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
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
Skadden presents the inaugural episode of our podcast “Fintech Focus,” which will explore current trends, news and developments in the fintech space. European counsel and host Joseph Kamyar kicks off the series with colleague...more
3/5/2024
/ Banking Sector ,
Consumer Financial Products ,
EU ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment ,
Investment Management ,
Popular ,
UK
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
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 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
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)