Alongside its Financial Services Growth and Competitiveness Strategy, the UK government has laid before Parliament, a draft of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (the ORR...more
After a flurry of AI-related papers from the previous UK Conservative government and regulators in 2023 and the first half of 2024 (and the establishment of the UK’s AI Safety Institute and the AI Policy Directorate),...more
The Bank of England has updated its approach to financial market infrastructure supervision. The BoE states that its approach to supervision continues to be underpinned by four core principles: (i) its supervisors rely on...more
Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more
On 25 September, the U.K. Payment Systems Regulator confirmed that the maximum reimbursement limit for victims of Faster Payments Authorized Push Payment scams will be £85,000. The PSR began consulting on reducing the...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
On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...more
Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more
The announcement in 2021 of the intention to implement new rules directly targeting the types of tech service provider relied on by most financial institutions may be a necessary corrective given the heavy market...more
The Bank of England has published a Policy Statement on the Implementation of the Basel 3.1 standards in the U.K., taking account of responses to its Consultation Paper 16/22 published in November 2022. The Basel 3.1 changes...more
Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...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
Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more
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
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in May 2022: 31 May - Key developments in May 2022: The European...more
Congress- U.S. Senate- Committee on Banking, Housing, and Urban Affairs- Brown Presses FSOC to Protect Consumer Data-...more
Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more
Key developments of interest over the last month include: El Salvador: Bitcoin becomes legal tender European Union: European Commission proposes Path to the Digital Decade to deliver EU's digital transformation by 2030...more
Future framework for regulation of UK financial services: Treasury Committee report - The House of Commons Treasury Committee has published its Fifth Report of Session 2021-22 on the future framework for regulating financial...more
On 5 May 2020, the HM Treasury confirmed that it plans to remove the open access regime for exchange-traded derivatives (ETDs), which is currently within the UK version of the Markets in Financial Instruments Regulation (UK...more
BROKER-DEALER - SEC Issues Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act - On March 24, the Securities and Exchange Commission adopted interim final amendments to implement...more
Resolvability Assessment Framework: BoE Dear CEO letter The Bank of England (BoE) has published a letter sent by Dave Ramsden, BoE Deputy Governor for Markets and Banking, to the CEOs of the eight UK banks in the scope of the...more
30 November - The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878). HM Treasury updated its webpage on a call for...more