On 17 July 2024, the Basel Committee on Banking Supervision (BCBS) finalized revisions to the prudential framework for banks’ exposures to cryptoassets. The revisions largely introduced additional requirements relating to the...more
In April 2024, the UK government reiterated its vision for open finance, with UK Economic Secretary Bim Afolami (MP) announcing the creation of the Open Finance Taskforce at the 2024 Innovate Finance Global Summit. The...more
4/30/2024
/ Banking Sector ,
Consumer Protection Laws ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HMRC ,
Payment Systems ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs) ,
UK
Authorised push payment (APP) fraud in the UK is the largest type of payment fraud, both in number of scams and value of losses. It involves a fraudster convincing someone to send a payment to a bank account that the...more
4/4/2024
/ Banking Sector ,
Banks ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Fraud ,
Payment Processors ,
Payment Systems ,
Reimbursements ,
Reporting Requirements ,
UK
Skadden presents the inaugural episode of our podcast “Fintech Focus,” which will explore current trends, news and developments in the fintech space. European counsel and host Joseph Kamyar kicks off the series with colleague...more
3/5/2024
/ Banking Sector ,
Consumer Financial Products ,
EU ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment ,
Investment Management ,
Popular ,
UK
In this alert we consider various reforms and proposals to the banking sector announced by UK regulators.
On 11 January 2024, HM Treasury published a consultation paper on enhancing the UK’s Special Resolution Regime for...more
On 12 December 2023, the UK Prudential Regulation Authority (PRA) published the first of two near-final policy statements on the implementation of revisions to the Basel 3 standards, known in the U.K. as Basel 3.1. This...more
1/18/2024
/ Banking Sector ,
Banks ,
Basel III ,
Capital Markets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Pillar 2 ,
Proposed Rules ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK
UK regulators have recently announced a number of reforms for banks and other financial institutions.
- On 23 November 2023, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (together,...more
1/8/2024
/ Banking Sector ,
Capital Requirements Regulation (CRR) ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Hedge Funds ,
Holding Companies ,
Investment Firms ,
Investment Management ,
Limited Partnerships ,
New Guidance ,
Private Equity ,
Private Equity Funds ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Remuneration ,
Sovereign Wealth Funds ,
UK
On 6 November 2023, the Bank of England (the UK’s central bank) issued a discussion paper on the regulation on stablecoins, alongside another paper by the UK Financial Conduct Authority (FCA) (DP23/4) and a “Dear CEO” letter...more
The UK’s Metro Bank announced a landmark refinancing package on 8 October 2023, following a series of regulatory setbacks and concerns in the markets over the financial condition of the bank. The proposal now awaits...more
The Bank of England (BoE) has announced that Silicon Valley Bank UK Limited (SVB UK) will be sold to HSBC UK Bank Plc (HSBC). This is being carried out under the aegis of the Special Resolution Regime (SRR) — a bespoke...more
Following the recently introduced Solvency UK for insurers, the UK Chancellor of the Exchequer Jeremy Hunt (the UK finance minister) has announced the Edinburgh Reforms, a further series of reforms aimed at the UK financial...more
12/20/2022
/ Bank of England ,
Banking Sector ,
Digital Currency ,
Enforcement ,
EU ,
Financial Institutions ,
FinTech ,
Investment ,
Investment Management ,
New Legislation ,
Proposed Legislation ,
Proposed Regulation ,
Regulatory Agenda ,
UK
The Trade and Cooperation Agreement (TCA) does not provide a comprehensive free trade arrangement for financial services between the EU and the UK. In particular, the TCA contains no measures to offset the loss of the EU-wide...more
Open banking is an important driver of the fintech revolution. Regulators have recognised open banking as a means of introducing competition and innovation in the banking sector. Likewise, fintechs are seizing the...more
10/28/2020
/ APIs ,
Banking Sector ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Consent ,
Cybersecurity ,
Data Protection ,
EU ,
European Economic Area (EEA) ,
Financial Institutions ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Monopolization ,
Open Banking ,
Popular ,
PSD2 ,
Regulatory Standards ,
Risk Management ,
Third Party Purchaser (TPP)