On 20 December 2017 the European Banking Authority (“EBA”) published its Final Report: Recommendations on Outsourcing to Cloud Service Providers (“CSPs“). The Recommendations will apply from 1 July 2018 to credit institutions as well as investment firms (i.e. not solely to banks). The aim of the EBA Recommendations is to: (i) provide guidance for institutions to enable them to use cloud solutions whilst appropriately managing risk; and (ii) promote supervisory convergence across the EU. The Final Report follows the EBA’s draft recommendations that were published on 18 May 2017 (refer to our previous article here). It should be noted that there is little substantive difference between the draft recommendations and those set out in the Final Report. Continue reading
As the UK Parliament’s Treasury Committee launched an investigation in March 2018 into the benefits and risks of cryptocurrencies and the potential impact of Distributed Ledger Technology (“DLT“), and the European Commission launched an EU Blockchain Observatory and Forum in February 2018 (to highlight key developments of blockchain technology and reinforce engagement with multiple stakeholders involved in blockchain activities), regulators have also been taking a closer look at the implications of DLT, including the Financial Conduct Authority in the UK. Continue reading
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.