Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Global | Publication | November 2017
The financial services industry constitutes around 7 per cent of UK GDP, directly employs 1.1 million people (two-thirds of them outside London) and contributes a significant proportion of tax revenue to the UK. An important part of the industry is the banking sector, consisting of UK domestic banks and non-UK banks that have established themselves in the UK (many of which use the EU passport to conduct cross-border business).
Following the UK’s vote to leave the European Union, the Association of Foreign Banks formulated a position statement earlier this year to reflect what they understood to be the key Brexit related issues for the foreign banking sector in the UK. This was followed by a survey, carried out with Norton Rose Fulbright, among the AFB membership gauging the foreign banking sector’s sentiment on Brexit. AFB members, including some of the world’s largest banks, responded, looking at three areas:
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Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
Most incidents handled by our Norton Rose Fulbright cyber team originate from the customer’s service provider. In many cases it is the service provider’s systems, infrastructure and environment which proves to be the most vulnerable to cyber breaches and security issues.
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Canada and the European Union signed a Security and Defence Partnership (SDP), which formalizes a mutual intent to foster closer ties by establishing a framework for dialogue and cooperation across the full security and defence spectrum.
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