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Jan 23, 2025 | 
herbertsmithfreehills.com | Hywel Jenkins |Clive Cunningham |Charlotte Henry |Jaime Bofill
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Jan 21, 2025 | 
herbertsmithfreehills.com | Clive Cunningham |Nick Pantlin |Marina Reason |Kelesi Blundell
OPERATIONAL RESILIENCE: PROPOSED CTP REGIMES – UK / EU COMPARISON UK (FSM Bill + DP3/22) EU (DORA) 1. Scope of Regime Applies to CTPs only. Firms remain subject to existing rules (and regulator expectations) on operational resilience, outsourcing and third party risk management. Wide category of CTP services: CTPs are not limited to digital / data service providers. Cloud Services Providers (CSPs) are likely to be considered for designation.
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Oct 24, 2024 | 
lexology.com | Marina Reason |Clive Cunningham |Kelesi Blundell |Chris Hurn
The government has launched a fast-tracked consultation to "act urgently" in introducing new rules to regulate Buy-Now, Pay-Later productsHM Treasury has published a consultation to bring Buy Now, Pay Later (BNPL) firms within the scope of FCA regulation. This has been a long time coming, with HM Treasury having already consulted twice on changes to the rules surrounding BNPL.
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Mar 20, 2024 | 
mondaq.com | Clive Cunningham |Marina Reason |Kelesi Blundell |Erica MacDonald
The government has made new regulations (the 2024 Order) to update the
exemptions in the Financial Services and Markets Act 2000 (Financial
Promotions) Order (2005) (the FPO), and the equivalent
exemptions in the Financial Services and Markets Act 2000 (Promotion
of Collective Investment Schemes) Order 2001 (PCIS), relating
to high net worth individuals and sophisticated investors.
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Feb 13, 2024 | 
mondaq.com | Hywel Jenkins |Luke Hastings |Clive Cunningham |Cat Dankos
Firms and senior management must keep up with rising regulatory expectations, be ready to co-operate and be prepared to proactively offer redress where appropriate Six years on from the Basel Committee on Banking Supervision's (BCBS's) consultation on the implications of cloud computing and other technologies for banks and banking supervision, what we now refer to as operational resilience has matured into a more comprehensive regulatory policy covering business continuity, incident...
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Feb 5, 2024 | 
lexology.com | Nish Dissanayake |Patricia Horton |Zoë Wilson |Shantanu Naravane |Krishna Shorewala |Clive Cunningham | +2 more
Last week, the government announced its first equivalence decision under s271A of the Financial Services and Markets Act 2000 (FSMA), finding the EEA states to be equivalent under the Overseas Funds Regime (OFR). The equivalence decision will apply to undertakings for collective investment in transferable securities (UCITS), except those which are also Money Market Funds (MMFs), as there is ongoing regulatory development in this area.
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Jan 30, 2024 | 
lexology.com | Hywel Jenkins |Clive Cunningham |Luke Hastings |Cat Dankos |Valerie Tao |Annabelle Green | +1 more
Six years on from the Basel Committee on Banking Supervision's (BCBS's) consultation on the implications of cloud computing and other technologies for banks and banking supervision, what we now refer to as operational resilience has matured into a more comprehensive regulatory policy covering business continuity, incident management, critical supplier management, and more, in many jurisdictions and across financial services.
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Dec 22, 2023 | 
mondaq.com | Marina Reason |Clive Cunningham |Kelesi Blundell |Patricia Horton
The FCA and HM Treasury (HMT) have published a
joint discussion paper, 'Advice Guidance Boundary Review
– proposals for closing the advice gap' (DP23/5). DP23/5 sets out three high-level
proposals to close the advice gap:
Further clarifying the boundary, building on
the FCA's guidance on the boundary published in August
2023.
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Nov 10, 2023 | 
mondaq.com | Jenny Stainsby |Hywel Jenkins |Chris Ninan |Clive Cunningham
On 13 October 2023, the UK Financial Conduct Authority
(FCA) published its press release and Final Notice to Equifax Limited
(Equifax Ltd), the UK subsidiary of US company
Equifax Inc, in relation to a major 2017 data breach which affected
over 13.7 million UK consumers. The FCA determined that the firm
had breached Principles 3, 6 and 7 of its Principles for Businesses
and imposed a fine of over £11m on Equifax Ltd.
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Nov 7, 2023 | 
lexology.com | Jenny Stainsby |Hywel Jenkins |Chris Ninan |Clive Cunningham |Miriam Everett |Nick Pantlin | +2 more
On 13 October 2023, the UK Financial Conduct Authority (FCA) published its press release and Final Notice to Equifax Limited (Equifax Ltd), the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that the firm had breached Principles 3, 6 and 7 of its Principles for Businesses and imposed a fine of over £11m on Equifax Ltd.
