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A&O Shearman

UK Proposes Design of the Future Entity for UK Open Banking

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On April 19, 2024, the U.K.'s Joint Regulatory Oversight Committee published proposals on the design of the future entity for UK Open Banking. The JROC is composed of the Financial Conduct Authority, the Payment Systems...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

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Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Skadden, Arps, Slate, Meagher & Flom LLP

Centralising Cryptocurrencies: What’s Next for the UK’s Digital Pound?

Responses to the joint Bank of England and HM Treasury consultation paper on a “digital pound” are in, with over 50,000 submissions in total. The scale of feedback shows significant interest in a discussion which could pave...more

A&O Shearman

HM Treasury Confirms Approach to Digital Securities Sandbox

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Following its consultation earlier this year, HM Treasury has published a response to its consultation on the Digital Securities Sandbox, confirming that it will mostly adopt the approach consulted on to establish the DSS....more

Skadden, Arps, Slate, Meagher & Flom LLP

A New Regime Governing Stablecoins

On 6 November 2023, the Bank of England (the UK’s central bank) issued a discussion paper on the regulation on stablecoins, alongside another paper by the UK Financial Conduct Authority (FCA) (DP23/4) and a “Dear CEO” letter...more

A&O Shearman

HM Treasury Publishes Consultation Response on Financial Promotions Regime High Net Worth and Sophisticated Investors Exemptions

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HM Treasury has published a consultation response and draft statutory instrument on reforms to the high net worth and sophisticated investor exemptions under the financial promotions regime. The Financial Services and Markets...more

A&O Shearman

HM Treasury Publishes Response to Cryptoasset Regulatory Regime Consultation

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HM Treasury has published a response to its consultation on cryptoasset regulation, setting out its final proposals for the U.K.'s cryptoasset regulatory regime. The U.K. plans to make cryptoassets a new category of...more

A&O Shearman

HM Treasury Publishes Plan for Regulation of Fiat-backed Stablecoins

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HM Treasury has published a Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, setting out the next steps for the implementation of stablecoin regulation in the U.K. Fiat-backed stablecoins are (under HM...more

A&O Shearman

HM Treasury Consults on First Financial Market Infrastructure Sandbox – the Digital Securities Sandbox

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HM Treasury has published a consultation on the establishment of a financial market infrastructure sandbox, known as the Digital Securities Sandbox. The sandbox will be established using new powers granted by the...more

A&O Shearman

UK Statutory Instrument Published to Bring Cryptoassets Within Financial Promotions Regime

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On 7 June 2023, the U.K. government published a statutory instrument (the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (FP (Amendment) Order) and related explanatory memorandum)...more

A&O Shearman

Treasury Committee Inquiry: The Crypto-Asset Industry Report

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Innovate Finance and Shearman & Sterling has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets. Analysis produced by Innovate Finance specially for the...more

A&O Shearman

UK Conduct Regulator Publishes Policy Statement on Improvements to Appointed Representatives Regime

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The U.K. Financial Conduct Authority has published a Policy Statement and final rules on improvements to the Appointed Representatives regime. The AR regime allows authorized firms to appoint representatives to conduct...more

A&O Shearman

HM Treasury Publishes Inquiry Into Crypto-Assets

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HM Treasury has launched an inquiry into the role of crypto-assets in the U.K. and their regulatory framework. The inquiry poses questions on a range of subjects, including the likelihood of digital currencies (e.g.,...more

A&O Shearman

UK Treasury Committee Makes Recommendation for Future Regulatory Framework Review

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The House of Commons Treasury Committee has published a report on the Future of Financial Services Regulation setting out its view on the priorities for regulatory change in the U.K. now that the U.K. has left the EU. The...more

Hogan Lovells

Global Payments Newsletter, May 2022

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Key developments of interest over the last month include: Queen's Speech 2022 announces forthcoming Financial Services and Markets Bill; European Commission consultations and calls for evidence on PSD2 review and open...more

Hogan Lovells

Global Payments Newsletter, October 2021

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Key developments of interest over the last month include: United Kingdom: HM Treasury responds to Payments Landscape Review call for evidence Hong Kong: HKMA publishes white paper exploring the idea of a CBDC Italy: Bank of...more

A&O Shearman

Financial Regulatory Developments Focus - November 2016

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In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

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