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
On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...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
June 8, 2023- U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10), along with National Security, Illicit Finance, and International Financial Institutions Subcommittee Chairman Blaine Luetkemeyer (MO-03),...more
April 19, 2023- The U.S. House Committee on Financial Services Subcommittee on Digital Assets held a hearing entitled, "Understanding Stablecoins' Role in Payments and the Need for Legislation."...more
April 14, 2023- U.S Department of the Treasury Chief Implementation Officer Laurel Blatchford and Counselor for Racial Equity Janis Bowdler led one of a series of roundtable discussions with nearly 30 environmental justice...more
April 11, 2023- Secretary of the Treasury Janet L. Yellen gave remarks on the global macroeconomy, sovereign debt, Ukraine and multilateral development banks at a press conference as part of the 2023 IMF-World Bank Annual...more
March 31, 2023- U.S. Senator Catherine Cortez Masto (D-Nev.) introduced the Financial Compensation for CFPB Whistleblowers Act to authorize the Consumer Financial Protection Bureau (CFPB) to award financial compensation to...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
Major Developments- Federal Reserve Board- Federal Reserve Board releases results of annual bank stress test- June 23, 2022- The Federal Reserve Board released the results of its annual bank stress test....more
The Financial Action Task Force (FATF) concluded the last Plenary under the German presidency and produced policy recommendations to strengthen efforts to combat corruption and the misuse of virtual assets. The FATF again...more
Federal Agencies- Federal Reserve Bank of New York - Business Leaders Survey - June 16, 2022- The Federal Reserve Bank of New York released the June 2022 Business Leaders Survey....more
Major Developments- Federal Deposit Insurance Corporatio Quarterly Banking Profile: Insured Institutions Reported Net Income of $59.7 Billion in First Quarter 2022-...more
Key developments of interest over the last month include: El Salvador: Bitcoin becomes legal tender European Union: European Commission proposes Path to the Digital Decade to deliver EU's digital transformation by 2030...more
SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more
Goldman Sachs is reportedly in negotiations with federal prosecutors to resolve claims about its role in the Malaysian 1MDB scandal for upwards of $2 billion. A settlement—which “could include a guilty plea from Goldman’s...more
Cyber attacks are a national security concern in the UK. While individuals can be victims of such attacks, private sector institutions are often the direct targets. Cyber attacks can critically damage a commercial reputation...more
In a paper published last month,[i] the UK’s Financial Conduct Authority (“FCA”) set out various cybersecurity insights gleaned from the work of cyber coordination groups (“CCGs”) the regulator established in 2017. The...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more
July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more