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Latham & Watkins LLP

Key Takeaways From Rachel Reeves’ Mansion House Speech

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The UK Chancellor announces a growth-focused agenda for financial services. On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more

A&O Shearman

HM Treasury Post-Implementation Reviews on SME Credit Information and Finance Platforms Regulations

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Alongside the U.K government's Autumn Budget delivered on October 30, 2024, HM Treasury has published two post-implementation reviews relating to small- and medium-sized enterprise credit....more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday November 11

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November 8, 2024- The Bank of England released the results of the November 2024 Market Participants Survey. November 8, 2024 - The Financial Conduct Authority published a research note entitled “Income shocks and credit...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday November 8

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November 7, 2024 - The Federal Open Markets Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. November 7, 2024- Securities and Exchange...more

K&L Gates LLP

Lessons on Effective Financial Crime Controls: The Starling Bank Example

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The Financial Conduct Authority (FCA) recently levied a jaw-dropping £29 million fine against Starling Bank (Starling). The fine follows an investigation by the regulator, which exposed the bank's "shockingly lax" sanctions...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday November 7

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November 6, 2024- The Bank of England published a report on the transfer of Silicon Valley Bank UK Limited to HSBC UK Bank Plc by the Bank of England for the purposes of section 79A of the Banking Act 2009....more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday November 6

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November 5, 2024 - The Office of Inspector General of the Federal Reserve Board published a report entitled “2024 Audit of the Board's Information Security Program.” November 5, 2024 - The Office of Inspector General of...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday November 5

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November 4, 2024- The Financial Conduct Authority issued a statement welcoming the first industry-led Project Guardian report on tokenisation in the asset management sector, delivered through Project Guardian’s asset and...more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday November 4

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November 1, 2024 - U.S. House Committee on Small Business Chair Roger Williams (TX-25) released the staff report on the investigation in fraud in the U.S. Small Business Administration’s COVID Lending Programs....more

A&O Shearman

UK Financial Conduct Authority Publishes Dear CEO letter for Financial Advisers and Investment Intermediaries

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The U.K. Financial Conduct Authority has published a Dear CEO Letter setting out its supervisory strategy for financial advisers and investment intermediaries. The FCA's priorities over the next two years are reducing and...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - October 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a speech by...more

A&O Shearman

Regulatory monitoring - October 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a...more

Latham & Watkins LLP

FCA Publishes Results of Non-Financial Misconduct Survey

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The data provides important insights to assist firms with their ongoing work in this area. On 25 October 2024, the FCA published the results of a survey on non-financial misconduct it undertook earlier in the year...more

A&O Shearman

Court of Appeal confirms FCA power to impose single-firm redress schemes

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The UK Court of Appeal has confirmed that the UK Financial Conduct Authority (FCA) has the power to impose single-firm schemes of redress where it considers this is desirable to satisfy one of its statutory operational...more

Skadden, Arps, Slate, Meagher & Flom LLP

Fintech Focus Podcast | Sanctions Compliance: Regulators Set Their Sights on Fintechs

As regulators such as the UK’s Financial Conduct Authority have turned their attention to fintechs, sanctions compliance will remain a priority for the sector. Joseph Kamyar is joined by white collar defense and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Sanctions Compliance: Regulators Set Their Sights on Fintechs

As regulators such as the UK’s Financial Conduct Authority have turned their attention to fintechs, sanctions compliance will remain a priority for the sector. Joseph Kamyar is joined by white collar defense and...more

Latham & Watkins LLP

UK Regulators Set Out Plans on Growth and International Competitiveness

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PRA and FCA speeches recap the regulators’ work to deliver growth and enhance competitiveness, and outline some key upcoming policy work. On 17 October 2024, the PRA and the FCA both published speeches given by their...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday October 17

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October 16, 2024 - New York State Department of Financial Services (DFS) issued new guidance to assist regulated entities in addressing and combating cybersecurity risks arising from artificial intelligence....more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday October 14

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October 11, 2024 - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced an agreement to issue three guarantees worth $498 million under the CDFI Bond Guarantee Program, the...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday October 9

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October 8, 2024- Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “The Global Fight Against Inflation,” at the Conference on Monetary Policy 2024: Bridging Science and Practice, European Central...more

A&O Shearman

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

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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

A&O Shearman

UK Financial Conduct Authority Speech on Evolving Approach to Enforcement

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The U.K. Financial Conduct Authority has published a speech by Therese Chambers, FCA Joint Executive Director of Enforcement and Market Oversight, on the FCA's evolving approach to enforcement. The FCA is adapting its...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - September 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EC: Report on the future of European competitiveness Status: Final - The EC has published a report on the future of European competitiveness,...more

Goodwin

A New Safeguarding Regime: Five Points for Payments and E-money Firms

Goodwin on

For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday October 1

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September 30, 2024- Federal Reserve Board Chair Jerome H. Powell gave a speech entitled “Economic Outlook,” at the National Association for Business Economics Annual Meeting in Nashville, Tennessee....more

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