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Banks United Kingdom

Eversheds Sutherland (US) LLP

Payment matters - October 2024

Upcoming global developments for the payment sector - Asia - 1. Hong Kong: Launch of Phase 2 of the e-Hong Kong Dollar Pilot Programme - On September 23, 2024, the Hong Kong Monetary Authority (HKMA) announced the...more

Hogan Lovells

Hogan Lovells PSD3 Impacts Report: Getting ahead of the evolving EU payments regulatory landscape

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Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more

A&O Shearman

HM Treasury Statement on Reforms to Bank Ring-Fencing

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The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday October 15

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October 14, 2024- Federal Reserve Board Governor Christopher J. Waller gave a speech entitled “Thoughts on the Economy and Policy Rules at the Federal Open Market Committee,” at “A 50 Year Retrospective on the Shadow Open...more

A&O Shearman

Single Resolution Board Adapts MREL Policy to Align with the Daisy Chains Directive

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The Single Resolution Board has published a communication on the changes to its minimum requirements for own funds and eligible liabilities policy to be implemented in line with the "Daisy Chains Directive" (Directive (EU)...more

Hogan Lovells

UK FCA confirms extension to motor finance complaint handling pause

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In July this year the FCA announced that, following the launch of a review of historical motor finance commission arrangements and sales across several firms (January 2024), it was pushing back the timing for publication of...more

Hogan Lovells

Cash Savings Market Review update: UK FCA finds room for improvement

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On 19 September 2024, the FCA published an update on its review of the cash savings market and investigation into the practices of the largest 9 firms with easy access savings accounts. With a focus on the effectiveness of...more

A&O Shearman

UK Announces Final Reforms to Financial Services Retail Disclosure Requirements

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Post Brexit, the U.K. Government and Financial Conduct Authority are committed to the ongoing reform programme to reinvigorate the U.K.'s capital markets. As part of this, the Government and FCA are committed to replacing...more

Cadwalader, Wickersham & Taft LLP

The PRA and the Treatment of Overseas Branches

The UK’s banking regulator, the Prudential Regulation Authority ("PRA") has issued a consultation on its approach to the treatment of branches of international banks operating in the UK (CP11/24). Among the proposals is a...more

Orrick, Herrington & Sutcliffe LLP

U.S.-U.K. treasuries convene to discuss financial stability goals

On September 3, the Department of the Treasury hosted the tenth official meeting of the U.S.-U.K. Financial Regulatory Working Group in Washington, D.C. Officials from both countries discussed economic and financial...more

Katten Muchin Rosenman LLP

FCA Proceeds with the ‘New’ Option for Investment Research Payments

The Financial Conduct Authority (FCA) has recently published its Policy Statement on Payment Optionality for Investment Research (PS24/9), setting out its final rules on the new option to pay for investment research and...more

Hogan Lovells

Bank of England publishes discussion paper on innovations in money and payments

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On 30 July 2024, the Bank of England (BoE) published a discussion paper setting out its approach to innovations in money and payments (Discussion Paper). In the Discussion Paper, the BoE sets out its current view on...more

McDermott Will & Emery

English High Court Enforces Asymmetric Jurisdiction Clause in a Syndicated Loan Facility Agreement

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On 24 May 2024, the English High Court granted final injunctive relief to Barclays Bank Plc (Barclays), both in the form of an anti-suit injunction and an anti-enforcement injunction, arising out of a syndicated loan...more

A&O Shearman

Bank of England Publishes Resolvability Assessment of Major UK Banks 2024

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The Bank of England has published the findings from its second assessment of the eight major U.K. banks under the Resolvability Assessment Framework. The assessment finds that the major U.K. banks have continued to make...more

K&L Gates LLP

Digital Operational Resilience in the Financial Services Sector: EU and UK Update

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With under six months to go until the European Union Digital Operational Resilience Act (DORA) becomes applicable on 17 January 2025, DORA implementation projects are running full steam ahead. DORA lays down uniform...more

Hogan Lovells

Big Tech and digital wallets: UK PSR and FCA publish call for information

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The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have launched a joint call for information on the opportunities and risks of digital wallets for people and businesses. This comes as recent data...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 12

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

A&O Shearman

Insolvency vs Arbitration – Privy Council’s revival of the “Established Approach”

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How does an arbitration clause, or an exclusive jurisdiction clause in favour of foreign courts, affect insolvency proceedings? The effect of an arbitration clause, or an exclusive jurisdiction clause in favour of foreign...more

Hogan Lovells

UK: King’s Speech 2024: Key takeaways for financial services

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On 17 July 2024, the King’s Speech and associated background briefing notes were presented and published. These contain a summary of the new government’s plans, including a number of proposed bills which could be of...more

A&O Shearman

Operational resilience feedback from UK Financial Conduct Authority

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Firms have just over six months until the transition period for implementing the UK Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Bank of England rules and guidance on operational resilience...more

Mayer Brown

Managing Sovereign Immunity Risk on a Transaction – What Commercial Parties Need to Know

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AT A GLANCE - State involvement in commercial transactions continues to increase and remains an area of distinct legal risk for commercial parties. The nature of a state's role on any transaction may vary and its...more

A&O Shearman

UK June Financial Stability Report Published

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The U.K. Financial Policy Committee has published the financial policy summary and record of the FPC meeting on June 11, 2024, as well as its June financial stability report. The FPC considers the overall risk environment to...more

Hogan Lovells

House of Commons Treasury Select Committee – SME Access to Finance

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On 8 May 2024 the House of Commons Treasury Select Committee (TSC) published its Report on SME Finance. Recognising that SMEs are a key part of the UK’s economy, the TSC Report focusses on 5 areas which may act as barriers...more

Hogan Lovells

APP fraud: UK PSR consults on CHAPS mandatory reimbursement requirement

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The Payment Systems Regulator (PSR) is consulting on a proposal to direct banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to reimburse their customers who have...more

A&O Shearman

UK Proposes Design of the Future Entity for UK Open Banking

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On April 19, 2024, the U.K.'s Joint Regulatory Oversight Committee published proposals on the design of the future entity for UK Open Banking. The JROC is composed of the Financial Conduct Authority, the Payment Systems...more

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