Open banking is a safe and secure technology that allows consumers to enable banks to disseminate their information to third party services providers. As a concept, open banking is more developed in other countries such as the United Kingdom (the UK) and Australia. In Canada, the concept is steadily evolving and is still being
SFO to hit back on privilege in new cooperation guidance
In a speech earlier this week Lisa Osofsky announced that the SFO will shortly publish guidance on its expectations in relation to self-reporting and cooperation. The speech suggested that waiver of privilege over internal investigations material will be seen by the SFO as a strong indicator of, if not a precondition to, cooperation for the
Extended briefing: Brexit and the future of economic partnership for financial services
The recording of our latest 40 minute briefing on Brexit and the future of economic partnership for financial services is available for free here. Please note that this recording omits the segment delivered by HM Treasury which was conducted under Chatham House rules.
Revised MoU between FCA and ASA
On 4 April 2019, the FCA published a revised memorandum of understanding (MoU) between itself and the Advertising Standards Authority (ASA). The purpose of the MoU is to facilitate and provide a framework for co-operation between the FCA and ASA by setting out the respective regulatory responsibilities of the FCA and ASA and a framework
ESMA announces recognition of UK CCPs and CSD in event of no-deal Brexit on 12 April 2019
On 5 April 2019, following the adoption of European Commission Implementing Decision (EU) 2019/544 of 3 April 2019 (our blog is here), the European Securities and Markets Authority has issued a new recognition decision to make sure that the UK central counterparties (LCH Limited, ICE Clear Europe Limited and LME Clear Limited) are recognised
Official translations of ESMA guidelines on CCP conflict of interest management under EMIR
On 5 April 2019, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on central counterparty (CCP) conflict of interest management under the European Markets Infrastructure Regulation. The guidelines will apply from 5 June 2019 (two months from the date of publication of the guidelines in the official languages of
ECB update on TRIM
On 5 April 2019, the European Central Bank (ECB) published a note providing an interim update (dated 3 April 2019) on the targeted review of internal models (TRIM).
The purpose of the note is to provide an overview of the TRIM project and to share aggregated information on its outcomes. The note complements the information
FSB crypto-assets regulators directory
On 5 April 2019, the Financial Stability Board (FSB) published its crypto-assets regulators directory. The purpose of the directory is to provide information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them. The directory will be delivered to
Hong Kong: SFC issues reminder about security token offerings
On 28 March 2019, the Securities and Futures Commission (SFC) published a statement reminding parties who engage in security token offerings (STOs) to be aware of the applicable legal and regulatory requirements. This statement is helpful given that STOs are a relatively new form of token issuance.
STOs are specific offerings
Dutch UBO register to come into force in January 2020
On 4 April 2019, the Dutch Minister of Finance (the Minister) submitted a legislative proposal for the introduction of an ultimate beneficial owner register (the UBO Register) in the Netherlands (the Proposal) to the Dutch Parliament. The Minister also, among other things, submitted the explanatory notes to the Proposal, as well as