On 27 June 2023, the UK signed a long-awaited Memorandum of Understanding ("MoU") with the European Union ("EU") to increase co-operation on financial services.
The MoU has been a long time coming: regulatory cooperation...more
On Monday March 13, 2023, the Bank of England announced that Silicon Valley Bank UK Limited has been sold to HSBC UK Bank Plc. The situation remains fluid, and the following Q&A reflects our understanding as of Monday...more
3/14/2023
/ Acquisitions ,
Bank of England ,
Banking Sector ,
Banks ,
Deposit Insurance ,
Depository Institutions ,
Financial Institutions ,
Financial Services Industry ,
HSBC ,
Insolvency ,
Silicon Valley ,
UK
On Friday March 10, 2023, the Bank of England moved to put the UK arm of Silicon Valley Bank into insolvency after it applied for £1.8bn of liquidity as its parent company was collapsing. The situation remains fluid, and the...more
3/13/2023
/ Bank of England ,
Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Insolvency ,
Receivership ,
Silicon Valley ,
UK
As lawmakers look to reform aspects of wholesale markets regulation, the UK may be poised to drift closer to the US.
In his Mansion House speech on July 1, 2021, Rishi Sunak, the then-Chancellor of the Exchequer, announced...more
12/2/2022
/ Capital Markets ,
Economic Development ,
Equity Markets ,
EU ,
Financial Services Industry ,
Legislative Agendas ,
Regulatory Agenda ,
Trading Platforms ,
UK ,
United States ,
Wholesale
As of 11 August 2022, the UK Financial Conduct Authority (FCA) has expanded its change in control regime to include FCA-registered cryptoasset businesses. An acquisition of more than 25% of a cryptoasset business now requires...more
Key considerations for banks engaging with governments and peer institutions to improve financial crime compliance systems -
Every year, banks spend billions of dollars on core financial crime compliance systems and are...more
11/18/2021
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Germany ,
Public Private Partnerships (P3s) ,
Suspicious Activity Reports (SARs) ,
UK ,
United States
On 5 December 2019 the Bank of England (Bank), UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) published coordinated consultation papers and policy on new requirements to strengthen...more
3/12/2020
/ Bank of England ,
Board of Directors ,
Business Continuity Plans ,
CEOs ,
Cloud Computing ,
Consultation Papers ,
Contingency Plans ,
Coronavirus/COVID-19 ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Market Participants ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
Security Risk Assessments ,
SMCR ,
Third-Party Service Provider ,
UK ,
UK Brexit
On 31 January 2020 - the very date of the UK's withdrawal from the EU - the European Securities and Markets Authority (ESMA) issued a consultation on draft technical standards underpinning the recently revised EU market...more
On 18 July 2019 the European Banking Authority (EBA) published a report on the EU regulatory perimeter, national regulatory status and EU national regulators' (NCAs') authorisation approaches for FinTech firms conducting...more
7/25/2019
/ Banking Sector ,
Capital Requirements Directive IV (CRDIV) ,
Crowdfunding ,
Cryptoassets ,
Electronic Payment Transactions ,
EMD2 ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
FinTech ,
NCAs ,
Payment Services Directive ,
Popular ,
PSD2 ,
Regulatory Oversight
On 12 July 2019 the European Securities and Markets Authority (ESMA) reported on the status of FinTech firm licensing regimes across the EU, based on two ESMA surveys of EU national competent authorities (NCAs). ESMA's report...more
7/17/2019
/ Crowdfunding ,
Cryptoassets ,
Cybersecurity ,
Distributed Ledger Technology (DLT) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
FinTech ,
Initial Coin Offering (ICOs) ,
Innovation Hubs ,
Licensing Rules ,
MiFID II ,
NCAs ,
Outsourcing ,
Popular ,
Sandbox
New Principles for Business and conduct rules for payment services and connected activities will apply from 1 August. Affected firms will need to have in place a business-wide strategy for complying with the Principles for...more
Within a decade, the UK's peer-to-peer (P2P) financial services sector has moved from an offbeat outsider to an increasingly significant and permanent player in loan and equity markets.
Total lending facilitated by UK P2P...more
7/3/2019
/ Equity Markets ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Innovation ,
Lenders ,
Loans ,
Marketing ,
Peer-to-Peer ,
Risk Management ,
Trade Restrictions ,
UK
There is no silver bullet for maintaining cross-border trading if the UK leaves the EU without a deal.
The date of Brexit has been delayed until (at least) October 31, 2019, but there is little sign that financial...more
7/1/2019
/ Commodities Traders ,
Cross-Border Transactions ,
Derivatives ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
Licensing Rules ,
Member State ,
MiFIR ,
MTFs ,
OTFs ,
Regulatory Requirements ,
Reporting Requirements ,
Securities ,
Securities Traders ,
Share Trading Obligation (STO) ,
Trading Platforms ,
Transparency ,
UK ,
UK Brexit ,
Venue