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Articles by Joy Davey
October 2024 Highlights: Key UK and EU Operational Resilience Updates
Home / Publications / October 2024 Highlights: Key UK and EU Operational... As the landscape of operational resilience continues to evolve, this past month has been particularly eventful, marked by significant developments in both the UK and EU. With the impending deadline for compliance with the Digital Operational Resilience Act (DORA)... Read more
ESMA issues first formal guidance on use of AI in retail financial services
07/06/2024 The European Securities and Markets Authority (ESMA) recently released a public statement on the use of artificial intelligence (AI) in the provision of retail investment services. The statement provides initial guidance to investment firms and credit institutions... Read more
Market outages: IOSCO good practices and key findings from global survey
06/06/2024 On 5 June 2024, the International Organization of Securities Commissions (IOSCO) published its Final Report on Market Outages, setting out good practices for trading venues and market participants in the event that a trading venue experiences technical problems... Read more
Operational Resilience: The Countdown
The countdown is on to make sure your firm is ready to comply with the operational resilience rules by 31 March 2025. This date marks the end of the transition period, but the requirement to be operationally resilient is not a once and done activity, or something that should be seen as tick-box regulatory compliance. Instead, this should be a way of working that is embedded into a firm’s overall culture.
Operational Resilience: The Countdown
29/05/2024 The countdown is on to make sure your firm is ready to comply with the operational resilience rules by 31 March 2025. This date marks the end of the transition period, but the requirement to be operationally resilient is not a once and done activity, or something... Read more
PRA's review of ring-fencing rules: potential for relaxation in key pain points
30/01/2024 On 25 January 2024, the Prudential Regulation Authority (PRA) published a report setting out its conclusions following the PRA’s review of its ring-fencing rules undertaken during the course of 2023. This marks the first review carried out by the PRA since the... Read more
Critical Third Parties: The unstoppable march of the regulatory universe
Expansion of the regulatory perimeter The Financial Services and Markets Act 2023 establishes a new Critical Third Parties regime which gave power to the FCA, PRA and Bank of England to make rules to govern critical third party service providers (CTPs) to the UK’s financial services industry for the first time.
Critical Third Parties: The unstoppable march of the regulatory universe
Critical Third Parties: The unstoppable march of the regulatory universe 21/12/2023 Expansion of the regulatory perimeterThe Financial Services and Markets Act 2023 establishes a new Critical Third Parties regime which gave power to the FCA, PRA and Bank of England to make rules to govern critical third party service providers (CTPs) to the UK’s... Read more Authors Angela Greenough Partner London
Financial services outsourcings and AI
With the AI summit last week in Bletchley Park where a world-first agreement has been made between the UK, EU, US and China on the opportunities and risks posed by AI, we thought it was a good time to provide our initial thoughts on AI and the potential impact on regulated outsourcing arrangements.
AI in financial services: industry feedback published and other developments
30/10/2023 On 26 October 2023, the Bank of England (“BoE”), Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) (together, the “Supervisory Authorities”) published a joint Feedback Statement on ‘Artificial Intelligence and Machine... Read more
AI in financial services: industry feedback published and other developments
27/10/2023 On 26 October 2023, the Bank of England (“BoE”), Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) (together, the “Supervisory Authorities”) published a joint Feedback Statement on ‘Artificial Intelligence and Machine... Read more
AI in financial services - Autumn 2023 update
Over the course of 2023, artificial intelligence (“AI”) has continued to rise up the regulatory and business agenda. Ahead of several important policy announcements in Autumn/Winter 2023, we have prepared an update on recent regulatory developments in AI and upcoming milestones for the financial services sector.
Financial services outsourcings and AI
07/11/2023 With the AI summit last week in Bletchley Park where a world-first agreement has been made between the UK, EU, US and China on the opportunities and risks posed by AI, we thought it was a good time to provide our initial thoughts on AI and the potential impact... Read more
The Consumer Duty and outsourcing: remediation or not?
21/06/2023 The Consumer Duty (“Duty”) applies to all regulated firms that have a material influence over, or determine, retail customer outcomes. As firms approach the key 31 July 2023 milestone for their implementation work, focus turns to the potential impact on firms’... Read more
The Consumer Duty and outsourcing: remediation or not?
20/06/2023 The Consumer Duty (“Duty”) applies to all regulated firms that have a material influence over, or determine, retail customer outcomes. As firms approach the key 31 July 2023 milestone for their implementation work, focus turns to the potential impact on firms’... Read more
The Consumer Duty and outsourcing: remediation or not?
The Consumer Duty (“Duty”) applies to all regulated firms that have a material influence over, or determine, retail customer outcomes. As firms approach the key 31 July 2023 milestone for their implementation work, focus turns to the potential impact on firms’ outsourced service arrangements for both day 1 and on operational controls on an ongoing basis. In-scope agreements The Duty will apply even where a firm does not have a direct contractual relationship with the retail customer.
AI in financial services - Autumn 2023 update
01/09/2023 Over the course of 2023, artificial intelligence (“AI”) has continued to rise up the regulatory and business agenda. Ahead of several important policy announcements in Autumn/Winter 2023, we have prepared an update on recent regulatory developments in AI... Read more
A harmonising approach: the EBA finalises its outsourcing guidelines but what are the next steps? | Lexology
The European Banking Authority (EBA) published its Final Report on the Draft Guidelines on outsourcing arrangements in February 2019 (the Guidelines) which replace the guidelines from the 2006 Committee of European Banking Supervisors and integrate the EBA's existing recommendations on outsourcing to cloud service providers. The new "outsourcing checklist"? The Guidelines aim to create a more harmonised framework for all financial institutions subject to the EBA.
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