UK regulators release final operational resilience policies

The end of March saw a flurry of activity on operational resilience as the UK regulators published final policy on operational resilience and, for the UK Prudential Regulation Authority (PRA), final rules on outsourcing and third party risk management while the Basel Committee on Banking Supervision (BCBS) issued its new Principles for Operational Resilience and revised Principles for the Sound Management of Operational Risk.

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2020 Global Bank Review: #disruption

We are excited to launch the 2020 edition of our Global Bank Review#disruption.

While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support to vulnerable customers, and supplying vital credit for regrowing our economies. Continue reading

Open Banking catching the eye of global regulators: Developments in Hong Kong, Singapore and Australia

The banking industry has undergone rapid change in recent years with the rise of virtual currency, fintech and digital innovation challenging the status quo. One of the key developments emerging in the last couple of years is the concept of Open Application Programming Interfaces (APIs) for use in the banking industry, or Open Banking. Continue reading

Bank of England launches fintech community and FCA publishes discussion paper on distributed ledger technology

In March 2017, the Bank of England FinTech Accelerator launched a new fintech community. The new community has three main objectives:

  • to share developments, trends and insights to facilitate learning within the Bank and across the sector;
  • to ensure the Bank is engaging with a range of fintech firms; and
  • to increase networking across fintech-related organisations.

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Digital Economy Act 2017: The pick ‘n’ mix assortment of provisions receives Royal Assent

The Digital Economy Act (the “Act“) finally received Royal Assent on 27 April 2017 and the final text has recently been published. First introduced in the House of Commons in July 2016, it has been the subject of much scrutiny and debate by both Houses of Parliament. With the General Election looming, the legislation was passed in a final sweep as part of the so-called “wash up” period before the dissolution of Parliament.

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Fintech and competition law

As the surge of Fintech continues to gather speed, authorities around the world are watching with keen interest to see how fintech can change the competitive landscape across various sectors and markets.

Mark Jephcott and Adelaide Luke from the competition team at Herbert Smith Freehills discuss some of the recent competition law developments relating to the fintech sector and explore some potential competition issues and concerns that may arise in the near future. Continue reading