News & Analysis as of

Financial Services Industry Bank of England FinTech

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

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

A&O Shearman

UK Regulators Consult on Digital Securities Sandbox

A&O Shearman on

On April 3, 2024, the Bank of England and U.K. Financial Conduct Authority published a joint consultation paper on proposed rules for the incoming digital securities sandbox. The Financial Services and Markets Act 2023...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

A&O Shearman

UK Regulators Propose Rules for Supervising Critical Third Parties

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Following feedback to their July discussion paper, the U.K. regulators—the Bank of England, Prudential Regulation Authority and Financial Conduct Authority—have launched a joint consultation proposing rules and regulatory...more

A&O Shearman

Bank of England Publishes Consultation Paper on Digital Pound

A&O Shearman on

The Bank of England has published a joint consultation paper with HM Treasury on the possibility of a digital pound in the U.K. It is envisaged that the digital pound would be a retail central bank digital currency, to be...more

A&O Shearman

UK Regulators Propose Requirements for Critical Third Parties' Services to UK Regulated Firms

A&O Shearman on

The Bank of England, Prudential Regulation Authority and Financial Conduct Authority (together, the supervisory authorities) have published a discussion paper proposing measures to supervise and enhance the resilience of...more

A&O Shearman

UK Task Force Publishes Recommendation for Improving Post-Trade Processes

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report on the Future of Post-Trade. The Taskforce is made up of financial market industry individuals involved in post-trade processing activities and was set up as part of the Bank of England's response to the "Future of...more

Morgan Lewis - Tech & Sourcing

AI in Financial Services: Bank of England and UK FCA Highlight Key Challenges and Risks

The Bank of England (Bank) and the UK Financial Conduct Authority (FCA) published their final report of discussions from the UK Artificial Intelligence Public-Private Forum on February 17. Over quarterly meetings and several...more

A&O Shearman

Bank of England and HM Treasury Announce Next Steps for UK Central Bank Digital Currency

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The Bank of England and HM Treasury have announced the next steps in the development of a U.K. Central Bank Digital Currency. These include the following...more

Hogan Lovells

Global Payments Newsletter, September 2021

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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

Hogan Lovells

Financial institutions general regulatory news, March 2021

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UK FinTech: Kalifa Review final report - HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more

Latham & Watkins LLP

UK Chancellor Outlines Future for Financial Services Post-Brexit

Latham & Watkins LLP on

Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement...more

Hogan Lovells

Financial institutions general regulatory news, September 2020

Hogan Lovells on

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

A&O Shearman

UK Regulators Take Steps to Establish Financial Services AI Public Private Forum

A&O Shearman on

The Bank of England and the U.K. Financial Conduct Authority are establishing the Financial Services AI Public Private Forum that Governor Mark Carney announced in June 2019. The regulators are calling for expressions of...more

A&O Shearman

UK Crypto-Assets Task Force Outlines the Path to Crypto-Asset Regulation

A&O Shearman on

The U.K. Crypto-Assets Task Force has published its Final Report. Established in March 2018 by the U.K. Chancellor of the Exchequer as part of the U.K. government's FinTech Sector Strategy, the Task Force comprises...more

Latham & Watkins LLP

Bank of England Opens Up Access to Payment Schemes for FinTech Firms

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The Bank of England (BoE) announced on 19 July 2017 that it is extending direct access to its real-time gross settlement (RTGS) service to non-bank payment service providers (i.e., e-money institutions and payment service...more

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