1. Bank regulation - 1.1 Prudential Regulation - (a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more
The European Commission has published a consultation on the use of artificial intelligence in the financial sector. The consultation aims to aid the Commission in developing guidance for the financial sector across all market...more
Both the EU and the UK are taking steps to enhance the rules in the financial services sector to add a new layer of direct regulation for key technology providers to banks and other regulated financial services institutions –...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
The financial sector is greatly dependent on information and communication technologies (ICT). The importance of ensuring remote access to financial services increased to an even greater extent during the COVID-19 pandemic,...more
The European Systemic Risk Board has published a report on cyber-security risk, which it has identified as a source of systemic risk to the global financial system. The report notes that the increased digitalization and...more
Current rules fall short of providing a clear framework for a single European market for fintech companies. The development of a single market for fintech has recently been placed at the center of the EU financial...more
On 12 July 2019 the European Securities and Markets Authority (ESMA) reported on the status of FinTech firm licensing regimes across the EU, based on two ESMA surveys of EU national competent authorities (NCAs). ESMA's report...more
On 2 April 2019, the European Commission announced the launch of the European Forum for Innovation Facilitators (“EFIF”). The EFIF will serve as a joint platform designed to foster collaboration and experience sharing among...more
BREXIT - Updated draft Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 published On 12 February, HMT published an updated draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit)...more
On January 7, the Joint Committee of the European Supervisory Authorities (“ESAs“) (that is, the EBA, EIOPA and ESMA) published a report (JC 2018 74) on regulatory sandboxes and innovation hubs....more
On 9 January 2019, the European Banking Authority (EBA)1 and the European Securities and Markets Authority (ESMA)2 published two reports with their advice on cryptoassets for the European Commission (EC) (and in ESMA's case,...more
In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court - Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court. ...more
The European Commission (“EC“) published a speech on February 27, 2018 given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (“CMU“), which...more
The European Securities and Markets Authority (“ESMA“) published a speech by ESMA Chair Steven Maijoor on taking a measured approach to Financial Technology (“FinTech“) on February 27, 2018. Mr. Maijoor explained that...more
On March 8, 2018, the European Commission (“EC“) published a communication (COM(2018) 109 final) setting out its FinTech action plan, which includes measures to create a more competitive and innovative European financial...more
The European Commission has proposed a series of reforms to strengthen and further centralise supervision of the European capital and financial markets at the EU level with the aim of creating stronger and more integrated...more
The European Commission’s action plan builds on the results of its green paper on retail financial services published for public consultation in December 2015. In the framework of the Capital Markets Union (CMU)...more
Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more