On 11 September 2024, the UK government introduced the Property (Digital Assets etc) Bill, which provides that digital assets can be considered to be personal property under the laws of England and Wales, and could therefore...more
Across industries, companies are facing new and uncertain regulatory pressures and demands in areas including artificial intelligence, sustainability, algorithmic pricing and fintech-bank relations. In this issue of The...more
9/10/2024
/ Algorithms ,
Antitrust Division ,
Artificial Intelligence ,
Banking Sector ,
Board of Directors ,
Competition ,
Corporate Governance ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Enforcement Actions ,
EU ,
Financial Institutions ,
FinTech ,
Multinationals ,
Price-Fixing ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
Sustainability ,
Technology Sector ,
UK
As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more
9/9/2024
/ Banking Sector ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Management ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
On 7 August 2024, the UK Financial Conduct Authority (FCA) published an update regarding its ongoing assessment of crypto firms’ adherence to the cryptoasset financial promotions rules introduced in October 2023. See our 23...more
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
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
Explore the unique considerations for mergers and acquisitions in the AI sector, the return of IPOs, the implications of new Supreme Court decisions and other developments in this edition of Skadden’s quarterly Insights....more
6/27/2024
/ Acquisitions ,
Antitrust Provisions ,
Banking Sector ,
Capital Markets ,
Consumer Financial Products ,
Consumer Protection Laws ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
Executive Compensation ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Food and Drug Administration (FDA) ,
Intellectual Property Protection ,
Life Sciences ,
Mergers ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Technology
The newly approved Artificial Intelligence Act (AI Act or the Act) aims to create a secure and trustworthy environment for the development and use of AI in the European Union....more
6/27/2024
/ Artificial Intelligence ,
Compliance ,
Consumer Financial Products ,
Consumer Protection Laws ,
Cybersecurity ,
Data Privacy ,
EU ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Intellectual Property Protection ,
Privacy Laws ,
Technology Sector
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
Responses to the joint Bank of England and HM Treasury consultation paper on a “digital pound” are in, with over 50,000 submissions in total. The scale of feedback shows significant interest in a discussion which could pave...more
SEC Wins Summary Judgment on Howey Issue in Terraform Litigation -
On December 28, 2023, Judge Jed Rakoff in the Southern District of New York issued a summary judgment decision in SEC v. Terraform Labs Pte. Ltd., a...more
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 landscape of cryptoasset regulation in the UK entered a new phase in October 2023 with the extension to cryptoassets of marketing restrictions for financial products and services. In particular, crypto firms based outside...more
On 7 June 2023, the UK Parliament passed the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023, which brings cryptoassets within the scope of rules that regulate the marketing of financial...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
The UK government has unveiled its plans to position the UK as a leading global hub for cryptocurrencies and fintech.
John Glen, the Economic Secretary to the Treasury set out detailed proposals to support the development...more
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
To capitalize on the promise of artificial intelligence and alternative data, boards need to anticipate and mitigate various risks.
Takeaways
- Hidden biases need to be prevented.
- Neither regulators nor the public will...more
In a webinar held on 10 December 2020, Skadden partners Sonia Nijjar, Simon Toms and Ingrid Vandenborre were joined by Charles River Associates (CRA) Senior Adviser and Deputy Chair of the Bank of England’s Enforcement...more
1/15/2021
/ Acquisitions ,
Antitrust Provisions ,
Biden Administration ,
Competition ,
Corporate Counsel ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Mergers ,
Regulatory Oversight ,
Startups ,
UK Competition and Markets Authority (CMA)
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)