Global FSR Outlook 2023 – Braving the maelstrom

Our Global FSR Outlook 2023 has been published.  In the Outlook, our Financial Services Regulatory (FSR) team surveys the regulatory landscape for 2023 and considers the challenges confronting firms and regulators. Read more

Webinar: Panel discussion – Virtual asset regulatory developments and highlights from Hong Kong and Singapore Fintech Week

Both the Hong Kong and Singapore regulators have announced further developments and guidance in relation to the regulation of virtual asset (VA)-related products and services. Hong Kong is proposing to recalibrate its existing legal and regulatory regimes to enable greater access to VA by retail investors, while Singapore has launched consultations on stablecoin-related activities and digital payment token services. Read more

Retail access for virtual assets – risky business or radical open-mindedness?

Hong Kong’s Fintech Week 2022 began with a crypto-infused bang with keynote speeches from the Government and financial regulators embracing the financial innovation made possible by virtual assets (VAs). Recognising that VAs are here to stay, Hong Kong has proposed to recalibrate the existing legal and regulatory regimes, with a focus on enabling greater access by retail investors to VA-related products and services while mitigating attendant risk. We also anticipate developments in the near future around the property rights of tokenised assets and stablecoins. Read more

2022 Global Bank Review – Banking on People

We are excited to announce the launch of the 2022 Global Bank Review: Banking on People. Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze. One thing is certain: global finance is currently facing mounting pressure to invest long-term for a low-carbon, high-tech world in the decades to come, while bracing itself for intense economic headwinds and volatility on the immediate horizon. Read more

FCA outlines its updated approach to alternative asset management supervision

In a "Dear CEO" letter sent in early August 2022, the FCA outlined the robust approach it will take to the supervision of firms in its alternative asset management portfolio – namely FCA authorised hedge funds, private equity firms and firms that manage and advise alternative assets directly. Relevant firms can expect the FCA to focus on excessive investment risks to retail and elective professional investors, conflicts of interest, inadequate mitigation against ongoing market disruption, poor market abuse controls, and culture, as well as ESG disclosures. Read more

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, the PRA and the FCA 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 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 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.  On Tuesday, 23 August 2022 from 1pm to 2pm (Hong Kong/Singapore time), our Asia Financial Services Regulatory Partners, Hannah Cassidy and Natalie Curtis, will be joined by Prosynergy Consulting Limited’s Managing Director, Louie Lee, ARTA TechFin Corporation Limited’s CEO (Blockchain Finance), Simon Au Yeung, and MaiCapital Limited's Managing Partner, Marco Lim, to discuss the new VASP licensing regime. Read more