A new regime for critical third party providers to UK financial services firms is on the horizon

On 21 July 2022 the Bank of England (BoE), the PRA and the FCA (collectively, the regulators) published Discussion Paper 22/3 - Operational resilience: Critical third parties to the UK financial sector (DP22/3). DP22/3 sets out how the financial services regulators could use new powers proposed under the Financial Services and Markets Bill (FSM Bill) to assess and strengthen the resilience of material services provided by critical third parties (CTPs) to the UK financial services sector. Publication of DP22/3 marks an early step on the road to the introduction of a new designation regime for third party providers in respect of the material services they provide to the UK financial services sector. Read more

Webinar: Panel discussion – New Hong Kong licensing regime for VASPs

The new licensing regime for virtual asset service providers (VASPs) will significantly impact the virtual asset industry in Hong Kong. Once in force, any person who seeks to carry on a business of providing a virtual asset service (currently limited to operating a virtual asset exchange) will be required to apply to the SFC for a licence. Read more