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. Continue reading
Tag: financial services
FINTECH REGULATION – WHAT’S COMING UP?
Fintech is a rapidly developing area where developments in the regulatory regime are ongoing. We have created a timeline of key UK and European regulatory milestones to watch out for over the coming months and years.
FINTECH REGULATION – WHAT’S COMING UP?
Fintech is a rapidly developing area where developments in the regulatory regime are ongoing. We have created a timeline of key UK and European regulatory milestones to watch out for over the coming months and years.
Hong Kong SFC publishes licensing conditions for virtual asset fund managers
On 4 October 2019, the Securities and Futures Commission (SFC) published proforma terms and conditions which will apply to virtual asset fund managers that meet specified criteria.
See our latest APAC Fintech E-Bulletin for more.
Key contacts
William Hallatt
Partner (Herbert Smith Freehills), Hong Kong
+852 2101 4036
Valerie Tao
Professional Support Lawyer (Herbert Smith Freehills), Hong Kong
+852 2101 4125
FINTECH REGULATION – WHAT’S COMING UP?
With fintech being a rapidly developing and increasingly regulated area, we have created a timeline of key UK and EU regulatory milestones to watch out for over the coming months and years.
Fintech regulation – what is in the pipeline?
Here is our latest timeline covering key UK and EU regulatory developments in the pipeline. Continue reading
Further developments in Distributed Ledger Technology
On 15 December 2017, the Financial Conduct Authority (FCA) published the Feedback Statement (FS) to its April 2017 Discussion Paper (DP) DP17/03 on Distributed Ledger Technology (DLT). Continue reading
Fintech regulation – what is on the horizon?
With fintech becoming such a fast-moving and increasingly regulated space, we have created a timeline of key UK and EU regulatory milestones to watch out for over the coming months and years. Continue reading
Scaling up the Senior Managers and Certification Regime: Thinking Ahead
The UK Senior Managers and Certification Regime (SMCR) is being extended to almost all financial services firms authorised by the FCA. This will include many firms in the payment services, peer-to-peer lending, crowdfunding and robo-asset management sectors. The plans are currently under consultation and we expect the regime to be implemented towards the end of 2018.
The SMCR was introduced in response to the 2008 banking crisis and the LIBOR rigging scandal to enhance individual accountability and create a culture of risk management and compliance. It has applied to banks, building societies and certain investment firms since March 2016, with a modified regime for insurers (known as SIMR). It is anticipated the extended regime will largely follow the current SMCR.
This post considers the extension of the SMCR and suggests some next steps for newly ‘in scope’ firms. Continue reading
Thinking two moves ahead – how to get the best out of a fintech fundraising
Thinking two moves ahead – how to get the best out of a fintech fundraising. Rich Woods and Emily Naylor from the fintech team at Herbert Smith Freehills provide some tips on planning a successful fundraise. Continue reading