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.
FCA publishes Dear CEO letter on the FCA's priorities for payments firms
On 16 March 2023, the FCA published a Dear CEO letter on its priorities for payments firms. The letter was sent to CEOs of firms within the FCA’s payments portfolio, including those authorised or registered under the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs).
Silicon Valley Bank and Signature Bank taken over by regulators
As many of you are aware, Silicon Valley Bank (SVB), a bank licensed by the State of California whose deposits are insured by the FDIC, was seized by the California Department of Financial Protection and Innovation and placed into FDIC receivership on Friday, March 10.
ECON: Cryptocurrencies in the EU: new rules to boost benefits and curb threats
On 14 March 2022, the Committee on Economic and Monetary Affairs (ECON) published a press release on the European Parliament’s website regarding new rules on cryptocurrencies in the EU. The press release reports that members of European Parliament (MEPs) have agreed on draft rules concerning the supervision, consumer protection and environmental sustainability of cryptoassets, including cryptocurrencies such as bitcoins. The key provisions agreed cover transparency, disclosure, authorisation and supervision of transactions. The agreed text also includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities. To reduce the high carbon footprint of crypto-currencies, particularly of the mechanisms used to validate transactions, MEPs have also asked the Commission to present a legislative proposal to include in the EU taxonomy (a classification system) for sustainable activities any crypto-asset mining activities that contribute substantially to climate change, by 1 January 2025. A decision to enter into negotiations with EU governments on the final shape of the bill was adopted with 33 votes to 25.
New briefing note: Reforming the Consumer Credit Act 1974
Among the documents that the Government published last December as part of its Edinburgh reforms was a consultation paper on reforming the UK’s Consumer Credit Act 1974. We have published a new briefing note on the consultation paper which can be found here.
The Designated Activities Regime: what is it and how will it impact firms?
The Financial Services and Markets Bill (FSM Bill), which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR).