On 4 November 2024, the Financial Conduct Authority (FCA) issued a statement welcoming the first industry-led Project Guardian report on tokenisation in the asset management sector.
Background
Project Guardian is an international collaboration of industry and regulators, led by the Monetary Authority of Singapore (MAS), that explores the use of fund
On 31 October 2024, the draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations use powers set out in section 17(6) of the Financial Services and Markets Act 2023 to bring the following
On 31 October 2024, Sarah Breeden (Deputy Governor, Financial Stability, Bank of England (BoE)) gave a speech at the HKMA-BIS Joint Conference on Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem. In this speech, Ms Breeden explores the novel features of Generative AI (GenAI), and how we can uphold
On 24 October 2024, the European Commission adopted a Delegated Regulation supplementing the Regulation on digital operational resilience for the financial sector (DORA) with regard to regulatory technical standards (RTS) on harmonisation of conditions enabling the conduct of the oversight activities.
The European Supervisory Authorities issued the draft RTS as part
On 23 October 2024, the European Commission adopted:
On 22 October 2024, the Financial Stability Board (FSB) issued a letter outlining the work it has taken on financial innovation, payments systems, and cyber and operational resilience.
The FSB also publishes the reports that it is submitting to the G20 addressing these issues, including:
On 22 October 2024, the European Banking Authority (EBA) issued a Decision setting out the procedural aspects related to the significance assessment of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and the transfer of supervisory responsibilities, including the establishment of supervisory colleges for significant ARTs (s-ARTs) and
On 17 October 2024, the G7 Cyber Expert Group (G7 CEG) issued a public statement (dated 25 September 2024) highlighting the potential cybersecurity risks associated with developments in quantum computing and recommending steps for financial authorities and institutions to take to address those risks.
The statement notes that an initial set of quantum-resilient
On 17 October 2024, the Financial Conduct Authority (FCA) published a speech on “Ten years of FCA innovation: impact and opportunity” which was delivered by its chief data, information and intelligence officer, Jessica Rusu, at an FCA Innovation 10th anniversary event.
FCA innovation over the past 10 years
The speech notes that 10 years
On 16 October 2024, the European Securities and Markets Authority (ESMA) issued an Opinion responding to the European Commission’s (Commission) proposal to amend the two draft regulatory technical standards (RTS) under the Markets in Crypto Assets Regulation (MiCAR) which specify the information to be included in: