HMT Financial Services Future Regulatory Framework Review: call for evidence on regulatory coordination

HM Treasury (“HMT“) has launched the first phase (a call for evidence on regulatory coordination) in its Future Regulatory Framework Review (“the Review“), originally announced by the then Chancellor in his Spring Statement and more recently repeated in his 2019 Mansion House speech. This Review is focused on improving the coordination between the various regulators/government … Read more

ESMA publishes Report on licensing of FinTech business models

On 12 July, the European and Securities Markets Authority (ESMA) published its Report on the licensing of FinTech business models (the Report) as part of the European Commission’s wider FinTech Action Plan. While ESMA concluded in its report that it was not necessary to put forward any recommendations to the European Commission to adapt the … Read more

Commercial Court considers contractual discretion of bank to close customer account without notice where there is suspicion of money laundering

In a recent decision, the Commercial Court has upheld a financial institution’s decision to exercise its contractual right to close a customer’s accounts and terminate its relationship without notice, where the financial institution had a suspicion that its customer’s accounts were being used for money laundering purposes: N v The Royal Bank of Scotland plc … Read more

Cryptoassets: Personal account dealing policies and procedures

First published on Thomson Reuters Regulatory Intelligence on 15 July 2019. This third article of a series on cryptoassets focuses on personal account dealing (PAD) policies and procedures. This topic is important not only for firms themselves but also for individual staff who have entered into or are considering entering into cryptoasset transactions on their … Read more