New recommendations for reform and development of the law on digital assets

On 28 June 2023, the Law Commission of England and Wales published its report (the Report) on digital assets, detailing the conclusions and recommendations for law reform in this area. While it is acknowledged that the digital asset market and the technology in question is continually evolving, the common law system in England and Wales … Read more

Crypto: is it gambling or a financial service?

This article first appeared in The Banker and is re-published here with its permission. A recent UK Treasury Committee report on crypto assets regulation has reignited the debate over crypto. Contrary to government proposals in February to regulate the crypto industry as a financial service, the cross-party group controversially recommended regulating retail trading and investment … Read more

Accelerating digitisation of UK financial services: Bank of England and HMT announce CBDB Taskforce amid new plans

On 19 April 2021, the Bank of England (BoE) and HM Treasury (HMT) released a statement announcing the joint creation of a Central Bank Digital Currency (CBDC) Taskforce. The Chancellor has also announced ambitious and complementary plans to encourage growth of UK fintechs and “cement the UK’s position as the world’s pre-eminent financial centre.” These … Read more

The Kalifa Review – a vision for the future of UK FinTech

On 26 February 2021, HM Treasury (HMT) published Ron Kalifa OBE’s independent strategic review of UK financial technology (FinTech), also known as the Kalifa Review. The executive summary is available here. Formally relaunched on 20 July 2020 following an announcement by HMT as part of its 2020 Budget and delays due to Covid-19 (see our … Read more

FCA technology change management review: Top tips for avoiding operational disruption

On 5 February 2021, the Financial Conduct Authority (FCA) published a report titled ‘Implementing Technology Change’, which sets out findings from its review into how financial services firms manage technology change, the impact of change failures, and industry practices to help reduce the impact of incidents resulting from change management. The FCA analysed over one … Read more

Time to Mobilise: EBA finalises Guidelines on Outsourcing Arrangements

Following consultation in the second half of 2018, the European Banking Authority (“EBA“) published its Final Report on Draft Guidelines on Outsourcing Arrangements (the “Guidelines“) on 25 February 2019. Most provisions of the Guidelines will enter into force on 30 September 2019. At the same time, the Guidelines will replace those issued by the EBA’s … Read more

Digital TMT and Sourcing Predictions 2019

  2018 was a landmark year for digital TMT and sourcing. Against the backdrop of the UK’s impending departure from the EU, there were a wealth of highlights as regulation moved further towards greater harmonisation at the European level; the EU General Data Protection Regulation (“GDPR“) came into effect on 25 May 2018 and implemented … Read more