The Standard Formula Podcast | Developments on the Horizon for the UK Change-in-Control Regulatory Regime
Brexit & Financial Services: Preparing for the End of the Transition Period
Rapid and accelerating developments in artificial intelligence have prompted governments around the world to consider how AI should be regulated and used responsibly by businesses, without stifling innovation. This is...more
Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more
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
The UK’s Financial Conduct Authority (FCA) has recently published an update (the Update) on its approach to artificial intelligence (AI) following the UK government’s publication of its pro-innovation strategy in February...more
Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
On 22 April 2024, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England published their strategic approaches to regulating AI in response to the UK government’s July 2022 AI...more
In our previous alert AI and Machine Learning in UK financial services, we discussed the response in FS 2/23 of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to its discussion paper on...more
The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning (AI). Publications from the Financial Conduct Authority (FCA),...more
The U.K. Financial Conduct Authority's Chief Executive, Nikhil Rathi, gave a speech on April 22, 2024, setting out the priorities of the Digital Regulation Cooperation Forum. The DRCF brings together the FCA, the Competition...more
The FCA have stated that firms should “have scope to innovate whilst protecting consumers” – but what does this mean in the context of rapidly developing AI technology? In particular, how does the higher standard imposed by...more
Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...more
On 24 November 2023, the industry-led Technology Working Group of HM Treasury’s Asset Management Taskforce (Group) released an interim report (Report) outlining a strategic blueprint for the implementation of fund...more
On 1 and 2 November 2023, the UK hosted the world's first summit on artificial intelligence safety at Bletchley Park (the Summit). Once the top-secret home where Britain's World War II cryptographers decoded secret enemy...more
Fund Tokenisation: The Financial Conduct Authority (“FCA”) published a press release announcing that it has joined the Monetary Authority of Singapore’s Project Guardian, a collaborative initiative with the financial industry...more
As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. As financial services firms digest FS2/23, the joint Feedback Statement on Artificial...more
In our previous alert, we discussed the emerging trends for regulating artificial intelligence (AI) in financial services and mentioned a joint paper published by the Prudential Regulation Authority (PRA) and Financial...more
In our previous alert, we noted the speech made by Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), which built on the points made in a joint paper published by the Bank of England (BoE) and FCA on artificial...more
Organizations developing or using generative AI tools should implement cross-functional governance frameworks to develop and continuously monitor their use of such tools. From the earliest stages of generative AI use,...more
A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI. The UK’s Financial Conduct Authority (FCA) has published its latest board minutes...more
Senior regulators at the Financial Conduct Authority (FCA) in the UK and at the Board of Governors of the Federal Reserve System (Federal Reserve Board) in the US publicly shared remarks regarding their concerns about...more
The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more