On 26 July 2024, the three European Supervisory Authorities (EBA, EIOPA and ESMA) published the final report on the draft Regulatory Technical Standards relating to subcontracting ICT services supporting critical or important...more
On 26 June 2024, Hogan Lovells, in collaboration with Buen Crypto, hosted an event to discuss imminent implications for firms who will be subject to the Markets in Crypto Asset Regulation (MiCA) due to come into force from 30...more
Artificial intelligence (AI) and machine learning (ML) technology have started to transform financial services and bring about new business opportunities, but with risks. AI governance should be adopted by financial...more
The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more
With increasing levels of capital continuing to flow into digital assets globally, an ever-growing pool of asset holders, and even governments exploring various digital asset projects, the need to examine custody services in...more
The Bank of England and HM Treasury are consulting on the model for a UK retail central bank digital currency (CBDC) or ‘digital pound’ that would sit alongside, not replace, cash. On the basis of their work to date, both the...more
On 1 February 2023, HM Treasury published a long-awaited consultation paper and call for evidence setting out proposals for the UK’s financial services regulatory regime for cryptoassets. The proposals mark the next stage of...more
In a departure from recent proposals to bring certain cryptoassets into the scope of the Financial Promotion Order, the government intends to introduce a bespoke temporary exemption for financial promotions relating to...more
This article is the second in a series on areas impacted by AI. It focuses on the upcoming implementation of a new Consumer Duty, a higher standard of behaviour for financial services firms directly or indirectly interacting...more
In the discussion paper, the UK financial supervisory authorities have not provided a new legal framework or their intended future approaches for regulating the use of AI and machine learning in financial services. However,...more
On 8 June 2022, HM Treasury published its policy statement, outlining a proposal to regulate third parties to financial services and financial market infrastructure firms (“Firms”). This proposal comes shortly after the EU,...more
On 11 May 2022, the European Council announced in a press release, that it had reached a provisional agreement with the European Parliament on DORA, a piece of legislation designed to strengthen the operational resilience of...more
HMT has published its response to its January 2021 consultation and call for evidence on the UK regulatory approach to cryptoassets and stablecoins. The consultation response confirms the government’s intention to bring...more
At our recent global conference we held in partnership with Global Digital Finance, our keynote speaker suggested that the three major drivers for financial institution regulators and policy makers for the next few years...more
On 18 January 2022, HM Treasury published the results of its July 2020 consultation on cryptoasset promotions, and confirmed that the UK government will introduce measures that will effectively bring a wider range of...more
You might expect that the European Commission, eager to act as an innovative regulator, to have non-fungible tokens, NFTs, firmly on their radar and to have dedicated a relevant part of its regulation for cryptoassets, MiCA,...more
As in other fields of digital transformation, the EU Commission wants to set a standard with its draft regulations for both cryptoassets, and artificial intelligence. But is it ready for the challenge? Both technologies will...more
9/7/2021
/ Artificial Intelligence ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
Digital Services ,
Distributed Ledger Technology (DLT) ,
European Commission ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech ,
Non-Fungible Tokens (NFTs) ,
Popular
In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new regulation. The sheer number of publications on this topic can be confusing for...more
3/25/2021
/ Capital Requirements ,
Cloud Computing ,
EIOPA ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Information and Communication Technology (ICT) ,
MiFID II ,
Payment Services Directive ,
Regulatory Agenda ,
Solvency II ,
UK Brexit
In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new regulation. The sheer number of publications on this topic can be confusing for...more
The European Commission has published a proposed Regulation on digital operational resilience within the financial services sector in the EU. This will replace and harmonise existing guidance in relation to ICT and security...more
10/20/2020
/ Cyber Threats ,
Digital Currency ,
EIOPA ,
ENISA ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Legislative Agendas ,
Risk Management ,
Third-Party Risk
The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more
1/21/2020
/ AML/CFT ,
Anti-Money Laundering ,
Covered Transactions ,
Cryptoassets ,
Due Diligence ,
E-Money ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Know Your Customers ,
Lead Supervisory Authority ,
Money Laundering ,
Payment Methods ,
Popular ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Assessment ,
Terrorism Funding ,
Terrorist Financing ,
Terrorist Financing Regulations ,
Transaction Monitoring ,
UK ,
Virtual Currency