The NPV aims to promote growth and international competitiveness by advancing open banking, re-evaluating the approach to regulating the sector, and continuing the fight against fraud....more
A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit.
On 16 June 2021, the Taskforce on Innovation,...more
6/17/2021
/ Banking Sector ,
Counterparties ,
Digital Currency ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Information Reports ,
MiFID II ,
Open Banking ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Banks ,
UK ,
UK Brexit
Throughout 2020, cryptocurrencies experienced incremental progress towards the mainstream as institutional investors and financial institutions made positive statements about the nascent asset class, an increasing number of...more
1/29/2021
/ Anti-Money Laundering ,
Banking Sector ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Initial Coin Offering (ICOs) ,
Investment Firms ,
Investors ,
Popular ,
Virtual Currency
Andrew Bailey outlined what payments market participants can expect from regulators seeking to address financial stability risk in the world of payments, including as part of the rise and adoption of global stablecoins.
On...more
Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change.
Mark...more
Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance.
Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...more
1/23/2020
/ Banking Sector ,
Capital Requirements ,
Consumer Financial Products ,
Data Protection ,
Data-Sharing ,
Financial Conduct Authority (FCA) ,
FinTech ,
Open Banking ,
Personal Data ,
Popular ,
PSD2 ,
Regulatory Standards ,
Third-Party Service Provider ,
UK
New regulatory requirements, including registration and customer disclosure requirements, apply to regulated and unregulated persons carrying on relevant cryptoasset business.
On 20 December 2019, the UK government published...more
1/13/2020
/ Amended Regulation ,
Anti-Money Laundering ,
Banking Sector ,
Compliance ,
Consultation ,
Cross-Border Transactions ,
Cryptoassets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
Initial Coin Offering (ICOs) ,
Investment Firms ,
Jurisdiction ,
MLD5 ,
Payment Systems ,
Popular ,
Terrorist Financing Regulations ,
UK ,
Working Groups
Although still actively developing, current UK policy thinking in relation to cryptocurrencies was set out by the UK Cryptoassets Taskforce in its Final Report (the “Taskforce Report”), published in October 2018.
The...more
11/19/2019
/ Banking Sector ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Custody ,
Digital Assets ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Income Taxes ,
Popular ,
Regulatory Requirements ,
Smart Contracts ,
UK
UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable.
On 28 October 2019, the Treasury Committee published a report on IT failures in the financial...more
10/30/2019
/ Banking Sector ,
Corporate Communications ,
Corporate Management ,
Financial Services Industry ,
HM Treasury ,
Information Reports ,
Information Technology ,
Outsourcing ,
Risk Management ,
SMCR ,
UK
Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.
Key Points:
..ESMA is seeking industry views on various aspects of MAR and whether they...more
10/11/2019
/ Banking Sector ,
Benchmarks ,
Comment Period ,
Competition ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Insider Information ,
New Guidance
Recent and upcoming regulatory guidance on cryptoassets and the regulation of companies engaged in digital currency, such as issuers, crypto-exchanges, crypto-custodians, crypto-brokers, and other service providers, could...more
3/13/2019
/ Banking Sector ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
EU ,
Financial Services Industry ,
Investors ,
Legislative Agendas ,
Payment Processors ,
Private Equity ,
Regulatory Reform ,
UK
The FCA has announced that it plans to consult further on the scope of the Client Dealing Function under the SMCR.
Key Points:
..The FCA acknowledges that the scope of the Client Dealing Function needs to be clarified,...more
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive.
The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more
The Strategy emphasises the UK government’s continued push to create a world-leading FinTech sector.
At the second International Fintech Conference held on 22 March 2018, Philip Hammond, Chancellor of the Exchequer,...more
Driven by payments innovation and new regulation, 2018 is cited as the year for some of the most significant changes retail banking has seen.
At the Westminster Business Forum for Digital Payments, Adoption, Innovation and...more
On 15 November 2017, the European Central Bank (ECB) published a newsletter containing an article on how the ECB is dealing with the increasing number of fintech bank applications. The ECB is the banking supervisor, alongside...more
The FCA will take a proportionate approach, reflecting the diversity of firms within the proposed regime’s remit.
On 26 July 2017, the FCA published its long-awaited Consultation Papers on the extension of the Senior...more