Crisis response or road to recovery?
Global businesses have implemented strategies to ensure they can continue to operate in a rapidly changing and increasingly uncertain legal and regulatory landscape. Since the beginning of the pandemic in 2020, it has been increasingly clear that operational resilience and a clear strategy remain essential for organizations not only to survive, but to thrive. While protecting public health still remains the priority, many organizations continue to face challenges, including disruption to their supply chains, meeting contractual obligations, bringing people back to the workplace and implications under funding arrangements. Many of these issues need to be navigated on a cross-border basis.
This global resource hub identifies the key issues and provides practical guidance as well as innovative and strategic thinking from our lawyers around the world on the legal and regulatory challenges. Our multi-disciplinary team takes a holistic approach to risk management that spans business units, areas of law and national boundaries.
When banks go bust – an overview of the UK Special Resolution Regime
The SRR was created to deal with failing banks following the 2008 financial crash and the run on the first UK bank in more than a century, Northern Rock. The SRR was introduced by the Banking Act 2009 (BA 2009) and subsequently amended, notably to comply with the EU Bank Recovery and Resolution Directive (BRRD), Directive 2014/59/EU.
Internal frameworks and reporting
Inadequate governance is regularly cited by regulators as a factor which has contributed to the failings of firms. From small firms to international global organisations, governance is worth investing in with a view to avoiding common pitfalls and wider issues.
IOSCO consultation report on policy recommendation for crypto and digital asset markets
On 23 May 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report containing 18 proposed recommendations intended to help IOSCO members apply IOSCO’s Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations and good practices to crypto-asset activities within their jurisdictions.
ESRB report on cryptos and decentralised finance
On 25 May 2023, the European Systemic Risk Board (ERSB) issued a report which considers the role of financial stability and macroprudential policy for cryptoassets, their service providers and decentralised finance (DeFi) applications. The report also covers the systemic implications of the cryptoasset market, its service providers and DeFi applications in the EU.
FCA consults on strengthening protections for borrowers in financial difficulty: Consumer credit and mortgages
On 25 May 2023, the FCA published Consultation Paper CP23/13: Strengthening protections of borrowers in financial difficulty: Consumer credit and mortgages, which sets out proposed changes to FCA sourcebooks to reflect the planned withdrawal of the Tailored Support Guidance (TSG).
Tulip v van der Laan: The future of cryptocurrency in the United Kingdom
An abridged version of the article was published in IFLR on May 16, 2023. The Tulip Trading v van der Laan litigation may impact the use and legal enforcement of cryptocurrency in the United Kingdom, following a recent decision of the Court of Appeal.