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Financial Services Industry Bank of England Financial Conduct Authority (FCA)

A&O Shearman

UK Treasury Committee Call for Evidence on Acceptance of Cash

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The Treasury Committee has launched a call for evidence as it examines whether rules are needed to govern the acceptance of physical cash in the U.K. The Committee explains that the Bank of England has noted that the decline...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday November 13

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November 12, 2024 - The Federal Reserve Board published the results of the Senior Loan Officer Opinion Survey on Bank Lending Practices for October 2024. November 12, 2024- The Federal Reserve Board published a working...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

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

Goodwin

AI and Financial Stability: Questioning Tech-Agnostic Regulation in the UK?

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In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and...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

Hogan Lovells

FCA’s observations and lessons learnt from the July 2024 global IT incident

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The UK’s Financial Conduct Authority (FCA) has published its observations on the response by regulated firms to the global IT incident that occurred in July 2024. The incident has been widely reported as one of the most...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

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

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday September 26

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The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled “Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of...more

Katten Muchin Rosenman LLP

FCA Consults on Guidance for UK Trade Repositories’ UK EMIR Reporting Requirements

On 4 September, the Financial Conduct Authority (FCA) published a website seeking feedback (Consultation) on draft questions and answers (Q&As) intended to assist UK trade repositories (TRs) registered under Article 55 of the...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday September 20

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September 19, 2024- The Federal Reserve Bank of New York’s Open Market Trading Desk issued a statement announcing it intends to conduct a small value term repo operation with Primary Dealers....more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday August 22

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August 21, 2024- The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on July 30–31, 2024. August 21, 2024- The Federal Reserve Bank of Boston published a...more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday August 12

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August 9, 2024 - The U.S. Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading...more

Skadden, Arps, Slate, Meagher & Flom LLP

Bank of England Seeks Innovation in Money and Payments, With a Focus on Distributed Ledger Technology

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

A&O Shearman

Operational resilience feedback from UK Financial Conduct Authority

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Firms have just over six months until the transition period for implementing the UK Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Bank of England rules and guidance on operational resilience...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday July 10, 2024

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July 9, 2024 The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “The Semiannual Monetary Policy Report to the Congress.” The Committee heard testimony from The Honorable Jerome H....more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday July 8, 2024

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July 5, 2024 - Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “Managing the Known Unknowns,” at the Suresh Tendulkar Memorial Lecture, Reserve Bank of India, Mumbai, India....more

A&O Shearman

UK Approach to Critical Third-Party Supplier Designation Published

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The Financial Services and Markets Act 2023 established a framework for the regulation of third parties who provide significant services to financial institutions, giving HM Treasury power to designate an entity as a...more

Katten Muchin Rosenman LLP

UK Regulator Updates its Approach to AI and Sets a 12-Month Plan

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

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