Following the publication of HM Treasury’s response to its 2020 Consultation on cryptoasset promotions and the FCA’s consultation on strengthening financial promotion rules for high-risk investments, including cryptoassets, stakeholders have brought to the Committee’s attention several potential areas of legal uncertainty in relation to the regulation of cryptoassets and related activities in the U.K.
On 6 September 2021, the Prudential Regulation Authority (“PRA”) published a Consultation Paper setting out its proposed approach to interpreting and applying the definition of an insurance holding company for the purposes of the Group Supervision Part of the PRA Rulebook.
The Law Commission has launched a Consultation to ascertain the topics which might constitute its 14th Programme of Law Reform. The Law Commission undertakes this public consultation with a view to submitting to the Lord Chancellor a draft Programme of Law […]
The Working Group has noted with interest the appointment by HM Treasury of an independent panel to review the operation of the legislation relating to ring-fencing and the publication of a Call for Evidence. As the Working Group has only just been established, its work has not progressed sufficiently so as to respond to the Call for Evidence. A letter was instead sent to the Independent Review Panel drawing attention to the Working Group’s remit and proposed output.
The FMLC has submitted a response drawing attention to previous FMLC papers on “possession” and “control”, written in 2010 and 2012, which highlight the serious issues of legal uncertainty and material difficulties arising from the definitions of “possession” and “control”.
The FMLC has submitted a response drawing attention to legal uncertainties which have arisen owing to developments in the business, technological and regulatory environment since the last review of the SFD in 2008/2009.
Together with the European Financial Markets Lawyers Group (the “EFMLG”)—a group of senior legal experts from the EU banking sector, hosted by the European Central Bank, dedicated to making analysis […]
The Committee has expressed the view that safe-harbour legislation would address the worst-case risks of frustration, avoidance or force majeure termination which, although they may have only a small chance of crystallising, would be potentially significant in their impact owing to the systemic importance of market standard terms.
In order to have a better understanding of impact of Artificial Intelligence (“AI”) and Machine Learning (“ML”) on financial services, the Bank of England (the “BoE”) and the Financial Conduct Authority (the “FCA”) have established the Artificial Intelligence Public-Private Forum (“AIPPF”).
On 21 October 2020, HM Government published the Financial Services Bill 2019-21 (the “Bill”). The Bill amends the U.K.’s existing legislative framework for financial services in 17 distinct areas, addressing […]