reports ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Payment Systems ,
UK ,
UK Brexit
Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations.
The Financial Conduct Authority (FCA) has issued a statement outlining its...more
New FCA Discussion Paper demonstrates how the regulator’s thinking in relation to culture has evolved.
Introduction -
In Discussion Paper (DP) 18/2, the FCA has taken an unusual approach to a topic that has received...more