The UK’s Financial Conduct Authority (FCA) published final guidance (FG22/5) and a policy statement (PS22/9) for the new consumer duty (Duty) on 27 July 2022. The main rules will come into force on 31 July 2023 for existing...more
On 1 February 2023, the U.K. Treasury launched a consultation and call for evidence on a series of proposals for the future financial services regulatory regime for cryptoassets. The proposals mark the next stage of the...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 European Union’s proposed Markets in Crypto-assets (MiCA) regulation, which includes new regulations for the classification, issuance and admission to trading of cryptoassets, as well as for the provision of services on...more
The U.K. Financial Conduct Authority (FCA) recently introduced important changes to the regime governing Appointed Representatives (ARs), which carry out regulated activity for which an authorised firm is responsible. The new...more
The UK government has confirmed its plans for the regulation of interest-free buy-now-pay-later (BNPL) arrangements following a consultation launched in October 2021. The proposed rules are set out in the government’s...more
The UK financial services regulator Financial Conduct Authority’s latest three-year Strategy and annual Business Plan could have a significant impact on private capital sponsors and advisers and other asset managers....more
On 21 October 2021, the UK Treasury (Treasury) published a consultation paper setting out policy options for the regulation of “buy now, pay later” (BNPL) credit agreements. The consultation follows the publication of...more
This issue discusses a variety of legal, regulatory and enforcement developments in the digital asset space in the U.S. and Europe, including expanded reporting requirements for broadly defined cryptocurrency “brokers,” a...more
8/27/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BitMEX ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FinCEN ,
Popular ,
Reporting Requirements ,
Smart Contracts
Although crowdfunding has existed in various forms since the late 1990s, the global financial crisis in 2008 accelerated the trend of channelling consumer and business lending through crowdfunding platforms. This mode of...more
4/22/2021
/ Capital Markets Union ,
Crowdfunding ,
Early Stage Companies ,
Entrepreneurs ,
EU ,
European Securities and Markets Authority (ESMA) ,
New Rules ,
Startups ,
UK ,
UK Brexit ,
Venture Capital
This issue discusses a variety of legal, regulatory and enforcement developments in the digital asset space in the U.S. and Europe....more
4/19/2021
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Ethereum ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Virtual Currency
The highly anticipated Kalifa Review of UK Fintech (the Review), led by former Worldpay CEO Ron Kalifa, was published on 26 February 2021. Its 106 pages — made up of a five-point plan of key recommendations and 15...more
3/11/2021
/ Cryptoassets ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
Listing Rules ,
Special Purpose Acquisition Companies (SPACs) ,
Startups ,
UK ,
Venture Capital ,
Venture Funding
The Trade and Cooperation Agreement (TCA) provides for preferential arrangements in certain areas of trade between the EU and the UK, mainly in goods and continued access to related services such as transport and logistics....more
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
On 2 February 2021, the Financial Conduct Authority (the FCA) published a report on the U.K. unsecured credit market (the Woolard Report), which makes several recommendations designed to generate alternatives to high-cost...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)
The U.K. Treasury and the U.K. Financial Conduct Authority (the FCA) have taken steps to restrict the sale of cryptoassets and ban the sale of derivatives referencing cryptoassets (crypto-derivatives) to U.K. retail...more