The Financial Policy Committee (FPC) of the Bank of England (BoE) has published the Financial Stability in Focus report on AI in the UK financial system. The FPC considers the potential benefits of AI with its growing...more
The Bank of England has outlined its priorities for 2025 in the regulation of Financial Market Infrastructure. In a speech given on 10 February 2024, the Bank of England (the “Bank”) outlined its priorities for 2025 in the...more
January 16, 2025- The U.S. Committee on Banking, Housing and Urban Affairs held a hearing on the nomination of Mr. Eric Scott Turner, to be Secretary, U.S. Department of Housing and Urban Development....more
October 16, 2024 - New York State Department of Financial Services (DFS) issued new guidance to assist regulated entities in addressing and combating cybersecurity risks arising from artificial intelligence....more
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
Following feedback to their July discussion paper, the U.K. regulators—the Bank of England, Prudential Regulation Authority and Financial Conduct Authority—have launched a joint consultation proposing rules and regulatory...more
December 13, 2022- State bank supervisors have appointed New York State Department of Financial Services Superintendent Adrienne A. Harris to serve as the state banking supervisor's representative on the Financial Stability...more
With a new operational resilience framework in force in the UK and similar reforms proposed in the EU and the US, we examine how the regimes compare and their practical impact on financial services firms....more
October 6, 2022- U.S. Secretary of the Treasury Janet L. Yellen announced that Treasury has signed a loan agreement for the Clean Technology Fund—a multilateral trust fund which helps to scale up low carbon technologies in...more
Spring 2020 Budget: key financial services announcements - The Chancellor of the Exchequer, Rishi Sunak, has delivered the Spring 2020 Budget. The Budget includes a number of measures of interest to financial services...more
Huw van Steenis, the Bank of England financier appointed by the BoE in 2018 to review the future of the U.K. financial system, has published his "Future of Finance" report, setting out a vision for the medium-term future of...more
Cyber attacks are a national security concern in the UK. While individuals can be victims of such attacks, private sector institutions are often the direct targets. Cyber attacks can critically damage a commercial reputation...more
In a paper published last month,[i] the UK’s Financial Conduct Authority (“FCA”) set out various cybersecurity insights gleaned from the work of cyber coordination groups (“CCGs”) the regulator established in 2017. The...more
July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more